This study focuses on the role of financial development in the economic growth of Central, Eastern and South-Eastern European (CESEE) countries in the post-communist era (1995–2014), which coincides with the opening up of financial markets to foreign investors and the global financial crisis....

As noted by Gurley and Shaw, there is a typical pattern of economic development in which the evolution of the financial system is an essential aspect of the growth process. We focus on one component of this evolution: the increasing importance of equity markets as an economy grows. We develop a...

We propose a novel measure of risk perceptions: the price of volatile stocks (PVSt), defined as the book-to-market ratio of low-volatility stocks minus the book-to-market ratio of high-volatility stocks. PVSt is high when perceived risk directly measured from surveys and option prices is low....

The objective of this paper is to examine whether foreign direct investments (FDI) in extractive sector enhances growth, using data from seven MENA oil producing countries; namely Bahrain, Kuwait, Oman, Qatar, United Arab Emirates, Saudi Arabia and Iran over the period 1980 to 2004. We employ...

A developed financial system is essential in a market economy. This paper studies the importance of the development of financial markets in general, and the stock market in particular, from the review of existing literature in the area of the relationship between financial development and...

The growth has been linked to foreign direct investment inflows. This paper examines whether FDI in extractive sector enhances growth, using data from seven MENA oil producing countries; namely Bahrain, Kuwait, Oman, Qatar, United Arab Emirates, Saudi Arabia and Iran over the period 1980 to...

This paper examines the indirect linkages among foreign direct investment (henceforth, FDI) and poverty reduction, where so far there are few studies attempted to analyze empirically these linkages. Yet I have a question: do we believe that FDI inflows are able to contribute to higher growth and...

This paper analyzes the links between financial and trade openness and financial development in Sub-Saharan African (SSA) countries. It is based on a panel dataset using methods that tackle slope heterogeneity, cross-sectional dependence and non-stationarity, important econometric problems that...

Many Caribbean financial systems are relatively well developed for their size but benefits are concentrated in a small part of the population. In several large countries, the financial development levels are below what is warranted by that country's own macroeconomic fundamentals. SMEs, in...

Among reforms undertaken in many developing countries it was assumed that pension funds strengthened the development of the financial system and thus economic growth. However, the study of the existing dynamic relationships between these realities and the empirical evidence remains limited. We...