Integration of Polish Equity and Debt Securities Market with Foreign Market and Economic Growth in Poland

Sławomir Bukowski

Abstract


The aim of the research, which is the basis of this paper, is to answer the question whether integration of Polish equity and debt securities markets with foreign market influence economic growth in Poland. The following hypothesis has been put forward: integration of Polish equity and debt securities market with foreign markets has a significant impact on the capital market development and economic growth in Poland. The results of the research with implementation of econometric models confirm the hypothesis.


Keywords


financial integration; equity securities; debt securities; economic growth; GMM; econometric model

Full Text:

PDF

References


Baele L., Ferrando A., Hördal P., Krylova E., Monnet C., Measuring Financial Integration in the Euro Area, “European Central Bank: Occasional Paper Series” 2004, No. 14.

Beck T., Al-Hussainy E., Financial Structure Dataset, revised September 2015, World Bank, Washington D.C 2015.

Bukowski S.I., Integracja rynków finansowych w Unii Europejskiej. Czechy, Polska, Słowacja, Słowenia, Węgry – obszar euro, Instytut Naukowo-Wydawniczy SPATIUM, Radom 2013.

Bukowski S.I., Międzynarodowa integracja rynków finansowych, Difin, Warszawa 2011.

Coricelli F., Masten A.B., Masten I., Non-Linear Growth Effects of Financial Development: Does Financial Integration Matter?, “Journal of International Money and Finance” 2008, No. 27.

Dębski W., Bujnowicz I., Model współzależności rozwoju systemu finansowego i wzrostu gospodarczego w Polsce, „Zeszyty Naukowe Uniwersytetu Szczecińskiego. Studia i Prace Wydziału Nauk Ekonomicznych i Zarządzania” 2008, nr 9.

Dębski W., Maciejczyk I., Wdowiński P., Growth Effects of Financial Market Development in Poland: Simulations with an Econometric Model, [in:] S.I. Bukowski (ed.), Global Challenges of the 21st Century, Technical University of Radom, Radom 2010.

Friedrich Ch., Schnabel I., Zettelmeyer J., Financial Integration and Growth. Is Emerging Europe Different, “EBRD Working Paper” 2010, No. 123.

Greenwood J., Jovanovic B., Financial Development, Growth, and the Distribution of Income, “NBER Working Paper” 1989, No. 3189.




DOI: http://dx.doi.org/10.17951/h.2017.51.5.59
Date of publication: 2017-12-22 12:02:38
Date of submission: 2017-04-06 21:49:46


Statistics


Total abstract view - 987
Downloads (from 2020-06-17) - PDF - 0

Indicators



Refbacks

  • There are currently no refbacks.


Copyright (c) 2017 Sławomir Bukowski

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.