Economic Growth and Financialization
DOI:
https://doi.org/10.18559/mg471468Keywords:
Finance, Enterprise finance, Economic growth, Economy, Financial sectorAbstract
It is about ten years from the beginning of the biggest crisis in the world's economy after World War II. Most often the crisis is looked at as being generated by the financial sphere. This is the reason why new and not orthodox ideas on the links of financial and real spheres are more and more popular. One of the most popular ideas is financialization. The main goal of the paper is to present financialization and to answer the question of can financial sector development reduce economic growth?
Downloads
References
Arcand, J.-L., Berkes, E., Panizza, U., 2012, Too Much Finance?, IMF Working Paper, WP/12/161.
View in Google Scholar
Assa, J., 2012, Financialization and Its Consequences: The OECD Experience, Finance Research, vol. 1, no. 1, s. 35-39.
View in Google Scholar
Bhaduri, A., 2011, Financialization in the Light of Keynesian Theory, PSL Quarterly Review, vol. 64, no. 256, s. 7-21.
View in Google Scholar
Boyer, R., 2005, Coherence, Diversity, and the Evolution of Capitalisms - The Institutional Complementarity Hypothesis, Evolutionary and Institutional Economic Review, vol. 2, iss. 1, s. 43-80.
View in Google Scholar
Buffet, W., 2011, USA zmierzają do stania się plutokracją, Puls Biznesu, 23 marca, s. 9.
View in Google Scholar
Cecchetti, S.G., Kharroubi, E., 2009, Reassessing the Impact of Finance on Growth, BIS Working Papers, no. 381.
View in Google Scholar
Cournede, B., Denk, O., Hoeller, P., 2015, Finance and Inclusive Growth, OECD Economic Policy Paper, no. 14.
View in Google Scholar
Dixon, A.D., Sorsa, V.-P., 2009, Institutional Change and the Financialisation of Pensions in Europe, Competition & Change, vol. 13, no. 4, s. 347-367.
View in Google Scholar
Epstein, G.A. (ed.), 2006, Financialisation and the World Economy, Edward Elgar Pub.
View in Google Scholar
Foster, J.B., 2007, The Financialization of Capitalizm, Monthly Review, vol. 58, iss. 11, s. 1-14.
View in Google Scholar
Freeman, R.B., 2010, It's Financialization!, International Labour Review, vol. 149, no. 2, s. 163-183.
View in Google Scholar
Froud, J., Haslam, C., Johal, S., Williams, K., 2000, Shareholder Value and Financialisation: Consultancy Promises, Management Moves, Economy and Society, vol. 29, no. 1, s. 80-110.
View in Google Scholar
Isaacs, G., 2011, Contemporary Financialization: A Marxian Analysis, Journal of Political Inquiry, no. 4, s. 1-33.
View in Google Scholar
Kąsek, L., Lubiński, M., 2010, Hyman Minsky - wczoraj i dziś, Współczesna Ekonomia, nr 1, s. 5-20.
View in Google Scholar
Keynes, J.M., 1985, Ogólna teoria zatrudnienia, procentu i pieniądza, PWN, Warszawa.
View in Google Scholar
Martin, A., Kersley, H., Greenham, T., 2015, Inequality and Financialisation. A Dangerous Mix, Friedrich Ebert Stiftung - New Economics Foundation.
View in Google Scholar
Minsky, H.P., 1992, The Financial Instability Hypothesis, The Jerome Levy Economics Institute of Bard College, Working Paper, no. 74.
View in Google Scholar
Montgomerie, J., Williams, K., 2009, Financialised Capitalism: After the Crisis and Beyond Neoliberalism, Competition & Change, vol. 13, no. 2, s. 99-107.
View in Google Scholar
Onaran, Ö., Stockhammer, E., Grafl, L., 2010, Financialization, Income Distribution, and Aggregate Demand in the USA, Discussion Paper no. 136, Department of Economics and Statistics Middlesex University Business School.
View in Google Scholar
Orhangazi, Ö., 2008, Financialization and the US Economy, Edward Elgar, Northampton, MA, USA.
View in Google Scholar
Ratajczak, M., 2012a, Finansyzacja gospodarki, Ekonomista, nr 3, s. 281-302.
View in Google Scholar
Ratajczak, M., 2012b, Finansyzacja i jej wpływ na dobrobyt społeczny, w: Zagóra- Jonszta, U., Pęciak, R. (red.), Dokonania współczesnej myśli ekonomicznej. Egzemplifikacja pojęcia dobrobytu, Zeszyty Naukowe Wydziałowe Uniwersytetu Ekonomicznego w Katowicach, nr 103, s. 168-176.
View in Google Scholar
Ryoo, S., Skott, P., 2008, Financialization in Kaleckian Economies with and Without Labor Constraints, Working Paper 2008-05, Department of Economics, University of Massachusetts, Amherst.
View in Google Scholar
Sahay, R., Čihák, M., N'Diaye, P., Barajas, A., Bi, R., Ayala, D., Gao, Y., Kyobe, A., Nguyen, L., Saborowski, Ch., Svirydzenka, K., Yousefi, S.R., 2015, Rethinking Financial Deepening: Stability and Growth in Emerging Markets, IMF Staff Discussion Note, SDN/15/08.
View in Google Scholar
Taleb, N., 2014, Czarny łabędź, Kurhaus Publishing, Warszawa.
View in Google Scholar
Tobin, J., 1984, On the Efficiency of the Financial System, Lloyd's Bank Review, no. 153, s. 1-15.
View in Google Scholar
Tomaskovic-Devey, D., Lin, K.-H., Meyers, N., 2015, Did Financialization Reduce Economic Growth?, Socio-Economic Review, vol. 13, iss. 3, s. 525-548.
View in Google Scholar
Treeck, T. van, 2009, A Synthetic, Stock-flow Consistent Macroeconomic Model of "Financialisation", Cambridge Journal of Economics, vol. 33, no. 3, s. 467-493.
View in Google Scholar
Wigan, D., 2009, Financialisation and Derivatives: Constructing an Artifice of Indifferance, Competition & Change, vol. 13, no. 2, s. 157-172.
View in Google Scholar
Ząbkowicz, A., 2009, Wzrost znaczenia dochodów z operacji finansowych w korporacjach nie-finansowych (financialization) - kontekst instytucjonalny, Organizacja i Kierowanie, nr 2, s. 25-38.
View in Google Scholar
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Marek Ratajczak (Author)
This work is licensed under a Creative Commons Attribution 4.0 International License.
