Trud objaven vo Ekonomska Noviottrud

istrazivanja
Analiziranprimerok 11 new EU Member States 11 new EU Member States
Period ipodatoci 2004-2017, kvartalnipodatoci (kaj 1999-2018, godisnipodatoci
del od zemjitepodatocitezavrsuvaat
so 2007, 2009, 2011, 2012 godina)
Zavisnavarijabla SDB Broad SDB Broad
SDB Narrow (% of GDP)
(growt rate)
Nezavisnivarijabli 6 makroekonomski I 6
finansiskivarijabli: makroekonomskiifinansiskivarijabli:
1. Real GDP growth rate (%) 1. Real GDP growth (%)
2. Money market rate (% per 2. Three- month inter-bank
annum) (%) rate (%)
3. Term spread (the difference 3. M2/GDP (%)
between long-term interest 4. Size of banks as % of GDP
rates and money market 5. Insurance as a % of GDP
interest rates (%) 6. Pension funds as a %of
4. Growth rate of total GDP
reserves excluding gold (%)
5. Growth rate of total assets
reported by MFI’s (%)
6. Growth rate of total
financial assets of insurance
corporations and pension
funds (%)

Dummy 51 dummy variables for each of the Financial crisis

quarters (ne
razbravstojapretstavuva dummy)
Metodologija OlS estimation technique Fixed effects model
fixed effects estimation Difference GMM
System GMM
Rezultati Negativenznakima term spread, Negativenznakimaat money market
drugitepozitiven rate i financial crisis,
drugitepozitiven