Gra finansowa - stagnacja czy wzrost bogatego świata?

• Autorzy: Andrzej Sopoćko

Warianty tytułu

Financial Game: Stagnation or Growth of the Rich World?

• Języki publikacji: PL

Abstrakty

Niniejszy artykuł stara się wykazać istnienie dwu ważnych zjawisk w gospodarce krajów wysoko rozwiniętych. Pierwszym jest niestabilność przepływów finansowych, wynikających z rozszerzającego się zakresu gry na instrumentach rynku kapitałowego i pieniężnego. Drugim zjawiskiem jest naturalny, nieunikniony pro¬ces rozejścia się quasi-liniowego trendu określającego możliwości wzrostu wydajności pracy z trendem słabnącego przyrostu konsumpcji prywatnej. Wynikają z tego nowe oczekiwania w stosunku do konsumpcji publicznej. (fragment tekstu)

EN

Current money streams have been raised on an unexpected scale and the financial market became free, in its core part, from the frames created by the monetary authorities. The global financial game system has appeared, with very low sensibility on the regulation coming outside. Former efficiency of interest rates and monetary base operations belongs already to the past. What is worse, the theory is not able to prepare new solutions or give something else instead. Perhaps the world (notably, the developed economies) have reached a break-even point, where even significant improvement of the standard monetary instruments, is not enough. A new package is needed, maybe the whole approach to the financial equilibrium should also be changed. The rise in labor productivity is accompanied by the falling power of employees representation, directing almost full income growth to the upper percentiles of the wealthy population. The rich, in turn, are marked by a low propensity to consume, and they direct a rising part of their revenues to the financial game. This process hampers the rise of demand which is necessary to maintain employment levels under the labor productivity growth. To avoid the outbreak of the next economic crisis, consumption must rise, especially its part derived from the public funds. Private consumption stopped to be the main growth driver. Public consumption could substitute it in this function, but its increase is prevented by big central budget debts. To overcome this barrier, it is necessary to raise the tax rates for the rich taxpayers or implement the non-orthodox monetary solution of directing money there, where efficient demand can be created. (original abstract)

Słowa kluczowe

PL

Polityka pieniężna; Rynki finansowe; Równowaga finansowa; Sektor finansowy; Instrumenty pochodne

EN

Monetary policy; Financial markets; Financial equilibrium; Financial sector; Derivatives

• Czasopismo: Ekonomista
• Rocznik: 2012
• Numer: nr 4
• Strony: 449--486

Twórcy

autor

Andrzej Sopoćko

• Instytut Nauk Ekonomicznych PAN, Warszawa

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