THE DETERMINANTS OF STOCK MARKET DEVELOPMENT IN THE CEE COUNTRIES

Summary

 This article examines the macroeconomic and institutional determinants of stock market development in the CEE countries using a panel data of 8 countries for the period 2002 to 2011. The estimation based on the Generalized Least Squares (GLS) model with random-effects. According to the results liquidity of the stock market, gross capital formation and inflation are important macroeconomic factors of stock market development in the CEE countries. The results of research show that such institutional determinants, as voice and accountability and control of corruption have also very important role for the stock market development.

Yemelyanova_Lidiya.pdf