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

Kjosevski, Jordan and Petkovski, Mihail and Stojkov, Aleksandar (2021) What Drives Shadow Banking in the New EU Member States? Empirical Panel Cointegration Approach. Ekonomický časopis, 69 (8). pp. 812-832.

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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.

Item Type:	Article
Subjects:	Scientific Fields (Frascati) > Social Sciences > Economics and Business
Depositing User:	UKLO Mrezha
Date Deposited:	27 May 2024 06:02
Last Modified:	27 May 2024 06:02
URI:	https://eprints.uklo.edu.mk/id/eprint/9979

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