/library/oar/handle/123456789/28533 2025-11-10T14:27:25Z 2025-11-10T14:27:25Z Glavina, Sofya /library/oar/handle/123456789/29688 2018-05-03T01:24:58Z 2015-01-01T00:00:00Z

Title: Influence of globalization on the regional capital markets and consequences : evidence from Warsaw stock exchange Authors: Glavina, Sofya Abstract: The Warsaw Stock Exchange (WSE) is one of the newcomers on the European stock market and at the same time is one of the fast developing stock exchanges in Europe. The development of WSE could be an example of successful development of a national stock exchange into a regional in a relatively short period of time. This article provides analysis of the main trends of development of the WSE through its history to show how globalization influenced regional stock exchanges and to determine key factors that affected its successful development. The WSE is one of the most popular stock exchanges in the Central and Eastern Europe (CEE). Two main lists: Main List and NewConnect are characterized by types of investors, trading turnover and number of companies listed. The article provides quantitative and qualitative analysis of the official reports and analytical papers of key audit and consulting experts that cover both lists of the exchange. The article provides comparison of WSE key performance parameters with major European stock exchanges through 2001 - 2014 and shows those main characteristics of the stock exchange that were mostly influenced by the globalization. Further, the paper shows main consequences of globalization affecting regional stock exchanges. Collected information and results are presented both in tables and in graphical formats.

2015-01-01T00:00:00Z Tcvetkov, Maksim Tcvetkova, Irina Chkalova, Olga /library/oar/handle/123456789/29687 2019-10-22T08:01:55Z 2015-01-01T00:00:00Z

Title: Transaction costs under globalization : the example of Russian economy Authors: Tcvetkov, Maksim; Tcvetkova, Irina; Chkalova, Olga Abstract: The paper studies the increasing impact of transaction costs on the development of national economies under globalization. Two levels of transaction costs regulation (supranational and national) are described in the paper. The authors believe that international organizations facilitate the global reduction of transaction costs; however, negative tendencies were discovered in the modern development conditions, which consist in an imbalance between the interests of participants. In terms of the national regulation level, it is necessary to search for a vector of development, taking into account the policies of import substitution and the place of transnational corporations in the global value chains. The policy of institutional infrastructure development, based on the estimation of transaction costs, will allow ensuring the development of the national economy under globalization.

2015-01-01T00:00:00Z Fetai, Besnik /library/oar/handle/123456789/29686 2018-05-03T01:24:56Z 2015-01-01T00:00:00Z

Title: Financial integration and financial development : does financial integration matter? Authors: Fetai, Besnik Abstract: The aim of this paper is to investigate the effects of financial development and financial integration on economic growth in 89 developed and countries in transition, from the period of 1996 to 2007. We have focused in modeling threshold effects regarding financial markets depth as measure of economic absorption capacity of the countries. The results show that both financial development and integration have positive effect on economic growth in countries in transition, which is not case for developed countries. However, the effects are highly non-linear. First, the effect of development domestic financial markets on growth is higher in less developed countries. The effect may vanish as financial development reaches the level of the developed economies. Secondly, financial integration may not have a positive effect on growth, as its effects depend on the development of domestic financial markets, macroeconomic stability, and quality of institutions.

2015-01-01T00:00:00Z Athanasenas, Athanasios L. Chapsa, Xanthippi Michailidis, Athanasios /library/oar/handle/123456789/29685 2020-04-20T13:55:13Z 2015-01-01T00:00:00Z

Title: Investigating social protection convergence in the EU-15 : a panel data analysis Authors: Athanasenas, Athanasios L.; Chapsa, Xanthippi; Michailidis, Athanasios Abstract: The scientific investigation goal of this paper is to analyze the convergence of social protection indexes within the EU-15 member states. More specifically, we employ a panel data analysis, testing certain hypotheses of welfare convergence upon the 15 EU Member States, for the years 1990 to 2009, by considering three specific factors. GDP growth rate is used first as a proxy for the financial capacity of the system, while unemployment provides, next, a broader picture of the demand for social security benefits. Finally, the dependency ratio is used as a proxy of the countries’ socio-demographic characteristics. Moreover, certain other exogenous factors reflecting economic integration are considered also. Panel data estimations confirm the existence of conditional β-convergence of social expenditure in EU-15 countries, with unemployment, dependency ratio and GDP growth having a significant impact upon the growth of social protection expenditure. With respect to specific external factors, the existing evidence is less clear.

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