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Economic development versus the growing importance of the financial sector: Global insight


Objective: The objective of the article is to show the relationship between the growing role of the financial sector and economic development in the context of the 4 Industrial Revolution (4IR).

Research Design & Methods: The article uses linear ordering based on the standardized sums method. It allowed for the construction of a synthetic indicator of the financialisation of the economy. The values of this indicator were compared with the GDP growth rate of selected countries.

Findings: Studies have shown that, for the countries with the highest economic development level, there is no reason to say that too high level of development in the financial sector slows down their economic growth. Instead, it turned out that the development of the financial sector, which is detrimental to economic growth, occurs in countries in transition and those with an average economic development level. There the level of financialisation of the economy is lower.

Contribution & Value Added: The study was carried out on a large group of countries with different economic development levels, making it possible not only to draw general conclusions but also to address individual countries’ specificities.


financial sector, financialisation, economic development, 4 Industrial Revolution, innovation


Author Biography

Marek Maciejewski

Associate Professor in the Department of International Trade, PhD in economics (2005), Habilitated doctor (dr hab.) in economics and finance (2020), author of the publications on international trade and international entrepreneurship. Scientific secretary of the journal ‘International Entrepreneurship Review’. His research interests include international trade, international finance, international entrepreneurship.

Agnieszka Głodowska

Associate Professor in the Department of International Trade, PhD in economics (2009), Habilitated doctor (dr hab.) in economics and finance (2020), author of the publications on international business and international entrepreneurship, member of editorial boards of ‘Entrepreneurial Business and Economics Review’ (Scopus, ESCI WoS), ‘International Journal of Managerial Studies and Research’ (USA), ‘International Entrepreneurship Review’ (Poland). Her research interests include international entrepreneurship, finance and risk in international business.


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