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Why foreign banks are entering transition economies: the case of Bulgaria

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  • Aristidis Bitzenis

Abstract

This paper examines the main incentives and barriers for the FDI projects in the Bulgarian banking sector by employing a questionnaire survey data set. The derived results indicate that a high-risk environment, market size and bureaucracy have been considered similarly either by foreign banks or by any other multinationals enterprises participating in the Bulgarian business environment. On the other hand, macroeconomic instability, unstable legal framework, slow transition progress and lack of managerial skills have been highly considered by foreign banks as negative factors possibly responsible for limited FDI inflows in the banking sector. An unexpected finding was that corruption, crime and mafia are not taken into consideration at all by foreign banks.

Suggested Citation

  • Aristidis Bitzenis, 2004. "Why foreign banks are entering transition economies: the case of Bulgaria," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 6(1), pages 107-133.
    • Handle: RePEc:ids:gbusec:v:6:y:2004:i:1:p:107-133
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    Citations

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    Cited by:

    1. Aristidis Bitzenis & Ersanja Nito, 2006. "Lack of Financial Intermediaries as a Decisive Barrier to Entrepreneurship in Albania," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 4(1), pages 95-114.
    2. Eleftheria Koniari, 2016. "Determinants Of Greek Fdi Outflows In The Balkan Region The Case Of Greek Entrepreneurs In Bulgaria," Economics and Management, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 12(1), pages 33-44.
    3. Juan Pi??eiro Chousa, & Krishna Chaitanya, & Bitzenis P. Aristidis & Artur Tamazian, 2008. "Determinants Of Barries To Quality Of Direct Foreign Investments ??? Evidences From South & East Asian Economies," William Davidson Institute Working Papers Series wp910, William Davidson Institute at the University of Michigan.
    4. Erdener Kaynak & Ali Apil & Serkan Yalcin, 2009. "Marketing and advertising practices of Turkish entrepreneurs in transition economies: Evidence from Georgia," Journal of International Entrepreneurship, Springer, vol. 7(3), pages 190-214, September.
    5. Aristidis Bitzenis, 2003. "Did financial incentives affect Foreign Direct Investment (FDI) inflows in Bulgaria?," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 1(1), pages 65-84.
    6. Flaviu Mihaescu & Liviu Voinea, 2006. "The Determinants of Foreign Banking Activity in South East Europe: Do FDI, Bilateral Trade and EU Policies Matter?," wiiw Balkan Observatory Working Papers 67, The Vienna Institute for International Economic Studies, wiiw.
    7. Bitzenis, Aristidis & Tsitouras, Antonis & Vlachos, Vasileios A., 2009. "Decisive FDI obstacles as an explanatory reason for limited FDI inflows in an EMU member state: The case of Greece," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(4), pages 691-704, August.

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