2018 | Vol. 23, No 1 | 35-49
Article title

Sustainable Growth of International Financial Markets in the Context of International Capital Flows

Title variants
Languages of publication
In relation to financial markets sustainable growth is usually understood in a simplified and one-dimensional way as a share of financial market in the flow of investment resources from investors to projects that form part of broadly understood corporate social responsibility (CSR). Sustainable growth is usually described as an interconnection of three elements: economy, society, and environment. In such an approach the point of gravity clearly shifts towards the environmental dimension (natural resources) and the impact of economic growth upon the environment. However, if we assume that sustainable development per se goes beyond environmental and social aspects, we need to consider whether we could interpret the idea of "sustainable growth of the financial market" in relation to how economic system operates. In the paper the approach in the context of changes that take place in international financial markets and their impact upon stability of relations in international economy is proposed. The interest focuses especially on one of these elements, i.e., changes in the volume and structure of international capital flows. Hence, the goal of the paper is to analyse selected international aspects of capital flows against the background of challenges to sustainable growth of the global economy.(original abstract)
Physical description
  • University of Lodz, Poland
  • Alfaro, L., Chanda, A., Kalemli-Ozcan, S., Sayek, S. (2004). FDI and Economic Growth: the Role of Local Financial Markets. Journal of International Economics, 64(1), pp.89-112.
  • Almfraji, M. A., Almsafir M. K. (2013). Foreign Direct Investment and Economic Growth Literature Review from 1994 to 2012 International Conference on Innovation. Management and Technology Research, Malaysia, 22-23 September, published by Elsevier Ltd, http://www.sciencedirect.
  • com/science/article/pii/S187704281402850X Bekaert, G., Campbell, H.R., Lundblad, Ch. (2005). Does Financial Liberalization Spur Growth?. Journal of Financial Economics, Vol. 77, Issue 1, July, pp. 3-55.
  • Blake, D. (1990). Financial Market Analysis, McGraw-Hill Book Company, London
  • Borenszteina, E., De Gregoriob, J., Leec., J-W. (1998), How Does Foreign Direct Investment Affect Economic Growth?. Journal of International Economics Volume 45, Issue 1, 1 June, pp. 115-135.
  • Bussière, M., Schmidt, J., Valla, N. (2016). International Financial Flows in the New Normal: Key Patterns (and Why We Should Care). No 10, March, Policy Brief CEPII.
  • Dembinski, P. (2012). Finansjalizacja - klęska urodzaju w gospodarce, https://www.obserwatorfinansowy. pl/tematyka/rynki-finansowe/finansjalizacja-kleska-urodzaju-w-gospodarce/ Prof. Dembinski's lecture, NBP Economic Institute on 20 January in Warsaw, accessed on 30.10.2017.
  • Dziawgo, L. (2010). Zielony rynek finansowy. Ekologiczna ewolucja rynku finansowego. PWE, Warsaw.
  • Huppé, G.A., Silva, M.H. (2013). Overcoming Barriers to Scale: Institutional impact investments in low-income and developing countries. Published by the International Institute for Sustainable Development, IISD Report, overcoming-barriers- scale-institutional-impact-investments-low-income-and-developing
  • Iamsiraroj, S., Ulubaşoğlu, M.A. (2015). Foreign Direct Investment and Economic Growth: A Real Relationship or Wishful Thinking?, Economic Modelling, Volume 51, December, pp. 200-213.
  • Janicka, M. (2013). Struktura kapitału napływającego do krajów rozwiniętych i rozwijających się, ze szczególnym uwzględnieniem Polski [In:] Bartosik-Purgat, M., Schroeder, J. Trendy rozwojowe w gospodarce światowej. Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu, Poznań, pp. 83-92.
  • Janicka, M. (2016). Financial Markets And The Challenges Of Sustainable Growth, "Comparative Economic Research. Central and Eastern Europe", The Journal of University of Lodz, Volume 19, No. 2, Łódź, pp. 27-41.
  • Karwowski, J. (2010). Centra offshore na globalnych rynkach finansowych. PWE, Warszawa.
  • Kronenberg, J., Bergier, T. (red. nauk.). (2010). Wyzwania zrównoważonego rozwoju w Polsce. Fundacja Sendzimira, Kraków.
  • Lane, P.R., Milesi-Ferretti, G.M. (2017). International Financial Integration in the Aftermath of the Global Financial Crisis. IMF, Working Paper Research Department May.
  • Li, X., Liu, X. (2005). Foreign Direct Investment and Economic Growth: An Increasingly Endogenous Relationship World Development. Volume 33, Issue 3, March, pp. 393-407.
  • McKinsey Global Institute. (2017). The New Dynamics of Financial Globalization, August, financial-globalization
  • Milesi-Ferretti, G.M., Tille, C. (2010). The Great Retrenchment: International Capital Flows During the Global Financial Crisis Graduate. Institute of International and Development Studies Working Paper No. 18.
  • NBP. (2017). Financial Stability Report Financial Stability Department NBP, Warsaw.
  • OECD Stat.
  • Rajan, R.G., Subramanian, A. (2005). What Undermines Aid's Impact on Growth?, mimeo, IMF, September,
  • Wei, S.J. (2005). Connecting Two Views on Financial Globalization: Can We Make Further Progress?, Paper prepared for the 18th Annual TRIO Conference organized by University of Tokyo, Japan on December 9-10,
Document Type
Publication order reference
YADDA identifier
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.