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Globalna recesja i kryzys finansowy czy kryzys ekonomii?

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Bukowski S. I., Uniwersytet Technologiczno-Humanistyczny im. Kazimierza Pułaskiego w Radomiu; Wydział Ekonomiczny; Katedra Biznesu i Finansów Międzynarodowych
Acta Universitatis Lodziensis. Folia Oeconomica
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2011
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vol. 248
EN
Business cycle, economic expansion and recession are natural phenomena in market economy, such natural as inflow and outflow of the sea, or the phases of the moon. Recession is natural mechanism of clearance of the economy from the inefficient economic units and the mechanism of economic equilibrium restoring after turbulence connected with economic growth. Global recession begun in the 2008. But still in the end of November and beginning of December of 2007 the top point of business cycle in the American economy was noted. H. P. Minsky pays attention to the fragility of financial system before top turning point of business cycle. He states that during the dynamic economic growth the financial structures in the market economy are created which are susceptible to deflation, decrease of assets value, deep depression. Financial system stimulates consumer and investment demand, leads to full employment and high rate of economic growth, but with that process is connected with worsening of financing structure. Expansive economic policy (monetary and fiscal) intensifies negative tendencies and leads to the speculation bubbles, especially on the real estates market. Development of financial engineering, lack of the stockholders control over the relations between rate of return and risk make financial crises growing with recession deeper. The phenomena have described above determine depth of the present recession. Does present recession mean also crises of economics? It seems that no. Recession and financial crises are undoubtedly stimulus of new conceptions creation explaining the role of financial sector in the economy and in the process of economic growth. Undoubtedly, institutional economics can play substantial role in explaining of the reasons which have determined depth of present recession (problem of the owner’s control in the corporations). Government economic policy against recession is also substantial problem. Have the fiscal packets been necessary? If does not such that fiscal policy will bring long –term economic stagnation and destabilization of economies? Those questions are open. The author will try to outline answers based on the present state of the economic theory.
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Development of Financial Markets and Economic Growth: Case of Poland and Ireland

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Bukowski S. I., Uniwersytet Technologiczno-Humanistyczny im. Kazimierza Pułaskiego w Radomiu; Wydział Ekonomiczny; Katedra Biznesu i Finansów Międzynarodowych
Acta Universitatis Lodziensis. Folia Oeconomica
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2010
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vol. 241
PL
Wpływ rozwoju rynków finansowych na wzrost gospodarczy jest jednym z kontrowersyjnych problemów w teorii ekonomii. Wyniki badań R. Levine’a i innych ekonomistów zajmujących się tym zagadnieniem wydają się potwierdzać statystycznie istotny związek między rozwojem rynków finansowych a wzrostem gospodarczym. Celem referatu jest odpowiedź na pytanie czy występuje statystycznie istotny związek między rozwojem rynków finansowych a wzrostem gospodarczym w przypadku Polski i Irlandii. Badaniami objęto w przypadku Polski okres 1994–2007, zaś w przy- padku Irlandii okres 1996–2007. Wybór okresu wynikał z dostępności danych statystycznych, dotyczących badanego zjawiska w obu krajach. W referacie zaprezentowano wyniki wybranych badań innych autorów oraz wyniki badań własnych autora.
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Stopy oszczędności wewnętrznych a wzrost gospodarczy w krajach Europy Środkowej na przykładzie Polski, Czech, Słowacji oraz Węgier

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Olszewska G., Uniwersytet Technologiczno-Humanistyczny im. Kazimierza Pułaskiego w Radomiu; Wydział Ekonomiczny; Katedra Biznesu i Finansów Międzynarodowych
Acta Universitatis Lodziensis. Folia Oeconomica
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2010
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vol. 238
EN
Due to their specific economic situation and lack of developed financial markets, Central European countries such as Poland, the Czech Republic, Slovakia and Hungary felt the shortage of domestic savings very severely. In every economy domestic savings are the main source of mobilizing investment capital.
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The Prospects of Polish Membership in the EMU on the Background of Global Recession 2007–2009

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Bukowski S. I., Uniwersytet Technologiczno-Humanistyczny im. Kazimierza Pułaskiego w Radomiu; Wydział Ekonomiczny; Katedra Biznesu i Finansów Międzynarodowych
Acta Universitatis Lodziensis. Folia Oeconomica
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2010
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vol. 239
EN
Global recession of 2007–2009 has had a significant impact on the Eurozone functioning and has aroused much controversy over the monetary union membership of the new countries (including Poland) as well as the legitimacy of the monetary union formation by countries of different development levels and different degrees of fiscal discipline. Should Poland pursue full membership in the Economic and Monetary Union? If the answer is yes, then the question arises “when”? How should economy and the state get prepared for this move? There are no unambiguous answers to these questions. The aim of this paper is to outline possible answers and, first of all, to formulate problems for the discussion. The experience of the Eurozone countries from the period of 2007–2009 indicate that the economies which fulfilled the nominal convergence criteria in an “artificial” way, i.e. without thorough reforms in the area of public finance, markets – including labour market – have incurred high costs of the recession in the situation when they have neither their own currency not monetary policy. Poland’s full membership in the Economic and Monetary Union should be preceded by thorough reforms consisting in market (including the labour market) deregulation and liberalisation and the public finance reform. In the case of public finance the changes which are necessary refer to both reducing expenditure and taxes. The change in the public expenditure structure is also indispensable.
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Rozwój rynków finansowych a wzrost gospodarczy

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Bukowski S. I., Uniwersytet Technologiczno-Humanistyczny im. Kazimierza Pułaskiego w Radomiu; Wydział Ekonomiczny; Katedra Biznesu i Finansów Międzynarodowych
Acta Universitatis Lodziensis. Folia Oeconomica
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2012
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vol. 268
EN
The paper presents theoretical aspects of the relationship between financial market development and economic growth, and its effect in the Euro-12 area in the years 1991–2008. The first part of the paper also outlines results of selected empirical research of the influence of financial market development on economic growth. A multi-equation econometric model estimated by means of a classical method of least squares was usedand cointegration tests were also carried out. An analysis of interdependencies between the two selected indicators shows that there is a statistically significant relationship between the financial market development and economic growth in the Euro-12 area in the examined period.
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Analiza porównawcza stopnia integracji węgierskiego i słowackiego giełdowego rynku akcji z giełdowym rynkiem akcji w obszarze euro

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Bukowski S. I., Uniwersytet Technologiczno-Humanistyczny im. Kazimierza Pułaskiego w Radomiu; Wydział Ekonomiczny; Katedra Biznesu i Finansów Międzynarodowych
Acta Universitatis Lodziensis. Folia Oeconomica
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2012
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vol. 273
EN
The aim of this paper is to outline results of investigations into the degree of the Hungarian and Slovak equity market integration with the euro area stock market. In our investigations we used monthly data from the 1999:01–2011:12 period concerning the yield performance of the following indices: BUX, SAX, DJ EUROSTOXX, DOW JONES COMPOSITE AVERAGE. The model of the “growing impact of the common information component on stock market growth rates” estimated by means of GARCH(1,1) was used as a measure of the equity market integration. In the period from 1999 to 2004, the Hungarian equity market was more integrated with the euro area equity market than with the global equity market. But in the period 2005–2011 degree of Hungarian equity market integration with the global equity market was much higher then degree of integration with the euro area equity market. On the other hand, the Slovak equity market was more integrated with the global market in the 1999–2004 period whereas in the years 2005–2011 its higher integration degree with the euro area stock market was noted accompanied by a low integration degree with the global market.
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