Integracja polskiego rynku papierów udziałowych i rynku papierów dłużnych z rynkami zagranicznymi a wzrost gospodarczy w Polsce

Sławomir Bukowski

doi:10.17951/h.2017.51.5.59

Sławomir Bukowski

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https://doi.org/10.17951/h.2017.51.5.59

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The aim of the research, which is the basis of this paper, is to answer the question whether integration of Polish equity and debt securities markets with foreign market influence economic growth in Poland. The following hypothesis has been put forward: integration of Polish equity and debt securities market with foreign markets has a significant impact on the capital market development and economic growth in Poland. The results of the research with implementation of econometric models confirm the hypothesis.

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The research results which are presented in this paper aimed to verify the theory which claims that there is a significant relationship between financial market integration on international scale, financial development and economic growth
Our research focused not on the entire financial market but on the segment of equity securities and debt securities
A research hypothesis was formulated that the integration of the Polish equity securities and debt securities markets with foreign markets has a statistically and economically significant impact on the development of the country’s capital market and economic growth

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The research results which are presented in this paper aimed to verify the theory which claims that there is a significant relationship between financial market integration on international scale, financial development and economic growth. A research hypothesis was formulated that the integration of the Polish equity securities and debt securities markets with foreign markets has a statistically and economically significant impact on the development of the country’s capital market and economic growth. The ratio of the sum of the Polish portfolio investment in equity securities abroad and foreign portfolio investment in equity securities in Poland to GDP was adopted as a measure of the equity securities market integration. In the case of debt securities market, ratio of the sum of the Polish portfolio investment in debt securities abroad and foreign portfolio investment in debt securities in Poland to GDP was adopted as a measure of integration.

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