Българска академия на науките индивидуален научноизследователски проект

2. 
   Бьорн К. (2011) Отдалечават ли се ЕС и Балканите един от друг, Фондация Фридрих Еберт и Форум Социална демокрация
   
3. 
   Балканска И. (2009) Чуждестранните инвестиции в страните от Югоизточна Европа: проблеми и перспективи, ИИИ - БАН
   
4. 
   Динков, Д., (2000) България в европейската интеграция, изд. „96 плюс”, С.
   
5. 
   Динков, Д., (2002) Регионалното сътрудничество в Югоизточна Европа, УИ Стопанство, С.
   
6. 
   ИИИ при БАН (2015) Годишен доклад 2015: Икономическо развитие и политики в България.Оценки и очаквания
   
7. 
   Кинева С. (2012) Регионални инициативи на Европейския съюз и САЩ за Югоизточна Европа и участието на България в тях
   
8. 
   Маркова Е., (2011) Преговорите на Турция за членство в ЕС. Автореферат. Софийски университет „Св. Климент Охридски”, Философски факултет
   
9. 
   Стефанова Ю. (2011) Дисертация „Интеграция на капиталовите пазари на ЕС и възможни последици за българската финансова система”
   
10. 
    Цветковска М (2001) Икономическа интеграция на Балканите – фикция или реалност, Център за икономическо развитие
    
11. 
    Янчева Ц. (2011) Регионът на Югоизточна Европа в европейския интеграционен процес, автореферат, УНСС
    
12. 
    Adam A.M and Tweneboah G. 2009, “Foreign Direct Investment and Stock Market Development: Ghana‟s Evidence”
    
13. 
    Alguacil, M., Cuadros, A., & Orts, V. (2004). Does saving really matter For Growth? Mexico (1970–2000). Journal of International Development, 16, 281–290. http://dx.doi.org/10.1002/jid.1075
    
14. 
    Angelovska J., (2014) Month-Related Seasonality on the Macedonian Stock Exchange. Busines and Economics Research Journal, volume 5, number 1, ISSN 1309-2448
    
15. 
    Arsov S., (2013) Stock Market Rationale Under Conditions of Defective Corporate Governance – the Case of Macedonia. Mediterranean Journal of Social Sciences. Vol. 4, N 2
    
16. 
    Aydemir, O., Demirhan, E., 2009. “The relationship between stock prices and exchange rates: Evidence from Turkey,” International Research Journal of Finance and Economics, Issue 23
    
17. 
    Balkanska I., (2012) Les Investissements Directs Francais dans les Pays Ex-Socialistes Des Balkans vers la fin des Annees 90: Le Cas de La Bulgarie. Ikopis. Sofia. ISBN 978-954-81805-6-4
    
18. 
    Bakurdgieva R., (2010) Corporate Social responsibility – Core of the Sustainable Development. Sustainable Development and Diversity in Bulgaria. Collected Papers. Ikopis. Sofia. ISBN: 978-954-91905-3-3
    
19. 
    Bank of Albania (2013) Supervision Annual Report
    
20. 
    Bayar Y. (2014) Savings, FDI and Economic Growth in Emerging Asian Economies. Asian economic and Financial review, 4/8, 1106 - 1122
    
21. 
    Batarsch A. et al. (2015) The Causal Relationship among FDI, Domestic Saving and Economic Growth in Jordan during the Period 1975 – 2013. International Journal of Business and Management Vol.10, N1, ISSN 1833-3850
    
22. 
    Bechev D. (2006) Carrots, Sticks and Norms: The EU and Regional Cooperation in Southeast Europe, Journal of Southern Europe and the Balkans, vol. 8, N 1
    
23. 
    Ben-Zion, U. (1978). The investment aspect of nonproduction expenditures: an empirical test. Journal of Economics and Business. Vol. 30
    
24. 
    Belloni R., (3009) European Integration and the Western Balkans: Lessons, Prospects and Limits, University of Trento
    
25. 
    BIS Basel (2013) Committee on Payment and Settlement Systems. Payment, Clearing and Settlement in Macedonia, FYR
    
26. 
    Bitzenis А., (2006) Lack of Financial Intermediaries as a Decisive Barrier to Entrepreneurship in Albania
    
27. 
    Black Sea Trade & Development Bank (2014) Albania – Country Strategy 2011-2014
    
28. 
    Brennan J. (2008) The EU and the Western Balkans: Stabilization and Europeanization through Enlargement, Routledge, London and New York
    
29. 
    Budapest Stock Exchange (2014) Annual Report
    
30. 
    Campbell, J.Y. (1987). Stock Returns and the Term Structure. Journal of Financial Economics
    
31. 
    Central Bank of Montenegro (2015) Recommendations to the Government of Montenegro for 2015 Economic Policy
    
32. 
    CEE Stock Exchange Group (2015) Slovenian Capital Market
    
33. 
    CEE Stock Exchange Group (2014) Institutional Investors and Slovene Stocks
    
34. 
    Cerovic J., et al. (2013) Financial Market of Montenegro: Evidence of Crisis & Beyond. David Publishing. Journal of Modern Accounting & Auditing. ISSN 1548-6583. Vol. 9
    
35. 
    Chan L. et al (2001) The Stock Market Valuation of R&D Expenditures. The Journal of Finance, vol. LVI, N 6
    
36. 
    Cockburn, I. and Griliches, Z. (1988). Industry effects and appropriability measures in the stock market’s valuation of R&D and patents. American Economic Review, Vol. 78
    
37. 
    Council of EU (2001) Stabilization & Association Agreement Between EC and the FYR Macedonia, 6726/01
    
38. 
    Council of EU (2007) Council Decision 5047 on the Principles, Priorities & Conditions Contained in the European Partnership with Montenegro
    
39. 
    Council of EU (2008) Council Decision on the Principles, Priorities & Conditions Contained in the Accession Partnership with Serbia, including Kosovo
    
40. 
    Council of EU (2008) Council Decision on the Principles, Priorities & Conditions Contained in the Accession Partnership with FYR Macedonia
    
41. 
    Cupic M. et al. (2013) Analysis of the Earnings – Return Relation in Serbia Capital Market. Economics & Organization, vol. 10, №2
    
42. 
    Cvetcovic T., (2007) The Market Efficiency of the Stock market in Serbia
    
43. 
    Dimitrova J., (2013) Retrospective of Macedonian Capital Market for the Period 2004 – 2013. International Journal of Sciences: Basic and Applied Research. ISSN 2307-4531
    
44. 
    Djordjevic B., et al. (2012) Investor Relations on the Internet: Analysis of Companies on the Serbian Stock Market. Economic Annals, vol. LVII, N 193
    
45. 
    Djordjevic B., et al. (2013) Investor Relations on Capital markets – Comparative Analysis of American, British and Serbian Listed Companies. Advances in Fiscal, Political and Law Sciences
    
46. 
    Eberhart, A., Maxwell, W. and Sidique, A. (2004). An examination of long-term abnormal stock returns and operating performance following R&D increases. Journal of Finance.Vol. 59.No. 2,
    
47. 
    EBRD (2012) Strategy for Albania
    
48. 
    ЕBRD (2014) Strategy for Serbia
    
49. 
    Errunza, V.R., (1983). “Emerging Markets - A New Opportunity for Improving Global Portfolio Performance”, Financial Analysts Journal, Vol. 39 (5)
    
50. 
    European Commission (2009) Stabilization and association Agreement between European Communities and Republic of Serbia
    
51. 
    European Commission (2013) Communication from the Commission to the European Parliament and the Council: Enlargement Strategy and Main Challenges 2013 – 2014
    
52. 
    European Commission (2013) Screening Report Montenegro Chapter 4 Free Movement of Capital
    
53. 
    European Commission (2013) Screening Report Montenegro Chapter 9 Financial Services
    
54. 
    European Commission (2013) Screening Report Montenegro Chapter 17 Economic & Monetary Union
    
55. 
    Еuropean Commission (2014) Albania 2014 Progress report. Enlargement Strategy and Main Challenges 2014 – 2015. COM (2014) 700 final report
    
56. 
    Еuropean Commission (2014) Instrument for Pre – Accession Assistance. Indicative Strategy Paper for Albania 2014-2020
    
57. 
    Еuropean Commission (2014) Instrument for Pre – Accession Assistance. Indicative Strategy Paper for Montenegro 2014-2020
    
58. 
    Еuropean Commission (2014) Instrument for Pre – Accession Assistance. Indicative Strategy Paper for FYR Macedonia 2014-2020
    
59. 
    Еuropean Commission (2014) Instrument for Pre – Accession Assistance. Indicative Strategy Paper for Serbia 2014-2020
    
60. 
    Еuropean Commission (2014) Enlargement Strategy and Main Challenges 2014 -2015. Serbia Progress Report. 700 final
    
61. 
    European Commission (2014), Directorate Enterprise and Industry. SBA Factsheet. Serbia.
    
62. 
    ЕY (2014) Doing Business in Albania
    
63. 
    Fama E. (1981). Stock returns, real activity, inflation and money. American Economic Review, 71
    
64. 
    Furstenberg G., (1998) From Worldwide Capital Mobility to International Financial Integration: A Review Essay. Open Economies Review 9. 53-84 Kluwer Academic Publishers
    
65. 
    Gjebrea E., (2013) Factors Determining FDI in Albania. European Academic Research. Vol.I, issue 3
    
66. 
    Gjergji A., (2006) Does Albania Have a Developed Financial Markets? Non-banking Sector, Not Functioning Pillar of the System.
    
67. 
    Gligorov V. еt al. (2007) Prospects for Further (South-) Eastern EU Enlargement: from Divergence to Convergence
    
68. 
    Gollotto , J. & Kim, S 2003. " Market Valuation of Dot Com Companies: R&D versus Hype', Managerial Finance", Vol. 29
    
69. 
    Hsing, Y. (2004). Impacts of Fiscal Policy, Monetary Policy, and Exchange Rate Policy on Real GDP in Brazil: A VAR Model. Brazilian Electronic Journal of Economics, 6 (1).
    
70. 
    Horvath R., and Petrovski D. (2012) International Stock Market Integration: Central and South Eastern Europe Compared, William Davidson Institute, WP N 1028
    
71. 
    Ivanovska N., (2012) Macedonian Stock Exchange: Development of Investment Banking as Opportunity for Larger Investments in National Economy. UTMS Journal of Economics 2 (2)
    
72. 
    IMF (2008) The Determinants of Stock Market development in Emerging Economies: Is South Africa Different?
    
73. 
    IMF (2014) Financial System Stability Assessment. Country Report 1479
    
74. 
    IMF (2015) FYR Macedonia Second Post Program Monitoring Discussions. Country Report 15/18
    
75. 
    IMF (2015) Serbia Country Report N 15/50
    
76. 
    Jelasic R., (2008) Future of the Capital Market in the Balkan. Speech to Participants of the Economic Media Group Conference
    
77. 
    Jovanovska D., (2014) Coordination of Accounting and Financial Aspects of the Capital market in Republic of Macedonia with the Regulation System of EU. Research paper, ISSN 1857-1878. Anglisticum Journal Volume 3, issue 8
    
78. 
    Kalaydzhieva Z., Stefanova J. (2013) Strengthening the Regional Integration in Central and Eastern Europe Through Cohesion Policy Instruments and Cooperation among Stock Exchanges, report for XVIII Scientific Conference "Regional Development and Demographic Flows of Southeastern European Countries", organized by University of Nish, Faculty of Economics - 21 June 2013.
    
79. 
    Karovska K., (2007) Capital Market Analysis. Center for Economic Analyses.
    
80. 
    Khrawish A. et al. (2010) The Relationship between Stock Market Capitalization and interest Rates: Evidence from Jordan. Business and Economic Horizons. Vol. 2, issue 2
    
81. 
    Кomercijalna Banka AD Skopje (2014) Market Profile Macedonia
    
82. 
    KPMG d.o.o. Beograd (2014) Investment in Serbia
    
83. 
    Kurihara Y. (2012) The Deterministic Elements of FI to ASEAN Countries. The Relationships between FDI and Macroeconomic Variables. Journal of Management and Sustainability. Vol.2, N 2 ISSN 1925 – 4725.
    
84. 
    Lazarevski D., (2014) Foreign Investors Influence towards Small Stock exchange Boom and Bust: Macedonian Stock exchange Case. EACES Final Paper.
    
85. 
    Lee, W. (1997). Market timing and short-term interest rates. Journal of Portfolio Management, 23 (3),
    
86. 
    Lev, B., and T., Sougiannis, (1996). The Capitalisation, Amortisation and Value- Relevance of R&D. Journal of Accounting and Economics. 21
    
87. 
    Liebscher K. et al. (2011) European Economic Integration and South East Europe-Challenges and Prospects
    
88. 
    Lindita M. et al. (2015) Foreign Direct Investment in Macedonia. European Scientific Journal. Vol. 11, 4, ISSN 1857 - 7881
    
89. 
    London School of Economics (2013) FDI into Transition Economies: Are the Balkans Different?. LEQS Paper 64
    
90. 
    Md Alam M. (2009) Relationship between Interest Rates and Stock Price: Empirical Evidence from Developed and Developing Countries. International Journal of Business and Management, vol.4, N 3
    
91. 
    Malinic D., et al. (2013) The Determinants of Capital Structure in Emerging Capital Markets: Evidence from Serbia. European Research Studies, vol. XVI, issue 2
    
92. 
    Мateski A., (2014) The Effects of Mandatory Listing on Macedonian Stock Exchange. Finiz 2014. Corporate Governance. Singidunum University International Scientific Conference
    
93. 
    Meka E., (2011) Albanian Financial System in front of Global & Financial Crisis – a New Approach to Ensure Long Term Sustainability
    
94. 
    Мihailov K., (2014) Profitability During The Financial Crisis. Evidence from the Regulated Capital Market in Serbia. South-Eastern Europe Journal of Economics, pp. 7-33
    
95. 
    Мinovic J., (2013) Analysis of the Serbian Capital Market. Economci Analysis, vol. 46., N 1-2, 1-11. Institute of Economic Sciences of Serbia.
    
96. 
    Ministry of Finance and National Bank of the Republic of Macedonia (2003) Strategy for the development of the Government Securities Market
    
97. 
    Ministry of Economy (2006) Foreign Direct Investment Incentives Strategy of Montenegro
    
98. 
    Мinistry of Finance (2014) Serbian Public Debt Management Strategy 2014 - 2016
    
99. 
    Mojtahedzadeh V et al. (2010) The Effect of R & D expenditures on Firm Value. International Review of Business Research Papers, vol. 6, N 6
    
100. 
     Montenegrin Investment Promotion Agency (2012) Annual Overview of the FDI in Montenegro
     
101. 
     Моntenegro Stock Еxchange (2014) Annual Report
     
102. 
     Montenegrin Investment Promotion Agency (2015) Invest in Montenegro. What Should You Know About Montenegro?
     
103. 
     Montenegrin Investment Promotion Agency (2015) 11 Reasons to Invest in Montenegro
     
104. 
     Montiel P., (1994) Capital Mobility in Developing Coutries: Some Measurement Issues and Empirical Estimates. World Bank Economic Review, 8 (3)
     
105. 
     Naceur, S.B, Ghazouani, S, O and Mohammed M., (2005) “The Determinants of Stock Market Development in the MENA Region.”
     
106. 
     National Bank of The Republic of Macedonia (2014) Financial Stability Report for the Republic of Macedonia
     
107. 
     National Bank of Serbia (2015) Macroeconomic Developments in Serbia
     
108. 
     Nissim D. (2000) R&D Costs and Accounting Profits. Colombia Business School
     
109. 
     Оdraklieska dr., et al. (2013) Development Perspectives of Investment Funds in Macedonia. TEM Journal, 2, 4
     
110. 
     Ologunde, A., Elumilade, D., Saolu, T., (2006). “Stock market capitalization and interest rate in Nigeria: A time series analysis,” International Research Journal of Finance and Economics, Issue 4
     
111. 
     PriceWaterhouseCoopers (2013) Doing Business and Investing in Serbia
     
112. 
     Radukic S., et al. (2014) Long-term Trend Analysis in the Capital market – the Case of Serbia. Journal of Central Banking Theory and Practice, 3
     
113. 
     Regional Cooperation Council (2012) South East Europe 2020: Towards a Regional Growth Strategy
     
114. 
     Regional Cooperation Council (2013) South East Europe 2020 Strategy: Jobs and Prosperity in a European Perspective
     
115. 
     Regional Cooperation Council (2014) Annual Report 2013-2014
     
116. 
     Rodic S. et al. (2012) Notes on Important Changes Introduced by the New Capital market Law. USAID
     
117. 
     Rockoff, J 2009. "Drug Firm Leaves R&D to Others – Valeant Pharmaceuticals Prefers to Forgo the Risk, Grow Through Acquisitions, Wall Street Journal", B. 6.
     
118. 
     Sahar K. et al (2014) Effect of R & D Spending on Firm Profitability and Stock Market Value. Management and Administrative Sciences Review. Vo. 3, issue 4, ISSN 2310 – 872X, pp 657-664
     
119. 
     Salahuddin, M. (2010). A Note on Causal Relationshio between FDI and Saving in Bangladesh. Theoretical and Applied Economics, 17, 11(552)
     
120. 
     Serbos S. (2008) European Integration and South Eastern Europe: Prospects and Challenges for the Western Balkans, UNISCI Discussion Papers N 18
     
121. 
     Spyrou, I. S. (2001). Stock returns and inflation: evidence from an emerging market. Applied Economics Letters, 8,
     
122. 
     Stefanova, J.(2012). Intraregional Cooperation among CEE Stock Exchanges and the Strategic Priorities of the Bulgarian Capital Market. [Electronic version]. Sofia City. Economic Policy Institute. Accessible at: www.epi-bg.org /images/ Award_IP /julia_stefanova_ii_place_bg.pdf
     
123. 
     Stefanova, J., (2015) Stock Exchanges’ Development in Selected Danube Region EU Member States: The Way Ahead. Joint Romanian – Bulgarian Project: “Regionalization and European Integration in Bulgaria and Romania: Comparative Study”, The Romanian and Bulgarian Academies of Science (pending publication)
     
124. 
     Tang, S., Selvanathan, E. A., & Selvanathan, S. (2008). Foreign direct investment, dometic investment, and economic growth in China: A time series Analysis. The Wold Economy, 31(10), 1292–1309. http://dx.doi.org/10.1111/j.1467-9701.2008.01129.x
     
125. 
     Tirana Stock Exchange (2010) Annual Report
     
126. 
     Transparency International (2014) Corruption Perception Index Report
     
127. 
     Uddin, M. G. S. and Alam, M. M. (2007). The Impacts of Interest Rate on Stock Market: Empirical Evidence from Dhaka Stock Exchange. South Asian Journal of Management and Sciences, 1(2)
     
128. 
     Unicredit Global Securities Services (2014) Market Profile Serbia
     
129. 
     US Department of State (2014) Diplomacy in Action. Executive Summary. Investment Climate Statement
     
130. 
     Vaksanovic E., et al. (2010) Information System of the Stock exchange in Serbia. Management Information Systems., vol. 5, N1
     
131. 
     Vulic, T. (2014) Montenegrin Capital Market Characteristics Based on Financial Time Series Analysis. Economics & Economy, Vol. 1, 3
     
132. 
     Wim van Meurs (2001) Beyond EU Enlargement: The Agenda of Stabilization for Southeastern Europe, Bertelsmann Foundation Publishers
     
133. 
     World Bank (2014) Albania World Bank Group Partnership, Program Snapshot
     
134. 
     World Bank (2015) Montenegro Doing Business Report. Going Beyond Efficiency. Economy Profile
     
135. 
     World Bank (2015) Albania Doing Business Report. Going Beyond Efficiency. Economy Profile
     
136. 
     World Bank (2015) Austria Doing Business Report. Going Beyond Efficiency. Economy Profile
     
137. 
     World Bank (2015) Czech Republic Doing Business Report. Going Beyond Efficiency. Economy Profile
     
138. 
     World Bank (2015) Bulgaria Doing Business Report. Going Beyond Efficiency. Economy Profile
     
139. 
     World Bank (2015) Slovenia Doing Business Report. Going Beyond Efficiency. Economy Profile
     
140. 
     World Bank (2015) Hungary Doing Business Report. Going Beyond Efficiency. Economy Profile
     
141. 
     World Economic Forum (2015) Global Competitiveness Report
     
142. 
     Yartey, Charles Amo. (2008). “Determinants of Stock Market Development in Emerging Economies: Is South Africa Different?” IMF Working Paper No. 08/32.
     
143. 
     Zhou, C. (1996). Stock Market Fluctuations and the Term Structure. Board of Governors of the Federal Reserve System, Finance and Economics Discussion Series: 96/03.
     
144. 
     Zordan, D. J. (2005). Stock Prices, Interest Rates, Investment Survival. Econometrica USA, Illinois. [Online] Available: http://www.econometricausa.com/publications/StockPrices.pdf
     

Приложение 3:

Приложение 4: