Międzynarodowa pozycja inwestycyjna netto krajów Unii Europejskiej w latach 2006–2014

Iwona Maciejczyk-Bujnowicz

doi:10.18778/2082-4440.16.01

Authors

Iwona Maciejczyk-Bujnowicz Uniwersytet Łódzki, Wydział Ekonomiczno-Socjologiczny, Katedra Finansów i Inwestycji Międzynarodowych

DOI:

https://doi.org/10.18778/2082-4440.16.01

Keywords:

net international investment position NIIP, capital flows

Abstract

The aim of the study is to evaluate changes in the net international investment position in the European Union in the years 2006–2014 in the context of compliance within the framework of the announced process of macroeconomic disturbances. It was reviewed of the most important theoretical concepts. The goal of the article is a critical analysis of the literature of the subject and analysis of statistical data regarding the international investment position of countries for the period 2006–2014. On this basis, it was made an attempt to assess the current movement behavior of the MPI net balance in the EU. In the EU there are significant differences in capital flows measured by the net international position. The outbreak of the crisis in 2008 caused changes in trend in the development of the capital structure in MPI. During 2006–2014 increased the absolute value of the assets and liabilities of MPI. In most EU countries deepens the negative balance of financial flows of international investment position to GDP of the countries.

Author Biography

Iwona Maciejczyk-Bujnowicz, Uniwersytet Łódzki, Wydział Ekonomiczno-Socjologiczny, Katedra Finansów i Inwestycji Międzynarodowych

Doktor nauk ekonomicznych

References

Aizenman J., Pinto B., Radziwill A. (2007), Sources for Financing Domestic Capital – is Foreign Saving a Viable Option for Developing Countries?, „Journal of International Monetary and Finance”, Vol. 26, No. 5.
Google Scholar DOI: https://doi.org/10.1016/j.jimonfin.2007.04.009

Bhagwati J. (1998), The Capital Myth: The Difference between Trade in Widgets and Dollars, „Foreign Affairs”, Vol. 7, No. 3.
Google Scholar DOI: https://doi.org/10.2307/20048871

Borensztein E., De Gregorio J., Lee J.-W. (1998), How Does Foreign Direct Investment Affect Economic Growth?, „Journal of International Economics”, Vol. 45.
Google Scholar

Burnside C., Dollar D. (2000), Aid, Policies and Growth, „The American Economic Review”, Vol. 90, No. 4.
Google Scholar DOI: https://doi.org/10.1257/aer.90.4.847

Cardarelli R., Elekdag S., Kose M.A. (2009), Capital Flows: Macroeconomic Implications and Policy Responses, IMF Working Paper, WP/09/40.
Google Scholar DOI: https://doi.org/10.5089/9781451871883.001

Catao A.V., Milesi-Ferretti G.M. (2013), External Liabilities and Crises, IMF Working Paper No. 13/113.
Google Scholar

Faria A., Lane P.R., Mauro P., Milesi-Ferretti G.M. (2006), The Shifting Composition of External Liabilities, IIIS Discussion Paper No. 190.
Google Scholar

Feldstein M., Horioka Ch. (1980), Domestic Savings and International Capital Flows, „Economic Journal”, 90/358.
Google Scholar DOI: https://doi.org/10.2307/2231790

Gourinchas P.-O., Jeanne O. (2006), Capital Flows to Developing Countries: the Allocation Puzzle, NBER Working Paper No. 13602.
Google Scholar

Grabowski W., Maciejczyk-Bujnowicz I. (2016), Verification of the hypothesis „too much finance” in the Polish economy, „Central European Review of Economics and Finance”, Vol. 11, No. 1.
Google Scholar

Gruić B. (2013), Determinants of international investment position, Croatian National Bank, Zagreb.
Google Scholar DOI: https://doi.org/10.2139/ssrn.2239269

Hausmann R., Fernandez-Arias E. (2001), Is Foreign Direct Investment a Safer Form of Financing?, „Emerging Markets Review”, Vol. 2, No. 1.
Google Scholar DOI: https://doi.org/10.1016/S1566-0141(00)00018-2

Johnson S., Ostry J., Subramanian A. (2007), The Prospects for Sustained Growth in Africa: Benchmarking the Constraints, IMF Working Paper, WP 07/52.
Google Scholar DOI: https://doi.org/10.5089/9781451866162.001

Kose M.A., Prasad E., Rogoff K., Wei S.-J. (2006), Financial Globalisation: A Reappraisal, NBER Working Paper No. 12484.
Google Scholar

Lucas R. (1990), Why Doesn’t Capital Flow from Rich to Poor Countries, „American Economic Review”, No. 80.
Google Scholar

Maciejczyk-Bujnowicz I. (2015), Changes in capital flows in process of integration of the European Union – selected aspects [w:] Sokołowski J., Węgrzyn G., Rękas M. (red.), Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, nr 401, Wrocław.
Google Scholar DOI: https://doi.org/10.15611/pn.2015.401.23

Mody A., Murshid A.P. (2011), Growth from International Capital Flows: The Role of Volatility Regimes, IMF Working Paper 11/90.
Google Scholar DOI: https://doi.org/10.5089/9781455253296.001

Prasad E., Rajan R., Subramanian A. (2006a), Patterns of International Capital Flows and their Implications for Economic Development, referat zaprezentowany podczas sympozjum „The New Economic Geography: Effects and Policy Implications”, Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, 24–26 sierpnia 2006 r.
Google Scholar

Prasad E., Rajan R., Subramanian A. (2006b), Foreign Capital and Economic Growth, IZA Discussion Paper No. 3186.
Google Scholar DOI: https://doi.org/10.3386/w13619

Rajan R., Subramanian A. (2005), What Undermines Aid’s Impact on Growth, „American Economic Review”, Vol. 88, No. 3.
Google Scholar DOI: https://doi.org/10.3386/w11657

Rodrik D. (1998), Who Needs Capital-Account Convertibility?, Essays in Interantional Finance, No. 207, Princeton, NJ: Princeton University.
Google Scholar

Stiglitz J. (2000), Capital Market Liberalization, Economic Growth, and Instability, „World Development”, Vol. 28, No. 6.
Google Scholar DOI: https://doi.org/10.1016/S0305-750X(00)00006-1

TFUE, Traktat o Funkcjonowaniu Unii Europejskiej (wersja skonsolidowana), Dz. Urz. UE z dnia 26 października 2012 r. C326/01, ze zm.
Google Scholar

TUE, Traktat o Unii Europejskiej (wersja skonsolidowana), Dz. Urz. UE z dnia 26 października 2012 r. C326/01, ze zm.
Google Scholar