PROSPECTS AND CHALLENGES FACING FRONTIER STOCK MARKETS IN THE WESTERN BALKANS: QUO VADIS?

St. Julia Stefanova
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St. Julia Stefanova: Economic Research Institute at the Bulgarian Academy of Sciences.

Studii Financiare (Financial Studies), 2019, vol. 23, issue 2, 6-31

Abstract: The aim of the research paper is to present empirical results on a tested framework of factors influencing selected frontier stock markets of the Western Balkan countries in their accession path to the European Union. These stock markets are juxtaposed with the frontier stock market of Bulgaria – a country full member of the EU in the course of 11 years now, thereby inferring important comparative conclusions. Based on the comparative analysis between the capital markets in Southern and Eastern Europe (including that of Bulgaria), the paper proposes tentative insights into the road ahead for future regional integration and financial development of the capital markets of the Western Balkans.

Keywords: frontier stock markets; emerging stock markets; financial integration; financial development (search for similar items in EconPapers)
JEL-codes: G10 G23 G28 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:vls:finstu:v:23:y:2019:i:2:p:6-31

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