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Problems And Prospects To Sustainable Development In Covid-19 “New Normal”: Evidence From Western Balkans’ Stock Markets

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  • STEFANOVA, Julia Stoyancheva

    (Economic Research Institute at the Bulgarian Academy of Sciences, Sofia, Bulgaria.)

Abstract

The paper examines empirically the adaptation of frontier stock markets of selected “capture” states in the Western Balkans in COVID19 “new normal” realities by identifying the challenges and prospects to these countries and their stock exchanges for sustainable development. It focuses specifically to the deteriorating institutional quality of the business environment in the period 2013 - 2020 with lasting medium to long-term negative impacts on economic, social and environmental sustainability dimensions of the business setting. Peripheral stock exchanges of the Western Balkans would need to respond to various sustainability challenges at macroeconomic level (i.e., eco-innovation requirements, human development, democracy score deterioration etc.) as a condition for credible sustainable financial development in the foreseeable future.

Suggested Citation

  • STEFANOVA, Julia Stoyancheva, 2022. "Problems And Prospects To Sustainable Development In Covid-19 “New Normal”: Evidence From Western Balkans’ Stock Markets," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 26(3), pages 6-34, September.
    • Handle: RePEc:vls:finstu:v:26:y:2022:i:3:p:6-34
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    sustainable financial development; frontier stock markets; Western Balkans; “capture” states; “facade” democracies; sustainable economic growth;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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