IDEAS home Printed from https://ideas.repec.org/a/vrs/ijomae/v55y2019i3p250-267n3.html
   My bibliography  Save this article

Comparative empirical analysis of financial intermediation systems in Central and Eastern Europe

Author

Listed:
  • Horbaczewska Bożena

    (Collegium of World Economy, SGH Warsaw School of Economics, Warsaw, Poland)

Abstract

The purpose of this paper is to evaluate the level of similarity between financial systems in selected Central and Eastern European countries (CEE11) and four models of capitalism in Western Europe identified by B. Amable [The diversity of modern capitalism, 2003]. A comparative analysis in this institutional area was done on the basis of six variables. Three of them represent inputs, that is, institutional determinants, and other three variables describe outputs of institutional regulations. For each of them coefficients of similarity between a CEE11 country and a selected Western European country were calculated, and based on it the similarity hexagons were created. In this paper, two pictures of the institutional arrangements were taken: for 2005 and for 2014. Additionally, an analysis of changes that took place in institutional solutions in the CEE11 countries, based on the variables and the coefficients of similarity, was carried out.The analyses showed that in the area of financial intermediation, the group of CEE11 countries in 2005 was characterized by the greatest similarity to the Continental model of capitalism. The same investigations carried out for 2014 indicate a significant shift in the analyzed area toward solutions typical of the Mediterranean model.

Suggested Citation

  • Horbaczewska Bożena, 2019. "Comparative empirical analysis of financial intermediation systems in Central and Eastern Europe," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 55(3), pages 250-267, September.
    • Handle: RePEc:vrs:ijomae:v:55:y:2019:i:3:p:250-267:n:3
    DOI: 10.2478/ijme-2019-0016
    as

    Download full text from publisher

    File URL: https://doi.org/10.2478/ijme-2019-0016
    Download Restriction: no
    File URL: https://libkey.io/10.2478/ijme-2019-0016?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Amable, Bruno, 2003. "The Diversity of Modern Capitalism," OUP Catalogue, Oxford University Press, number 9780199261147.
    2. Hall, Peter A. & Gingerich, Daniel W., 2009. "Varieties of Capitalism and Institutional Complementarities in the Political Economy: An Empirical Analysis," British Journal of Political Science, Cambridge University Press, vol. 39(3), pages 449-482, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Eyüp Özveren & Utku Havuç & Emrah Karaoğuz, 2012. "From Stages to Varieties of Capitalism: Lessons, Limits and Prospects," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 59(1), pages 13-36, March.
    2. Fan, Di & Li, Yi & Chen, Liang, 2017. "Configuring innovative societies: The crossvergent role of cultural and institutional varieties," Technovation, Elsevier, vol. 66, pages 43-56.
    3. Reale, Filippo, 2019. "Governing innovation systems: A Parsonian social systems perspective," Technology in Society, Elsevier, vol. 59(C).
    4. Alexander Ebner, 2010. "Varieties of Capitalism and the Limits of Entrepreneurship Policy: Institutional Reform in Germany’s Coordinated Market Economy," Journal of Industry, Competition and Trade, Springer, vol. 10(3), pages 319-341, September.
    5. Paul K. Edwards & Rocío Sánchez-Mangas & Olga Tregaskis & Christian Lévesque & Anthony McDonnell & Javier Quintanilla, 2013. "Human Resource Management Practices in the Multinational Company: A Test of System, Societal, and Dominance Effects," ILR Review, Cornell University, ILR School, vol. 66(3), pages 588-617, May.
    6. Lee, Keun & Shin, Hochul, 2021. "Varieties of capitalism and East Asia: Long-term evolution, structural change, and the end of East Asian capitalism," Structural Change and Economic Dynamics, Elsevier, vol. 56(C), pages 431-437.
    7. Sotirios Zartaloudis & Andreas Kornelakis, 2017. "Flexicurity between Europeanization and Varieties of Capitalism? A Comparative Analysis of Employment Protection Reforms in Portugal and Greece," Journal of Common Market Studies, Wiley Blackwell, vol. 55(5), pages 1144-1161, September.
    8. Baccaro, Lucio & Pontusson, Jonas, 2018. "Comparative political economy and varieties of macroeconomics," MPIfG Discussion Paper 18/10, Max Planck Institute for the Study of Societies.
    9. Baboš, Pavol, 2010. "Varieties of capitalism in central and eastern Europe: measuring the co-ordination index of a national economy," SEER Journal for Labour and Social Affairs in Eastern Europe, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 13(4), pages 439-458.
    10. Jordi A. Surroca & Ruth V. Aguilera & Kurt Desender & Josep A. Tribó, 2020. "Is managerial entrenchment always bad and corporate social responsibility always good? A cross‐national examination of their combined influence on shareholder value," Strategic Management Journal, Wiley Blackwell, vol. 41(5), pages 891-920, May.
    11. Marc van Essen & J. (Hans) van Oosterhout & Pursey P. M. A. R. Heugens, 2013. "Competition and Cooperation in Corporate Governance: The Effects of Labor Institutions on Blockholder Effectiveness in 23 European Countries," Organization Science, INFORMS, vol. 24(2), pages 530-551, April.
    12. Michael A. Witt & Gregory Jackson, 2016. "Varieties of Capitalism and institutional comparative advantage: A test and reinterpretation," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 47(7), pages 778-806, September.
    13. Gutberlet, Melissa & Preuss, Lutz & Thorpe, Andrea Stevenson, 2023. "Macro level matters: Advancing circular economy in different business systems within Europe," Ecological Economics, Elsevier, vol. 211(C).
    14. María Consuelo Pucheta‐Martínez & Isabel Gallego‐Álvarez & Inmaculada Bel‐Oms, 2020. "Varieties of capitalism, corporate governance mechanisms, and stakeholder engagement: An overview of coordinated and liberal market economies," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(2), pages 731-748, March.
    15. Ferda UZUNYAYLA, 2023. "The Importance of Space in Comparative Capitalism Analyses: A Comparison of Varieties of Capitalism and Variegated Capitalism Approaches," Istanbul Journal of Economics-Istanbul Iktisat Dergisi, Istanbul University, Faculty of Economics, vol. 73(73-2), pages 811-836, December.
    16. Kellard, Neil M. & Kontonikas, Alexandros & Lamla, Michael J. & Maiani, Stefano & Wood, Geoffrey, 2023. "Institutional settings and financing green innovation," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 89(C).
    17. Christina L. Ahmadjian, 2016. "Comparative Institutional Analysis and Institutional Complexity," Journal of Management Studies, Wiley Blackwell, vol. 53(1), pages 12-27, January.
    18. Joscha Beckmann & Marek Endrichs & Rainer Schweickert, 2016. "Government activity and economic growth – one size fits All?," International Economics and Economic Policy, Springer, vol. 13(3), pages 429-450, July.
    19. Daniel Herrero & Julián López-Gallego, 2022. "Revisiting varieties of capitalism: an empirical analysis of the institutional determinants of innovation in Germany," SN Business & Economics, Springer, vol. 2(8), pages 1-31, August.
    20. Carney, Michael & Shapiro, Daniel & Estrin, Saul & Liang, Zhixiang, 2018. "National institutional systems, foreign ownership and firm performance: the case of understudied countries," LSE Research Online Documents on Economics 87042, London School of Economics and Political Science, LSE Library.

    More about this item

    Keywords

    financial systems; comparative empirical study; Central and Eastern Europe;
    All these keywords.

    JEL classification:

    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:ijomae:v:55:y:2019:i:3:p:250-267:n:3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sgh.waw.pl/kgs/en .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.