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Problems And Challenges Facing The Capital Markets Of Bulgaria And Macedonia

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  • STEFANOVA, Julia

    (Academy of Economic Sciences of Moldova, Chișinău, Republic of Moldova)

Abstract

The purpose of the report is to analyze the current state of development and the main barriers in front of the effective functioning of the capital markets of Bulgaria (EU member state) and Macedonia (candidate country for EU membership) on the basis of comparative analysis of quantitative and qualitative indicators. The research includes results of empirical testing of main economic factors, influencing the development of the two capital markets. In the course of the research are outlined the main problematic aspects in front of the two capital markets in view of deepening of their integration into EU and the future challenges they face.

Suggested Citation

  • STEFANOVA, Julia, 2015. "Problems And Challenges Facing The Capital Markets Of Bulgaria And Macedonia," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 2(1), pages 152-161.
    • Handle: RePEc:vls:rojfme:v:2:y:2015:i:1:p:152-161
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    References listed on IDEAS

    as
    1. Julia Stefanova, 2013. "Strategic Priorities to the Bulgarian Capital Market for Strengthening the Integration to EU," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 45-73.
    2. Julia STEFANOVA, 2016. "Stock exchanges’ development in selected Danube Region EU member states: The way ahead," Romanian Journal of Economics, Institute of National Economy, vol. 42(1(51)), pages 97-138, june.
    3. Lazarevski, Dimche, 2011. "Foreign investors’ influence towards small stock exchanges boom and bust: Macedonian stock exchange case," MPRA Paper 41995, University Library of Munich, Germany.
    4. Demirguc-Kunt, Ash & Levine, Ross, 1996. "Stock Markets, Corporate Finance, and Economic Growth: An Overview," The World Bank Economic Review, World Bank, vol. 10(2), pages 223-239, May.
    5. Rafael La Porta & Florencio Lopez-deSilanes & Andrei Shleifer & Robert W. Vishny, 1999. "Investor Protection: Origins, Consequences, and Reform," NBER Working Papers 7428, National Bureau of Economic Research, Inc.
    6. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert Vishny, 1999. "Investor Protection: Origins, Consequences, Reform," Harvard Institute of Economic Research Working Papers 1883, Harvard - Institute of Economic Research.
    7. Manolis Syllignakis & Georgios Kouretas, 2006. "Long And Short-Run Linkages In Cee Stock Markets: Implications For Portfolio Diversification And Stock Market Integration," William Davidson Institute Working Papers Series wp832, William Davidson Institute at the University of Michigan.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    EU capital markets; integration; EU accession; stock exchanges;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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