Leasing and Economic Growth - Evidence for Central and South Eastern Europe

33 Pages Posted: 18 Feb 2009 Last revised: 10 Feb 2011

See all articles by Elisabeth Kichler

Elisabeth Kichler

Vienna University of Economics and Business - Research Institute for European Affairs (IEF); UniCredit Bank Austria AG

Peter R. Haiss

WU Vienna University of Economics and Business; UniCredit Bank Austria; IES Vienna - Institute for the International Education of Students

Date Written: February 15, 2009

Abstract

Credit and its vast growth in transition economies attracted a lot of research while less attention was given to the even faster growth of leasing and the aggregate impact of financial market segments. Applying a panel data approach over 1999-2006, we investigate the finance-growth nexus (credit, stock, bond) for ten Eastern European countries with a production function and include leasing. We find that leasing and credit positively contributed to economic growth; we confirm on a broader basis that macroeconomic stability and a sound legal system are important preconditions for a positive impact of the financial sector; we find that leasing and credit are rather complements than substitutes and that taking alternative forms of finance like leasing into consideration is necessary for a full picture of the impact of finance.

Keywords: Leasing, credit, Central and South Eastern Europe, transition countries, economic growth

JEL Classification: G21, O11, O16, 052, P34

Suggested Citation

Kichler, Elisabeth and Haiss, Peter R., Leasing and Economic Growth - Evidence for Central and South Eastern Europe (February 15, 2009). Available at SSRN: https://ssrn.com/abstract=1343887 or http://dx.doi.org/10.2139/ssrn.1343887

Elisabeth Kichler (Contact Author)

Vienna University of Economics and Business - Research Institute for European Affairs (IEF) ( email )

Forschungsinstitut fuer Europafragen
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UniCredit Bank Austria AG ( email )

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Peter R. Haiss

WU Vienna University of Economics and Business ( email )

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