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The impact of non-banking financial markets on economic development

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  • Ioana Raluca ANDREI

    (Bucharest University of Economic Studies, Romania)

Abstract

The interaction between financial markets and the real economy is fundamental, considering the several channels through which financial system drives economic growth. While previous studies focused mainly on the correlation between banks, stock markets and economic growth, this study brings a new perspective by adding the bond market and insurance industry to the analysis. Main findings confirm the existence of a positive significant link between capital market and economic development, simultaneously providing new evidence about the positive impact of insurance and bond markets on economic growth, using a panel data set of 32 countries.

Suggested Citation

  • Ioana Raluca ANDREI, 2021. "The impact of non-banking financial markets on economic development," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(2(627), S), pages 5-18, Summer.
    • Handle: RePEc:agr:journl:v:2(627):y:2021:i:2(627):p:5-18
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    References listed on IDEAS

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