Journal of Scientific Papers


© CSR, 2008-2019
ISSN 2071-789X

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  • General Founder and Publisher:

    Centre of Sociological Research


  • Publishing Partners:

    University of Szczecin (Poland)

    Széchenyi István University, (Hungary)

    Mykolas Romeris University (Lithuania)

    Alexander Dubcek University of Trencín (Slovak Republic)

  • Membership:

    American Sociological Association

    European Sociological Association

    World Economics Association (WEA)




The impact of the economy financialization on the level of economic development of the associate EU member states

Vol. 12, No 4, 2019

Inna Shkolnyk,


Sumy State University, Ukraine


The impact of the economy financialization on the level of economic development of the associate EU member states


Serhiy Kozmenko,


University of Social Science, Lodz, Poland

University of Customs and Finance, Dnipro, Ukraine


Olga Kozmenko,


Kharkiv National University of Economics, Ukraine


Borys Mershchii,


Sumy State University, 




Abstract. Dynamic development of the financial system has an increasing impact on the state and development of both national economies and the world economy. This problem is especially acute in developing countries and is predetermined by their economic, social and political development. It also requires constant evaluation and control over the level of their economic development in terms of financialization. Within the framework of the European Neighborhood Policy, the EU cooperates with the countries of the region to deepen and strengthen the relations and helps to increase the stability and sustainability of its Eastern neighbors. Ukraine, Moldova, and Georgia today are currently Associated Eastern Partnership members. Using the panel data for these countries over the period of 2007–2017, the relationship between economic growth and indicators of financialization of the economies was determined. To this end, a fixed-effect regression model, the statistical adequacy of which was confirmed by many indicators (significance levels, R-squared coefficients, the Breusch-Pagan test), is also used. It was determined that employment, exports of goods and services, added value created in the industrial sector, the ratio of bank capital and reserves to total assets, the share of М1 monetary aggregate in GDP, deposit rate, and Gini index had a positive influence on economic growth of the countries in question.


Received: May, 2019

1st Revision: July, 2019

Accepted: November, 2019


DOI: 10.14254/2071-789X.2019/12-4/2

JEL ClassificationС10, G10, О16

Keywords: panel data, GLS methods, financial globalization, financial system, industry output, direct investment in the economy, Gini index