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Role and impact of different types of financial institutions on economic performance and stability of the real sector in selected EU member states

Author

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  • Michal Jurek

    (Poznan University of Economics)

Abstract

The purpose of this report is to analyse the impact of the financial sector on the real sector of the economy in the selected old (France, Germany, Italy, Sweden, the United Kingdom) and new (the Czech Republic, Hungary, Poland) EU member states. The specific objectives are: 1. Analysis of the influence of financial institutions on financing the real economy. 2. Identification of sectoral and national differences in the financial sectors and consequences of these divergences for the real sectors in analysed countries. In order to accomplish this target, extensive research is undertaken. It encompasses the analysis of types of financial institutions functioning in the selected EU member states. Linkages between different types of financial institutions and the real sector of the economy are identified and described, and differences in impact of the financial sector on the real sector of the economy in the analysed EU member states are recognized. Finally, comparative analysis of evolution of structure of financial sector and driving forces in the process of its evolution in selected countries and group of countries is presented. Conducted analysis allowed formulating many remarks. Among them, the most important appears to be that the proper regulatory environment is crucial to prevent negative influence of financialisation on the real sector of the economy. Public authorities should be more proactive in creating a financial sector able to reconcile the private financial institutions striving for profit with interests of the real sector and of general public ones. To achieve this target public authorities should, on the one hand, effectively regulate and supervise all financial institutions, and, on the other, create favourable conditions for development of other than private-owned profit-oriented financial institutions. Policy goals should include promoting both competition and plurality. Competition is necessary for efficient functioning of financial institutions. Plurality, by protecting diversity of financial sectors, builds up systemic trust and helps maintaining the stability of this sector. Efficient, but less oligopolistic market structures within the framework of prudential regulation should enforce financial sectors’ stability in the analysed countries. Therefore, optimum regulatory structures should be aimed at the protection of the diversity within the framework of harmonization of financial sectors within the EU.

Suggested Citation

  • Michal Jurek, 2014. "Role and impact of different types of financial institutions on economic performance and stability of the real sector in selected EU member states," Working papers wpaper36, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    • Handle: RePEc:fes:wpaper:wpaper36
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    Keywords

    financial institutions; financial sector; banking and finance; ownership structure; market concentration; mergers and acquisitions; privatization;
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    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-

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