20.500.12556/DKUM-22013 Testing the procyclicality of stock market indices in South-eastern European countries in transition, as compared with World Stock Exchange Centres Testiranje procikličnosti borznih indeksov v državah Jugovzhodne Evrope v tranziciji v primerjavi z World Stock Exchange centri We tested the hypothesis of procyclicality for economic activity and the stock exchanges of southeastern European countries relative to the main world Stock Exchange Centers, with a particular emphasis on Croatia (as a country preparing for EU accession) in order to demonstrate the dependence of small financial markets on large ones and to investigate the spillover effect, i.e., the degree and pace of integration of 'new' financial markets into larger ones. Our estimates for the southeastern countries individually and together support the hypothesis of an increase in stock exchange indices in the period of transition, due to the opening of the market economy followed by large capital inflows. Our results for Croatia provided us with evidence that EU accession is a trigger for the better financial integration of a candidate country. The observed countries that are already in the EU wing (Bulgaria, Romania and Slovenia) or those in the process of joining (Croatia and Montenegro) were found to be more dependent on the global financial markets and more exposed to adverse co-movements than other transitional southeastern countries (e.g. Bosnia and Herzegovina and Serbia). Testirali smo hipotezo o procikličnosti med gospodarsko dejavnostjo in borzah Jugovzhodne Evrope, glede na glavne svetovne borzne centrov s posebnim poudarkom na Hrvaški, da bi dokazali odvisnost manjših finančnih trgov od velikih in raziskali "spillover" učinek - stopnjo in hitrost povezovanja "novih" finančnih trgov z večjimi trgi. Naše ocene za države Jugovzhodne Evrope posamično in v panelu potrjujejo hipotezo rasti procikličnosti borznih indeksov v obdobju tranzicije zaradi odpiranja gospodarstev in velikega pritoka kapitala. Rezultati za Hrvaško kažejo, da je pristopno obdobje Hrvaške v EU delovalo kot sprožilec boljše finančne integracije države kandidatke. Za države, ki so že članice EU (Bolgarija, Romunija in Slovenija) ali v procesu pogajanj (Hrvaška in Črna gora), smo potrdili odvisnost od svetovnega finančnega trga in večjo izpostavljenost neželenim gibanjem finančnih trgov. Stock Exchange South-East Europe financial integration EU accession borzni indeksi države jugovzhodne Evrope finančna integracija EU integracija true true false A. Peša Angleški jezik Slovenski jezik Doktorska disertacija 2012-02-02 19:32:09 2012-02-17 12:26:50 2023-01-30 08:49:50 2023-12-29 03:12:10 2011 0 Maribor 0 0000-00-00 NiDoloceno NiDoloceno NiDoloceno 0000-00-00 0000-00-00 0000-00-00 336.76 20651750 URN:SI:UM:DK:WFMKN7XP DR_Pesa_Anita_2012.pdf DR_Pesa_Anita_2012.pdf 1 30554055E8C7E09AEA9112BEDEF54C7B 8bf9c11c26833268845b92be0d675d2868958e43b38a05decf7fe7b78bc6c8aa 636ddc06-7c06-11eb-bb7a-00155d0001ca 20.500.12556/dkum/fc0a425d-b25a-4277-a34d-8beeaeadd02d https://dk.um.si/Dokument.php?lang=slv&id=28246 Ekonomsko-poslovna fakulteta 0 0 0