System finansowy a wzrost gospodarczy – czy instytucje mają znaczenie?
Financial system – economic growth nexus – do institutions matter?

Author(s): Ryszard Kokoszczyński
Subject(s): Economy
Published by: Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu
Keywords: financial system;economic growth;institutions;
Summary/Abstract: Financial system – economic growth nexus has been a popular subject of empirical research for three decades. Studies conducted before the Great Financial Crisis (GFC) seemed to be dominated by a widely accepted conclusion that the financial system affected positively growth and that the direction of causality was from finance to growth. Studies conducted after the GFC are less conclusive. Some of them support the previous conclusion, while others suggest the lack there of or that interactions between the financial system and economic growth are nonlinear and may vary depending on the level of development, the structure of the economy etc. The GFC also introduced explicitly the role of institutions as moderators for the financial system–economic growth interactions. The recent decade brought some empirical support for that. This chapter surveys both strands of this literature and also shows results for Poland, both published previously and conducted by the author specifically for this study, These results support similar conclusions for Poland as those for other countries.

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