AN ECONOMIC GROWTH AND FINANCIAL MARKETS’ DEVELOPMENT IN MODERN TIMES (2003-2014)

Abstract

The article deals with some special aspects of the financial markets’ development in the leading economies in Europe, America, Asia, BRICS and Persian Gulf countries. The author made the cross- country comparisons of the compound annual growth rates (CAGR) of real GDP and local stock market capitalization in 2003-2014; he also analyzed spreads between CAGR of the amount of lending and debt of the private non-financial sector. The high risk concentration in the banking sector of India, South Africa and Japan was defined as barrier for the diversification of funding sources for the local businesses as opposed to China and Korea, where the corporate bond market has been emerged.

Keywords

• реальный ВВП
• капитализация рынка акций
• финансовый рынок
• банковский сектор
• задолженность частного нефинансового сектора
• рынок корпоративных облигаций
• коэффициент покрытия
• спред между среднегодовыми темпами прироста