Impact of the Financial Structure of FDI Inflows on Economic Growth in Poland

• Autorzy: Aneta Kosztowniak

Warianty tytułu

Wpływ struktury finansowej ZIB na wzrost gospodarczy w Polsce

• Języki publikacji: EN

Abstrakty

EN

The aim of this paper is to analyse the impact of financial components of foreign direct investment (FDI) inflows on economic growth in Poland in the years 2004-2018, with special emphasis on the role of reinvestment of earnings. The following hypothesis has been put forward: As FDI inflows into Poland and enters the successive stages of its profitability life cycle, impact of equity on economic growth decreases, while the importance of reinvestment of earnings rises. In order to verify the hypothesis, the VECM model was used, supplemented with an extended reaction analysis. The research results confirm that among FDI components, mainly equities and reinvestment of earnings have a significant impact on GDP changes. In the short term, the inflow of equity has the most important impact on economic growth. In the long-time, the importance of equity decreases, while the importance of reinvestment of earnings rises. (original abstract)

Celem artykułu jest analiza wpływu komponentów finansowych zagranicznych inwestycji bezpośrednich (ZIB) na wzrost gospodarczy w Polsce w latach 2004-2018, ze szczególnym uwzględnieniem roli reinwestycji zysków. Sformułowano następującą tezę: wraz z napływem ZIB do Polski i przechodzeniem ich przez kolejne fazy cyklu życia maleje znaczenie wpływu akcji i innych form kapitału na wzrost gospodarczy, a rośnie znaczenie reinwestycji zysków. W celu weryfikacji tej hipotezy zastosowano model ekonometryczny VECM z rozszerzoną analizą reakcji. Wyniki potwierdzają, że wśród komponentów ZIB głównie akcje i inne formy udziału kapitałowego oraz reinwestycje zysków mają znaczny wpływ na zmiany PKB. W krótkim okresie największy wpływ na wzrost gospodarczy ma napływ kapitału akcyjnego i innych form udziału kapitałowego. W długim okresie znaczenie udziałów kapitałowych maleje, natomiast wpływ reinwestycji zysków wzrasta. (abstrakt oryginalny)

Słowa kluczowe

EN

Direct investments; Foreign investment; Economic growth; Gross domestic product (GDP); Vector error correction model (VECM)

PL

Inwestycje bezpośrednie; Inwestycje zagraniczne; Wzrost gospodarczy; Produkt krajowy brutto (PKB); Model wektorowej korekty błędem

• Czasopismo: Ekonomista
• Rocznik: 2019
• Numer: nr 5
• Strony: 542--571

Twórcy

autor

Aneta Kosztowniak

• K. Pulaski University of Technology and Humanities in Radom; National Bank of Poland

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