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Balkan Countries: Catching Up and their Integration in the European Financial System

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  • Fabienne Bonetto

    ()
    (University of Nice-Sophia Antipolis CEMAFI, France)

  • Srđan Redžepagić

    ()
    (Institute of Economic Sciences Belgrade, Serbia)

  • Anna Tykhonenko

    ()
    (University of Nice-Sophia Antipolis CEMAFI, France)

Abstract

This paper aims to illustrate the impact of financial variables on the process of convergence between selected European Union countries and the Balkan countries. Following a delay in the realization of structural changes resulting from the historical legacy and circumstances in which the transition process took place, Balkan countries began essential reforms in their financial systems at the end of 1990s. This included the adoption of concrete measures directed towards the growth and increase of the financial sector efficiency. Given this we use panel data over the period 1999-2007 for a sample of 21 countries, to test the convergences hypothesis by the Bayesian iterative estimation method. Here two financial variables are introduced to control the differences in steady-state. Our empirical results sustain the importance of the domestic credit and the market capitalization in the catching-up process by a significant increase in the speed of convergence.

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Bibliographic Info

Article provided by Savez ekonomista Vojvodine, Novi Sad, Serbia in its journal Panoeconomicus.

Volume (Year): 56 (2009)
Issue (Month): 4 (December)
Pages: 475-489

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Handle: RePEc:voj:journl:v:56:y:2009:i:4:p:475-489

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Web page: http://www.panoeconomicus.rs/

Related research

Keywords: Balkan countries; European Union; Financial systems; Convergence; Empirical analysis; Finance-growth model estimations;

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References

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  1. Brada, Josef C. & Ktan, Ali M., 2001. "The convergence of monetary policy between candidate countries and the European Union," ZEI Working Papers B 07-2001, ZEI - Center for European Integration Studies, University of Bonn.
  2. Brada, Josef C. & Kutan, Ali M. & Zhou, Su, 2005. "Real and monetary convergence between the European Union's core and recent member countries: A rolling cointegration approach," Journal of Banking & Finance, Elsevier, vol. 29(1), pages 249-270, January.
  3. Carlin, Wendy & Mayer, Colin, 2003. "Finance, investment, and growth," Journal of Financial Economics, Elsevier, vol. 69(1), pages 191-226, July.
  4. Nicola Cetorelli, 2001. "Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data," Journal of Finance, American Finance Association, vol. 56(2), pages 617-648, 04.
  5. Maddala, G S, et al, 1997. "Estimation of Short-Run and Long-Run Elasticities of Energy Demand from Panel Data Using Shrinkage Estimators," Journal of Business & Economic Statistics, American Statistical Association, vol. 15(1), pages 90-100, January.
  6. Fidrmuc, Jarko & Korhonen, Iikka, 2001. "Similarity of supply and demand shocks between the Euro area and the CEECs," BOFIT Discussion Papers 14/2001, Bank of Finland, Institute for Economies in Transition.
  7. Anna Tykhonenko, 2007. "La persistance des ecarts de richesse au sein de leurope elargie: lapport de leconometrie des panels heterogenes non-stationnaires," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 54(1), pages 69-86, March.
  8. Kocenda, Evzen, 2001. "Macroeconomic Convergence in Transition Countries," Journal of Comparative Economics, Elsevier, vol. 29(1), pages 1-23, March.
  9. Bianco, Magda & Gerali, Andrea & Massaro, Riccardo, 1997. "Financial systems across "developed economies": convergence or path dependence?," Research in Economics, Elsevier, vol. 51(3), pages 303-331, September.
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Cited by:
  1. Marta C. N. Simões, 2011. "Education Composition and Growth: A Pooled Mean Group Analysis of OECD Countries," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(4), pages 455-471, December.
  2. Saša Obradović & Vladimir Mihajlović, 2013. "Synchronization of Business Cycles in the Selected European Countries," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(6), pages 759-773, December.
  3. Srdjan Redzepagic & Malisa Djukic, 2012. "Macroeconomic Aspects and Perspectives of Serbia within the Process of Enlargement of the Uropean Union," Book Chapters, Institute of Economic Sciences.

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