Drivers of Capital Market Development: The Role of Economic Growth, Credit, and Trading Activity in Romania, Poland, and Hungary

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/10.2307/2673870Search in Google Scholar

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.pdfSearch in Google Scholar

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.2003.10.002Search in Google Scholar

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.2003.10.001Search in Google Scholar

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.2022.2031234Search in Google Scholar

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/Search in Google Scholar

European Central Bank. (2021). Economic Bulletin, Issue 5. https://www.ecb.europa.eu/press/economic-bulletin/html/eb202105.en.htmlSearch in Google Scholar

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_enSearch in Google Scholar

European Securities and Markets Authority. (2020). Annual report 2019. https://www.esma.europa.eu/sites/default/files/library/esma20-95-1272_annual_report_2019.pdfSearch in Google Scholar

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/10.1111/0022-1082.00219Search in Google Scholar

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+countriesSearch in Google Scholar

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-pazarbasiogluSearch in Google Scholar

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/10.2307/2118406Search in Google Scholar

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.2008.09.007Search in Google Scholar

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.xSearch in Google Scholar

Levine, R., & Zervos, S. (1998). Stock markets, banks, and economic growth. American Economic Review, 88(3), 537–558. https://www.jstor.org/stable/116848Search in Google Scholar

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-eraSearch in Google Scholar

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-2022-0076Search in Google Scholar

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-MSearch in Google Scholar

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)00123-5Search in Google Scholar

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.xSearch in Google Scholar

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)00006-1Search in Google Scholar

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/10.1596/978-1-4648-1453-7Search in Google Scholar

World Economic Forum. (2015). Deepening capital markets in emerging economies. https://www.weforum.org/reports/deepening-capital-markets-in-emerging-economiesSearch in Google Scholar