Capital Market Development in a Small Country: The Case of Slovenia

26 Pages Posted: 15 Oct 2007

See all articles by Jochen R. Andritzky

Jochen R. Andritzky

German Council of Economic Experts; International Monetary Fund (IMF)

Date Written: October 2007


Small emerging economies, despite their significant growth, lack the scale to develop thriving capital markets from their local investor and issuer base that are able to deliver the benefits of a large, mature market. Slovenia is such an example.

Despite the necessary infrastructure in place, trading has remained thin and issuance activity has been dormant. This paper proposes a two-pronged strategy for capital market development that leverages the existing setup in the context of regional integration such as within the EU. While using the case of Slovenia, this path might be indicative for other small countries that are part of a larger economically integrated region.

Keywords: Working Paper, Capital markets, Slovenia, Financial integration, Small states

Suggested Citation

Andritzky, Jochen, Capital Market Development in a Small Country: The Case of Slovenia (October 2007). IMF Working Paper No. 07/229, Available at SSRN:

Jochen Andritzky (Contact Author)

German Council of Economic Experts ( email )

Federal Statistical Office
Gustav-Stresemann-Ring 11
Wiesbaden, Hessen 65180

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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