Re-Examining the Impact of Financial System on Economic Growth

Recent developments in panel data econometrics allow researchers to estimate heterogeneous parameters. Given this novelty, the goal of this paper is to revisit the financial development-economic growth nexus for a panel of 76 developing counties using recent heterogeneous panel time series estimation methods. Findings indicate that results are very volatile across different empirical specifications. Overall, results provide a strong support of a negative impact that banking development on growth. At regional level, however, there is relatively little evidence of such relationship. On the side of the stock market, there is no much indication in favor of stock market-led growth hypothesis either at pooled panel or at regional level.

The Spatial Diversity of the Social Housing Stock in the Voivodship Capital Cities of Poland

The Polish municipalities are obliged to act directly in the housing market by satisfying the housing needs of people who cannot do it themselves due to their financial or personal situation. Social flats are used for this purpose. In 2009, cities such as Wroclaw, Lodz and Cracow had the share of social housing in the municipal stock at a very low level (Lodz and Wroclaw below 3%, Cracow approx. 4%). In 2016, the situation changed – some cities significantly increased their share of the social housing stock, while in others the share remained at a low level. Cracow currently has approx. 20% of the social housing stock in its municipal housing stock, but Wroclaw and Lodz have the share of social housing stock at the level of 4%. The authors have decided to examine whether the observed trends have led to the convergence of social housing stock among voivodship capital cities and what was the role of socio‑economic factors in the investigated process. Research methods in the form of critical analysis of literature, review of documents and panel data econometrics were used.