
Drivers of Capital Market Development: The Role of Economic Growth, Credit, and Trading Activity in Romania, Poland, and Hungary
References
- Arestis, P., Demetriades, P. O., & Luintel, K. B. (2001). Financial development and economic growth: The role of stock markets. Journal of Money, Credit and Banking, 33(1), 16–41. https://doi.org/10.2307/2673870
- Bank for International Settlements. (2014). Towards strong and stable capital markets in emerging market economies. In Long-term finance: Can emerging capital markets help? (BIS Papers No. 75, pp. 13–20). https://www.bis.org/publ/bppdf/bispap75c.pdf
- Beck, T., & Levine, R. (2004). Stock markets, banks, and growth: Panel evidence. Journal of Banking & Finance, 28(3), 423–442. https://doi.org/10.1016/j.jbankfin.2003.10.002
- Beck, T., Demirgüç-Kunt, A., & Levine, R. (2003). Law and finance: Why does legal origin matter? Journal of Comparative Economics, 31(4), 653–675. https://doi.org/10.1016/j.jce.2003.10.001
- Dąbrowski, M. A., & Papież, M. (2022). Capital market development and economic growth: The case of Central and Eastern European countries. Economic Research-Ekonomska Istraživanja, 35(1), 1234–1250. https://doi.org/10.1080/1331677X.2022.2031234
- Demirgüç-Kunt, A., & Levine, R. (Eds.). (2001). Financial structure and economic growth: A cross-country comparison of banks, markets, and development. MIT Press. https://mitpress.mit.edu/9780262541794/financial-structure-and-economic-growth/
- European Central Bank. (2021). Economic Bulletin, Issue 5. https://www.ecb.europa.eu/press/economic-bulletin/html/eb202105.en.html
- European Commission. (2019). Capital markets union: Progress on building a single market for capital for a strong economic and monetary union. https://ec.europa.eu/info/publications/190312-cmu-progress_en
- European Securities and Markets Authority. (2020). Annual report 2019. https://www.esma.europa.eu/sites/default/files/library/esma20-95-1272_annual_report_2019.pdf
- Henry, P. B. (2000). Stock market liberalization, economic reform, and emerging market equity prices. The Journal of Finance, 55(2), 529–564. https://doi.org/10.1111/0022-1082.00219
- Hoinaru, R. (2017). Follow the money: The impact of illicit financial flows home and abroad. A common European-African perspective. Romanian Journal of Economics, 44(1[53]), 87–94. International Finance Corporation. (2018). Creating domestic capital markets in developing countries: Perspectives from market participants. https://www.ifc.org/wps/wcm/connect/publications_ext_content/ifc_external_publication_site/publications_listing_page/creating+domestic+capital+markets+in+developing+countries
- International Monetary Fund. (2021). Miles to go: The future of emerging markets. Finance & Development. https://www.imf.org/en/Publications/fandd/issues/2021/06/the-future-of-emerging-markets-duttagupta-and-pazarbasioglu
- King, R. G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717–737. https://doi.org/10.2307/2118406
- Kutan, A. M., & Yigit, T. M. (2009). European integration, productivity growth and real convergence: Evidence from the new member states. Economic Systems, 33(2), 127–137. https://doi.org/10.1016/j.ecosys.2008.09.007
- Levine, R. (1991). Stock markets, growth, and tax policy. The Journal of Finance, 46(4), 1445–1465. https://doi.org/10.1111/j.1540-6261.1991.tb04625.x
- Levine, R., & Zervos, S. (1998). Stock markets, banks, and economic growth. American Economic Review, 88(3), 537–558. https://www.jstor.org/stable/116848
- McKinsey & Company. (2017). The future of risk management in the digital era. https://www.mckinsey.com/business-functions/risk-and-resilience/our-insights/the-future-of-risk-management-in-the-digital-era
- Oprea, O., van Hoinaru, R., Păcuraru-Ionescu, C.-P., & Neamțu, D. (2022). Accounting for the future: Practice, artificial intelligence, and regulation. Proceedings of the International Conference on Business Excellence, 16, 817–826. https://doi.org/10.2478/picbe-2022-0076
- Pagano, M. (1993). The flotation of companies on the stock market: A coordination failure model. European Economic Review, 37(5), 1101–1125. https://doi.org/10.1016/0014-2921(93)90111-M
- Rousseau, P. L., & Wachtel, P. (2000). Equity markets and growth: Cross-country evidence on timing and outcomes, 1980–1995. Journal of Banking & Finance, 24(12), 1933–1957. https://doi.org/10.1016/S0378-4266(99)00123-5
- Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737–783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
- Stiglitz, J. E. (2000). Capital market liberalization, economic growth, and instability. World Development, 28(6), 1075–1086. https://doi.org/10.1016/S0305-750X(00)00006-1
- World Bank. (2019). Global financial development report 2019/2020: Bank regulation and supervision a decade after the global financial crisis. World Bank Group. https://doi.org/10.1596/978-1-4648-1453-7
- World Economic Forum. (2015). Deepening capital markets in emerging economies. https://www.weforum.org/reports/deepening-capital-markets-in-emerging-economies
DOI: https://doi.org/10.2478/picbe-2025-0093 | Journal eISSN: 2558-9652
Language: English
Page range: 1176 - 1187
Published on: Jul 24, 2025
Published by: Bucharest University of Economic Studies
In partnership with: Paradigm Publishing Services
Publication frequency: 1 issue per year
Keywords:
Related subjects:
© 2025 Eliza Nicoleta Negoi, Floarea Iuliana Susu, Daniel Niţoi, Alexander Victor Attia, Alexandru Coita, published by Bucharest University of Economic Studies
This work is licensed under the Creative Commons Attribution 4.0 License.