In the following paper we examine the main aspects of international investment position development in the selected new European Union member countries since 1999, with an emphasis on their international financial assets and liabilities structure. We assess the extent of the Bulgaria’s and Romania’s international financial integration compared with the Czech Republic and the Slovak Republic. The aim is to examine the main implications of the different economic performances of the countries on the selected aspects of their international financial integration. We also observe the main trends in their external capital structure development in terms of the relative importance of foreign direct investments, portfolio equity and debt investments and external debt. Finally, we study the implications of the accumulated stock of external capital for future trade and current account balances development. 

financial integration, external capital structure, trade integration, transition economies