Table 1.
Two-Stage Least Squares Results of the Financial Development Effects on Economic Growth in the CEE Countries
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| 2001–2009 | 2010–2020 | 2001–2009 | 2010–2020 | |
| Stkval | 0.0279 (0.4315) | −0.0437 (−0.9391) | −0.1408** (−1.9426) | −0.0491 (−1.0231) |
| Dcpriv | 0.0606 (1.0175) | −0.4499*** (−3.4248) | ||
| Pcdmb | −0.3248** (−2.3032) | −0.4570*** (−3.3549) | ||
| Dbacba | −1.9999 (−1.6025) | 1.4189 (1.6024) | −0.0855 (−0.0804) | 1.5980* (1.7710) |
| Bconcen | −0.0296 (−0.1770) | 0.5550 (2.5672) | −0.1422 (−1.0072) | 0.5530*** (2.5406) |
| Nploan | −0.3140*** (−3.8467) | 0.0599 (0.6923) | −0.2237*** (−3.0232) | 0.0819 (0.9310) |
| Spvol | 0.0851 (0.4024) | 0.0079 (0.0578) | −0.0994 (−0.5533) | 0.0020 (0.0144) |
| Piedgdp | −0.5334*** (−2.8929) | 0.6957*** (2.4213) | 0.0127 (0.0574) | 0.7167*** (2.3979) |
| Trade | −0.2776 (−1.3819) | −0.7259*** (−2.7822) | −0.2188 (−1.3293) | −0.7423*** (−2.7770) |
| Govdebt | −0.2141** (−2.0652) | −0.7115*** (−2.5452) | −0.2295*** (−2.7487) | −0.7201*** (−2.5068) |
| Schenr | 0.8366 (1.1637) | 0.3149 (0.4889) | 0.8428 (1.5320) | 0.3022 (0.4643) |
| Fixcapf | −1.1159*** (−2.5669) | −0.6334** (−1.9972) | −0.0125 (−0.0261) | −0.6588** (−2.0638) |
| Labpar | 0.3069 (0.4463) | −2.4848** (−2.1713) | −0.1845 (−0.3457) | −2.2212** (−1.9387) |
| R2 | 0.6034 | 0.3046 | 0.7324 | 0.2902 |
| F-statistics | 13.0521 | 4.9827 | 14.3749 | 4.8681 |
| (p-value) | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| Observations | 117 | 143 | 117 | 143 |
Table 2.
Two-Stage Least Squares Results of the Financial Development Effects on Economic Growth in the CEE Countries
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| 2001–2009 | 2010–2020 | 2001–2009 | 2010–2020 | |
| Stkturn | −0.0421 (−0.6569) | −0.1669** (−1.9715) | −0.1365** (−2.1306) | −0.1688** (−1.9355) |
| Dcpriv | 0.0292 (0.3820) | −0.6210*** (−3.6391) | ||
| Pcdmb | −0.2684* (−1.8761) | −0.6199*** (−3.4461) | ||
| Dbacba | −2.3207* (−1.8469) | 1.5291* (1.7282) | −1.2782 (−1.2248) | 1.6555* (1.7873) |
| Bconcen | −0.0880 (−0.4830) | 0.5349** (2.2907) | −0.2117 (−1.3767) | 0.5275** (2.1936) |
| Nploan | −0.3289*** (−3.7076) | −0.0043 (−0.0419) | −0.2616*** (−3.3350) | 0.0391 (0.3820) |
| Spvol | 0.2725 (1.1714) | 0.2460 (1.3731) | 0.1383 (0.7102) | 0.2323 (1.2828) |
| Piedgdp | −0.5824*** (−2.6631) | 1.0291*** (2.9048) | −0.2131 (−0.9115) | 1.0873*** (2.8358) |
| Trade | −0.0946 (−0.4584) | −0.9435*** (−3.2113) | −0.1065 (−0.6725) | −0.9925*** (−3.1771) |
| Govdebt | −0.2286** (−1.9251) | −0.9908*** (−3.0541) | −0.2667*** (−2.8137) | −1.0405*** (−2.9811) |
| Schenr | 1.2104 (1.5523) | 0.7771 (1.0838) | 1.2925** (2.1729) | 0.7311 (0.9845) |
| Fixcapf | −1.2422*** (−2.6364) | −0.2267 (−0.6125) | −0.5105 (−1.0345) | −0.2152 (−0.5599) |
| Labpar | 0.3173 (0.4166) | −4.1458*** (−2.6724) | 0.0221 (0.0374) | −3.8925*** (−2.4641) |
| R2 | 0.5980 | 0.1535 | 0.7372 | 0.1080 |
| F-statistics | 13.3954 | 5.0189 | 15.6597 | 4.8587 |
| (p-value) | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| Observations | 117 | 143 | 117 | 143 |
Table 3.
Two-Stage Least Squares Results of the Financial Development Effects on Economic Growth in the CEE Countries
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| 2001–2009 | 2010–2020 | 2001–2009 | 2010–2020 | |
| Stkcap | −0.3487*** (−2.6255) | −0.1235 (−1.5157) | −0.1334 (−0.9490) | −0.1244 (−1.5388) |
| Dcpriv | 0.0471 (1.3954) | −0.2831** (−2.1534) | ||
| Pcdmb | −0.0025 (−0.0239) | −0.2977** (−2.2465) | ||
| Dbacba | 0.2206 (0.1735) | 1.5690* (1.6791) | −1.5770 (−1.1244) | 1.7145* (1.8427) |
| Bconcen | −0.0715 (−0.4985) | 0.5517*** (2.3732) | −0.0087 (−0.0623) | 0.5590*** (2.4272) |
| Nploan | −0.1063 (−1.1055) | 0.0758 (0.8857) | −0.2479** (−2.2236) | 0.0954 (1.0746) |
| Spvol | −0.3972 (−1.2801) | −0.0401 (−0.2633) | 0.0549 (0.1739) | −0.0441 (−0.2912) |
| Piedgdp | 0.0518 (0.1937) | 0.6731** (1.9946) | −0.3951 (−1.4863) | 0.6792** (2.0039) |
| Trade | −0.4520** (−2.2328) | −0.8234*** (−2.7134) | −0.1897 (−0.8415) | −0.8195*** (−2.7134) |
| Govdebt | −0.3833*** (−3.8960) | −0.6982** (−2.1396) | −0.2566** (−2.2875) | −0.6961** (−2.1367) |
| Schenr | 0.5663 (0.9403) | 0.3445 (0.4370) | 1.1472* (1.6308) | 0.3540 (0.4891) |
| Fixcapf | −0.2781 (−0.6322) | −0.4979 (−1.4624) | −0.9430* (−1.8088) | −0.5126 (−1.5171) |
| Labpar | −1.3454 (−1.5838) | −3.4630** (−2.1460) | −0.2028 (−0.2146) | −3.2586** (−2.0491) |
| R2 | 0.7354 | 0.2136 | 0.6789 | 0.2158 |
| F-statistics | 14.9345 | 3.9624 | 14.1721 | 3.9704 |
| (p-value) | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| Observations | 117 | 143 | 117 | 143 |