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...

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...

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...

We use a production function approach in investigating the relationship between financial development and economic growth in 9 EU accession - mostly transition countries. These findings are compared with the results for the group of 18 developed countries, and separately, with the results for a...