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.

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.

scholarly journals Moderating Role of Financial Market Development on the Relationship between Stock Liquidity and Dividend

2020 ◽  
Vol 16 (2) ◽  
pp. 77-99
Author(s):  
Mohd Ashari Bakri ◽  
Amin Nordin Bany-Ariffin ◽  
Bolaji Tunde Matemilola ◽  
Wei Theng Lau
Keyword(s):  
Emerging Markets ◽  
Financial Market ◽  
Emerging Market ◽  
Investment Strategy ◽  
Market Development ◽  
Stock Liquidity ◽  
Financial Market Development ◽  
The Relationship ◽  
Moderating Role

This article aims to investigate the relationship between stock liquidity and dividend across emerging market countries as well as examined the moderating role of financial market development on the relationship between stock liquidity and dividend. Data were obtained from the World Bank and DataStream databases. The study examined 3,258 listed firms from 22 emerging markets to be extrapolated in the emerging market context. To analyse the data, this article used the panel data Tobit model and panel logistic regression, both with random effects. The analysis revealed that financial market development has a positive moderating effect on the relationship between stock liquidity and dividend by improving local market liquidity and mitigating information asymmetry. The study findings provide information for managers to devise investment strategy in the emerging markets. This article provides new insights into the financial market development moderating role on the relationship between stock liquidity and dividend.

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 Drivers of Stock Market Growth in Pakistan: How Relevant is Irrelevant?

2020 ◽  
Vol 6 (4) ◽  
pp. 1189-1197
Author(s):  
Areeba Khan ◽  
Quratul Ain ◽  
Hafiz Abdur Rashid
Keyword(s):  
Economic Growth ◽  
Stock Market ◽  
Financial Market ◽  
Emerging Market ◽  
Capital Formation ◽  
Capital Allocation ◽  
Market Development ◽  
Risk Allocation ◽  
Control Mechanisms ◽  
Market Expansion

Pakistan’s stock market has experienced severe downside volatility after its classification in MSCI’s emerging market index in 2016. Global pandemic, political instability and capital limitations through money laundering control mechanisms have exposed the foundations of capital allocation to an escalating risk of default. The situation prerequisites a review of contentious relationship between drivers of economic growth and stock market expansion. This paper seeks to examine the relationship between non-financial and banal drivers of economic growth and their relative impact on stock market development in Pakistan, building on the fact that financial market development is a direct outcome of economic growth and development of the generic capabilities of production and capital formation through profit trails. GMM approach is used to analyze the contribution of capital formation and allocation through generic productivity and risk allocation mechanism. The paper discusses GDP growth, Gross fixed capital formation, Private credit and use of IMF credit as instrumental in determining stock market expansion. Originality of the research transpires from the fact that key outputs of real sector have been added to analyze the development of financial market which have long been ignored as extraneous for empirical analysis.

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.

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