PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2016 | 10 | nr 2 | 123--136
Tytuł artykułu

An Allocation Analysis of Polish Household Savings Invested in Financial Assets, 2003-2014

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
This article addresses the allocation of Polish household savings that are invested in financial assets. As an economic category, these savings are very important in every country because they determine investments in the national economy, thereby influencing a country's further economic growth and development. From this point of view, investigating both the allocation of personal savings and their structure is essential because they change due to changing economic circumstances, changing situations in the world's financial markets, especially in the stock exchange markets, and the development of financial markets. The main purpose of this article is to analyze the changes in the allocation of savings in Polish households and the structure of their investment in financial assets. These changes, which are empirically observed, result from the circumstances of the national economy, which affect the behavior of investors in the stock market and determine the interest rate levels. The analysis is conducted on the basis of trend models with variations of parameters. The analysis has been carried out for the period Q4 2003 - Q3 2014. (original abstract)
Rocznik
Tom
10
Numer
Strony
123--136
Opis fizyczny
Twórcy
  • University of Finance and Management in Warsaw, Poland
  • Warsaw University of Life Sciences - SGGW, Poland
Bibliografia
  • Anioła P., Gołaś Z. (2012a), Zastosowanie wielowymiarowych metod ststystycznych w typologii strategii oszczędnościowych gospodarstw domowych w Polsce [Application of Multidimensional Statistical Methods in the Typology of Saving Strategies of Polish Households]. Materialy i Studia NBP, Zeszyt 282. Retrieved from https://www.nbp.pl/publikacje/materialy_i_studia/ms282.pdf
  • Anioła P., & Gołaś Z. (2012b). Differences in the level and structure of household indebtedness in the EU countries. Contemporary Economics, 6(1), 46-59.
  • Bergstresser D., & Poterba J. (2004). Asset allocation and asset location: household evidence from the survey of consumer finances, Journal of Public Economics, 88(9-10), 1893-1915.
  • Beverly S.G., & Sherraden M. (1999). Institutional determinants of savings: Implication for low - income households and public policy. Journal of Socio - Economics, 28(4), 457-473.
  • Börsch-Supan A. (Ed.). (2003). Life - cycle savings and public policy: A cross - national study in six countries. New York, NY: Academic Press.
  • Brandstaetter H., & Gueth W. (2000). A psychological approach to individual differences in Intertemporal Consumption Patterns. Journal of Economic Psychology, 21(5), 465-479.
  • Brennan M.J., & Xia Y. (2002). Dynamic asset allocation under inflation. Journal of Finance, 57(3), 1201-1238.
  • Bunting D. (2009). The saving decline: Macro - facts, micro - behavior. Journal of Economic Behaviour and Organisation, 70(1-2), 282-295.
  • Campbell J.Y, Chan Y.L., & Viceira L.M. (2003). A multivariate model of strategic asset allocation. Journal of Financial Economics, 67(1), 41-80.
  • Canova L., Rattazzi A.M.M., & Webley P. (2005). The hierarchical structure of saving motives. Journal of Economic Psychology, 26(1), 21-34.
  • Carroll C.D. (2001). Precautionary Saving and the Marginal Propensity to Consume Out of Permanent Income (Working Papers No. 8233). National Bureau of Economic Research. Retrieved from http://www.nber.org/papers/w8233.pdf
  • Dębski W. (1990). Model pieniężnych dochodów i wydatków ludności Polski: ekonometryczna analiza, symulacje [Model of cash income and expenditure of the Polish population - the econometric analysis, simulation]. Łódź: Wydawnictwo Uniwersytetu Łódzkiego.
  • Dębski W. (2009). Alokacja oszczędności ludności w Polsce w latach 2003 - 2008 [The allocation of personal savings in Poland in the years 2003 - 2008]. Zeszyty Naukowe Uniwersytetu Szczecińskiego. Ekonomiczne Problemy Usług, 38, 421-428.
  • Dębski W., & Świderski B. (2011). Change in the Allocation Structure of Personal Savings Invested in Financial Assets in Poland, 2003 - 2009. Transformations in Business & Economics, 10(1), 81-97.
  • Duesenbury J.S. (1952). Income, savings and the theory of consumer behavior.. Cambridge, MA: Harvard University Press.
  • Fisher P.J., & Montalto C.P. (2010). Effect of saving motives and horizon on saving behaviours. Journal of Economic Psychology, 31(1), 92-105.
  • Friedman, M. (1957). Theory of the Consumption Function. Princeton, NJ: Princeton University Press.
  • Gomes F., & Michaelides A. (2005). Optimal life - cycle asset allocation: Understanding the empirical evidence. Journal of Finance, 60(2), 869-904.
  • Han C.K., & Sherraden, M. (2009). Do institutions really matter for saving among low - income households? A comparative approach. Journal of Socio - Economics, 38(3), 475-483.
  • Horneff W.J., Maurer R., Mitchel O.S., & Stamos M.Z. (2009). Asset allocation and location over the life cycle with investment - linked survival - contingent payouts. Journal of Banking & Finance, 33(9), 1688-1699.
  • Keynes J.M. (1985). Ogólna teoria zatrudnienia, procentu i pieniądza [The General Theory of Employment, Interest and Money]. Warszawa: PWN.
  • Kirsanova T., & Sefton J. (2007). A comparison of national saving rates in the UK, US and Italy. European Economic Review, 51(8), 1998-2028.
  • Liberda B. (2000). Oszczędzanie w gospodarce polskiej [Savings in the Polish economy]. Warszawa: Dom Wydawniczy Bellona.
  • Łapińska-Sobczak N. (1997). Makromodel sektora finansowego: studium ekonometryczne dla gospodarki polskiej [Financial sector macromodel: econometric study of the Polish economy]. Łódź: Wydawnictwo Uniwersytetu Łódzkiego.
  • Milevsky M., & Young V. (2007). Annuitization and asset allocation. Journal of Economic Dynamics and Control, 31(9), 3138-3177.
  • Modigliani F., & Brumberg R. (1955). Utility analysis and the consumption function: An interpretation of cross-section data. In: K.K. Kurihara (Ed.), Post-Keynesian Economics (pp. 388-436). London, UK: George Allen and Unwin.
  • National Bank of Poland (2015). Kwartalne rachunki finansowe Narodowego Banku Polskiego [National Bank of Poland quarterly financial accounts] Available from www.nbp.pl/home.aspx?f=statystyka/pieniezna_i_bankowa/krt.html
  • Rytelewska G. (2008). Gospodarstwa domowe [Households]. In: B. Pietrzak, Z. Polański, B. Woźniak (Eds.), System finansowy w Polsce [Financial system in Poland] (Vol. 2, pp. 399-433). Warsaw: Wydawnictwo Naukowe PWN.
  • Rytelewska G., Kłopocka A. (2010). Wpływ czynników demograficznych na poziom i strukturę oszczędności gospodarstw domowych w Polsce [Influence of demographic factors on the level and structure of household savings in Poland]. Bank I Kredyt, 41(1), 57-80.
  • Sherraden M., Schreiner M., & Beverly S. (2003). Income, institutions, and saving performance in individual development accounts. Economic Development Quarterly, 17(1), 95-112.
  • Shoren J.B., & Sialm C. (2004). Asset location in tax - deferred and conventional savings accounts. Journal of Public Economics, 88(1-2), 23-38.
  • Welfe W. (2013). Macroeconometric Models. Berlin: Springer Verlag.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171502610

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.