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https://doi.org/10.1080/1331677X.2016.1197551

Determinants of capital market in the new member EU countries

Bojana Olgić Draženović   ORCID icon orcid.org/0000-0002-5175-7439
Tino Kusanović

Puni tekst: engleski, pdf (982 KB) str. 758-769 preuzimanja: 385* citiraj
APA 6th Edition
Olgić Draženović, B. i Kusanović, T. (2016). Determinants of capital market in the new member EU countries. Economic research - Ekonomska istraživanja, 29 (1), 758-769. https://doi.org/10.1080/1331677X.2016.1197551
MLA 8th Edition
Olgić Draženović, Bojana i Tino Kusanović. "Determinants of capital market in the new member EU countries." Economic research - Ekonomska istraživanja, vol. 29, br. 1, 2016, str. 758-769. https://doi.org/10.1080/1331677X.2016.1197551. Citirano 04.08.2021.
Chicago 17th Edition
Olgić Draženović, Bojana i Tino Kusanović. "Determinants of capital market in the new member EU countries." Economic research - Ekonomska istraživanja 29, br. 1 (2016): 758-769. https://doi.org/10.1080/1331677X.2016.1197551
Harvard
Olgić Draženović, B., i Kusanović, T. (2016). 'Determinants of capital market in the new member EU countries', Economic research - Ekonomska istraživanja, 29(1), str. 758-769. https://doi.org/10.1080/1331677X.2016.1197551
Vancouver
Olgić Draženović B, Kusanović T. Determinants of capital market in the new member EU countries. Economic research - Ekonomska istraživanja [Internet]. 2016 [pristupljeno 04.08.2021.];29(1):758-769. https://doi.org/10.1080/1331677X.2016.1197551
IEEE
B. Olgić Draženović i T. Kusanović, "Determinants of capital market in the new member EU countries", Economic research - Ekonomska istraživanja, vol.29, br. 1, str. 758-769, 2016. [Online]. https://doi.org/10.1080/1331677X.2016.1197551

Sažetak
The capital market is an important source of financing for viable investment projects and further economic development. Development of long-term financial markets is particularly important for transition EU countries, taking into account that stock markets in these countries did not start to operate until the mid-1990s. Despite legislation infrastructure quality, functional training and significant progress in market effectiveness, the capital market in many transition economies may be regarded as shallow, illiquid and nontransparent. At the same time, one can observe the strong development of ‘institutional saving’, i.e., financial development related to financial institutions like pension funds, investment funds, and insurance companies. The phenomenon of growth of institutional investors is especially important for capital markets in CEE transition countries, including the Republic of Croatia. The goal of this paper is to test the impulse of non-bank financial intermediaries’ development, and also the influence of implementing the above-mentioned structure reform on capital markets development in the selected transition countries. By applying a panel data approach on a sample of six CEE countries over the period between 1995 and 2010, we provide further evidence on the specific determinants of emerging European capital markets.

Ključne riječi
Stock market development; macroeconomic development; non-financial intermediation; central and Eastern European countries (CEE)

Hrčak ID: 171758

URI
https://hrcak.srce.hr/171758

Posjeta: 620 *