Naslov
The impact of financial markets on the economic growth of the new European Union (EU) countries: A panel cointegration analysis

Autori
Učkar Dean ; Benazić Manuel

Vrsta, podvrsta i kategorija rada
Poglavlja u knjigama, znanstveni

Knjiga
The EU Economic Environment Post-Crisis: Policies, Institutions And Mechanisms

Urednik/ci
Benazić Manuel ; Božina Beroš Marta ; Gimigliano Gabriella ; Novak Aleš ; Učkar Dean

Izdavač
Sveučilište Jurja Dobrile u Puli

Grad
Pula

Godina
2016

Raspon stranica
205-223

ISBN
978-953-7320-40-9

Ključne riječi
economic growth ; financial development ; new EU countries ; panel cointegration analysis

Sažetak
This paper establishes the relationship between the development of the financial system and economic growth of a country expressed as gross domestic product (GDP) per capita. In doing so, the emphasis is placed on identifying the significant variables and their impact. Empirical research is based on panel cointegration analysis that utilizes annual data on real GDP per capita, consumer price index, money and quasy money as % of GDP, domestic credit provided by financial sector as % of GDP and market capitalisation of listed companies as % of GDP from 1995 to 2014 for 12 new European Union (EU) countries. The long-run results suggest that consumer price index, money and quasy money and domestic credit provided by the financial sector generally have negative and almost insignificant impact on real GDP while market capitalisation has a significant and positive impact on real GDP. on the other side, the short-run results indicate that changes in prices and market capitalisation are insignificant while changes in money and quasy money have negative and significant impact on changes in real GDP. Finally, changes in domestic credit provided by the financial sector have positive and significant impact on changes in real GDP.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA