01807cas a2200253 a 4500 AALejournalIMF007161 230101c9999 xx r poo 0 0eng d 5.00 USD 9781455254323 1018-5941 BD-DhAAL BD-DhAAL Adarov, Amat. Development of Financial Markets in Central Europe : The Case of the CE4 Countries / Amat Adarov, Robert Tchaidze. Washington, D.C. : International Monetary Fund, 2011. 1 online resource (33 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Financial markets in the CE4 countries are still shallow compared to other advanced EU countries. While the government bond markets are comparable in size, measured by capitalization in percent of GDP, the private bond, private credit, and equity markets lag behind. Empirical analysis in this paper helps identify factors that explain this phenomenon. We find that the observed differences cannot be explained by macroeconomic variables only, but incorporating indicators of institutional development and external funding eliminates the gap in the case of the equity and private credit markets. However, for the private bond market a significant gap remains even after accounting for these factors. Mode of access: Internet Tchaidze, Robert. IMF Working Papers; Working Paper ; No. 2011/101 Full text available on IMF http://elibrary.imf.org/view/journals/001/2011/101/001.2011.issue-101-en.xml IMF e-Library