| Description |
1 online resource (34 pages) : illustrations |
| Series |
IMF working paper ; WP/11/101 |
|
IMF working paper ; WP/11/101.
|
| Contents |
Cover Page; Title Page; Copyright Page; Abstract; Contents; I. Introduction; 1. Financial Markets in the CE4 Countries Relative to the EU Economies; II. Liteature on Determinants of Financial Development; III. Data and Methodology; 1. Sample of Countries; 2. Institutional Development Indicators, 2007; 2. Summary Statistics for the Variables Used in the Regression Analysis; 3. Pairwise Correlations; IV. Empirical Results; 3. Financial Development Indicators Plotted Against Real GDP Per Capita; 4. Private Credit Market; 5. Private Bond Market; 6. Equity Market |
|
7. The Effects of Institutional Development Variables on the Private Credit Sector8. The Effects of Institutional Development Variables on the Private Bond Market; 9. The Effects of Institutional Development Variables on the Equity Market; 10 The Effects of IIP Variables; 11. The Effects of IIP and Institutional Development Variables, Dropping GDP Per Capita; 12. The Effects of IIP and Institutional Development Variables, with GDP Per Capita Included; V. Conclusion; References; Footnotes |
| Summary |
Financial markets in the CE4 countries are still shallow compared to other advanced EU countries. While the government bond markets are comparable in size, measured by capitalization in percent of GDP, the private bond, private credit, and equity markets lag behind. Empirical analysis in this paper helps identify factors that explain this phenomenon. We find that the observed differences cannot be explained by macroeconomic variables only, but incorporating indicators of institutional development and external funding eliminates the gap in the case of the equity and private credit markets. However, for the private bond market a significant gap remains even after accounting for these factors |
| Bibliography |
Includes bibliographical references |
| Notes |
English |
| Subject |
Capital market -- Europe, Central
|
|
Capital market
|
|
Central Europe
|
| Form |
Electronic book
|
| Author |
Tchaidze, Robert, author.
|
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International Monetary Fund. European Department, issuing body.
|
| ISBN |
128355531X |
|
9781283555319 |
|
145528050X |
|
9781455280506 |
|
146237882X |
|
9781462378821 |
|
9786613867766 |
|
6613867764 |
|
1455274453 |
|
9781455274451 |
|
