FINANCIAL STRUCTURE AND ECONOMIC GROWTH

In the centre of this paper is the analysis of the financial superstructure, namely to study how and in what extent the financial structures developed by political, economical and financial factors have an influence on the economic growth of a national economy/region. In the last two decades Europe has experienced a significant expansion of financial markets. The international comparative analysis of the bank oriented- and market based financial structures is in search of the explanation of the shift towards the market-based financial structure and the changing role of the relationship-based and arms- length financing. In the focus of cross-country comparison are primarily the EU countries, especially the new EU member states, where time series analysis can emphasize the relationship between financial structure changes and economic growth