Głębokość finansowa a zmienność PKB

• Authors: Pietrucha Jacek

Title variants

EN

Financial Depth and Volatility of Gdp

• Languages of publication: PL EN

Abstracts

EN

This paper reviews relationship between the financial sector and the real one and especially the role of financial depth for volatility of GDP. Financial deepening is a critical part of the overall development process of a country. Well-developed financial sector can help dampen the negative shocks but it is crucial to distinguish between real and financial shocks, whereby the latter can be exacerbated by deeper financial systems. Recent research shows systematic relationship between credit booms and a boom-bust cycle in production, asset prices, real exchange rates and external deficits.

Keywords

PL

głębokość finansowa; rozwój finansowy, zmienność PKB; cykl wzrostu i załamania; boom kredytowy

EN

financial dept; financial development; GDP volatility, boom and bust cycle; credit boom

• Publisher: Wydawnictwo Naukowe Uniwersytetu Szczecińskiego
• Journal: Przegląd Zachodniopomorski
• Year: 2014
• Issue: 3/1
• Pages: 55-67

Contributors

author

Pietrucha Jacek

References

• Agnello L., Schuknecht L., Booms and Busts in Housing Markets: Determinants and Implications, „Journal of Housing Economics” 2011, vol. 20. Ahrend R., Cournčde B., Price R., Monetary Policy, Market Excesses and Financial Turmoil, OEC D Economics Department Working Papers 2008, no. 597. Akerlof G., Shiller R., Zwierzęce instynkty, Studio Emka, Warszawa 2010. Backe P., Wójcik C., Credit Booms, Monetary Integration and the New Neoclassical Synthesis, „Journal of Banking & Finance” 2008, vol. 32. Barajas A., Beck T., Dabla-Norris E., Reza Yousefi S., Too Cold, Too Hot, Or Just Right? Assessing Financial Sector Development Across the Globe, IMF Working Paper 2013, WP 13/81. Beck T., Finance for Development: A Research Agenda, DEGRP Research Report 2013. Beck T., Lundberg M., Majnoni G., Financial Intermediary Development and Growth Volatility: Do Intermediaries Dampen or Magnify Shocks?, World Bank, Policy Research Working Paper 2001, no. 2707. Bernanke B., Gertler M., Gilchrist S., The Financial Accelerator in a Quantitive Business Cycle Framework, NBER Working Paper 1998, no. 6455. Bertay A., Demirgüč-Kunt A., Huizinga H., Bank Ownership and Credit over the Business Cycle, Policy Research Working Paper 2012, no. 6110. Cecchetti S., Flores-Lagunes A., Krause S., Assessing the Sources of Changes in the Volatility of Real Growth, NBER Working Paper Series 2006, no. 11946. Cull R., Martinez Peria M., Bank Ownership and Lending Patterns during the 2008–2009 Financial Crisis: Evidence from Latin America and Eastern Europe, World Bank Policy Research Working Paper 2012, no. 6195. Dabla-Norris E., Srivisal N., Revisiting the Link Between Finance and Macroeconomic Volatility, IMF Working Paper 2013, WP 13/29. Denizer C., Iyigun M., Owen A., Finance and Macroeconomic Volatility, World Bank, Policy Research Working Paper 2000, no. 2487. Easterly W., Islam R., Stiglitz J., Shaken and Stirred, Explaining Growth Volatility, Annual Bank Conference on Development Economics, World Bank, Washington D.C. 2000. Elekdag S., Wu Y., Rapid Credit Growth: Boon or Boom-Bust?, IMF Working Paper 2011, WP 11/241. Feyen E., Letelier R., Love I., Maimbo S., Rocha R., The Impact of Funding Models and Foreign Bank, Ownership on Bank Credit Growth. Is Central and Eastern Europe Different?, World Bank, Policy Research Working Paper 2014, no. 6783. Lane P., McQuade P., Domestic Credit Growth and International Capital Flows, „Scandinavian Journal of Economics” 2014, vol. 116 (1). Lubiński M., Aktywność kredytowa banków w cyklu koniunkturalnym, w: Badanie koniunktury – zwierciadło gospodarki, cz. 1, red. K. Walczyk, Prace i Materiały Instytutu Rozwoju Gospodarczego SGH, Warszawa 2012. Lubiński M., Wpływ akceleratora finansowego na przebieg wahań koniunkturalnych, w: Pomiędzy polityką stabilizacyjną i polityką rozwoju, red. J. Stacewicz, Prace i Materiały Instytutu Rozwoju Gospodarczego SGH, Warszawa 2012. Mendoza E., Terrones M., An Anatomy of Credit Booms and their Demise, NBER Working Paper Series 2012, no. 18379. Mendoza E., Terrones M., An Anatomy of Credit Booms: Evidence From Macro Aggregates and Micro Data, NBER Working Paper Series 2008, no. 14049. Raport o stabilności finansowej, czerwiec 2008, NBP, Warszawa 2008. Rötheli T., Boundedly Rational Banks’ Contribution to the Credit Cycle, „The Journal of Socio-Economics” 2012, no. 41. Taylor J., Zrozumieć kryzys finansowy, Wydawnictwo Naukowe PWN , Warszawa 2010.