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DEVELOPMENTS, TRENDS AND FEATURES OF FINANCIAL INTEGRATION IN THE WESTERN BALKAN REGION- CROSS- COUNTRY COMPARISONS

Yıl 2016, ICAFR 16 Özel Sayısı, 1 - 11, 01.10.2016

Öz

This paper looks at the key trends of financial integration and analyzes the degree to which Western Balkan countries are internationally integrated in financial flows. With the aim of reviewing the development of financial integration in the region some the experience of Western Balkan regions will be examined by conducting cross-country comparisons. The analysis focuses on the Western Balkans region by examining a set of financial indicators, but it will be useful to see the comparative view to the European perspective EU 3 countries . To the purpose of cross country comparison, several important financial integration indicators related to financial openness and financial deepening are considered. The data for eight transition countries was sourced from the World Bank - World Development Indicators, IFS International Financial Statistics , and WEO. For needs of the size and composition of capital inflows countries of the Western Balkan and EU 3 countries data are drawn from balance of payment selected countries. The paper provides two key insights. First, the financial systems in sample of analyzing countries are still at an earlier stage. Second, the median volatility of Portfolio investments as % of GDP is shown substantially less than the median volatility of Loanto-GDP ratio and median volatility of FDI flows-to-GDP ratio. Also, the coefficient of variation for the Western Balkan region as well as EU3 countries reveals that the loanto-GDP ratio is less volatile than the FDI inflows to GDP ratio

Kaynakça

  • Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2004). FDI and economic growth: the role of local financial markets. Journal of International Economics, 64(1), 89-112.
  • Aizenman, J., Jinjarak, Y., & Park, D. (2012). Capital Flows and Economic Growth in the Era of Financial Integration and Crisis, 1990–2010. Open Econ Rev, 24(3), 371-396. Retrieved December 10, 2015, from http://dx.doi.org/10.1007/s11079- 012-9247-3
  • Brezigar-Masten, A., Coricelli, F., & Masten, I. (2010). Financial integration and financial development in transition economies: what happens during financial crises?, Documents de travail du Centre d'Economie de la Sorbonne 10021, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne. Retrieved http://cadmus.eui.eu/bitstream/handle/1814/12673/RSCAS_2009_49.pdf?sequen ce=1&isAllowed=y 1, 2015, from
  • Chinn, M.D., & H. Ito. 2009. The Chinn-Ito Index: A De Jure Measure of Financial Openness. Retrieved December 1, 2015, from http://web.pdx.edu/~ito/Chinn- Ito_website.htm.
  • Derado, D. (2009): Financijska integracija i financijska kriza: Hrvatska na putu prema ekonomskoj i monetarnoj uniji Financijska teorija i praksa 33 (3) str. 303-333. Retrieved November 13 , 2015, from https://bib.irb.hr/prikazi-rad?&rad=439262.
  • Eichengreen, B. (2001). Capital Account Liberalization: What Do Cross-Country Studies Tell Us? The World Bank Economic Review, 15(3), 341-365. Retrieved November 10, 2015, from http://dx.doi.org/10.1093/wber/15.3.341
  • Fama, E. & French, K. (1989), Business Conditions and Expected Returns on Stocks and Bonds, Journal of Financial Economics, 25, 23-49.
  • Feldstein, M., & Horioka, C. (1980.): Domestic Savings and International Capital Flows, Economic Journal 90, pp. 314.-329. Retrieved December 13, 2015, from http://www.nber.org/papers/w0310.pdf.
  • Feldstein, M., & Horioka, C. (1991), National Saving and International Investment B. Douglas Bernheim and John B. Shoven editor , chapter 7. (pp. 201 - 226).
  • IMF, International Financial Statistics Yearbook, different issues. Washington: International Monetary Fund.
  • Lane, P., & Milesi-Ferretti, G. (2003). International Financial Integration. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.495625
  • Mirdala, R. (2008). Financial integration and financial deepening in the selected European transition economies, Journal of Applied Economic Sciences (JAES), Issue 6, Pages 419-433.
  • Ragunathan, V., Faff, R., Brooks, R. (1999.): Correlations, Business Cycles and Integration, Journal of International Financial Markets, Institutions and Money, Vol. 9, str. 75.-95.
  • Vo, X. V. (2005). The Determinants of International Financial Integration. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.932172
  • World Economic Outlook Database, different issues.
  • World Bank, World Development Indicators, different issues.

DEVELOPMENTS, TRENDS AND FEATURES OF FINANCIAL INTEGRATION IN THE WESTERN BALKAN REGION- CROSSCOUNTRY COMPARISONS

Yıl 2016, ICAFR 16 Özel Sayısı, 1 - 11, 01.10.2016

Öz

This paper looks at the key trends of financial integration and analyzes the degree to which Western Balkan countries are internationally integrated in financial flows. With the aim of reviewing the development of financial integration in the region some the experience of Western Balkan regions will be examined by conducting cross-country comparisons. The analysis focuses on the Western Balkans region by examining a set of financial indicators, but it will be useful to see the comparative view to the European perspective EU 3 countries . To the purpose of cross country comparison, several important financial integration indicators related to financial openness and financial deepening are considered. The data for eight transition countries was sourced from the World Bank - World Development Indicators, IFS International Financial Statistics , and WEO. For needs of the size and composition of capital inflows countries of the Western Balkan and EU 3 countries data are drawn from balance of payment selected countries. The paper provides two key insights. First, the financial systems in sample of analyzing countries are still at an earlier stage. Second, the median volatility of Portfolio investments as % of GDP is shown substantially less than the median volatility of Loan-to-GDP ratio and median volatility of FDI flows-to-GDP ratio. Also, the coefficient of variation for the Western Balkan region as well as EU3 countries reveals that the loan-to-GDP ratio is less volatile than the FDI inflows to GDP ratio.

Kaynakça

  • Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2004). FDI and economic growth: the role of local financial markets. Journal of International Economics, 64(1), 89-112.
  • Aizenman, J., Jinjarak, Y., & Park, D. (2012). Capital Flows and Economic Growth in the Era of Financial Integration and Crisis, 1990–2010. Open Econ Rev, 24(3), 371-396. Retrieved December 10, 2015, from http://dx.doi.org/10.1007/s11079- 012-9247-3
  • Brezigar-Masten, A., Coricelli, F., & Masten, I. (2010). Financial integration and financial development in transition economies: what happens during financial crises?, Documents de travail du Centre d'Economie de la Sorbonne 10021, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne. Retrieved http://cadmus.eui.eu/bitstream/handle/1814/12673/RSCAS_2009_49.pdf?sequen ce=1&isAllowed=y 1, 2015, from
  • Chinn, M.D., & H. Ito. 2009. The Chinn-Ito Index: A De Jure Measure of Financial Openness. Retrieved December 1, 2015, from http://web.pdx.edu/~ito/Chinn- Ito_website.htm.
  • Derado, D. (2009): Financijska integracija i financijska kriza: Hrvatska na putu prema ekonomskoj i monetarnoj uniji Financijska teorija i praksa 33 (3) str. 303-333. Retrieved November 13 , 2015, from https://bib.irb.hr/prikazi-rad?&rad=439262.
  • Eichengreen, B. (2001). Capital Account Liberalization: What Do Cross-Country Studies Tell Us? The World Bank Economic Review, 15(3), 341-365. Retrieved November 10, 2015, from http://dx.doi.org/10.1093/wber/15.3.341
  • Fama, E. & French, K. (1989), Business Conditions and Expected Returns on Stocks and Bonds, Journal of Financial Economics, 25, 23-49.
  • Feldstein, M., & Horioka, C. (1980.): Domestic Savings and International Capital Flows, Economic Journal 90, pp. 314.-329. Retrieved December 13, 2015, from http://www.nber.org/papers/w0310.pdf.
  • Feldstein, M., & Horioka, C. (1991), National Saving and International Investment B. Douglas Bernheim and John B. Shoven editor , chapter 7. (pp. 201 - 226).
  • IMF, International Financial Statistics Yearbook, different issues. Washington: International Monetary Fund.
  • Lane, P., & Milesi-Ferretti, G. (2003). International Financial Integration. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.495625
  • Mirdala, R. (2008). Financial integration and financial deepening in the selected European transition economies, Journal of Applied Economic Sciences (JAES), Issue 6, Pages 419-433.
  • Ragunathan, V., Faff, R., Brooks, R. (1999.): Correlations, Business Cycles and Integration, Journal of International Financial Markets, Institutions and Money, Vol. 9, str. 75.-95.
  • Vo, X. V. (2005). The Determinants of International Financial Integration. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.932172
  • World Economic Outlook Database, different issues.
  • World Bank, World Development Indicators, different issues.
Toplam 16 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Research Article
Yazarlar

Mehmed Ganić Bu kişi benim

Agim Mamuti Bu kişi benim

Yayımlanma Tarihi 1 Ekim 2016
Yayımlandığı Sayı Yıl 2016 ICAFR 16 Özel Sayısı

Kaynak Göster

APA Ganić, M., & Mamuti, A. (2016). DEVELOPMENTS, TRENDS AND FEATURES OF FINANCIAL INTEGRATION IN THE WESTERN BALKAN REGION- CROSS- COUNTRY COMPARISONS. Uluslararası Yönetim İktisat Ve İşletme Dergisi, 12(12), 1-11.