PL EN


2016 | 269 | 99-111
Article title

Optimizing the level of bank credit to promote economic growth. Implications for Poland

Content
Title variants
PL
Optymalizacja poziomu kredytu bankowego we wspieraniu wzrostu gospodarczego. Implikacje dla Polski
Languages of publication
EN
Abstracts
EN
Services of the financial sector is one of the most important catalysts of economic growth. The main focus is the analysis of one of the elements characteristic and strongly interacting in recent decades, the participation of credit intermediation in promoting economic growth. The Global Financial Crisis has affected the changes in the architecture of the global financial system. In this paper the main attention is directed towards trying to optimize the bank credit to GDP ratio in the Polish economy We obtained that the optimal level of financial depth is 0.43 in the case of Polish economy. If the financial depth is below this level then it has positive impact on the economic growth. Above this level, financial system in Poland seems to be “too large” compared to the size of the domestic economy. Above this line the financial development hits negative social returns.
PL
Usługi sektora finansowego są jednym z najważniejszych katalizatorów wzrostu gospodarczego. Główna uwaga jest zwrócona w kierunku próby optymalizacji relacji kredytu bankowego do PKB w polskiej gospodarce. Globalny Kryzys Finansowy ponownie ukazał pewne nieprawidłowości w funkcjonowaniu i rozwoju sektora finansowego i jego „przecenionego” oddziaływania na wzrost gospodarczy. Na podstawie przeprowadzonych badań stwierdzono, iż optymalny poziom udziału kredytów bankowych w stosunku do PKB za lata 2000-2015 wynosi 43%. Poniżej tego poziomu potencjał wzrostowy gospodarki nie jest w pełni wykorzystywany. Jeśli analizowana relacja przekracza 0.43, to wówczas nadmierne zadłużenie gospodarstw domowych i konieczność płacenia wysokich rat hamuje popyt wewnętrzny i prowadzi do niższej stopy wzrostu PKB.
Year
Volume
269
Pages
99-111
Physical description
Contributors
  • University of Lodz. Faculty of Economics and Sociology. Department of Econometric Models and Forecasts
  • University of Lodz. Faculty of Economics and Sociology. Department of International Economic Relations
References
  • Arcand J.L., Berkes E., Panizza U. (2012), Too Much Finance? IMF Working Paper, WP/12/161.
  • Bagehot W. (1873), Lombard Street, Richard D. Irwin (edition 1962), Homewood, IL.
  • Beck T., Levine R., Loayza N. (2000), Finance and the Sources of Growth, “Journal of Financial Economics”, No. 58, pp. 261-300.
  • Beck T., Levine R. (2004), Stock Markets, Banks, and Growth: Panel Evidence, “Journal of Banking and Finance”, No. 28(3), pp. 423-442.
  • Chiang A.C. (1994), Podstawy ekonomii matematycznej, Polskie Wydawnictwo Ekonomiczne, Warszawa.
  • Ciccone A., Jarociński M. (2008), Determinants of Economic Growth. Will Data Tell? ECB Working Paper, No. 852.
  • Demirguc-Kunt A., Maksimovic V. (1998), Law, Finance and Firm Growth, “Journal of Finance”, No. 53, pp. 2107-2138.
  • Harcourt G.C. (1975), Spory wokół teorii kapitału, Polskie Wydawnictwo Ekonomiczne, Warszawa.
  • Jayaratne J., Strahan P.E. (1996), The Finance-Growth Nexus: Evidence From Bank Branch Deregulation, “Quarterly Journal of Economics”, No. 111, pp. 639-670.
  • Kindleberger C.P. (1978), Manias, Panics, and Crashes: A History of Financial Crises, Basic Books, New York.
  • King R.G., Levine R. (1993), Finance and Growth: Schumpeter Might Be Right, “The Quarterly Journal of Economics”, No. 108, pp. 681-737.
  • King R.G., Levine R. (1993), Finance, Entrepreneurship, and Growth: Theory and Evidence, ”Journal of Monetary Economics”, No. 32, pp. 513-542.
  • Levine R., Loayza N., Beck T. (2000), Financial Intermediation and Growth: Causality and Causes, “Journal of Monetary Economics”, No. 46(1), pp. 31-77.
  • Loayza N., Ranciere R. (2006), Financial Development, Financial Fragility, and Growth, “Journal of Money, Credit and Banking”, No. 38(4), pp. 1051-1076.
  • Lucas R.E. (1998), On the Mechanics of Economic Development, “Journal of Monetary Economics”, No. 22, pp. 3-42.
  • Mendoza E., Terrones M. (2012), An Anatomy of Credits Booms and Their Demise, “The Chilean Economy”, Vol. 15, No. 2, pp. 4-32.
  • Minsky H.P. (1974), The Modeling of Financial Instability: An Introduction, in Modelling and Simulation, Proceedings of the Fifth Annual Pittsburgh Conference, Vol. 5, Instruments Society of America, pp. 267-72.
  • Moral-Benito E. (2010), Panel Growth Regressions With General Predetermined Variables: Likelihood-Based Estimation And Bayesian Averaging, CEMF Working Paper, No. 1006.
  • Rajan R., Zingales L. (1998), Financial Dependence and Growth, “The American Economic Review”, No. 88, pp. 559-586.
  • Rioja F., Valev N. (2004a), Finance and the Sources of Growth at Various Stages of Economic Development, “Economic Inquiry”, No. 42, pp. 27-40.
  • Rioja F., Valev N. (2004b), Does One Size Fit All?: A Reexamination of the Finance and Growth Relationship, “Journal of Development Economics”, No. 74.
  • Robinson J. (1952), The Generalization of the General Theory [in:] J. Robinsons, The Rate of Interest and Other Essays, Macmillan, London.
  • Rousseau P.L., Wachtel P. (2002), Inflation Thresholds and the Finance-Growth Nexus, “Journal of International Money and Finance”, No. 21.
  • Rousseau P.L., Watchel P. (2011), What is Happening to The Impact of Financial Deepening on Economic Growth?, “Economic Inquiry”, No. 49, pp. 276-288.
  • Schularick M., Taylor A.M. (2012), Credit Booms Gone Bust: Monetary Policy, Leverage Cycles, and Financial Crises: 1870-2008, “American Economic Review”, Vol. 102, No. 2, pp. 1029-1061.
  • Schumpeter J. (1911), The Theory of Economic Development, Harvard University Press, Cambridge, MA.
  • Solow R. (1956), A Contribution to the Theory of Economic Growth, “Quarterly Journal of Economics”, No. 70(1), pp. 65-94.
  • Świeczewska I. (2009), Total Factor Productivity. The Embodied Capital of Knowledge [in:] W. Welfe (ed.), Knowledge-based Economies: Models and Methods, Peter Lang, Frankfurt am Main.
  • Tokarski T. (2009), The Supply-Side Determinants of Economic Growth [in:] W. Welfe (ed.), Knowledge-based Economies: Models and Methods, Peter Lang, Frankfurt am Main.
  • Welfe A., Welfe W. (2009), Macroeconomic Models of the Knowledge-Based Economy [in:] W. Welfe (ed.), Knowledge-based Economies: Models and Methods, Peter Lang, Frankfurt am Main.
  • Wolf M. (2009), Why dealing With the Huge Debt Overhang Is So Hard, “Financial Times”, January 27.
Document Type
Publication order reference
Identifiers
ISSN
2083-8611
YADDA identifier
bwmeta1.element.cejsh-6b98829d-54ce-4642-b1b1-582efd7cfdf6
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.