Contribution of financial market segments at different stages of development: Transition, cohesion and mature economies compared

Gerhard Fink, Peter Haiss and Goran Vukšić

Journal of Financial Stability, 2009, vol. 5, issue 4, 431-455

Abstract: What is the impact of financial sector segments at different stages of development? We apply a production function approach to investigate the impact of the credit, bond and stock segments in nine EU-accession countries over early years of transition (1996-2000) and compare these to mature market economies and to countries at intermediate stage. We find that the transfer mechanisms differ over the development cycle (from bond markets to educational attainment to labor participation) and that financial market segments with links to the public sector (but not stock markets) contributed to stability and growth in transition economies.

Keywords: Finance-growth; EU-accession; countries; Production; function; Financial; sectors (search for similar items in EconPapers)
Date: 2009
References: Add references at CitEc
Citations: View citations in EconPapers (68)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1572-3089(08)00033-8
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finsta:v:5:y:2009:i:4:p:431-455

Access Statistics for this article

Journal of Financial Stability is currently edited by I. Hasan, W. C. Hunter and G. G. Kaufman

More articles in Journal of Financial Stability from Elsevier
Bibliographic data for series maintained by Catherine Liu (repec@elsevier.com).