Trends of international portfolio investment flows in EU member-states from Southeast Europe

Tendances des flux d’investissements de portefeuille internationaux dans les États membres de l’UE en provenance d’Europe du Sud-Est

Stefan Petranov and Dimitar Zlatinov
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Stefan Petranov: Sofia University Saint Kliment Ohridski - Софийски университет „Свети Климент Охридски
Dimitar Zlatinov: Sofia University Saint Kliment Ohridski - Софийски университет „Свети Климент Охридски

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Abstract: In the present article, we study a trend that has been observed in recent years - financial resources that could be invested in the development of "catching up" EU Member States in Southeast Europe (SEE) are invested abroad, and support already developed economies, particularly in the euro area. We find that such a trend is likely to continue in the short to medium run due to weaknesses in the business environment and underdevelopment of local capital markets in Bulgaria, Croatia, Cyprus, Greece, and Romania. Therefore, we study the subsequent effects on these economies and how the functioning of the Capital Markets Union (CMU) could moderate this trend. We conclude that the CMU initiatives have eased access to market-based financing and have widened the scope for entrepreneurship. However, these opportunities have so far been exploited to a minimal extent in the SEE region.

Keywords: Portfolio investment; Capital Markets Union; SEE countries; Capital flows; Financial markets; Union des marchés de capitaux; Pays d'Europe du Sud-Est; Flux de capitaux; Investissements de portefeuille; Marchés financiers (search for similar items in EconPapers)
Date: 2024-05-07
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Published in European Review of Service Economics and Management, 2024, 2023-2 (16), pp.91-122. ⟨10.48611/isbn.978-2-406-17009-9.p.0091⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05556371

DOI: 10.48611/isbn.978-2-406-17009-9.p.0091

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