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Market and Economic Development in Bulgaria

In: Economic Crisis in Europe and the Balkans

Author

Listed:
  • Eleni Zafeiriou

    (Democritus University of Thrace)

  • Christos Karelakis

    (Democritus University of Thrace)

  • Chrisovalantis Malesios

    (Democritus University of Thrace)

  • Theodoros Koutroumanidis

    (Democritus University of Thrace)

Abstract

The present paper tests empirically the existence of a causal relationship between the economic growth and the development in the banking and stock market in ex transition economies, recently member states of the EU and especially the case of Bulgaria. The Johansen cointegration test indicated a sole relationship between the banking sector, the stock market and the economic growth, while the application of the Granger causality/block exogeneity test indicated a bilateral relationship between the economic growth and the development in the stock market, as well as between the economic growth and the development in banking sector. Finally, no casual relationship was confirmed between the development in credit and stock market.

Suggested Citation

  • Eleni Zafeiriou & Christos Karelakis & Chrisovalantis Malesios & Theodoros Koutroumanidis, 2014. "Market and Economic Development in Bulgaria," Contributions to Economics, in: Anastasios Karasavvoglou & Persefoni Polychronidou (ed.), Economic Crisis in Europe and the Balkans, edition 127, pages 211-226, Springer.
    • Handle: RePEc:spr:conchp:978-3-319-00494-5_12
    DOI: 10.1007/978-3-319-00494-5_12
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