The role of the stock exchange infrastructure in attracting investments into the country’s economy using the example of the Republic of Poland (1989-2026)

The purpose of the study was to substantiate the mechanisms of interaction of the stock exchange infrastructure of Poland’s stock market with investment processes in the context of institutional and structural transformation of the economy. The methodological basis of the study was economic and statistical analysis, comparative method, analysis of dynamic series, historical and logical method and the method of generalisation of thematic scientific research. It was established that the development of Poland’s stock market was accompanied by a transition from institutional formation to functional maturity, which is manifested in a change in the sources of liquidity formation, investor structure and the nature of interaction with macroeconomic processes. At an early stage, market capitalisation increased from less than 1% of gross domestic product to about 20%, which reflected the creation of basic conditions for the market to function and its role in privatisation processes. After integration into the European Union, capitalisation more than doubled and exceeded PLN 600 billion, which was accompanied by an expansion of the investor base, an increase in trading volumes and increased liquidity. During the period of structural stabilisation, market capitalisation is set to increase to over PLN 1 trillion in 2021, and during the period of recovery growth – to PLN 2.3 trillion in 2026, reflecting a significant expansion of the market scale. Share trading volumes reached about PLN 470 billion per year, and the number of investment accounts exceeded 2.5 million, which indicates an increase in domestic demand. It was found that the market structure is determined by a high share of foreign investors, which exceeds 50% of trading volumes, as well as the concentration of liquidity within a limited group of the largest companies. It is proven that the dynamics of the stock market demonstrate high sensitivity to global financial impulses, which is manifested in synchronous fluctuations of indices and changes in trading activity. It is substantiated that the effectiveness of the stock exchange infrastructure as a mechanism for attracting investments is determined by a combination of the parameters of the primary market, the role of institutional investors, the level of liquidity and the degree of integration into the global financial environment. The practical significance of the study lies in the possibility of using the established dependencies and structural characteristics of the stock market to substantiate decisions on the development of the institutional environment, diversification of the investor base and increasing the market’s resilience to external financial impulses

gross domestic product; capitalisation; liquidity; issuers; volatility