What Drives Shadow Banking in the New EU Member States? Empirical Panel Cointegration Approach

The central goal of this paper is to analyse factors that determine the growth of shadow banking in 11 new EU member states from Central and Eastern Europe, using annual data for the period 1999-2019. As the levels of economic and financial development vary considerably across these countries, we sp...

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Vydáno v:Ekonomický časopis Ročník 69; číslo 8; s. 812 - 832
Hlavní autoři: Kjosevski, Jordan, Petkovski, Mihail, Stojkov, Aleksandar
Médium: Journal Article
Jazyk:angličtina
Vydáno: Bratislava Ekonomický ústav SAV a Prognostický ústav SAV 01.01.2021
Institute of Economic Research of the SAS and Institute for Forecasting SAS (co-publisher)
Slovak Academy of Sciences, Institute of Economic Research
Témata:
Banking industry
Central banks
Economic crisis
EU-Accession / EU-DEvelopment
Financial institutions
Financial Markets
Financial services
GDP
Gross Domestic Product
Industrialized nations
International finance
Money markets
Pension funds
Present Times (2010 - today)
Shadow banking
Transformation Period (1990 - 2010)
Hungary
Poland
Eastern Europe
panel cointegration
procyclicality
shadow banking
ISSN:0013-3035, 2729-7470
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Abstract The central goal of this paper is to analyse factors that determine the growth of shadow banking in 11 new EU member states from Central and Eastern Europe, using annual data for the period 1999-2019. As the levels of economic and financial development vary considerably across these countries, we split them into three more homogenous groups: the Balkan, Baltic, and Višegrad countries. We then applied dynamic and fully modified ordinary least squares to estimate the relationship between the variables. The results of our study indicate that the insurance and banking sectors as well as economic growth have a positive effect on the shadow banking sector across all groups. We also found that the global financial crisis (GFC) of 2007-2008 had a diverse impact on the selected groups of countries.
AbstractList The central goal of this paper is to analyse factors that determine the growth of shadow banking in 11 new EU member states from Central and Eastern Europe, using annual data for the period 1999 - 2019. As the levels of economic and financial development vary considerably across these countries, we split them into three more homogenous groups: the Balkan, Baltic, and Višegrad countries. We then applied dynamic and fully modified ordinary least squares to estimate the relationship between the variables. The results of our study indicate that the insurance and banking sectors as well as economic growth have a positive effect on the shadow banking sector across all groups. We also found that the global financial crisis (GFC) of 2007 - 2008 had a diverse impact on the selected groups of countries.
Author Kjosevski, Jordan
Petkovski, Mihail
Stojkov, Aleksandar
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SubjectTerms Banking industry
Central banks
Economic crisis
EU-Accession / EU-DEvelopment
Financial institutions
Financial Markets
Financial services
GDP
Gross Domestic Product
Industrialized nations
International finance
Money markets
Pension funds
Present Times (2010 - today)
Shadow banking
Transformation Period (1990 - 2010)
Title What Drives Shadow Banking in the New EU Member States? Empirical Panel Cointegration Approach
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