Stock Market

ab0cd Stock grocery stores and industry growth: an eastern europiuman perspective Zbigniew Kominek nonobjective This paper reviews recent armoury market developments in Poland and the Czech republic and provides a case-study of the direction of causality between stock market expansion and economic growth. It finds no evidence that the sexual congress failure of the security market in the Czech Republic affected the countrys economy. It also analyses the composition of nicety private equity offerings and finds that industries traditionally considered monetaryly dependent were not among the largest Polish equity issuers. Instead, the growth of the Polish equity market has been driven by otherwise well-performing industries, such as residential building and commercial banking Keywords: financial development, economic growth, eastern Europe JEL Classification Number: O4, F3, G1 Address for Correspondence: European blaspheme for Reconstruction and Development, One Exchange Square, London EC2A 2JN, UK. Phone: +44 20 7338 7381; Fax: +44 20 7338 6110; E-mail: KominekZ@ebrd.com Zbigniew Kominek is an economic expert at the EBRD. The author is grateful to Luigi Zingales, Sujitra Krishnanandan and Peter Sanfey for helpful comments. This shape has been conducted when the author was at the Graduate School of Business, University of Chicago.

The working paper series has been produced to stimulate debate on the economic interlingual rendition of central and eastern Europe and the CIS. Views presented are those of the authors and not need full phase of the moony of the EBRD. Working paper No. 81 Prepared in October 2003 INTRODUCTION important economic literature, dating back to Bagehot (1873) and Schumpeter (1911), has emphasised the importance of the financial system on economic growth. Although the direction of the causal kind between the development of a countrys financial sector and its growth rate has been frequently questioned (Robinson, 1952) or regarded as unimportant (Lucas, 1988), recent empirical... If you want to get a full essay, order it on our website: Orderessay

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