Romania Country Risk and Equity Cost Dataset (2015–2025)

This dataset provides quarterly estimates and supporting inputs used to analyze Romania’s equity cost of capital over the period 2015Q1–2025Q4. It is designed to support the empirical analysis presented in the accompanying study on Romania’s equity risk premium and cost of equity within a regional European context.

The dataset combines a risk-free rate proxy, a global equity risk premium series, and a country risk premium derived from sovereign credit risk. Sovereign default spreads are inferred from internationally recognized credit ratings and applied consistently using a country risk premium framework. Supplementary variables are included to facilitate interpretation of market structure and institutional frictions, such as liquidity conditions and market depth, but these variables do not enter directly into the computation of discount rates.

The quarterly frequency allows examination of time variation in Romania’s implied cost of equity across different market conditions, moving beyond point-in-time estimates. Cross-country benchmarking results reported in the study are anchored to baseline inputs calibrated around 2024 to ensure comparability with regional peers; the quarterly series is used for descriptive and illustrative purposes only and does not alter peer rankings or baseline inference.

All variables are constructed using publicly available data from authoritative sources, including sovereign credit rating agencies, central bank and government bond data, and international financial databases. A detailed codebook and readme file are provided to document variable definitions, construction steps, and data sources. The dataset is intended to facilitate transparency, replication, and further research on equity valuation and country risk in emerging and frontier markets.