Twenty-Five Years of Polish Equity Market Performance: The Questionable Force Shaping Economic Property Rights Institutions

References

• Acemoglu, Daron, Simon Johnson, James Robinson, and Yunyong Thaicharoen. 2003. “Institutional Causes, Macroeconomic Symptoms: Volatility, Crises and Growth.” Journal of Monetary Economics 50 (1): 49–123. https://doi.org/10.1016/S0304-3932(02)00208-8.
   Web of Science ®Google Scholar
• Aghion, Philippe, Eve Caroli, and Cecilia Garcia-Penalosa. 1999. “Inequality and Economic Growth: The Perspective of the New Growth Theories.” Journal of Economic Literature 37 (4): 1615–60. https://doi.org/10.1257/jel.37.4.1615.
   Web of Science ®Google Scholar
• Allen, Franklin, and Douglas Gale. 2000. Comparing Financial Systems. Cambridge, MA: MIT Press. ISBN: 9780262511254.
   Google Scholar
• Andrianaivo, Mihasonirina, and Charles Amo Yartey. 2010. “Understanding the Growth of African Financial Markets.” African Development Review 22 (3): 394–418. https://doi.org/10.1111/j.1467-8268.2010.00253.x.
   Web of Science ®Google Scholar
• Arellano, Manuel, and Olivia Bover. 1995. “Another Look at the Instrumental Variable Estimation of Error-Components Models.” Journal of Econometrics 68 (1): 29–51. https://doi.org/10.1016/0304-4076(94)01642-D.
   Web of Science ®Google Scholar
• Arestis, Philip, Panicos Demetriades, and Kul Luintel. 2001. “Financial Development and Economic Growth: The Role of Stock Markets.” Journal of Money, Credit, and Banking 33 (1): 16–41. https://doi.org/10.2307/2673870.
   Web of Science ®Google Scholar
• Asli, Demirgüç-Kunt, and Ross Levine. 1996. “Stock Market Development and Financial Intermediaries: Stylized Facts.” The World Bank Economic Review 10 (2): 291–321. https://doi.org/10.1093/wber/10.2.291.
   Web of Science ®Google Scholar
• Baltagi, Badi H. 2021. “Econometric Analysis of Panel Data” Springer Texts in Business and Economics. Springer Cham. https://doi.org/10.1007/978-3-030-53953-5. ISSN2192-4333.
   Google Scholar
• Beck, Thorsten, Asli Demirgüç-Kunt, Luc Laeven, and Ross Levine. 2008. “Finance, Firm Size, and Growth.” Journal of Money, Credit and Banking 40 (7): 1379–405. https://doi.org/10.1111/j.1538-4616.2008.00164.x.
   Web of Science ®Google Scholar
• Bhattacharya, Uptal, and Hazem Daouk. 2002. “The World Price of Insider Trading.” The Journal of Finance 57 (1): 75–108. https://doi.org/10.1111/1540-6261.00416.
   Web of Science ®Google Scholar
• Blackburne, Edward, and Mark Frank. 2007. “Estimation of Nonstationary Heterogeneous Panels.” The Stata Journal 7 (2): 197–208. https://doi.org/10.1177/1536867X0700700204.
   Web of Science ®Google Scholar
• Blundell, Richard, and Stephen Bond. 1998. “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models.” Journal of Econometrics 87 (1): 115–43. https://doi.org/10.1016/S0304-4076(98)00009-8.
   Web of Science ®Google Scholar
• Bose, Niloy, Antu Panini Murshid, and Chitralekha Rath. 2014. “Finance and Property Rights: Exploring Other Directions.” Journal of Money, Credit and Banking 46 (2–3): 503–17. https://doi.org/10.1111/jmcb.12114.
   Web of Science ®Google Scholar
• Bouayad-Agha-Hamouche, Salima, and Lionel Védrine. 2010. “Estimation Strategies for a Spatial Dynamic Panel Using GMM. A New Approach to the Convergence Issue of European Regions.” Spatial Economic Analysis 5 (2): 205–27. https://doi.org/10.1080/17421771003730711.
   Web of Science ®Google Scholar
• Cecchetti, Stephen G. Stephen G. Cecchetti, and Enisse Kharroubi, Reassessing the Impact of Finance on Growth (July 1, 2012). BIS Working Paper No. 381, Available at SSRN: https://ssrn.com/abstract=2117753
   Google Scholar
• Claessens, Stijn, and Luc Laeven. 2003. “Financial Development, Property Rights, and Growth.” The Journal of Finance 58 (6): 2401–36. https://doi.org/10.1046/j.1540-6261.2003.00610.x.
   Web of Science ®Google Scholar
• Clague, Christopher, Philip Keefer, Stephen Knack, and Mancur Olson. 1996. “Property and Contract Rights in Autocracies and Democracies.” Journal of Economic Growth 1 (2): 243–76. https://doi.org/10.1007/BF00138864.
   Google Scholar
• Clague, Christopher, Philip Keefer, Stephen Knack, and Mancur Olson. 1999. “Contract-Intensive Money: Contract Enforcement, Property Rights, and Economic Performance.” Journal of Economic Growth 4 (2): 185–211. https://doi.org/10.1023/A:1009854405184.
   Web of Science ®Google Scholar
• Danišková, Katarína, and Jarko Fidrmuc. 2011. “Inflation Convergence and the New Keynesian Phillips Curve in the Czech Republic.” Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies 5 (2): 099–115. https://doi.org/10.2139/ssrn.1857513.
   Google Scholar
• de la Torre, Augusto, Juan Carlos Gozzi, and Sergio L. Schmukler. 2007. “Stock Market Development Under Globalization: Whither the Gains from Reforms?” Journal of Banking and Finance 31 (6): 1731–54. https://doi.org/10.1016/j.jbankfin.2006.11.008.
   Web of Science ®Google Scholar
• Durham, Benson J. 2002. “The Effects of Stock Market Development on Growth and Private Investment in Lower-Income Countries.” Emerging Markets Review 3 (3): 211–32. https://doi.org/10.1016/S1566-0141(02)00022-5.
   Google Scholar
• Grazhevska, Nadiia, Angelina Virchenko, and Anna Grazhevska. 2015. “The Effects of Rent-Seeking Behavior on the Efficiency of Fiscal Policy in Ukraine.” Procedia Economics and Finance 27:274–87. https://doi.org/10.1016/S2212-5671(15)01000-X.
   Google Scholar
• Guiso, Luigi, Paola Sapienza, and Luigi Zingales. 2004. “The Role of Social Capital in Financial Development.” The American Economic Review 94 (3): 526–56. https://doi.org/10.1257/0002828041464498.
   Web of Science ®Google Scholar
• Guiso, Luigi, Paola Sapienza, and Luigi Zingales. 2009. “Cultural Biases in Economic Exchange?” Quarterly Journal of Economics 124 (3): 1095–131. https://doi.org/10.1162/qjec.2009.124.3.1095.
   Web of Science ®Google Scholar
• Hartwell, Christopher A. . 2014. “Do (successful) stock exchanges support or hinder institutions in transition economies?” Cogent Economics & Finance 2 (1): 1–18. https://doi.org/10.1080/23322039.2014.946620.
   Google Scholar
• Hartwell, Christopher. A. 2018. “The Effect of Political Volatility on Capital Markets in EU Accession and Neighborhood Countries.” Journal of Economic Policy Reform 21 (4): 260–80. https://doi.org/10.1080/17487870.2017.1311793.
   Web of Science ®Google Scholar
• Hartwell, Christopher A., and Anna P. Malinowska. 2019. “Informal Institutions and Firm Valuation.” Emerging Markets Review 40 (C): 100603. https://doi.org/10.1016/j.ememar.2019.03.001.
   Google Scholar
• Hook Law, Siong, and Panicos Demetriades. 2006. “Openness, Institutions and Financial Development.” WEF Working Papers 0012. ESRC World Economy and Finance Research Programme, Birkbeck, University of London. http://www.worldeconomyandfinance.org/working_papers_publications/working_paper_PDFs/WEF0012.pdf.
   Google Scholar
• Khalid, Usman, and Muhammad Shafiullah. 2 2021. “Financial Development and Governance: A Panel Data Analysis Incorporating Cross-Sectional Dependence.” Economic Systems 45 (2): 100855. https://doi.org/10.1016/j.ecosys.2021.100855.
   Web of Science ®Google Scholar
• Khan, H., S. Khan, and F. Zuojun 2020. “Institutional Quality and Financial Development: Evidence from Developing and Emerging Economies.” Global Business Review. https://doi.org/10.1177/0972150919892366.
   Web of Science ®Google Scholar
• Khan, Hyat, Sher Khan, and Fan Zuojun. 2022. “Institutional Quality and Financial Development: Evidence from Developing and Emerging Economies.” Global Business Review 23 (4): 971–83. https://doi.org/10.1177/0972150919892366.
   Web of Science ®Google Scholar
• Knack, Stephen, and Philip Keefer. 1995. “Institutions and Economic Performance: Cross-Country Tests Using Alternative Institutional Measures.” Economics & Politics 7 (3): 207–27. https://doi.org/10.1111/j.1468-0343.1995.tb00111.x.
   Google Scholar
• La Porta, Rafael, Florencio Lopez‐de‐Silanes, Andrei Shleifer, and Robert W. Vishny. 1997. “Legal Determinants of External Finance.” The Journal of Finance 52 (3): 1131–50. https://doi.org/10.1111/j.1540-6261.1997.tb02727.x.
   Web of Science ®Google Scholar
• Lieberman, Ira W., and Rogi Veimetra. 1996. “The Rush for State Shares in the ‘Klondyke’ of Wild East Capitalism: Loans-For-Shares Transactions in Russia.” George Washington Journal of International Law and Economics 29 (3): 737–68. https://heinonline.org/HOL/LandingPage?handle=hein.journals/gwilr29&div=25&id=&page=.
   Google Scholar
• Malinowska, Anna P. 2021. “Corporate Profits and Investment in Light of Institutional and Stock Market Turmoil: New Evidence from the Warsaw Stock Exchange.” Journal of Economic Issues 55 (1): 14–37. https://doi.org/10.1080/00213624.2021.1873045.
   Web of Science ®Google Scholar
• Miletkov, M. and M. Babajide Wintoki 2009. “Legal institutions, democracy and financial sector development”.” In Corporate Governance and Firm Performance (Advances in Financial Economics, edited by M. Hirschey, K. John, and A.K. Makhija 171–96. vol. 13. Leeds: Emerald Group Publishing Limited.
   Google Scholar
• Miletkov, Mihail, and Babajide M. Wintoki. 2012. “Financial Development and the Evolution of Property Rights and Legal Institutions.” Emerging Markets Review 13 (4): 650–73. https://doi.org/10.1016/j.ememar.2012.09.005.
   Web of Science ®Google Scholar
• Mishkin, Frederic S., and N. Eugene White 2002. “U.S. Stock Market Crashes and Their Aftermath: Implications for Monetary Policy.” NBER Working Papers 8992, National Bureau of Economic Research, Inc. https://www.nber.org/system/files/working_papers/w8992/w8992.pdf.
   Google Scholar
• Panetta, Fabio. 2002. “The Stability of the Relation Between the Stock Market and Macroeconomic Forces.” Economic Notes 31 (3): 417–50. https://doi.org/10.1111/1468-0300.00093.
   Google Scholar
• Perotti, Enrico C., and Stanislav Gelfer. 2001. ““Red Barons or Robber Barons? Governance and Investment in Russian Financial-Industrial Groups.” European Economic Review 45 (9): 1601–17. https://doi.org/10.1016/S0014-2921(00)00097-0.
   Web of Science ®Google Scholar
• Qian, Jun, and Philip E. Strahan. 2007. “How Laws and Institutions Shape Financial Contracts: The Case of Bank Loans.” The Journal of Finance 62 (6): 2803–34. https://doi.org/10.1111/j.1540-6261.2007.01293.x.
   Web of Science ®Google Scholar
• Rathinam, Francis Xavier, and Angara V. Raja. 2010. “Law, Regulation and Institutions for Financial Development: Evidence from India.” Emerging Markets Review 11 (2): 106–18. https://doi.org/10.1016/j.ememar.2010.01.002.
   Web of Science ®Google Scholar
• Roodman, David. 2009. “A Note on the Theme of Too Many Instruments.” Oxford Bulletin of Economics and Statistics 71 (1): 135–58. https://doi.org/10.1111/j.1468-0084.2008.00542.x.
   Web of Science ®Google Scholar
• Singh, Ajit. 1997. “Financial Liberalization, Stock Markets and Economic Development.” The Economic Journal 107 (442): 771–82. https://doi.org/10.1111/j.1468-0297.1997.tb00042.x.
   Web of Science ®Google Scholar
• Solarin, Sakiru Adebola, and Jauhari Dahalan. 2014. “Financial Development and Economic Growth in Selected African Countries: Any Role for Stock Markets?” Economia Internazionale 67 (1): 151–79. http://www.iei1946.it/RePEc/ccg/SOLARIN_DAHALAN%20151_179.pdf.
   Google Scholar
• Williams, Andrew, and Abu Siddique. 2008. “The Use (And Abuse) of Governance Indicators in Economics: A Review.” Economics of Governance 9 (2): 131–75. https://doi.org/10.1007/s10101-006-0025-9.
   Google Scholar
• Windmeijer, Frank. 2005. “A Finite Sample Correction for the Variance of Linear Efficient Two-Step GMM Estimators.” Journal of Econometrics 126 (1): 25–51. https://doi.org/10.1016/j.jeconom.2004.02.005.
   Web of Science ®Google Scholar
• Yartey, Charles Amo. 2010. “The Institutional and Macroeconomic Determinants of Stock Market Development in Emerging Economies.” Applied Financial Economics 20 (21): 1615–25. https://doi.org/10.1080/09603107.2010.522519.
   Google Scholar