After seven years of transformation it is getting more and more difficult to blame the communist heritage for the state of the financial markets in the ten Central European countries which are candidates for EU membership. Only Hungary and Estonia have made sufficient progress in financial...

Without doubt a well-developed financial sector is related to efficient resource allocation and growth, but there is modest consensus on the direction of that link, on the notion of what is meant by quot;well developedquot;, on which subset of the financial market is crucial and thus which...

This paper examines the relationship between the development of the aggregate bond markets and real GDP in 13 highly developed economies. The recent interest in the ties between the real and the financial sector has usually been on the banking sector and the stock markets, rather ignoring the...

This paper examines for the first time the relationship between the net issue values of aggregate bonds, as well as the different bond sectors separately, and economic growth. The other new feature of this study is the usage of quarterly data. Granger causalities are calculated for time series...

This report describes the aim, scope, underlying literature and results of the research project quot;The Nexus between the Financial and the Real Sectorquot;. We studied the contribution of the financial sector as a whole and its individual segments (bank credits, the issuance of bonds and...

Applying a growth accounting framework and a wide range of static and dynamic panel data estimators on a panel covering 22 market economies and 11 transition countries over 1990-2001, we find a weak and fragile finance-growth link in market economies, but strong financial sector-induced...

This paper analyses capacity building and institutional development in the banking and capital market sectors of formerly planned economies in Central and Eastern Europe. While the existing literature mostly addresses the specific situation of banks and capital markets in a particular country or...

We investigate the relationship of both the net aggregated bond issuance volume and of the individual bond sectors (government, financial, corporate) and economic growth. We apply granger causalities to quarterly data over the 1994 to 2003 period for 15 European countries, the USA and Japan in...

We provide a decision-oriented literature review on (1) the perception of financial efficiency (in a macroeconomic sense) and its measurement (2) theoretical as well as empirical findings on the setup of efficient financial systems and (3) possible interaction between financial sector...

General experience suggests a positive and causal link between financial development and economic growth. Is this already the case in Serbia with its quite distinct political and economic transition? Drawing from successful financial sector transition in Central and Eastern Europe (CEE), we...