Abstract
The present paper tests empirically the existence of a causal relationship between the economic growth and the development in the banking and stock market in ex transition economies, recently member states of the EU and especially the case of Bulgaria. The Johansen cointegration test indicated a sole relationship between the banking sector, the stock market and the economic growth, while the application of the Granger causality/block exogeneity test indicated a bilateral relationship between the economic growth and the development in the stock market, as well as between the economic growth and the development in banking sector. Finally, no casual relationship was confirmed between the development in credit and stock market.
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