We use a production function approach in investigating the relationship between financial development and economic growth in 9 EU accession and new EU member countries during their transition period. Along with real capital stock growth, labor participation and educational attainment, we use...

Over the last decade the role of financial sector development in economic growth has become a major topic in empirical research. Most cross-section-oriented studies (for example Rousseau and Wachtel, 2000; Levine et al., 2000; Singh et al. 2000; Demirguec-Kunt and Levine, 1999) base their analyses on broad...

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...