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The role of the financial sector in the process of industrialisation in Central and Eastern European countries

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  • Tonći Svilokos
  • Perica Vojinić
  • Meri Šuman Tolić

Abstract

Increasing numbers of economists and policymakers consider that reindustrialisation is a key factor in enhancing economic growth and a better standard of living in post-crisis Europe. Therefore, a new European Union industrial policy focuses on increasing manufacturing share in gross domestic product (G.D.P.). The assumption of recently developed theoretical models states that development of the financial sector is essential for economic growth and therefore for the growth of the manufacturing industry. The aim of this research is to examine the importance of the financial conditions in the process of industrialisation in Central and Eastern European countries. The results of a macro panel model that examines which factors influence the manufacturing value added as a percentage of G.D.P. suggest that the role of the financial sector is very important for the level of industrialisation in the analysed countries. The research is based on data collected from the World Development Indicators database published by the World Bank for the period from 2005 to 2015.

Suggested Citation

  • Tonći Svilokos & Perica Vojinić & Meri Šuman Tolić, 2019. "The role of the financial sector in the process of industrialisation in Central and Eastern European countries," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 32(1), pages 384-402, January.
    • Handle: RePEc:taf:reroxx:v:32:y:2019:i:1:p:384-402
    DOI: 10.1080/1331677X.2018.1523739
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    Cited by:

    1. Ikhsan Ikhsan & Khairul Amri, 2023. "Sectoral Growth Impacts of Bank Credit Allocation: The Role of COVID-19 Pandemic as Moderating Variable," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 32-50.
    2. Hodžić, Sabina & Šikić, Tanja Fatur & Dogan, Eyup, 2023. "Green environment in the EU countries: The role of financial inclusion, natural resources and energy intensity," Resources Policy, Elsevier, vol. 82(C).

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