Essays On Financial Market Development And Economic Growth

Essays On Financial Market Development And Economic Growth-35
Quite on the contrary, the analysis indicates that economists’ views differ.

Quite on the contrary, the analysis indicates that economists’ views differ.

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The analysis covers the 28 EU and 34 OECD economies and the 1993–2013 period.

The following variables are used to measure the financial sector: domestic credit provided by financial sector, bank nonperforming loans, bank capital to assets ratio, market capitalization of listed companies, turnover ratio of stocks traded, and the monetization ratio.

Our results indicate that all the research hypotheses have been positively verified.

There are many factors that can be treated as economic growth determinants. The institutional framework of the financial system as well as its performance are no doubt important determinants of output growth.

It turns out that some disturbances observed in the financial sphere of the economy may exert very significant and long-term impact on the behavior of the real economy.

The discussion of these issues is by no way closed.This study aims to analyze the impact of the development and stability of the financial sector on economic growth on the basis of the quantitative methods that produce robust results.The following research hypotheses are tested: /H1/ The relationship between financial sector development (stability) and economic growth is nonlinear; /H2/ An excessively large size of the financial system does not lead to more rapid economic growth: it may even negatively affect GDP dynamics; /H3/ The inclusion of the post-crisis period gives new insights of the nature of the relationship between financial system and economic growth.The author makes an attempt herself to define the financial system, saying that it is the structure of “interconnected financial institutions, financial markets and elements of financial system infrastructure; through this structure, entities belonging to real environment (first of all households, enterprises and government) can source funding, invest savings and satisfy the rest of their needs relating to financial aspect of their functioning” (Matysek-Jedrych , p. Based on the analysis of publications across the span of several decades it is clear that the interest in the financial system is rising.Research covers its different elements, as well as interrelations among them, and more often, especially as the result of the last crisis, the identification of risks for its stable and effective functioning, indicating, among others the occurrence of system risk.The analysis covers the 28 EU countries and 34 OECD economies and the 1993–2013 period. They divide the financial system into the market one, constituting the mechanism of co-creation and flow of financial means, working then to the participation of private entities (financial institutions) and the public system, which in turn constitutes the mechanism assuring co-creation and flow of financial means allowing public government to provide public goods, services as well as public benefits.The following variables are used to measure the development and stability of the financial sector: domestic credit provided by financial sector, bank nonperforming loans, bank capital to assets ratio, market capitalization of listed companies, turnover ratio of stocks traded, and the monetization ratio. It is worth noting that definitions, which we encounter in different publications, have many common elements, complement each other rather than be mutually exclusive, but also stress different aspects of the financial system.A new element of the empirical analysis is the application of the extended econometric and economic modelling, including testing nonlinear relationships, analyzing both levels and changes of the financial variables, as well as estimating the models on the basis of a moving panel with overlapping observations.The regression equations are estimated by Blundell and Bond’s GMM system estimator.The increase of interest in the financial system directly results from its significance for the economy as the totality and its influence on the economic growth, which is particularly underlined by the authors of this paper.This theme was underlined in the scientific publications at the beginning of the 1990s, although more articles by authors like: Robinson () do deserve careful attention and constitute the base for thesis being formulated in the span of the following years.

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