European Parliament Library

Development of Financial Markets in Central Europe :, the Case of the CE4 Countries, Amat Adarov, Robert Tchaidze

Financial markets in the CE4 countries are still shallow compared to other advanced EU countries. While the government bond markets are comparable in size, measured by capitalization in percent of GDP, the private bond, private credit, and equity markets lag behind. Empirical analysis in this paper helps identify factors that explain this phenomenon. We find that the observed differences cannot be explained by macroeconomic variables only, but incorporating indicators of institutional development and external funding eliminates the gap in the case of the equity and private credit markets. However, for the private bond market a significant gap remains even after accounting for these factors
Table Of Contents
Cover Page; Title Page; Copyright Page; Abstract; Contents; I. Introduction; 1. Financial Markets in the CE4 Countries Relative to the EU Economies; II. Liteature on Determinants of Financial Development; III. Data and Methodology; 1. Sample of Countries; 2. Institutional Development Indicators, 2007; 2. Summary Statistics for the Variables Used in the Regression Analysis; 3. Pairwise Correlations; IV. Empirical Results; 3. Financial Development Indicators Plotted Against Real GDP Per Capita; 4. Private Credit Market; 5. Private Bond Market; 6. Equity Market
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (44 p.)
Specific Material Designation
Form Of Item

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