Economic development versus the growing importance of the financial sector: Global insight
Objective: The objective of the article is to show the relationship between the growing role of the financial sector and economic development in the context of the 4 Industrial Revolution (4IR). Research Design & Methods: The article uses linear ordering based on the standardized sums method....
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Krakow University of Economics
2020-09-01
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| Series: | International Entrepreneurship Review |
| Subjects: | |
| Online Access: | https://ier.uek.krakow.pl/index.php/pm/article/view/2006 |
| _version_ | 1797764947397050368 |
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| author | Marek Maciejewski Agnieszka Głodowska |
| author_facet | Marek Maciejewski Agnieszka Głodowska |
| author_sort | Marek Maciejewski |
| collection | DOAJ |
| description | Objective: The objective of the article is to show the relationship between the growing role of the financial sector and economic development in the context of the 4 Industrial Revolution (4IR).
Research Design & Methods: The article uses linear ordering based on the standardized sums method. It allowed for the construction of a synthetic indicator of the financialisation of the economy. The values of this indicator were compared with the GDP growth rate of selected countries.
Findings: Studies have shown that, for the countries with the highest economic development level, there is no reason to say that too high level of development in the financial sector slows down their economic growth. Instead, it turned out that the development of the financial sector, which is detrimental to economic growth, occurs in countries in transition and those with an average economic development level. There the level of financialisation of the economy is lower.
Contribution & Value Added: The study was carried out on a large group of countries with different economic development levels, making it possible not only to draw general conclusions but also to address individual countries’ specificities. |
| first_indexed | 2024-03-12T20:03:02Z |
| format | Article |
| id | doaj.art-a8e45940d2334412bc21ab5209081e37 |
| institution | Directory Open Access Journal |
| issn | 2658-1841 |
| language | English |
| last_indexed | 2024-03-12T20:03:02Z |
| publishDate | 2020-09-01 |
| publisher | Krakow University of Economics |
| record_format | Article |
| series | International Entrepreneurship Review |
| spelling | doaj.art-a8e45940d2334412bc21ab5209081e372023-08-02T02:17:03ZengKrakow University of EconomicsInternational Entrepreneurship Review2658-18412020-09-016310.15678/IER.2020.0603.062006Economic development versus the growing importance of the financial sector: Global insightMarek Maciejewski0Agnieszka Głodowska1Cracow University of EconomicsCracow University of EconomicsObjective: The objective of the article is to show the relationship between the growing role of the financial sector and economic development in the context of the 4 Industrial Revolution (4IR). Research Design & Methods: The article uses linear ordering based on the standardized sums method. It allowed for the construction of a synthetic indicator of the financialisation of the economy. The values of this indicator were compared with the GDP growth rate of selected countries. Findings: Studies have shown that, for the countries with the highest economic development level, there is no reason to say that too high level of development in the financial sector slows down their economic growth. Instead, it turned out that the development of the financial sector, which is detrimental to economic growth, occurs in countries in transition and those with an average economic development level. There the level of financialisation of the economy is lower. Contribution & Value Added: The study was carried out on a large group of countries with different economic development levels, making it possible not only to draw general conclusions but also to address individual countries’ specificities.https://ier.uek.krakow.pl/index.php/pm/article/view/2006financial sectorfinancialisationeconomic development4 Industrial Revolutioninnovation |
| spellingShingle | Marek Maciejewski Agnieszka Głodowska Economic development versus the growing importance of the financial sector: Global insight International Entrepreneurship Review financial sector financialisation economic development 4 Industrial Revolution innovation |
| title | Economic development versus the growing importance of the financial sector: Global insight |
| title_full | Economic development versus the growing importance of the financial sector: Global insight |
| title_fullStr | Economic development versus the growing importance of the financial sector: Global insight |
| title_full_unstemmed | Economic development versus the growing importance of the financial sector: Global insight |
| title_short | Economic development versus the growing importance of the financial sector: Global insight |
| title_sort | economic development versus the growing importance of the financial sector global insight |
| topic | financial sector financialisation economic development 4 Industrial Revolution innovation |
| url | https://ier.uek.krakow.pl/index.php/pm/article/view/2006 |
| work_keys_str_mv | AT marekmaciejewski economicdevelopmentversusthegrowingimportanceofthefinancialsectorglobalinsight AT agnieszkagłodowska economicdevelopmentversusthegrowingimportanceofthefinancialsectorglobalinsight |