Naslov
Cross-countries capital markets development analysis in framework of dynamic panel models

Autori
Arnerić, Josip ; Škrabić, Blanka ; Erjavec, Nataša

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
Proceedings of the 10th International Symposium on Operational Research (SOR'09) / Strin, Zadnik Lidija. ; Žerovnik, Janez ; Drobne, Samo ; Lisec, Anka - Ljubljana : Slovensko društvo informatika, 2009, 301-310

ISBN
978-961-6165-30-3

Skup
International Symposium on Operational Research in Slovenia (10 ; 2009)

Mjesto i datum
Nova Gorica, Slovenija, 23.09.2009. - 25.09.2009

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
capital market development; dynamic panel model; Arellano and Bond estimators

Sažetak
Financial development has the major role in economic growth of Central and Eastern European emerging countries, which is emphasized in the period after their political and structural changes. Together with the processes of Europeanization and the accession driven reforms, foreign direct inflows and portfolio investments resulted in transforming the banking sector and in creating and developing capital markets, particularly in emerging countries. Therefore, this paper deals with capital markets development analysis of the CEE emerging countries, which are still more bank-based. Empirical results will show which macroeconomic variables affects capital market development in these countries. Moreover, capital market development from emerging countries and developed countries will be compared. Dynamic panel models will be specified as the most appropriate ones to fit the observed data. Parameters of the panel data models will be estimated using GMM method proposed by Arellano and Bond with one lag of dependent variable. For instruments in the panel data model a maximum of two lags of the dependent variables will be used.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA