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1
Content available remote

‘They seemed like super businessmen’ : financial instruments in social housing policy

100%
Čada K.
Critical Housing Analysis
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2018
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vol. 5
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issue 2
56-67
EN
This article explores the trajectory of so-called guaranteed social housing in the Czech Republic as an example of penetrating financial instruments into the public policy realm. The project, promoted by the government’s Agency for Social Inclusion, was intended to encourage private landlords to rent their properties to people in need through commercial insurance against the risk of rent defaults. Using policy documents, media and interviews with governmental officers, the article describes the performative strength of financial instruments in the sphere traditionally occupied by the welfare state. In financialisation literature, the proliferation of financial instruments is often described as a one-way process in which these instruments colonise public domains. However, the empirical case discussed in the article shows that this process is much more complex and contingent, and financial instruments are not used as the best option but rather as a last resort in a situation marked by weak policies.
2
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Financialisation, home equity, and social reproduction : relational pathways of risk

100%
Castro Baker A.
Critical Housing Analysis
|
2018
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vol. 5
|
issue 2
27-34
EN
This paper argues that financialisation exacerbates gender inequity in the United States. During the Recession, wealth-stripping activities were targeted at single female homeowners prompting severe asset depletion among single women, people of color, and those who depend on them. Rather than protecting them from risk, their home equity and bodies absorbed the failures of capitalism within their network. The paper draws on a thematic analysis of interviews with 21 single female homeowners who experienced mortgage default. Rather than focusing on risk incidence, I take their relational pathways as the object of inquiry demonstrating how activities of gendered care work act as conduits and amplifiers of financialised risk that extends the responsibility for unpaid social provision throughout the lifespan. The analysis demonstrates how their status as homeowners positioned them in between market failures and the consequences of austerity thereby restructuring the function of home equity.
3
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The Domestication of Financial Objects : Narrativisation, Appropriation and Affectivation

100%
Čada K., Ptáčková K.
Sociologický časopis. Czech Sociological Review
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2017
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vol. 53
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issue 6
857-879
EN
The article explores the general question of how family members articulate the rational and moral dimensions of the economy and the role in this played by language and family discourse - how families do the economy with words. It examines the resources family members employ family discourse to interpret and justify their economic behaviour, and puts forth the hypothesis that economic terms are re-articulated through everyday practices in the family world and that conversations inoculate expert terms with specific meanings. The article introduces the moral economy as a crucial principle of sense-making in family economic discourse and highlights the perception of the future as a key distinction between financial market economies and family-specific moral economies. Three mechanisms by which finance is domesticated are identified: (1) narrativisation - where financial objects are interpreted through the narratives of family history; (2) appropriation - where financial objects are embedded in the family moral economy; and (3) affectivation - where emotions change the meanings attached to financial objects. Narrativisation situates financial objects in time, appropriation sets them in the context of the family-specific moral economy, and affectivation connects them with personal identity and authentic experience.
4
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Financialised privatisation, affordable housing and institutional investment : the case of England

100%
Wijburg G., Waldron R.
Critical Housing Analysis
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2020
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vol. 7
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issue 1
114-129
EN
Historically, public and affordable housing has been provided by the state in close conjunction with local authorities, public housing developers, and other social housing providers. Yet, affordable rental homes are now increasingly being managed, produced, or acquired by private equity firms and other institutional investors. In this contribution, we argue that ‘financialised privatisation’ is a helpful concept for understanding these shifts in state-finance compromises within the post-crisis affordable housing sector. Drawing on the case of England, we first discuss the major mechanisms of financialised privatisation and examine how an increasingly polymorphous affordable housing sector has emerged with a focus on multi-tenure and mixed-income housing tenures. We then discuss the possible challenges of this transformation and conclude that it remains very much a question whether a privately funded housing system will emerge that provides genuinely affordable housing and reduces inequalities.
5

Can Global Imbalances Continue? The State of the United States Economy

100%
Siddiqui K.
Argumenta Oeconomica Cracoviensia
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2020
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issue 2(23)
11-32
EN
Objective: This study investigates the issue of global imbalances by exploring, in a historical context, the interconnections between the United States current account imbalances and the processes underlying allocative inefficiency, financialisation and austerity politics. Research Design & Methods: A comprehensive review of published studies is the research methodology used in this article. Published secondary data from both governments and international institutions are presented and discussed. Findings: The study find that the deep nature of the current imbalances and economic crisis in the United States could adversely affect the rest of the world. Although the IMF and other institutions of global governance have now questioned the effectiveness of neoliberal policies, the severe measures the IMF advocates in response to current account deficits could presage yet another era of anti-growth austerity measures in the United States. Implications/Recommendations: There are features of the current account US imbalances situation that have the potential to exacerbate negative trends and to further fuel adverse economic and political outcomes. The study suggests that a coordinated, US-led international response to a future global recession could be even more deficient than the current response to climate change. Contribution: The paper makes a contribution to the literature on the failures of global governance and critically examines the economic risks of the current situation that are being compounded by the political approach of the Trump Administration, which characterises US trade partners as adversaries in need of coercion through tariffs and strident rhetoric.
6

The Current Economic Paradigm in the Light of Financialisation

100%
Dudziński J.
Folia Oeconomica Stetinensia
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2012
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vol. 10
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issue 1
20-35
EN
The paper presents the direction of the mainstream economics paradigm shift and the evidence supporting the inadequacy of its several foundations. The author puts emphasis in particular on the aspects of financialisation in international markets and its impact on the current economic life. International commodity markets provide a good reflection of the effects of financialisation. Current price movements in these markets are determined to a large extent by the engagement of financial investors, which has serious implications to the practical aspect of the economy and contributes to the changes in the nature of several basic economic categories. These markets can be, therefore, considered a certain detailed case study illustrating the general theoretical problems analysed in the paper (directions of evolution of the current economic paradigm).
7
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The Effect of Ownership Structure on Dividend Policy and Shareholder Value: A Financialisation Perspective on Construction Companies in Poland

100%
Oleksy P., Zyguła A.
Central European Economic Journal
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2017
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vol. 3
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issue 50
EN
In the paper, we examine the impact of ownership structure on dividend policy and shareholder value in non-financial companies from construction sector in Poland. More specifically, by distinguishing between financial and non-financial shareholders, we verify the involvement of financial institutions in company ownership and how it translates into changes in major dividend and shareholder value indicators. Our results show that the presence of financial investors in the ownership structure has a positive impact on probability that the company will pay out dividends, what is symptomatic for financialisation. However, there is not enough evidence to support similar conclusion regarding shareholder value creation.
8

Finansyzacja w gospodarce światowej

100%
Gostomski E.
International Business and Global Economy
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2014
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vol. Volume 33
299–311
EN
This paper aims to present the essence of financialization and outline the main problems associated with the intensification of this phenomenon in the world economy. Financialization, understood as the dominance of the financial sector over the real sector, which is most evident in the United States, was one of the major causes of the global financial crisis. Basing his analysis on Polish and foreign literature and statistical data, the author presents the main causes, intensity, and consequences of financialization in developed countries. Special attention is paid to the negative consequences of financialization in the world. It is unlikely to stop the process of growing financialization. However, action in favor of greater regulation of financial markets, which could stabilize their functioning and protect the real economy from the painful effects of successive financial crises, should be taken.
9

Socjalizacja ekonomiczna dzieci i młodzieży

100%
Harmacińska M., Szmelter M.
International Business and Global Economy
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2015
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vol. Volume 34
184–197
EN
This paper focuses on children’s economic socialisation, especially its financial aspect. It adopts an interdisciplinary approach and the aim of its authors is to indicate the tendencies in global business life which influence the process of economic socialisation, as well as to present the conclusions based on the analysis of the stages and factors of economic socialisation and the behaviour contract as a very effective method of children’s financial socialisation. The methods used in the paper include the analysis of specialist literature and observation. Economic socialisation continues through childhood into adult life of an individual and determines the process of his pursuit of enrichment, which takes place both in the context of the child’s cognitive and social development. Paying attention to children’s economic socialisation is important, because it is during childhood when the habits related to the consumption, budgeting and saving are being shaped.
10
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The emergence and development of the cryptocurrency as a sign of global financial markets financialisation

100%
Poskart R.
Central European Review of Economics & Finance
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2022
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vol. 36
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issue 1
53-66
EN
The article presents one of the most important, in the author's opinion, manifestations of further intensification of the processes of financialisation of global financial markets, which was the emergence of decentralized digital currencies (so-called cryptocurrencies) based on blockchain technology. Their creation and existence on the global financial market have been widely considered as one of significant effect of the global financial crisis, which symbolic beginning is September 15, 2008, when one of the largest US investment banks Lehman Brothers collapsed. The worldwide COVID-19 pandemic has only highlighted the importance of this effect of financialization. The purpose of the article is to present the impact of cryptocurrencies, including bitcoin, on the deepening of the processes of financialisation of modern financial markets. Author analysis is based on statistical data, on the literature review and documents of world financial institutions.
11
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The nexus between the financial system and economic growth: GMM estimation with panel data

88%
Gemen S.
Zeszyty Studenckie Wydziału Ekonomicznego „Nasze Studia”
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2017
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issue 8
200-208
EN
This paper investigates the relationship between the financial system and economic growth. Understanding this nexus is important in order to draft and implement policy measures that safeguard economic welfare based on sound financial markets. In spite of the growing number of scholars who research in this area, there is a substantial amount of unanswered questions and a lively debate with contrasting views on basic processes. The main research question that will be answered in this paper is: What is the relationship between the financial system and economic growth? This question also answers which variables of the financial system have an impact on the real economy, which variables are most relevant contributors to economic growth and if differences between different groups of countries can be identified. The analysis is executed using the Arellano‐ Bond generalized method of moments (GMM) estimator based on panel data. The dataset consists of macroeconomic control variables and financial stock market and banking system variables from 74 countries over the time period 1988–2014. The results vary substantially between the panels under analysis. At the same time it can be said, that market capitalisation is the strongest predictor of economic growth. The analysis further shows that the banking system variables are largely negatively correlated with economic growth.
PL
W artykule badana jest relacja zachodząca między systemem finansowym a wzrostem gospodarczym. Zrozumienie tej relacji jest bardzo ważne przy opracowywaniu i wdrażaniu programów politycznych, mających na celu rozwój ekonomiczny oparty na solidnej bazie rynków finansowych. Mimo coraz większej liczby naukowców, którzy badają tę dziedzinę, znaczna ilość pytań pozostaje bez odpowiedzi, a ożywiona debata uwypukla przeciwstawne poglądy na temat podstawowych procesów. Główne pytanie badawcze brzmi: Jaki związek występuje pomiędzy systemem finansowym a wzrostem gospodarczym? To pytanie pozwala udzielić odpowiedzi także na to, jakie zmienne systemu finansowego wpływają na realną gospodarkę, które zmienne uchodzą za najistotniejsze czynniki wzrostu gospodarczego, oraz czy można zidentyfikować różnice pomiędzy różnymi grupami krajów. Analiza została przeprowadzona za pomocą uogólnionej metody momentów (GMM) Arellano‐Bonda na podstawie danych panelowych. Zestaw danych składa się ze zmiennych kontrolnych gospodarki oraz ze zmiennych finansowych z 76 krajów w okresie 1988–2014 r. Wyniki analizy różnią się znacznie pomiędzy panelami. Jednocześnie można stwierdzić, że kapitalizacja giełdowa jest najsilniejszym czynnikiem wzrostu gospodarczego. Analiza pokazuje ponadto, że zmienne systemu bankowego są negatywnie skorelowane ze wzrostem gospodarczym.
12
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Content available

Urban Development Policy Challenges in East-Central Europe: Governance, City Regions and Financialisation

88%
Buček J.
Quaestiones Geographicae
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2016
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vol. 35
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issue 2
7-26
EN
This paper responds primarily to current innovations that have emerged in urban development policy during the last decades also in East-Central Europe. Prior to the change of the social regime, we notice more traditional approaches in the urban development policy - public consumption, economic development and environmental issues. Among current urban development challenges in this region we may focus on governance, city regions, and financialisation. Besides an outline of a general framework, their application is studied in the case of Bratislava. We argue that especially economic development and environmental issues were neglected in the urban development policy during the socialist period. More elementary development issues obtained priority as policy positions during the early transition period. Taking up more current challenges was delayed compared with western cities, and they have specific features. Nevertheless, it seems that cities in this region recognised the importance of the mutually multiplying effects of governance, city regionalism and financialisation in an urban development policy.
13
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Therole of mortgage subsidies in the Croatian economic growth strategy: a political-economy approach to the SSK

88%
Fernández A., Bežovan G.
Critical Housing Analysis
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2023
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vol. 10
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issue 1
50-65
EN
Since 2017, Croatian housing policy has focused on promoting homeownership through the SSK programme – a form of mortgage subsidisation that covers a proportion of housing costs. Although this policy aimed to improve affordability and increase homeownership, a recent economic evaluation has shown that the SSK has in fact contributed to rising house prices and has been ineffective at raising the homeownership rate. While econometric research has identified the impact that the SSK has had on house price volatility and affordability, the underlying factors leading to the implementation of this subsidy, as well as its broader societal impacts, remain under-researched. Through a political-economy lens, this paper analyses the context that led to the inception of the SSK, its core targeting principles, and its impact on the housing market. We ask: How does this subsidy position the Croatian housing market within the national strategy for economic growth and social policy provision? We argue that this policy’s impact on housing markets is twofold. First, the SSK reinforces a shift towards financialised growth through increased asset prices. Second, this subsidy shifts the focus of social policy towards mortgage markets, thereby furthering the privatisation of the welfare state and favouring middle-income groups. This paper’s contribution resides in critically discussing the SSK beyond its stated goals and contextualising it within the broader model of economic growth dependent on private finance. Through interviews with relevant stakeholders, descriptive data indicators, and a review of policy documents, this paper characterises the Croatian growth strategy as a form of small-scale financialisation that relies on aligning social policy with mortgage markets. Finally, we position the SSK within a wider array of finance-led housing policies and suggest the formulation of a comprehensive housing strategy tailored to the broader segments of Croatian society.
14
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Credit as a source of debts and wealth

63%
Schraten S.
Przegląd Socjologiczny
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2016
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vol. LXV (65)
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issue 3
81-110
EN
This article analyses how easily accessible financialised consumer credit changes the social character of money as such. It is clear that contemporary consumer credit markets entail dangers of increasing levels of over-indebtedness, as well as opportunities for the growing economic independence of citizens. Financialised consumer credit is characterised by three factors: complex regulation, the option of resale of debts, and high costs for the customer. My main argument is that the consequences of financialised consumer credit markets can be governed by arranging institutions properly. In other words, it is argued that financialised consumer credit is neither good nor bad in general, but that its social acceptability will be the outcome of a complex regulatory arrangement. To demonstrate the options of such an arrangement, this article investigates the market conditions in Germany and compares them to some features of Poland.
PL
Przedmiotem analizy jest sposób, w jaki łatwo dostępny, sfinansjalizowany kredyt konsumencki zmienia społeczny charakter pieniądza jako takiego. Najwyraźniej współczesne rynki kredytów konsumenckich pociągają za sobą większe niebezpieczeństwo nadmiernego zadłużenia, ale także możliwości zwiększania się niezależności ekonomicznej obywateli. Sfinansjalizowany kredyt konsumencki charakteryzuje się trzema cechami: złożoną regulacją, możliwością odsprzedaży długów oraz wysokimi kosztami klienta. Moją główną tezą jest, że konsekwencje działania rynków sfinansjalizowanych kredytów konsumenckich mogą być regulowane przez prawidłowo zorganizowany układ instytucjonalny. Innymi słowy uważam, że sfinansjalizowany kredyt konsumencki generalnie nie jest ani dobry, ani zły, a jego akceptacja społeczna będzie wynikiem złożonego układu regulacyjnego. Aby zademonstrować możliwości takiego układu, w artykule badane są warunki rynku w N iemczech i porównywane do pewnych cech rynku w Polsce.
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Financialisation – the Essence of the Phenomenon

63%
Fierla A., Grygiel- Tomaszewska A.
Ekonomika i Organizacja Przedsiębiorstwa
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2017
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issue 4 (807)
47-54
EN
For years now the impact of the financial markets on the real economy has been growing. The phenomenon is often referred to as financialisation. However, there is no consensus among researchers investigating this subject as to a number of issues, starting with the definition of the phenomenon, through the interpretation of the scale and scope of its impact and finally on how to measure financialisation – as a process or as a state. A number of opinions on this matter have been formulated to date. Some researchers view financialisation in a very wide context (as extending beyond the scope of an economy), whereas some in a very narrow context (as that which only applies to the financial sector or which is a specific process entailing a section of the economy). Intermediate variants are also quite often in use. The purpose of this article is to present a review of the major notions pertaining to financialisation.
PL
Trwający od lat i wciąż narastający wpływ rynków finansowych na realną gospodarkę, określany terminem finansjalizacja, nie ulega wątpliwości. W środowisku badaczy tematu brak jest jednak consensusu co do szeregu kwestii z nim związanych, począwszy od definicji zjawiska, poprzez interpretację skali oraz zakresu owego wpływu czy wreszcie określenie jak należy finansjalizację mierzyć – jako proces czy jako stan. Jak dotąd sformułowanych zostało szereg poglądów w tym zakresie. Część badaczy postrzega finansjalizację bardzo szeroko (jako wykraczającą poza ramy gospodarki), część – szeroko (jako bezpośrednio dotyczącą gospodarki), zaś inni wąsko (jako dotyczącą wyłącznie sektora finansowego lub będącą konkretnym procesem obejmującym część gospodarki). Nierzadko stosowane są warianty pośrednie. Celem niniejszego artykułu jest zaprezentowanie przeglądu najważniejszych stanowisk naukowych dotyczących finansjalizacji.
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Content available remote

Financialisation of Non-financial Corporates: Evidence from the Polish Real Estate Development Market

63%
Oleksy P., Zyguła A.
Świat Nieruchomości
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2016
|
issue 4(98)
15-22
EN
The dynamic expansion of financial markets and institutions in last decades has affected all spheres of the real economy, leading to substantive changes in its functioning both at macro- and microeconomic level. The process, known as financialisation, is evolving and bringing both positive and negative outcomes. In the paper we examined the scale of this phenomenon based on selected measures and indicators of development companies operating on the Polish real estate market. The general tendency in changes in financial assets and liabilities, as well as in financial revenues and expenses reveals relatively clear symptoms of progressive financialisation within this industry over the entire period of analysis.
PL
Dynamiczny rozwój rynków oraz instytucji finansowych w ostatnich dekadach nie pozostał bez wpływu na sferę realną gospodarki, prowadząc do istotnych zmian w jej funkcjonowaniu na poziomie makrooraz mikroekonomicznym. Proces ten, określany mianem finansyzacji, postępuje, przynosząc zarówno pozytywne jak i negatywne skutki. W artykule przeanalizowano skalę finansyzacji spółek deweloperskich, prowadzących działalność na krajowym rynku nieruchomości w oparciu o wybrane dane z jednostkowych sprawozdań finansowych. Wyniki przeprowadzonych badań wskazują na rosnącą finansyzację przedsiębiorstw z sektora deweloperskiego w analizowanym okresie.
17

Inwestorzy instytucjonalni a finansyzacja przedsiębiorstw niefinansowych: analiza wartości dla akcjonariuszy spółek sektora budowlanego

63%
Oleksy P., Zyguła A.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
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2018
|
issue 3(975)
23-35
PL
Celem artykułu była próba weryfikacji zależności między obecnością instytucji finansowych w strukturze właścicielskiej spółek budowlanych notowanych na Giełdzie Papierów Wartościowych w Warszawie a wartością dla ich akcjonariuszy. Bazując na segmentacji akcjonariuszy na inwestorów instytucjonalnych i nieinstytucjonalnych, określono ich wpływ na zmiany wskaźnika TSR oraz indeksu MVA – wykorzystano w tym celu modele logitowe oraz analizę danych panelowych. Przeprowadzone analizy objęły lata 2004–2014 i wszystkie krajowe spółki sektora budowlanego, które były notowane na GPW w Warszawie na koniec 2014 r. Uzyskane wyniki zasadniczo potwierdziły – zwłaszcza w odniesieniu do indeksu MVA – że obecność w strukturze akcjonariatu inwestorów instytucjonalnych zwiększa prawdopodobieństwo, iż dana spółka będzie podążać ścieżką tworzenia wartości dla akcjonariuszy. Dodatkowo wyniki analiz ujawniły, że inwestorzy instytucjonalni mają pozytywny wpływ na to kryterium wartości. Fakt ten może być symptomem finansyzacji spółek w badanym sektorze.
EN
The study examines how the presence of financial institutions in the ownership structure of non-financial corporations affects shareholder value. Based on the segmentation of shareholders (institutional and non-institutional investors), their impact on changes in the TSR and the MVA index was examined using logit models and panel data analysis. The analysis covers the years 2004–2014 and all the national construction companies listed on the Warsaw Stock Exchange at the end of 2014. The results confirm, particularly with respect to the MVA, that the presence of institutional investors in the shareholder structure increases the likelihood that the company will maximise shareholder value. It also revealed that institutional investors had a positive impact on this value criterion. This fact may be a symptom of financialisation in the construction sector.
18

Rising Income Inequalities – the Causes of and Consequences for Long-term Growth

63%
Sordyl M.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
|
2019
|
issue 3(981)
27-42
EN
Objective: The objective of the paper is to identify the channels through which income inequalities affect the short-term economic situation and long-term growth. Research Design & Methods: As initial research, the analysis is based on a literature review. Over the course of the review, this hypothesis was verified: inequalities have a negative impact on GDP growth rates and economic stability. Findings: The paper explains mechanisms through which inequalities affect aggregate demand, output and accumulation, accentuating immanent threats of income disparities, such as rising debt burdens (both private and public) and current-account imbalances. Implications / Recommendations: A policy alternative is proposed in the form of a wage-led growth strategy. This will strengthen the position of workers in the economy and thus allow the wage share to grow at least apace with productivity gains. Contribution: The concept of wage-led growth is rarely discussed in the mainstream literature and deserves more attention.
PL
Cel: Celem artykułu jest określenie kanałów, poprzez które nierówności dochodu wpływają na krótkookresową sytuację gospodarczą oraz wzrost w długim okresie. Metodyka badań: Artykuł jest wstępem do dalszych badań. Stanowi przegląd istniejącej literatury przedmiotu, co pozwala poddać weryfikacji hipotezę, że nierówności niekorzystnie oddziałują na stopy wzrostu oraz stabilność gospodarki. Wyniki badań: Przedstawiono mechanizmy, poprzez które nierówności dochodu oddziałują na popyt globalny, produkcję i akumulację kapitału (rzeczowego i ludzkiego), kładąc nacisk na zagrożenia z tym związane, takie jak wzrost zadłużenia prywatnego i publicznego oraz deficyty na rachunkach obrotów bieżących. Wnioski: Zaproponowano alternatywną strategię wzrostu opartego na płacach (wage-led growth strategy) – polega ona na wzmocnieniu pozycji pracowników w gospodarce, dzięki czemu płace rosną co najmniej w tempie odpowiadającym przyrostom wydajności. Wkład w rozwój dyscypliny: Koncepcja wzrostu opartego na płacach rzadko dyskutowana jest w literaturze głównego nurtu, zwłaszcza polskojęzycznej.
19

Wpływ ufinansowienia na życie społeczne. Recenzja książki – Paul H. Dembinski, Finanse po zawale. Od euforii finansowej do gospodarczego ładu (tłum. Ł. Komuda, Studio Emka, Warszawa 2011)

63%
Owsiak T.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
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2014
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issue 11(935)
123-128
PL
Omawiana książka jest polskim wydaniem pracy Paula H. Dembinskiego pt. "Finance: Servant or Deceiver? Financialization at the Crossroads" (tłumaczenie z języka francuskiego: K. Cook, Palgrave Macmillan 2009). P.H. Dembinski opisuje wpływ rozwijających się w ostatnich kilku dekadach rynków finansowych na codzienne życie. Proces zwiększającego się udziału finansów w życiu społecznym jest przedstawiony w kontekście zmian, które zachodziły w życiu ostatnich pokoleń po zakończeniu II wojny światowej. Książka stanowi wnikliwie podsumowanie rosnącej roli finansów we współczesnym świecie i opisuje siły mające wpływ na znaczenie finansów w codziennym życiu i porządku ekonomicznym oraz wskazuje podmioty i procesy przyczyniające się do ekspansji finansów wraz z towarzyszącym jej „przymusem maksymalizacji efektywności”. Zdaniem autora, w związku z postępującym procesem nazywanym „ufinansowieniem” otaczającego nas świata spłycają się relacje międzyludzkie, przestajemy sobie nawzajem ufać, a nasze działanie jest nastawione na maksymalizację własnych korzyści, często wyłącznie w wymiarze materialnym. P.H. Dembinski analizuje patologie systemu finansowego, proponuje też środki zaradcze, które mogą przywrócić finansom ich ważną rolę w sferze życia politycznego i społecznego.
EN
The book is the Polish language edition of Paul H. Dembinski’s work published under the English title "Finance: Servant or Deceiver? Financialization at the Crossroads" (transl. from French by K. Cook, Palgrave Macmillan 2009). The author describes current human relationships shaped by the financial and market model. The relationships are based on calculation and mistrust, and tend to be short-term and impersonal. Finance is far more important today than it was thirty years ago. This practical and conceptual process may be called “financialisation”, a process which has transformed our economy and society by increasingly organising them around the pursuit of financial efficiency. The author spent years analysing the forces of the financialised economy that currently affect us so profoundly. The anatomy of today’s financial market model, carried along the lines of the systemic approach, is followed by a thorough analysis of its many deficiencies and pathologies. P. H. Dembinski provides clear and workable suggestions on what should be decided in order to reverse the recent trend toward financialisation both in the economic and socio-political sphere.
20

The Impact of the Monetary-fiscal Policy Mix and Financialisation on Fixed Asset Investment in the EU in 1999–2014

51%
Malinowska A.
Argumenta Oeconomica Cracoviensia
|
2016
|
issue 14
79-96
EN
This paper explores the combined impact of tight monetary policy, government debt, budgetary deficit, financialisation, and financial leverage on the fixed asset investment (FAI) of non-financial private firms in EU countries in the 1999–2014 period. I estimate eight static fixed-effects models and test for six hypotheses. While inconclusive regarding the combined impact of tight monetary policy and government debt, the results suggest that the influence of monetary policy was limited only to the euro area, suggesting that national monetary policies were inconsequential with regard to changes in FAI. Despite the detrimental effects of financialisation, the findings highlight that cash flows generated from the sector’s financial assets might serve as an internal source of FAI funding that strongly correlates with monetary contractions. The findings also highlight the possibility of an active balance sheet channel. However, given the macro-level character of the data, further research on the micro-level might provide more insight into specific issues.
PL
W artykule zbadano łączne oddziaływanie restrykcyjnej polityki pieniężnej, długu publicznego, deficytu finansów publicznych, finansyzacji i dźwigni finansowej na poziom inwestycji niefinansowych prywatnych przedsiębiorstw w Unii Europejskiej w okresie 1999–2014. Posługując się modelowaniem panelowym z uwzględnieniem efektów stałych, zweryfikowano sześć odpowiednich hipotez. Choć brak jednoznacznych efektów w zakresie łącznego oddziaływania polityki pieniężnej i zadłużenia publicznego, otrzymane wyniki wskazały na to, że oddziaływanie polityki pieniężnej ograniczyło się w wybranym okresie jedynie do strefy euro. Mimo udokumentowanego negatywnego wpływu finansyzacji na gospodarkę rezultaty sugerują, że przepływy pieniężne generowane przez aktywa finansowe utrzymywane przez przedsiębiorstwa mogły służyć jako wewnętrzne źródło finansowania inwestycji, podlegające silnemu wpływowi polityki monetarnej. Analiza wskazała również możliwość wystąpienia kanału bilansowego transmisji polityki pieniężnej. Biorąc pod uwagę zagregowany charakter danych, dalsze badania na poziomie mikro w tym zakresie są potrzebne do zweryfikowania tej hipotezy.
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