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Stock markets and industry growth: an eastern European perspective
This paper reviews recent stock market developments in Poland and the Czech
Republic and provides a case-study of the direction of causality between stock
market expansion and economic growth. It finds no evidence that the relative
failure of the security market in the Czech Republic affected the country’s
economy. It also analyses the composition of Polish private equity offerings
and finds that industries traditionally considered financially dependent were
not among the largest Polish equity issuers. Instead, the growth of the Polish
equity market has been driven by otherwise well-performing industries, such as
residential building and commercial banking
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