Nexus between financial and real sector


Type Research Project

Funding Bodies
  • Oesterreichische Nationalbank (Jubiläumsfonds)

Duration Nov. 15, 2001 - Nov. 14, 2003

  • Institute for Export Management AE (Details)
  • Austrian and European Public Law AE (Details)
  • Europainstitut (eh. Fink) AE (Former organization)
  • Institute for International Economics IN (Details)
  • Europainstitut (Badinger) AE (Former organization)
  • Europainstitut (Nf. Griller) AE (Former organization)

Tags

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  • Fink, Gerhard (Former researcher) Project Head
  • Hristoforova, Sirma (Former researcher)
  • Mantler, Hans-Christian (Former researcher)
 

Abstract (German)

Kern des makroökonomischen Forschungsprojektes ist die empirische Analyse des Beitrages des Finanzsektors und seiner Segmente (Aktien-, Anleihen- und Kreditsegment) zum gesamtwirtschaftlichen Wachstum und insb. der kausalen Zusammenhänge zwischen finanz- und realwirtschaftlichen Sektoren in den EU-Ländern, Norwegen, der Schweiz, USA, Japan und den EU-Beitrittsländern (inklusive Malta, Türkei und Zypern).<P>
Interdependenzen zwischen der Finanzmarktstruktur und BIP-Wachstum wurden in der Forschung bis vor Kurzem weitgehend ignoriert; angesichts der zunehmenden Verschiebung von Kredit- hin zu Kapitalmarkt-basierten Finanzmärkten gewinnt die Frage möglicher Folge- und Wechselwirkungen zwischen den Teilsektoren bezüglich BIP-Entwicklung hohe Aktualität. Neben Ausmaß und Richtung des Zusammenhangs von Finanzsektor(en) und realem Sektor soll auch die Stabilität dieser (Wechsel)Wirkung im Zeitablauf untersucht werden. Die Ergebnisse können gerade in einer Phase des Strukturbruches (Euro, new/e-economy..) wichtige Steuerungsparameter von Geldpolitik bis Finanzmarktaufsicht und BIP-Prognose beleuchten. <P>
An ökonomischen Verfahren werden wir für OECD-Länder Granger-Kausalitäts-Tests einsetzen um Interdependenzen zwischen aggregierten Finanzmärkten bzw. individuellen Finanzmarkt-Segmenten und realwirtschaftlichem Wachstum zu messen; für die MOEL-Länder werden wir den Produktionsfunktions-Ansatz verwenden.


Abstract (English)

The focus of this macroeconomic research project is the empirical analysis of the financial sector's contribution to real economic growth. This analysis is also performed on the disagregate level (share, bond and credit markets). The empirical study covers all EU countries, Norway, Switzerland, the USA and Japan, as well as the EU accession candidates (including Cyprus, Malta, and Turkey).<P>
Until recently, interdependencies between the financial structure and a country's GDP have largely been ignored. Due to the observation of a considerable trend from dominating credit sectors towards an increasing importance of capital market-based financing instruments, the question of interedependencies between the various financial sectors with respect to their influence on real GDP has been gaining importance.<P>
Apart from the extent and the direction of financial sectors' contribution to real growth, the stability of observed causal relations over time is examined. The project's results may shed light on important steering parameters of monetary policy, financial market regulation and GDP forecasting, in particular during a period of structural breaks.
The methodolgies applied involve Granger causality tests and an econometric production function approach. The latter is particularly designed to deal with accession countries for which sufficiently long time series are not available.

Publications

Journal article

2008 Sümegi, Kjell, Haiss, Peter. 2008. The Relationship Between Insurance and Economic Growth: Review and Agenda. The ICFAI Journal of Risk & Insurance V (2): 32-56. (Details)
2006 Eller, Markus, Haiss, Peter, Steiner, Katharina. 2006. Foreign direct investment in the financial sector and economic growth in Central and Eastern Europe: The crucial role of the efficiency channel. Emerging Markets Review 7 (4): 300-319. (Details)
2005 Fink, Gerhard, Haiss, Peter, Kirchner, Herwig. 2005. Die Finanzierung über Anleihenemissionen und Zusammenhänge zum Wirtschaftswachstum. Kredit und Kapital 38 (3): 1-25. (Details)
2002 Haiss, Peter, Marin, Stefan. 2002. Corporate Bonds: Entwicklung in Österreich und Euroland. BankArchiv - Zeitschrift für das gesamte Bank- und Börsenwesen (Journal of Banking and Financial Research) 50 (11): 847-864. (Details)
  Haiss, Peter, Marin, Stefan. 2002. Unternehmensanleihen als Finanzierungsinstrument in den MOEL. BankArchiv - Zeitschrift für das gesamte Bank- und Börsenwesen (Journal of Banking and Financial Research) 50 (12): 981-986. (Details)
2000 Haiss, Peter, Marin, Stefan. 2000. Corporate Bonds als Wachstumssegment in der Eurozone. BankArchiv - Zeitschrift für das gesamte Bank- und Börsenwesen (Journal of Banking and Financial Research) 48 (9): 775-786. (Details)

Chapter in edited volume

2008 Fink, Gerhard, Haiss, Peter, von Varendorff, Mina. Forthcoming. Banking Transition in Progress, Foreign Bank Market Entry and Economic Development: The Case of Serbia. In: Business Strategies for Economies in Transition: Book of Readings on CEE Countries, Hrsg. Petr G. Chadraba and Reiner Springer, 464-496. Newcastle upon Tyne: Cambridge Scholars Publishing. (Details)
2007 Fink, Gerhard, Haiss, Peter, Vukšić, Goran 2007. Importance of Financial Sectors for Growth in EU Accession Countries. In Financial Sector and Economic Growth - The Linkage, Hrsg. Asis Kumar Pain, Nirbachita Karmakar, 158-193. Hyderabad, India: ICFAI University Press. (Details)
2006 Fink, Gerhard, Haiss, Peter, Vuksic, Goran. 2006. Importance of financial sectors for growth in accession countries. In Financial Development, Integration and Stability, Hrsg. Liebscher, K., Christl, J., Mooslechner, P., Ritzberger-Grünwald, D., 154-185. Cheltenham, UK: Edward Elgar. (Details)
2005 Haiss, Peter, Staeva, Milena. 2005. Banking and Financial Liberalisation: Do Foreign Banks Contribute to Growth?. In Future of Banking after the Year 2000 in the World and in the Czech Republic (Volume X - Finance and Banking), Part 1, Hrsg. Poloucek, S. / Stavarek, D., 47-67. Karvina: Silesian University. (Details)
2004 Fink, Gerhard, Haiss, Peter, Mantler, Hans Christian. 2004. Financial sector macro-efficiency: concepts, measurement, theoretical and empirical evidence. In Financial Markets in Central and Eastern Europe, Hrsg. Balling, M., Lierman, F. and Mullineux, A., 61-98. London: Routledge. (Details)

Contribution to conference proceedings

2008 Steiner, Katharina, Haiss, Peter, Eller, Markus. 2008. Auslandsdirektinvestitionen im Finanzsektor Europas: Treiber für Wirtschaftswachstum, Effizienz und Unternehmensentwicklung?. In Ausländische Direktinvestitionen: Neuere Entwicklungen, Entscheidungsinstrumente und führungsrelevante Folgen, Hrsg. Reinhard Moser, 213-236. Wiesbaden: Gabler. (Details)
2006 Fink, Gerhard, Haiss, Peter, Vuksic, Goran. 2006. Changing Importance of Financial Sectors for Growth from Transition to Cohesion. In Financial Sector Integration: Review and Steps Ahead, International Finance Symposium 2006, Hrsg. Berk, N., 429-441. Istanbul: (Details)
  Hagmayr, Bettina, Haiss, Peter. 2006. Foreign banks in Turkey and Other EU Accession Countries - Does Minority vs. Majority Ownership Make the Difference?. In Proceedings of the International Finance Symposium 2006 on "Financial Integration Review and Steps Ahead", Marmara University, Istanbul, May 2006-07-20, Hrsg. Niyazi Berk, ---. Istanbul: (Details)
2005 Haiss, Peter, Steiner, Katharina, Eller, Markus. 2005. How do foreign banks contribute to economic development in transition countries – how much do we know about challenges and opportunities?. In Proceedings of the 14th Annual World Business Congress IMDA, Hrsg. IMDA, ---. Granada: (Details)
  Fink, Gerhard, Haiss, Peter, Ugljesic, Mina. 2005. Serbia´s Reform of the Banking Sector -Implications for Economic Growth and Financial Development. In proceedings of the IPSE Belgrade Conference, July 2005, Hrsg. IPSE Belgrade, ---. Belgrad: (Details)
2004 Fink, Gerhard, Haiss, Peter, Hristoforova, Sirma. 2004. Growth Triggers in the European Union. In Schriften des Instituts für Wirtschaftsforschung Halle, Band 15, 'Advances in macroeconometric modeling', Papers and Proceedings of the 3rd IWH Workshop in Macroeconomics, Hrsg. Dreger, Christian/Hansen, Gerd, 205-237. Baden-Baden: Nomos. (Details)
2003 Haiss, Peter, Marin, Stefan. 2003. Corporate Bonds as Financing Vehicle in Central and Eastern Europe. In Proceedings of the 11th Annual Conference on Marketing and Business Strategies for Central and Eastern Europe, Hrsg. Chadraba, P. and R. Springer, ---. Wien (Details)

Paper presented at an academic conference or symposium

2006 Eller, Markus, Steiner, Katharina, Haiss, Peter. 2006. Foreign Direct Investment in the Financial Sector: The Engine for Growth in Central and Eastern Europe?. EIASM Doctoral Workshop on Financial Market Development in the CEE Countries, Prag, Tschechische Republik, '26.05.-27.05.'. (Details)
  Haiss, Peter, Pichler, Andreas, Steiner, Katharina. 2006. Internationalization Strategies Following Regional Ties: Austrian and Spanish Banks Abroad. 5th Global Conference on Business & Economics by the Association for Business & Economics Research, Cambridge, Großbritannien, '06.07.-08.07.'. (Details)

Working/discussion paper, preprint

2006 Inzinger, Dagmar, Haiss, Peter. 2006. Integration of European Stock Markets:A Review and Extension of Quantity-Based Measures. Europainstitut Working Paper No. 74, November 2006. (Details)
  Fink, Gerhard, Haiss, Peter, Hristoforova, Sirma. 2006. Credit, Bonds, Stocks and Growth in Seven Large Economies. EI Working Paper 70. (Details)
  Fink, Gerhard, Haiss, Peter. 2006. The Finance-Growth-Nexus Revisited: New Evidence and the Need for Broadening the Approach. EI Working Paper 73. (Details)
2005 Eller, Markus, Haiss, Peter, Steiner, Katharina. 2005. Foreign Direct Investment in the Financial Sector: The Engine of Growth for Central and Eastern Europe. (Details)
  Haiss, Peter, Marin, Stefan. 2005. Options for Developing Bond Markets – Lessons from Asia for Central and Eastern Europe. EI Working Paper 63, January 2005. (Details)
  Fink, Gerhard, Haiss, Peter, Mantler, Hans Christian. 2005. The Finance-Growth Nexus: Market Economies vs. Transition Countries. EI Working Paper 64, February 2005. (Details)
2004 Fink, Gerhard, Haiss, Peter, Vuksic, Goran. 2004. Changing Importance of Financial Sectors for Growth from Transition to Cohesion and European Integration. EI Working Paper 58. (Details)
2003 Fink, Gerhard, Haiss, Peter, Hristoforova, Sirma. 2003. Bond Markets and Economic Growth. EI Working Paper 49. (Details)
2002 Blum, David, Federmair, Klaus, Fink, Gerhard, Haiss, Peter. 2002. The Financial-Real Sector Nexus: Theory and Empirical Evidence. EI Working Paper 43. (Details)
1999 Fink, Gerhard, Haiss, Peter. 1999. Central European Financial Markets from an EU Perspective, Theoretical Aspects and Statistical Analyses. EI Working Paper 34. (Details)

Classification

  • 5115 European integration (Details)

Expertise

  • financial sector
  • economic growth
  • real sector
  • EMU