financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2026-30-2-162-171finance-4286Research ArticleФИНАНСОВАЯ ПОЛИТИКАFINANCIAL POLICYИсследование взаимосвязи между финансами и экономическим ростом: новые данные из стран с переходной экономикойInvestigating the Finance-Growth Nexus: New Evidence from Transition Economieshttps://orcid.org/0000-0003-3619-4655НгуенТ. А. Н.NguyenT. A. N.

Тхи Ань Нху Нгуен — PhD в сфере экономики, доцент, профессор, факультет финансов и банковского дела

Хошимин

Thi Anh Nhu Nguyen — PhD in Economics, Assoc. Prof., Faculty of Finance and Banking

Ho Chi Minh City

nhunta@uel.edu.vnhttps://orcid.org/0009-0007-1525-1004ЛуонгТ. Т. Х.LuongT. T. H.

Тхи Туи Хуонг Луонг — PhD в сфере экономики, Школа финансовых и банковских технологий

Хошимин

Thi Thuy Huong Luong — PhD in Economics, School of Financial and Banking Technology

Ho Chi Minh City

huonglttgv.ufm.edu.vn@gmail.comУниверситет экономики и права; Вьетнамский национальный университетВьетнамUniversity of Economics and Law; Vietnam National UniversityViet NamФинансово-маркетинговый университетРоссияUniversity of Finance — MarketingRussian Federation202613042026302162171Copyright © Нгуен Т., Луонг Т., 20262026Нгуен Т., Луонг Т.Nguyen T., Luong T.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/4286

Связь между финансами и экономическим ростом широко изучена, но влияние финансовой открытости и финансового развития на рост в странах с переходной экономикой остается неясным. В этом исследовании мы анализируем, как финансовая открытость и развитие влияют на экономический рост в таких странах. Для оценки финансового развития используем показатели, характеризующие финансовые институты и рынки. В эконометрическом анализе применяем несколько методов для данных 27 стран за 1995–2022 гг. Результаты показывают значительное положительное влияние финансовой открытости и развития на экономический рост, особенно при их сочетании. Из трех показателей финансовых институтов (доступность, глубина, эффективность) положительное воздействие оказывает только глубина финансового рынка. Совокупный индекс финансового рынка не демонстрирует значимого влияния. Этот вывод указывает на сложные аспекты развития финансового рынка, требующие дальнейшего изучения. Наше исследование обогащает литературу и имеет важное значение для политики экономического развития в странах с переходной экономикой.

There is abundant literature on the nexus between finance and economic growth while the impact of financial openness and financial development on economic growth is scarce, especially for transition economies. Hence this study aims to investigate this linkage to examine whether financial openness and financial development improve or worsen the economic growth of transition countries. We utilize financial development by broad indicators of both financial institutions and financial market development to present its multifaceted concept. Econometrically, the authors used several estimation techniques for panel data of 27 transition countries over the period 1995–2022. Our empirical findings documented the robust positive impacts of financial openness and financial development on economic growth. Remarkably, this linkage exhibits a stronger effect when we observe financial openness and financial development in combination. Also, while three indicators of financial institutions, including access, depth, and efficiency exert beneficial effects on economic growth, only the financial market depth has a positive impact, and the aggregate financial market index does not. This ambiguous finding exploits the dark sides of financial market development that require further investigations. Our research makes a valuable contribution to the scant extant literature and offers significant implications for transition economies when formulating economic development policies.

финансовое развитиедоступ к финансовым институтамглубина финансовых институтовэффективность финансовых институтовглубина финансового рынкафинансовый рынокфинансовая открытостьэкономический ростстраны с переходной экономикойfinancial developmentfinancial institution accessfinancial institution depthfinancial institution efficiencyfinancial market depthfinancial market developmentfinancial opennesseconomic growthtransition economiesИсследование финансируется Университетом экономики и права Вьетнамского национального универси- тета в Хошимине и Университетом финансов и маркетинга, Хошимин, Вьетнам.This research is partly funded by the University of Economics and Law, Vietnam National University, Ho Chi Minh City and is also partly funded by the University of Finance-Marketing, Ho Chi Minh City, Vietnam.ReferencesHalásková R., Halásková M., Pomp M. The effect of government expenditures on the economic and institutional dimension of governance in European countries. 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The authors declare that there are no conflicts of interest present.