scholarly journals FINANCIAL MARKET DEVELOPMENT AND ECONOMIC GROWTH: EVIDENCE FROM ASEAN AND CEE REGION

2021 ◽  
Vol 23 (2) ◽  
pp. 481-494
Author(s):  
Budi Setiawan ◽  
Adil Saleem ◽  
Robert Jeyakumar Nathan ◽  
Zoltan Zeman ◽  
Robert Magda ◽  
...  
Keyword(s):  
Economic Growth ◽  
Financial Market ◽  
Market Development ◽  
Financial Market Development

scholarly journals The Influence of Financial Market Development on Economic Growth in BRICS Countries

2017 ◽  
Vol 53 (1) ◽  
pp. 7-24 ◽  
Author(s):  
Charles Wait ◽  
Tafadzwa Ruzive ◽  
Pierre le Roux
Keyword(s):  
Economic Growth ◽  
Financial Market ◽  
Method Of Moments ◽  
Market Development ◽  
Brics Countries ◽  
Financial Depth ◽  
Endogenous Growth Model ◽  
Financial Market Development ◽  
Generalised Method Of Moments ◽  
Finance Growth Nexus

Abstract The debate about the influence of financial market development on economic growth has been ongoing for more than a century. Since Schumpeter [1912] wrote about the happenings on Lombard Street there has been growing interest in the way financial market development affects economic activity and growth. As development issues have deepened, inquiry into the finance-growth nexus has also grown, with recent research focusing on various aspects of financial crisis and developments in the BRICS economies. This study investigates the influence of financial market development on the higher growth of BRICS as compared to non-BRICS counterparts. The research utilizes the Generalised Method of Moments and an extended endogenous growth model to estimate the influence of a set of financial market indicators. We find that higher private sector levels of credit and financial depth in the BRICS economies contributed to the economic growth of those economies.

Financial Development and Economic Growth: Analysis of Approaches to the Problem

2020 ◽  
Vol 12 (4-2) ◽  
pp. 251-266
Author(s):  
Alexander Novikov ◽  
◽  
Irina Novikova ◽  
Keyword(s):  
Economic Growth ◽  
Financial Development ◽  
Financial Market ◽  
Market Development ◽  
Methodological Framework ◽  
Review Of The Literature ◽  
Financial Market Development ◽  
Points Of View ◽  
The Impact ◽  
The Relationship

The article deals with debatable questions about the relationship between economic growth and financial development. Both foreign and Russian authors have opposite points of view on the relationship between economic growth and financial development. The article states that financial development for developing countries is a factor of economic growth. The authors give a review of the literature proving the influence of financial development and its mechanism – the financial market – on economic growth. To illustrate this conclusion, they analyze the research aimed at studying the theoretical aspects of assessing the ratio of the level of financial market development and economic growth. The authors also investigate the formation of a methodological framework for assessing the impact of the level of financial market development on economic growth; identify the methods to quantitatively measure the level of financial market development and economic growth. The article analyzes the recommendations to develop measures to enhance the significance of financial market for economic growth of the country.

scholarly journals ФІНАНСОВИЙ РИНОК РЕСПУБЛІКИ БІЛОРУСЬ В УМОВАХ ЄВРАЗІЙСЬКОЇ ЕКОНОМІЧНОЇ ІНТЕГРАЦІЇ: ПРОБЛЕМИ І ПЕРСПЕКТИВИ РОЗВИТКУ

2021 ◽  
pp. 76-85
Author(s):  
Ольга Василівна Король
Keyword(s):  
Economic Growth ◽  
Financial Market ◽  
Economic Integration ◽  
Emerging Market ◽  
Market Potential ◽  
Market Development ◽  
Member States ◽  
Financial Depth ◽  
Financial Market Development ◽  
The Republic

The financial market of the Republic of Belarus is traditionally considered to be quite developed in relation to states with an emerging market. However, the analysis of the main macroeconomic indicators of the national economy development and financial depth indicators indicates that the market potential is not fully realized to ensure the country's economic growth. The purpose of the research is to identify the main directions for improving the financial market of Belarus within the framework of the Eurasian economic integration. The methodological basis of the research was analytical reviews, regulatory legal acts, scientific research on the study of problems and prospects for the development of the financial market of the Republic of Belarus. The study used the methods of dialectics, formal logic and systems analysis, in particular, general logical methods of analysis, analogies, methods of description and comparison, statistical methods to assess the dynamics of the Belarussian financial market development and substantiate proposals for its improvement. The main hypothesis of the research was the assumption that improving the Belarussian financial market development will stimulate the country's economic growth and create conditions for deepening the Eurasian economic integration on the way to creating a common financial market of the Eurasian Economic Union (hereinafter – the EAEU). Presentation of the main material. The financial market of Belarus is currently operating in the conditions of Eurasian economic integration and is involved in the active process of harmonizing the national legislations of the EAEU member states to create a common financial market. The Belarusian financial market development will stimulate the country's economic growth, that’s why it’s important to achieve a sufficient level of financial depth. The paper analyzes the main indicators of the financial depth of the Belarussian financial market in 2011-2020. The main problems of the country's financial market development have been identified and a set of measures to improve it has been proposed. The originality and practical significance is confirmed by the proposed directions for improving the Belarusian financial market within the framework of the Eurasian economic integration. Conclusions and prospects for further research. The financial market of the Republic of Belarus is dynamically developing and quite sustained, however, its potential is not being fully realized. The structural imbalance of the market is manifested in the dominance of the banking sector, in which a significant part of the savings of individuals and legal entities is concentrated. It’s necessary to reduce the active participation of the state in the redistribution financial resources to close the gaps in institutional development. The implementation of the proposed set of measures to improve the Belarusian financial market in the context of the formation of a common financial market of the EAEU member states will create a stable, transparent and liquid national financial market. Further research will focus on the development of a strategy for the development of the financial market of the Republic of Belarus in the course of the formation of a common financial market of the EAEU states.

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