Kapitał finansowy a wzrost gospodarczy w Polsce

Abstract

Dynamic transformations in global economy have produced an urgent need to develop knowledge and to intensify scientific reflection over problems generated, also in Poland, by these transformations in modern financial systems. The monograph investigates trends and direction in the evolution of global and Polish financial systems. Against this backdrop, surveys have demonstrated a close linkage between financial and economic development. Financial system cannot operate without the real sector while the real sector may not operate efficiently and grow without a financial system. We have also been able to show that there is a feedback between financial and economic development. This has provided an impulse for future, more in-depth examination of the relationship between one of the mot dynamically developing segments of the financial market: investment banking and economic growth. At the source of our investigation there was a conviction that processes which have been taking place in investment banking sector in Poland, with its economy still at the stage of transformation, can be described and explained. Recent decades witnessed very rapid and unexpected developments across the world economy. High pace of changes in contemporary economies has not been indifferent to global financial systems. In economics, many theoretical approaches have evolved or been replaced with new concepts. That is the effect of, inter alia, the outbreak of the latest Global Financial Crisis, the emergence of new needs and urgent problems of the contemporary world, including the world of finance. Financial capital is one of the major catalysts of growth. Linkages between financial (financial system) and economic development have been studied since the beginning of the 1990s. The monograph focuses attention mainly on comparative analysis of institutional and functional aspects and on the relevance and impact of investment banking (more broadly accumulated financial capital) upon the development of modern market economies. The publication discusses main development stages of investment banking in the world and current tendencies observed in this area. These considerations are presented against the convergence of Anglo-American and continental financial systems. Due to the fact that investment banking forms part of financial services sector, its impact on growth is reflected in functions performed by the financial system in market economy. In Poland, interest in the role of capital as promoter of economic growth, including investment banking, emerged relatively early following the beginning of systemic transformations in 1989. In the early stages, investment banking was perceived as another range of services that could be offered by commercial banks, disregarding deeper relationships between investment banking and economic policy. We missed a wider perspective on investment banking in the context of the development of the financial system as such. On top of that, it was demonstrated that the increasing role of investment banking in Polish economy should have effects on further economic growth, which, in turn, should imply further development of investment banking. The publication consists of four chapters. The first one provides an overview of general characteristics of financial systems in modern market economy. The second chapter explains what investment banking is about and how relevant it is to modern financial systems. Investment banking is presented in functional term, i.e., in the context of services it offers. The third chapter includes a theoretical and analytical sections. It describes the specific role played by investment banking in economic growth of countries through financial development. The chapter demonstrates the place of investment banking in contemporary market economy and its relevance for economic growth. The fourth chapter is devoted entirely to Polish economy and studies of interdependences of investment banking, financial development and economic growth. Our attempts to analyse available international statistical data have shown that economic growth stimulates financial development. Underdeveloped and underperforming financial systems are a vital reason why many developing countries still exhibit low growth rate. Based on our studies, we were also able to prove that the developments in the Polish economy and the development of investment banking services influence each other, which coincides with the outcomes of international empirical studies. We also tried to empirically validate the relationships between economic growth and the development of investment banking through financial development. An econometric cause-effect model was built based on observations of statistical data from the years 1994–2004 with special attention paid to investment banking services. Studies demonstrated that there is interdependence between capital – measured in terms of development of the investment banking sector – and economic growth in Poland. We also provided evidence that economic growth remains closely connected with financial development and its intensity depends on financial advancement of a given country. In conclusion, as a result of structural transformations in international financial markets and in the face of the recent Global Financial Crisis, investment banking should play a major and supporting role vis-à-vis emerging economic phenomena.