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Financialisation of Non-financial Corporates: Evidence from the Polish Real Estate Development Market

Author

Listed:
  • Paweł Oleksy

    (Cracow University of Economics)

  • Andrzej Zyguła

    (Cracow University of Economics)

Abstract

The dynamic expansion of financial markets and institutions in last decades has affected all spheres of the real economy, leading to substantive changes in its functioning both at macro- and microeconomic level. The process, known as financialisation, is evolving and bringing both positive and negative outcomes. In the paper we examined the scale of this phenomenon based on selected measures and indicators of development companies operating on the Polish real estate market. The general tendency in changes in financial assets and liabilities, as well as in financial revenues and expenses reveals relatively clear symptoms of progressive financialisation within this industry over the entire period of analysis.

Suggested Citation

  • Paweł Oleksy & Andrzej Zyguła, 2016. "Financialisation of Non-financial Corporates: Evidence from the Polish Real Estate Development Market," World of Real Estate Journal (Swiat Nieruchomosci), Fundacja Uniwersytetu Ekonomicznego w Krakowie, issue 98, pages 15-22, December.
    • Handle: RePEc:kra:journl:y:2016:i:98:p:15-22
    DOI: 10.14659/worej.2016.98.02
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    More about this item

    Keywords

    financialisation; real estate development; development companies; real estate market;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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