Poland’s Similarity to other EU Member States with Respect to the Level of Financial Globalization

Abstract :

The subject of the article concerns the issue of the development of financial globalization in the European Union. In order to measure the level of financial globalization processes, the index of financial globalization, which was developed by the Swiss Economic Institute, was used. The main goal of the article is to analyze changes in the development of financial globalization in the EU countries in 1993-2018. A special attention is given to the degree of Poland's similarity to other member countries in terms of the level of financial globalization. The Wavelet Dynamic Time Wrap (WDTW) model was used for the research, where the Dynamic Time Wrap (DTW) measure is used as part of the wavelet analysis. The DTW measure allows to assess the similarity of two time series by finding the optimal path, with the lowest total cost criterion, measured by the cumulative distance between these series.