Financial sector development and economic growth in transition countries: banks and stock markets as complementary elements in the course of financial and economic development
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| Format: | Book |
| Language: | English |
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2002
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| Online Access: | Inhaltsverzeichnis |
| Item Description: | St. Gallen, Univ., Diss., 2002 |
| Physical Description: | XI, 295 S. graph. Darst. |
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| adam_text | II
Contents
List of figures VI
List of tables VII
Abbreviations X
1 Introduction 1
1.1 Transition to market economy, financial sector reform and economic growth.. 1
1.2 Research objectives, methodology and structure of the study 6
1.2.1 Research objectives and definitions 6
1.2.2 Methodology 11
1.2.3 Structure of the study 13
2 Financial markets and economic growth 16
2.1 Theories and determinants of economic growth. 16
2.1.1 Neo classical growth theory 16
2.1.2 Endogenous growth theory 19
2.1.3 Determinants of economic growth 22
2.2 Links between financial markets and economic growth 27
2.2.1 Financial intermediary development and economic growth 30
2.2.2 Stock market development and economic growth 35
2.2.3 Economic growth and financial development 39
2.2.4 Financial development and economic growth empirical evidence 41
2.3 Banks versus stock markets and optimal financial structure 47
2.3.1 Banks and stock markets in the process of economic development 49
2.3.2 Corporate governance 52
2.3.3 Financing choice affirms 57
Ill
2.3.4 Risk sharing 60
2.3.5 The role of information and allocation of resources 61
2.3.6 Financial structure and economic growth empirical evidence 64
2.4 Summary of the chapter 67
3 Financial sector reform in transition countries policy issues and reform
outcomes 70
3.1 Financial system of Socialist economies 70
3.1.1 Money and prices 70
3.1.2 Banking system and credit risk 71
3.1.3 Capital markets 73
3.2 Discussion on the role of the financial sector and its structure in transition
economies 75
3.2.1 Long term economic growth as a benchmark for financial sector reform.... 75
3.2.2 Banks versus stock markets financial sector structure 80
3.2.2.1 Corporate governance and allocation of resources 82
3.2.2.2 Privatisation — its influence on corporate governance outcomes 84
3.2.2.3 Financing firms 88
3.3 Financial market reform the results 90
3.3.1 Reforming the banking system 90
3.3.2 Creating equity markets 101
3.3.3 Privatisation, corporate governance and financial markets 107
3.3.3.1 Influence of ownership on corporate governance 107
3.3.3.2 Banks and corporate governance ///
3.3.3.3 Stock markets and corporate governance 113
3.3.4 Financing enterprises 117
3.4 Summary of the chapter and first conclusions 120
4 Development of banks and stock markets in transition countries 125
4.1 Financial development and financial structure 126
4.1.1 Banking sector development 127
IV
4.1.2 Equity market development 133
4.1.3 Financial structure: Banks relative to stock markets 135
4.1.3.1 Structure size 136
4.1.3.2 Structure activity 139
4.1.3.3 Structure efficiency 139
4.1.3.4 Overall financial structure 140
4.2 Determinants of financial development 142
4.2.1 Legal origin of transition economies 145
4.2.2 Determinants of equity market development 147
4.2.2.1 Shareholder rights 147
4.2.2.2 Regulation of securities markets and property rights 155
4.2.2.3 Privatisation strategies 157
4.2.3 Determinants of banking sector development 161
4.2.3.1 Creditor rights 161
4.2.3.2 Ex post sanctions and property rights 167
4.3 EBRD s financial reform ratings 169
4.4 Summary of the chapter 173
5 Financial sector and economic growth in transition countries 176
5.1 Economic growth in transition economies literature review 177
5.2 Data description and methodology 184
5.2.1 Data description 185
5.2.2 Econometric specification 186
5.2.2.1 Endogeneity/simultaneity 186
5.2.2.2 Multicollinearity 187
5.2.2.3 Heteroscedasticity/parameter heterogeneity 187
5.2.2.4 Measurement errors (data quality) 188
5.2.2.5 Missing observations 189
5.2.3 List of variables 190
5.2.4 Hypotheses tested 194
5.3 Results 196
V
5.3.1 Some preliminary results 196
5.3.2 Financial structure, financial development and economic growth 199
5.3.3 Financial reform and economic growth 212
5.3.4 Determinants of financial development and financial sector reform 217
5.4 Summary of the chapter 223
6 Conclusions 226
6.1 Summary of the findings 226
6.2 Policy implications 232
6.3 Recommendations 236
7 Appendix 239
7.1 Banking sector and equity market development 239
7.1.1 Raw data 239
7.1.2 Variables 240
7.1.3 Sources 241
7.2 Legal and regulatory determinants of equity and debt market development..247
7.3 Financial sector development and economic growth: list of variables 249
8 Bibliography 276
8.1 Written Sources 276
8.2 World Wide Web and electronic sources 292
VI
List of figures
Figure 1.1: Focus of the dissertation 12
Figure 1.2: Structure of the dissertation. 14
Figure 2.1: Theoretical approach to finance and growth 29
Figure 2.2: Net financing of private physical investment by enterprises in France,
Germany, Japan, the UK and the US for the period 1970 1985 59
Figure 3.1: The share of state owned banks in total bank assets in 1999 94
Figure 3.2: Bad loans as a percentage of the total loans in 1999 99
Figure 3.3: EBRD s index of banking sector reform in 1999 100
Figure 3.4: EBRD s index of securities market reform in 1999 105
Figure 3.5: The influence of different ownership types on the performance of firms
after privatisation in transition countries 109
Figure 3.6: Average GDP share of bank credit to the private sector in transition
economies 119
Figure 4.1: Liquid liabilities as a share of GDP in selected transition economies 129
Figure 4.2: Bank assets as a share of GDP in selected transition economies 130
Figure 4.3: Mass privatisation strategies versus direct sales, and equity markets
development in transition countries (1994 98 averages) 158
Figure 4.4: EBRD s rating of securities market reform in transition countries by region
170
Figure 4.5: EBRD s rating of banking reform in transition countries by region 170
Figure 4.6: Correlation between EBRD s securities market and banking reform ratings
in 1998 172
Figure 5.1: Output path in transition countries by region (cumulated real GDP in local
currency) 178
Figure 5.2: Output path in transition countries by region in transition time (cumulated
real GDP in local currency) 179
Figure 5.3: Initial conditions and GDP growth in transition countries 182
Figure 5.4: Stabilisation and GDP growth in transition countries 183
Figure 5.5: Structural reforms and GDP growth in transition countries 184
vn
List of tables
Table 1.1: Transition countries organised by region 10
Table 2.1: The comparison of financial systems in Germany and the US 48
Table 3.1: The real interest rate in Poland in the 1980s 74
Table 3.2: Typology of different privatisation strategies at the outset of transition 85
Table 3.3: Progress in banking reform in transition countries as of 1999 92
Table 3.4: Progress in securities market reform in transition countries as of 1999.... 103
Table 3.5: Primary and secondary privatisation methods in transition countries 108
Table 3.6: Gross amount of capital raised by domestic companies in equity markets (in
USD million) 120
Table 4.1: Banking sector and equity market development across transition countries
132
Table 4.2: Financial structure across countries 137
Table 4.3: Financial structure of transition countries 141
Table 4.4: Shareholder rights and the development of equity markets across countries
150
Table 4.5: Shareholder rights in transition countries 154
Table 4.6: Foreign technical assistance and shareholder rights in transition countries
155
Table 4.7: Property rights, regulation and development of equity markets in transition
countries 157
Table 4.8: Mass privatisation strategies and minority shareholders protection in
transition countries 159
Table 4.9: Mass privatisation strategies and securities market regulation in transition
countries 160
Table 4.10: Creditor rights and development of debt finance across countries 163
Table 4.11: Creditor rights in transition countries 166
Table 4.12: Foreign technical assistance and creditor rights in transition countries.. 167
Table 4.13: Property rights, creditor protection ex post and development of debt
finance in transition countries 168
Table 4.14: EBRD s ratings of banking and securities market reforms in transition
countries (1993 1998 averages) 171
Table 4.15: Correlations of EBRD s financial reform ratings with financial
development measures, and legal and regulatory variables (1994 1998 averages)
173
Table 5.1: Cumulated real GDP in transition countries (1989 = 100) 180
Table 5.2: Results of regression: influence of initial conditions, initial income, initial
investments and initial secondary school enrolment on economic growth (LGDP)
198
VIII
Table 5.3: Results of regression: influence of financial structure on economic growth
(LGDP) 201
Table 5.4: Results of regression: influence of individual financial development
indicators and initial conditions on economic growth (LGDP) 202
Table 5.5: Correlation of initial conditions with financial development measures 203
Table 5.6: Results of regression: influence of the overall and individual financial
development indicators on economic growth (LGDP) 204
Table 5.7: Results of regression: influence of the overall financial development on
economic growth (LGDP) 206
Table 5.8: Correlation of the overall financial development with inflation, and with
civil and political rights 207
Table 5.9: Results of regression: influence of individual financial development
indicators on economic growth (LGDP) 208
Table 5.10: Descriptive statistics of the financial development measures comparison
with Levine and Zervos (1998) 210
Table 5.11: Results of regression: influence of financial structure and financial
development on economic growth (LGDP) 212
Table 5.12: Results of regression: influence of initial financial reform on economic
growth (LGDP) 214
Table 5.13: Results of regression: influence of average financial reform progress on
economic growth (LGDP) 216
Table 5.14: Results of regression: determinants of the overall financial development
(FINAV) 218
Table 5.15: Results of regression: determinants of stock market development 220
Table 5.16: Results of regression: determinants of banking sector development 221
Table 5.17: Results of regression: determinants of financial reform 222
Table 7.1: Raw data and sources used for calculation of the banking sector and equity
market development indicators 239
Table 7.2: Sources and time span of the financial development indicators for transition
countries 242
Table 7.3: Legal and regulatory variables for transition countries 247
Table 7.4: Full list of variables for transition economies: definitions, samples and
sources 249
Table 7.5: Transition countries: initial conditions, initial income, years under central
planning and stabilisatioa 255
Table 7.6: Transition countries: inflation 256
Table 7.7: Transition countries: secondary school enrolment ratio 257
Table 7.8: Transition countries: political rights 258
Table 7.9: Transition countries: civil liberties 259
Table 7.10: Transition countries: investments as a share of GDP 260
Table 7.11: Transition countries: government balance as a share of GDP 261
Table 7.12: Transition countries: government expenditures as a share of GDP 262
Table 7.13: Transition countries: liberalisation 263
IX
Table 7.14: Transition countries: securities market regulation 264
Table 7.15: Transition countries: creditor rights 265
Table 7.16: Transition countries: legal effectiveness 266
Table 7.17: Transition countries: stock market capitalisation as a share of GDP 267
Table 7.18: Transition countries: stock market total value traded as a share of GDP 268
Table 7.19: Transition countries: stock market turnover 269
Table 7.20: Transition countries: financial depth 270
Table 7.21: Transition countries: deposit money banks assets as a share of GDP 271
Table 7.22: Transition countries: claims of deposit money banks on the private sector
as a share of GDP 272
Table 7.23: Transition countries: financial structure and overall financial development
273
Table 7.24: Transition countries: EBRD s banking sector reform 274
Table 7.25: Transition countries: EBRD s securities markets reform 275
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| spelling | Platek, Mariusz Verfasser aut Financial sector development and economic growth in transition countries banks and stock markets as complementary elements in the course of financial and economic development vorgelegt von Mariusz Platek 2002 XI, 295 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier St. Gallen, Univ., Diss., 2002 Kreditmarkt (DE-588)4073788-3 gnd rswk-swf Systemtransformation (DE-588)4060633-8 gnd rswk-swf Wirtschaftsentwicklung (DE-588)4066438-7 gnd rswk-swf Osteuropa (DE-588)4075739-0 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Osteuropa (DE-588)4075739-0 g Systemtransformation (DE-588)4060633-8 s Kreditmarkt (DE-588)4073788-3 s Wirtschaftsentwicklung (DE-588)4066438-7 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010061325&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Platek, Mariusz Financial sector development and economic growth in transition countries banks and stock markets as complementary elements in the course of financial and economic development Kreditmarkt (DE-588)4073788-3 gnd Systemtransformation (DE-588)4060633-8 gnd Wirtschaftsentwicklung (DE-588)4066438-7 gnd |
| subject_GND | (DE-588)4073788-3 (DE-588)4060633-8 (DE-588)4066438-7 (DE-588)4075739-0 (DE-588)4113937-9 |
| title | Financial sector development and economic growth in transition countries banks and stock markets as complementary elements in the course of financial and economic development |
| title_auth | Financial sector development and economic growth in transition countries banks and stock markets as complementary elements in the course of financial and economic development |
| title_exact_search | Financial sector development and economic growth in transition countries banks and stock markets as complementary elements in the course of financial and economic development |
| title_full | Financial sector development and economic growth in transition countries banks and stock markets as complementary elements in the course of financial and economic development vorgelegt von Mariusz Platek |
| title_fullStr | Financial sector development and economic growth in transition countries banks and stock markets as complementary elements in the course of financial and economic development vorgelegt von Mariusz Platek |
| title_full_unstemmed | Financial sector development and economic growth in transition countries banks and stock markets as complementary elements in the course of financial and economic development vorgelegt von Mariusz Platek |
| title_short | Financial sector development and economic growth in transition countries |
| title_sort | financial sector development and economic growth in transition countries banks and stock markets as complementary elements in the course of financial and economic development |
| title_sub | banks and stock markets as complementary elements in the course of financial and economic development |
| topic | Kreditmarkt (DE-588)4073788-3 gnd Systemtransformation (DE-588)4060633-8 gnd Wirtschaftsentwicklung (DE-588)4066438-7 gnd |
| topic_facet | Kreditmarkt Systemtransformation Wirtschaftsentwicklung Osteuropa Hochschulschrift |
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