TY - BOOK ID - 84542959 TI - Development of Financial Markets in Central Europe : the Case of the CE4 Countries AU - Adarov, Amat. AU - Tchaidze, Robert. PY - 2011 SN - 146237882X 145528050X 128355531X 9786613867766 1455274453 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Capital market KW - Capital markets KW - Market, Capital KW - Finance KW - Financial institutions KW - Loans KW - Money market KW - Securities KW - Crowding out (Economics) KW - Efficient market theory KW - Finance: General KW - Macroeconomics KW - Financial Markets and the Macroeconomy KW - Personal Income, Wealth, and Their Distributions KW - General Financial Markets: General (includes Measurement and Data) KW - Personal income KW - Financial sector development KW - Securities markets KW - Market capitalization KW - Stock markets KW - Financial services industry KW - Income KW - Stock exchanges KW - Slovak Republic UR - https://www.unicat.be/uniCat?func=search&query=sysid:84542959 AB - Financial markets in the CE4 countries are still shallow compared to other advanced EU countries. While the government bond markets are comparable in size, measured by capitalization in percent of GDP, the private bond, private credit, and equity markets lag behind. Empirical analysis in this paper helps identify factors that explain this phenomenon. We find that the observed differences cannot be explained by macroeconomic variables only, but incorporating indicators of institutional development and external funding eliminates the gap in the case of the equity and private credit markets. However, for the private bond market a significant gap remains even after accounting for these factors. ER -