Market and Economic Development in Bulgaria

Eleni Zafeiriou (), Christos Karelakis (), Chrysovalantis Malesios and Theodoros Koutroumanidis ()
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Eleni Zafeiriou: Democritus University of Thrace
Christos Karelakis: Democritus University of Thrace
Theodoros Koutroumanidis: Democritus University of Thrace

A chapter in Economic Crisis in Europe and the Balkans, 2014, pp 211-226 from Springer

Abstract: Abstract The present paper tests empirically the existence of a causal relationship between the economic growth and the development in the banking and stock market in ex transition economies, recently member states of the EU and especially the case of Bulgaria. The Johansen cointegration test indicated a sole relationship between the banking sector, the stock market and the economic growth, while the application of the Granger causality/block exogeneity test indicated a bilateral relationship between the economic growth and the development in the stock market, as well as between the economic growth and the development in banking sector. Finally, no casual relationship was confirmed between the development in credit and stock market.

Keywords: Cointegration; Granger causality; Stock market; Credit market; Economic growth; P34; G21; C58; C33 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:conchp:978-3-319-00494-5_12

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DOI: 10.1007/978-3-319-00494-5_12

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