Financial Development of Western Balkan Countries – a Descriptive Analysis
Financial Development of Western Balkan Countries – a Descriptive Analysis

Author(s): Silvia Kirova
Subject(s): Politics / Political Sciences, Politics, Economy, EU-Approach / EU-Accession / EU-Development, Financial Markets, Socio-Economic Research
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: financial development; economic growth; Western Balkans
Summary/Abstract: The paper explores the level of financial development of the six countries in Western Balkans that have not yet become EU members, namely Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia. Financial development is essential in achieving sustainable economic growth and plays a significant role in the economic convergence of the countries under consideration with the EU. The paper uses descriptive analysis and IMF and World Bank data to explore the level of development of the financial sector in the above-mentioned countries. Even though the countries under consideration display some specifics in their economic and institutional development, as well as the development of their financial markets, there are also similarities. The findings suggest that there is sufficient space for increasing the depth of their financial markets, which will be conducive for the economic growth of the region.

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