The Impact of the Economy Financialization on the Level of Economic Development of the Associate EU Member States

• Autorzy: Inna Shkolnyk , Serhiy Kozmenko , Olga Kozmenko , Borys Mershchii
• Języki publikacji: EN

Abstrakty

EN

Dynamic development of the financial system has an increasing impact on the state and development of both national economies and the world economy. This problem is especially acute in developing countries and is predetermined by their economic, social and political development. It also requires constant evaluation and control over the level of their economic development in terms of financialization. Within the framework of the European Neighborhood Policy, the EU cooperates with the countries of the region to deepen and strengthen the relations and helps to increase the stability and sustainability of its Eastern neighbors. Ukraine, Moldova, and Georgia today are currently Associated Eastern Partnership members. Using the panel data for these countries over the period of 2007-2017, the relationship between economic growth and indicators of financialization of the economies was determined. To this end, a fixed-effect regression model, the statistical adequacy of which was confirmed by many indicators (significance levels, R-squared coefficients, the Breusch-Pagan test), is also used. It was determined that employment, exports of goods and services, added value created in the industrial sector, the ratio of bank capital and reserves to total assets, the share of М1 monetary aggregate in GDP, deposit rate, and Gini index had a positive influence on economic growth of the countries in question. (original abstract)

Słowa kluczowe

EN

Panel data; Globalization of financial market; Financial system; Industrial production; Direct investments; Gini coefficient

PL

Dane panelowe; Globalizacja rynków finansowych; System finansowy; Produkcja przemysłowa; Inwestycje bezpośrednie; Współczynnik Giniego

• Czasopismo: Economics & Sociology
• Rocznik: 2019
• Tom: 12
• Numer: nr 4
• Strony: 43--58

Twórcy

autor

Inna Shkolnyk

• Sumy State University, Ukraine

autor

Serhiy Kozmenko

• University of Social Science, Lodz, Poland; University of Customs and Finance, Dnipro, Ukraine

autor

Olga Kozmenko

• Kharkiv National University of Economics, Ukraine

autor

Borys Mershchii

• Sumy State University, Ukraine

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Identyfikatory

DOI

10.14254/2071-789X.2019/12-4/2