Wpływ liberalizacji rynków finansowych na dynamikę wzrostu gospodarczego oraz podatność gospodarki na kryzysy

Paweł Kawa

Published : 2011-08-30

Vol. 35 (2011)

The Effects of Financial Market Liberalization on Economic Growth Dynamics and an Economy's Crisis-Vulnerability

Paweł Kawa

Abstract

The consequences of liberalizing the financial sector have been addressed by a number of theoretical investigations and empirical studies, the thrust of which has focused on two dimensions. While literature on financial crises will attempt to answer the question of whether liberalization does or does not make it more likely for such a crisis to occur, another strand of research, which is dedicated to the study of economic growth, concentrates on the effects of liberalization on an economy's long-term dynamics. Existing research invites the following propositions: -financial liberalization has a positive effect on long-term economic prospects (a direct effect) by increasing the growth rate, -liberalization increases the probability of twin crises (concurring bank and currency crises), -crises incur costs in terms of reduced production dynamics (an indirect effect of liberalization), -the net effect of liberalization is positive as the benefits of economic growth have so far definitely outweighed the costs of potential crises.(original abstract)

Keywords:

Economic growth, Financial crisis, Single financial market, Long-run economic growth

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Kawa, P. (2011). The Effects of Financial Market Liberalization on Economic Growth Dynamics and an Economy’s Crisis-Vulnerability. Zeszyty Naukowe Wyższej Szkoły Bankowej W Poznaniu, 35. Retrieved from https://journals.wsb.poznan.pl/index.php/znwsb/article/view/1431

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