Title: Banks and public capital markets in European emerging economies

Authors: Victoria Geyfman

Addresses: Department of Finance, Bloomsburg University of Pennsylvania, 400 East Second Street, Sutliff Hall 344, Bloomsburg, PA 17815, USA

Abstract: A critical aspect of integration of emerging markets (EM) of Eastern Europe into the global financial system is the continuing financial liberalisation process and the development of effective domestic capital markets. While these countries have made considerable progress in this area since the early stages of economic transformation in the 1990s, the level of financial development and market capitalisation remains weak by the developed world's standards. This study examines the development of capital markets and the effect of macroeconomic, bank-level, and regulatory fundamentals on the banks' decision to participate in public capital markets. The study also examines the predominance of foreign-owned banks in EM and assesses their effect on the development of financial markets.

Keywords: emerging market economies; Eastern Europe; capital market development; foreign-owned banks; financial crisis.

DOI: 10.1504/IJBEM.2018.095708

International Journal of Business and Emerging Markets, 2018 Vol.10 No.4, pp.360 - 379

Received: 16 Aug 2017
Accepted: 07 Apr 2018
Published online: 17 Oct 2018 *

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