Date of Award

5-2026

Degree Type

Dissertation

Degree Name

Doctor of Philosophy (PhD)

School

Social Science and Global Studies

Committee Chair

Dr. Joseph J. St. Marie

Committee Chair School

Social Science and Global Studies

Committee Member 2

Dr. Sukriye Filiz

Committee Member 2 School

Social Science and Global Studies

Committee Member 3

Dr. Robert Pauly

Committee Member 3 School

Social Science and Global Studies

Committee Member 4

Dr. Tom Lansford

Committee Member 4 School

Social Science and Global Studies

Abstract

One of the questions that must be addressed by any developing country, especially those emerging from communism, is what the government’s role in financial deepening should be.  In the years following the collapse of the Soviet Union, the countries of Central and Eastern Europe took quite different paths toward democratization and economic privatization.  Several countries privatized immediately despite the imminent short-term economic pain privatization induced.  Other countries tried to ease carefully into a privatized economy.

It is well understood that there is a relationship between finance and economic growth; however, little literature focuses on the government’s role in financial deepening in the developing world.  This research is unique and adds to the growing body of literature on the topic of financial deepening by quantitatively testing the economic impact of government subsidies, credit availability, and political stability on Albania, Bulgaria, Bosnia and Herzegovina, Czechia, Estonia, Croatia, Hungary, Lithuania, Latvia, Moldova, Montenegro, Poland, Romania, Slovak Republic, Russia, Slovenia, and Ukraine from the years 1996 to 2019.  Following the quantitative study, the research embarks on case studies of Poland, Russia, Estonia, and the Slovak Republic to determine the impact different levels of governmental intervention has on economic growth.

This research adds to the literature by: a) studying good governance through the lens of financial policy; b) unpacking the role of the public sector in financial deepening and economic growth; c) examining the role of subsidies, whereas tax policy is typically studied; d) focusing on the importance of credit availability outside of monetary policy; and e) investigating the importance of political stability as opposed to political strength in the developing world.

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