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Author
Burzyński Michał (Uniwersytet Ekonomiczny w Poznaniu, doktorant), Malaga Krzysztof (Uniwersytet Ekonomiczny w Poznaniu)
Title
Neoschumpeterowski model wzrostu z rynkiem kapitałowym
Neo-Schumpeterian Economic Growth Model Including the Capital Market
Source
Gospodarka Narodowa, 2011, nr 11-12, s. 1-29, rys., tab., bibliogr. 22 poz.
The National Economy
Keyword
Długookresowy wzrost gospodarczy, Wzrost gospodarczy, Postęp technologiczny, Rynek kapitałowy, Teoria rozwoju gospodarczego J. Schumpetera
Long-run economic growth, Economic growth, Technological progress, Capital market, J. Schumpeter theory of economic development
Note
streszcz., summ.
Abstract
Zależności między sferą finansową gospodarki, utożsamianą z rynkami finansowymi, w tym rynkami kapitałowymi a sferą realną gospodarki są przedmiotem intensywnych badań ekonomistów. Ich celem powinno być poszukiwanie odpowiedzi na pytanie o istnienie warunków zapewniających dynamiczną równowagę między obiema sferami w kontekście wzrostu i rozwoju gospodarczego. Wpływ rynków kapitałowych na długookresowy wzrost gospodarczy rozpatruje się na ogół w trzech obszarach tematycznych: wpływ zaawansowania i dojrzałości rynku kapitałowego na wzrost gospodarczy, implikacje zmienności na rynku kapitałowym na wzrost i koszt pozyskiwania kapitału finansowego przez przedsiębiorstwa, oraz znaczenie międzynarodowej integracji rynków kapitałowych dla globalnego wzrostu gospodarczego i stabilności finansowej (fragment tekstu)

An original neo-Schumpeterian endogenous model of economic growth is presented in the article. The model includes the capital market and is an expansion of the Aghion-Howitt model [2009]. In the model, the rate of economic growth is equal to the rate of growth of the average level of technology, which is a direct consequence of innovation, the authors say. The following sets of agents are identified in an economy described with this model: the final production sector, the intermediate production sector, the R&D sector, the government sector, and the capital market. On this basis, the dynamics of the economy was described. The theoretical discussion was expanded to include empirical research, in which the key parameters of the model were calibrated. Additionally, a Monte Carlo simulation of the economy's dynamics was performed. On the basis of the research, the authors concluded that the main determinant of economic growth is the process of generating innovations by enterprises, which directly influences the level of technology used in production. The capital market has a significant impact on the dynamics of processes occurring in the real economy, the authors note. Technological competition helps achieve the desired state of the economy. The authorities support technological competition because it promotes the growth of the frontier level of technology and spurs economic growth. Enterprises strive to maximize their expected profits from their core business, which encourages them to improve their production technology and outperform the competition. The expectations of companies about future economic trends play an important role in shaping the dynamics of the whole system. The key issue is how risk aversion influences the portfolio investment process, the real economic decisions of enterprises and consequently economic growth, the authors note. According to Burzyński and Malaga, their research conclusions are crucial in terms of determining whether there is a dynamic equilibrium between the financial and real spheres of the economy - in other words, between the capital market, on the one hand, and innovation, technological progress and growth, on the other. Another key question is whether the liquidity and development of the capital market help spur economic growth, and how investors' risk aversion influences the process of implementing innovations. Finally, the article sheds light on how the volatility of the capital market influences economic growth, the authors say.(original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
The Main Library of the Wroclaw University of Economics
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Bibliography
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ISSN
0867-0005
Language
pol
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