The relationship between financial markets and the development of the Polish economy
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 2
Abstract
In the period 1990-2012, the Polish economy has grown faster than the world economy and European economy, however changes in the structure of our GDP were not favorable. Increased differences in social position and income of Poles. Wages and salaries grew at a much slower rate than the value added and GDP. Privatized almost 90% state-owned enterprises, mainly in industry and construction. Economic growth became more and more dependent on imported technology, machinery and supply of intermediate goods. Many well-known, successful in the nineties of the twentieth century, companies failed or passed into foreign hands. The money supply to the polish banking sector has grown more slowly than incomes of non financial sector (households and enterprises). Propensity to save in banks decreased. Partly it happened because of the obligatory saving in OFE, partly due to the popularization of investment funds. In mid-2008, the value of non-financial sector deposits was the first time less than the loans. In subsequent years, a positive credit gap has widened. It has been filled in the interbank credit, given by the parent corporations. International monetary institutions, that have supported financially their subsidiaries established in Poland, decided to issue of credit money in our country. For example: During the first three quarters of 2012, in connection with the crisis in the euro area, non-residents withdrew from the Polish banking sector net capital in the amount of 43 billion USD. This had a significant impact on the decline in domestic demand and, consequently, the very low growth of Polish GDP. The presence of transnational corporations not always limited economic sovereignty, but you can not ignore this threat, if Poland wants to keep the partnership with higher developed, prosperous international environment.
Authors and Affiliations
Grażyna Ancyparowicz
Keywords
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