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The capital market in Bulgaria

  • Stefan Petranov

The condition and the trends of the evolution of the Bulgarian capital market are analyzed in the context of the process of incorporation of this country into the European Union. A comparison is performed of the characteristics of the capital market in Bulgaria with the markets of other countries in transition of Eastern Europe. Resulting from this analysis is the conclusion that at the present stage the capital market in Bulgaria has a low level of performance in the sense that it does not carry out any of the functions that characterize its role in the developed market economies. It maintains the point of view that in consequence of the low level of performance of the capital market, the growth of the economy is slowed and the real value of savings is undermined. Well grounded is the view that there are some signs of a substantial shortage of financial instruments suitable for the investment profile of institutional investors. Debated are the possible measures for further building up of the market and increase of its performance, as well as probable negative consequences in case that such measures have not been adopted.

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Article provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.

Volume (Year): (2002)
Issue (Month): 4 ()
Pages: 23-40

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Handle: RePEc:bas:econth:y:2002:i:4:p:23-40
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  1. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 1998. "Corporate Ownership Around the World," Harvard Institute of Economic Research Working Papers 1840, Harvard - Institute of Economic Research.
  2. Raghuram G. Rajan & Luigi Zingales, . "Financial Dependence and Growth," CRSP working papers 344, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
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