The Impact of the Financial Sector on Economic Growth

• Autorzy: Bogdan Mariusz Włodarczyk , Marek Szturo
• Języki publikacji: EN

Abstrakty

EN

The approach of a unilateral impact of the financial sector on economic growth was invalidated by the last financial crisis which very quickly changed into a global economic crisis. The aim of the study is the analysis of the impact of the financial sector on economic growth in the context of the growing phenomenon of financialization, which was one of the significant reasons of the financial crisis. The study was focused on presenting the growing scale of this phenomenon and analysing the impact of money supply in USD and EUR on world GDP and the GDP of the USA and the Eurozone. The following hypothesis was postulated: the growing process of financialization causes the growth of the USD and EUR supply, influencing changes in the world GDP, the GDP of the USA and the Eurozone. The study confirmed the hypothesis of the relation of the money supply with changes in economic growth. However, influencing economic growth with the money supply causes the purchasing power of business entities to decrease and causes growing debt. Furthermore, it does not contribute to the strength of the real economy. A repair of the current "system" should not be sought for in constantly increasing macroprudential regulations, but in a return to a country's interventionism, leading to a change in the priorities of the actions of financial institutions; mainly banks, and the supply of money based on fixed parities (gold, energy). (original abstract)

Słowa kluczowe

EN

Financial sector; Economic growth; Finance

PL

Sektor finansowy; Wzrost gospodarczy; Finanse

• Czasopismo: Finanse : czasopismo Komitetu Nauk o Finansach PAN
• Rocznik: 2018
• Numer: nr 1(11)
• Strony: 7--25

Twórcy

autor

Bogdan Mariusz Włodarczyk

• University of Warmia and Mazury in Olsztyn, Poland

autor

Marek Szturo

• University of Warmia and Mazury in Olsztyn, Poland

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Identyfikatory

DOI

10.24425finanse.2018.125389