期刊名称：International Research Journal of Finance and Economics
印刷版ISSN：1450-2887
电子版ISSN：1450-2887
出版年度：2017
期号：162
页码：107-120
出版社：European Journals Inc.
摘要：The aim of this study is to investigate the financial system of the countries that are in the tail of the Eurozone (contemptuously named PIGS). They form part of the ESCB, are subject to the discipline of the ECB and the troika, and are more efficient than the systems of the countries which are at the top of the New Member States (NMS) and do not have the Euro currency. PIGS countries have financial markets and financial institutions which are more developed than NMS, including V4 countries, but the crisis mainly began there. The role of insurance companies, investment funds, and pension funds seemed to be well established and its involvement played an essential role in PIGS developed financial systems more than in V4. The reason why PIGS gained popularity is a serious concern within the EU, with regard to their national debts, especially in Greece. In the year 2010, it was clear that these countries were in need of corrective action in order to regain their former financial stability. In this paper we apply a PLS-SEM Multigroup Analysis to study if making a partition of data into separate groups for PIGS and V4 countries, we can gain knowledge about the differences in their financial systems, identifying observed heterogeneity, and checking if they are statistically significant. Eventually, we try to find out where the problem is. In our opinion, this study provides important and reliable information to the ECB, PIGS and V4 countries’ policy makers
关键词：Banking System Quality; Financial System Efficiency; European Financial Integration; PLS-SEM Multigroup Analysis; PIGS; V4 countries
