The missing piece
: a study of capital market underdevelopment in Poland

  • Miguel Carduck Borba Machado (Student)

Student thesis: Master's Thesis


The Polish economy has been growing sharply since the collapse of communism in the country, in 1990. The steady inflow of foreign direct investment, along with Poland’s sizeable and skilled labor force, enabled the country to achieve this consistent output growth. The adoption of the free market and accession to the European Union enabled Poland to approach the level of the world’s most advanced economies. Despite this economic progress, the development of Polish capital markets has not been as successful. This study analyzes the financial markets in Poland and seeks to determine the main causes for their underdevelopment. Data was collected from literature on the topic and experts in different areas to identify which barriers should be prioritized by the Polish government. Lack of trust in the market by the Polish population, low levels of investable capital and insufficient attractiveness of the market to companies are shown to be the biggest problems needing to be addressed to advance towards fully efficient capital markets in the country.
Date of Award28 Jan 2021
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorPeter Rajsingh (Supervisor) & André de Almeida Pinho (Co-Supervisor)


  • Capital markets
  • Poland
  • Central and Eastern Europe
  • Development
  • Investment


  • Mestrado em Gestão

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