FINANTAREA ÎNTREPRINDERILOR MICI SI MIJLOCII
                     ÎN ECONOMIILE EMERGENTE /
                FINANCING SME IN EMERGING ECONOMIES

Prep. univ drd. Alina Ernst, Universitatea de Stat din Pitesti
E-mail: alinaernst@yahoo.com

Abstract:
This paper explores the degree of financial m    arket integration between the new and old EU
member states; it also considers the likely effects of the ongoing integration process on the new
members’ financial sectors. In particular, the paper discusses the implications of the high
concentration of financial services and the dominance of foreign-owned institutions for the
provision of financial services to small and medium-sized enterprises (SMEs) in the accession
countries. Using enterprise data on a certain number of companies, the paper finds that access to
finance still constitutes a major problem for business development and that financing conditions
are considerably more difficult for SMEs than for larger entities.

Keywords: financial sector, financing, small and medium-sized enterprises, international
integration

JEL codes: F36