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The role of banks in CESEE countries: exploring non-standard determinants of economic growth

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  • Małgorzata Iwanicz-Drozdowska
  • Paola Bongini
  • Paweł Smaga
  • Bartosz Witkowski

Abstract

This paper explores the finance–growth nexus in 14 countries from Central, Eastern and South-eastern Europe (CESEE) over the 1995–2015 period. It investigates whether including two ‘non-standard’ variables, i.e. a credit cycle dummy and foreign bank relevance, deepens our understanding of the role of a typical financial determinant of economic growth, i.e. bank credit. We find evidence of a negative impact of bank credit on economic growth and the significance of cyclical fluctuations of bank credit. In contrast, a higher market share of loans granted by foreign-owned banks in a cyclical upswing and stock market capitalisation are found to have a proactive effect on growth.

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  • Małgorzata Iwanicz-Drozdowska & Paola Bongini & Paweł Smaga & Bartosz Witkowski, 2019. "The role of banks in CESEE countries: exploring non-standard determinants of economic growth," Post-Communist Economies, Taylor & Francis Journals, vol. 31(3), pages 349-382, May.
    • Handle: RePEc:taf:pocoec:v:31:y:2019:i:3:p:349-382
    DOI: 10.1080/14631377.2018.1505694
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