Advanced Search
MyIDEAS: Login to save this article or follow this journal

Financial development, technology, growth and performance: Evidence from the accession to the EU

Contents:

Author Info

  • Zagorchev, Andrey
  • Vasconcellos, Geraldo
  • Bae, Youngsoo
Registered author(s):

    Abstract

    During the past two decades, many countries have embarked on a path of developing their financial markets, strengthening their technological base and stabilizing their economies. This paper finds that financial development and investment in information and communications technology (ICT) have significant positive impacts on GDP during macroeconomic structural reforms. We investigate eight Central and Eastern European countries that recently joined the EU. To secure macroeconomic stabilization, the countries have gone through privatization, harmonization and adjustments of the economies based on convergence criteria. Since some instruments are chosen based on the decision of the countries to satisfy the EU economic requirements, this unique experience along with a GMM methodology mitigates potential endogeneity problems. We estimate systems of simultaneous equations by GMM methods for GDP per capita, financial development and investment in telecommunications technology (TEL). We also find that financial development positively impacts TEL and that TEL weakly contributes to financial development.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.sciencedirect.com/science/article/pii/S1042443111000357
    Download Restriction: Full text for ScienceDirect subscribers only

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    Bibliographic Info

    Article provided by Elsevier in its journal Journal of International Financial Markets, Institutions and Money.

    Volume (Year): 21 (2011)
    Issue (Month): 5 ()
    Pages: 743-759

    as in new window
    Handle: RePEc:eee:intfin:v:21:y:2011:i:5:p:743-759

    Contact details of provider:
    Web page: http://www.elsevier.com/locate/intfin

    Related research

    Keywords: Financial development; Technology; GDP; Economic growth; Macroeconomics;

    Find related papers by JEL classification:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as in new window

    Cited by:
    1. Çoban, Serap & Topcu, Mert, 2013. "The nexus between financial development and energy consumption in the EU: A dynamic panel data analysis," Energy Economics, Elsevier, vol. 39(C), pages 81-88.

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:eee:intfin:v:21:y:2011:i:5:p:743-759. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.