Abstract
Relationship between Macroeconomic Indicators and Capital Markets Performance in selected Southeastern European Countries
Highlights
Economic stability is vital for a wide set of stakeholders, from investors to taxpayers, researchers, and policymakers
This research paper provides critical insight into the relationship between the macroeconomy and capital markets by taking a deep look at how they are interlinked in five transition economies in Southeast Europe: Bosnia and Herzegovina, Croatia, North Macedonia, Serbia, and Slovenia
The results prove the inefficiency of the markets with respect to an apparent nonexistence of an a priori inclusion of macroeconomic information in available stock prices
Summary
Economic stability is vital for a wide set of stakeholders, from investors to taxpayers, researchers, and policymakers. This research paper provides critical insight into the relationship between the macroeconomy and capital markets by taking a deep look at how they are interlinked in five transition economies in Southeast Europe: Bosnia and Herzegovina, Croatia, North Macedonia, Serbia, and Slovenia. All of them were once part of Yugoslavia and are transitioning from planned to free-market economies Their financial systems are bank-centric; they have little activity in their capital markets. Each of these countries differs in terms of their model of economic transition, pace of capital markets evolution, and economic structure and development
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