Zależność między rozwojem i stabilnością sektora finansowego a tempem wzrostu gospodarczego w krajach Unii Europejskiej ze szczególnym uwzględnieniem państw Europy Środkowo-Wschodniej

Abstrakt: The paper presents the analysis of the impact of the development and stability of the financial sector on economic growth. The study covers 26 EU countries and the 1993-2013 period. We include four financial sector variables: domestic credit to private sector, non-performing loans, market capitalization and number of listed companies. Main elements of novelty are: testing a nonlinear relationship between financial sector development and economic growth, the inclusion of a moving panel with 5-year overlapping sub-periods, and the robustness analysis for various subgroups of countries. Our results demonstrate that domestic credit and market capitalization of listed companies both have a nonlinear impact on economic growth reflected by a downward sloping parabola. Non-performing loans exhibit a clear negative influence on GDP dynamics.

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