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

Paweł Oleksy () and Andrzej Zyguła ()
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Paweł Oleksy: Cracow University of Economics
Andrzej Zyguła: Cracow University of Economics

World of Real Estate Journal (Swiat Nieruchomosci), 2016, issue 98, 15-22

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.

Keywords: financialisation; real estate development; development companies; real estate market (search for similar items in EconPapers)
JEL-codes: G2 G3 L2 R3 (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:kra:journl:y:2016:i:98:p:15-22

DOI: 10.14659/worej.2016.98.02

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