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Financial System Development and Economic Growth in Transition Economies: New Empirical Evidence from the CEE and CIS Countries

Author

Listed:
  • Laura Cojocaru
  • Evangelos M. Falaris
  • Saul D. Hoffman
  • Jeffrey B. Miller

Abstract

We examine the role of financial development in economic growth in the former Communist countries of Central and Eastern Europe and the Commonwealth of Independent States during the first two decades since the beginning of transition. These countries, which had undeveloped financial systems under Communism, provide an interesting test of the relationship between financial development and growth. Our study is the broadest in terms of coverage and time period. We find that measures of financial market efficiency and competitiveness are more important than the size of the market in terms of promoting economic growth.

Suggested Citation

  • Laura Cojocaru & Evangelos M. Falaris & Saul D. Hoffman & Jeffrey B. Miller, 2016. "Financial System Development and Economic Growth in Transition Economies: New Empirical Evidence from the CEE and CIS Countries," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 52(1), pages 223-236, January.
    • Handle: RePEc:mes:emfitr:v:52:y:2016:i:1:p:223-236
    DOI: 10.1080/1540496X.2015.1013828
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    JEL classification:

    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • P27 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Performance and Prospects
    • P34 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Finance

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