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

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.

real GDP, stock market capitalization of the domestic companies, the financial market, the banking sector, the core debt of private non-financial sector, corporate bond market, cover ratio, CAGR spread