Kierunki przepływów kapitałowych w gospodarce światowej

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The aim of the paper is to analyze the directions of capital flows in the global economy including
major lenders and borrowers, and the answer to the question whether the ongoing global
economic crisis affected their structure. During the period 2003–2011 the so–called Lucas paradox
could be observed. This paradox is understood as the incompatibility between the directions of
capital flows in the global economy and the assumptions of the neoclassical model. Group of
lenders is dominated by the developing countries, while the group of borrowers – by the developed
ones. In the period 2008–2011 the economic crisis has caused shifts in the groups of lenders and
borrowers. The United States has remained the leading net importer of capital, but in 2011
Germany became the main net exporter of capital replacing China at this place.
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