Financial System Development and Economic Growth in Transition Economies:New Empirical Evidence from the CEE and CIS Countries

Laura Cojocaru (), Evangelos Falaris, Saul Hoffman () and Jeffrey Miller ()
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Laura Cojocaru: Bankable Frontier Associates

No 15-04, Working Papers from University of Delaware, Department of Economics

Abstract: We examine the role of financial development in economic growth in the former Communist countries of Central and Eastern Europe and the Commonwealth of Independent States during the first two decades since the beginning of transition. These countries, which had undeveloped financial systems under Communism, provide an interesting test of the relationship between financial development and growth. Our study is the broadest in terms of coverage and time period. We find that measures of financial market efficiency and competitiveness are more important than the size of the market in terms of promoting economic growth.

Keywords: transition economies; CEE; CIS; financial sector development; economic growth (search for similar items in EconPapers)
JEL-codes: O16 P27 P34 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2015
New Economics Papers: this item is included in nep-cwa, nep-fdg, nep-gro and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (22)

Forthcoming in Emerging Markets Finance and Trade

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Related works:
Journal Article: Financial System Development and Economic Growth in Transition Economies: New Empirical Evidence from the CEE and CIS Countries (2016)
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