The new capital markets in Central and Eastern Europe

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This study assesses the effects of EU enlargement on capital markets in advanced Central and Eastern European (CEE) countries and Russia, analyzing the impacts of integration on interactions between Eastern and Western capital markets. It serves as a valuable resource for financial analysts, institutional investors, and academic researchers interested in the economic and institutional developments of CEE capital markets, providing a comprehensive analysis of their future perspectives. EU membership negotiations began in early 1998 with five CEE countries: the Czech Republic, Estonia, Hungary, Poland, and Slovenia. By autumn 1999, Bulgaria, Latvia, Lithuania, Romania, and Slovakia joined the negotiations. Some countries are nearing EU entry, which is likely in the coming years. Joining nations must adopt the entire acquis communautaire, the legislative framework common to all EU members. Key components, such as the liberalization of capital movements, European Monetary Union, and new rules for prudential supervision, significantly influence the financial sector's behavior and the functioning of capital markets. This study highlights the implications of these developments for the future of capital markets in the region.