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

  • 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)

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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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
Contact details of provider: Web page: http://www.panoeconomicus.rs/

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  1. Nicola Cetorelli & Michele Gambera, 1999. "Banking market structure, financial dependence and growth: international evidence from industry data," Working Paper Series WP-99-8, Federal Reserve Bank of Chicago.
  2. 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.
  3. Fidrmuc, Jarko & Iikka Korhonen, 2003. "Similarity of Supply and Demand Shocks Between the Euro Area and the CEECs," Royal Economic Society Annual Conference 2003 77, Royal Economic Society.
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  5. Carlin, Wendy & Mayer, Colin, 1999. "Finance, Investment and Growth," CEPR Discussion Papers 2233, C.E.P.R. Discussion Papers.
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  7. 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.
  8. Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross & Maksimovic, Vojislav, 2000. "Financial structure and economic development - firm, industry, and country evidence," Policy Research Working Paper Series 2423, The World Bank.
  9. Colin Mayer & Wendy Carlin, 1999. "Finance, Investment and Growth," Economics Series Working Papers 1999-FE-09, University of Oxford, Department of Economics.
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  11. 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.
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