When Capital Markets Work Best: The Joint Role of Institutions and Digitalization in Economic Growth
References
- Asteriou, D., Spanos, K., & Trachanas, E. (2024). Financial development, economic growth and the role of fiscal policy during normal and stress times: Evidence for 26 EU countries. International Journal of Finance & Economics, 29(2), 2495–2514. https://doi.org/10.1002/ijfe.2793
- Augusztin, A., Iker, Á., Monisso, A., & Szörfi, B. (2025). The growth effect of EU funds – the role of institutional quality. Acta Oeconomica, 75(2), 153–181. https://doi.org/10.1556/032.2025.00009
- Brodny, J., & Tutak, M. (2022). Analyzing the level of digitalization among the enterprises of the European Union Member States and their impact on economic growth. Journal of Open Innovation: Technology, Market, and Complexity, 8(2), 70. https://doi.org/10.3390/joitmc8020070
- Brodny, J., & Tutak, M. (2024). Assessing the level of innovativeness and digitalization of enterprises in the European Union states. Journal of Open Innovation: Technology, Market, and Complexity, 10(1), 100210. https://doi.org/10.1016/j.joitmc.2024.100210
- Cavallaro, E., & Villani, I. (2024). Financial resilience, growth and risk sharing in the EU. International Economics, 180, 100550. https://doi.org/10.1016/j.inteco.2024.100550
- Cetulean, M. (2024). Unveiling the economic impact of technology trade in leading global economies. Proceedings of the International Conference on Business Excellence. https://doi.org/10.2478/picbe-2024-0226
- Cetulean, M., Tănase, L.-M., & Popovici, N. (2023). The social impact of digital transformation at the European level. Ovidius University Annals, Economic Sciences Series, 23(2), 198–202. https://doi.org/10.61801/OUAESS.2023.2.24
- Cioacă, S.-I., Cristache, S.-E., Vuță, M., Marin, E., & Vuță, M. (2020). Assessing the impact of ICT sector on sustainable development in the European Union: An empirical analysis using panel data. Sustainability, 12(2), 592. https://doi.org/10.3390/su12020592
- Ghouma, G., Becha, H., Kalai, M., & Helali, K. (2024). Impact of cost of capital on European economic growth: The role of IFRS mandatory adoption. Scientific Annals of Economics and Business, 71(2), 193–219. https://doi.org/10.47743/saeb-2024-0012
- Ha, L. T. (2022). Effects of digitalization on financialization: Empirical evidence from European countries. Technology in Society, 68, 101851. https://doi.org/10.1016/j.techsoc.2021.101851
- Horváthová, J., & Mokrišová, M. (2024). The use of the data envelopment analysis–Malmquist approach to measure the performance of digital transformation in EU countries. Economies, 12(11), 291. https://doi.org/10.3390/economies12110291
- Istudor, N., Dinu, V., Șerban-Oprescu, G.-L., Badea, L., Iacob, S.-E., & Hrebenciuc, A. (2025). Exploring business students’ perceptions of artificial intelligence’s impact on the labor market: A pilot study. Journal of Business Economics and Management, 26(3), 744–762. https://doi.org/10.3846/jbem.2025.24349
- Kovács, T. Z., Szüle, B., Lehoczki-Krsjak, S., & Erdei, A. (2022). Convergence and the Matthew effect in the European Union based on the DESI index. Mathematics, 10(4), 613. https://doi.org/10.3390/math10040613
- Laitsou, E., Kargas, A., & Varoutas, D. (2020). Digital competitiveness in the European Union era: The Greek case. Economies, 8(4), 85. https://doi.org/10.3390/economies8040085
- Magoutas, A. I., Chaideftou, M., Skandali, D., & Chountalas, P. T. (2024). Digital progression and economic growth: Analyzing the impact of ICT advancements on the GDP of European Union countries. Economies, 12(3), 63. https://doi.org/10.3390/economies12030063
- Małkowska, A., Urbaniec, M., & Kosała, M. (2021). The impact of digital transformation on European countries: Insights from a comparative analysis. Equilibrium. Quarterly Journal of Economics and Economic Policy, 16(2), 325–355. https://doi.org/10.24136/eq.2021.012
- Mura, P. O., & Donath, L. E. (2023). Digitalisation and economic growth in the European Union. Electronics, 12(7), 1718. https://doi.org/10.3390/electronics12071718
-
Nam, H.-J., & Ryu, D. (2025). Does international trade moderate economic development’s impact on income inequality in the EU? Journal of International Financial Markets, Institutions and Money, 99, 102107. https://doi.org/10.1016/j.intfin.2024.102107
Nam H.-J. Ryu D. ( 2025 ). Does international trade moderate economic development’s impact on income inequality in the EU? Journal of International Financial Markets, Institutions and Money , 99, 102107. https://doi.org/10.1016/j.intfin.2024.102107
- Nam, H.-J., Batten, J. A., & Ryu, D. (2025). Digital trade and financial development in European transition economies. European Financial Management, 31(4), 1472–1488. https://doi.org/10.1111/eufm.12548
- Olczyk, M., & Kuc-Czarnecka, M. (2022). Digital transformation and economic growth – DESI improvement and implementation. Technological and Economic Development of Economy, 28(3), 775–803. https://doi.org/10.3846/tede.2022.16766
- Orlowski, L. T. (2020). Capital markets integration and economic growth in the European Union. Journal of Policy Modeling, 42(4), 893–902. https://doi.org/10.1016/j.jpolmod.2020.03.012
- Palcau, T., & Pop Silaghi, M. I. (2025). The causal relationship between banking, capital markets and economic growth in the European Union. Scientific Annals of Economics and Business, 72(2), 293–314. https://doi.org/10.47743/saeb-2025-0022
- Privara, A., & Caplanova, A. (2025). Institutions, digital investment potential and productivity growth in EU and Southeast Asia. The Journal of Risk Finance, 26(5), 722–744. https://doi.org/10.1108/JRF-04-2025-0180
- Pușcașu, E. A., Gherghina, Ș. C., Cristea, M., & Hudea, O. S. (2024). The relationship between financial development and economic growth in EU member countries: Sub-group estimation based on the countries’ level of development. Journal of Economic Integration, 39(2), 381–*. https://doi.org/10.11130/jei.2024.39.2.381
- Tang, D. (2024). The effect of financial development on economic growth among the Central and Eastern European countries. Central European Economic Journal, 11(58), 406–423. https://doi.org/10.2478/ceej-2024-0026
- Zherlitsyn, D., Kolarov, K., & Rekova, N. (2025). Digital transformation in the EU: Bibliometric analysis and digital economy trends highlights. Digital, 5(1), 1. https://doi.org/10.3390/digital5010001
DOI: https://doi.org/10.2478/picbe-2026-0302 | Journal eISSN: 2558-9652
Language: English
Page range: 4079 - 4093
Published on: Jul 23, 2026
Published by: Bucharest University of Economic Studies
In partnership with: Paradigm Publishing Services
Publication frequency: 1 issue per year
Related subjects:
© 2026 Floarea Iuliana SUSU, published by Bucharest University of Economic Studies
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.