Temat: macroeconomic indicators

Skocz do pozycji: 1.

Tytuł:: THE IMPORTANCE OF THE US AND POLISH MACROECONOMIC VARIABLES FOR INVESTORS ON THE WARSAW STOCK EXCHANGE
Autorzy:: Paluszak, Grzegorz
Popławska, Magda
Tematy:: Stock Exchange
Macroeconomic Indicators
Stock Indices
Investment Decisions; Pokaż więcej
Wydawca:: Uniwersytet Gdański. Wydawnictwo Uniwersytetu Gdańskiego
Powiązania:: https://bibliotekanauki.pl/articles/450528.pdf Link otwiera się w nowym oknie
Opis:: This study investigates the impact of the scheduled US and Poland macroeconomic news releases on investment decisions on the Warsaw Stock Exchange (WSE). Our real time macroeconomic data cover the period between July 2006 and June 2009. The macroeconomic variables used include three groups of indexes: the general situation in the economy (GDP and unemployment rate for Poland, GDP and Nonfarm Payrolls for US), customers’ situation (CPI and Retail Sales Dynamics for Poland and US) and situation in enterprises sector (PPI and Industrial Production Dynamics for Poland and US). We find evidence that to a larger extent the investment decisions on the WSE are driven by the US macroeconomic variables rather than the Polish ones. Specifically, we find significant effects of the general situation in the US economy on the investment decisions. Of the macroeconomic news releases, the US GDP has the largest impact on the WSE.
Dostawca treści:: Biblioteka Nauki

Artykuł

na półce

Skocz do pozycji: 2.

Tytuł:: Makroekonomiczne skutki wprowadzenia waluty euro w wybranych krajach członkowskich Unii Europejskiej
Autorzy:: Włodarczyk, Bogdan
Tematy:: euro
macroeconomic indicators
economic convergence
wskaźniki makroekonomiczne
konwergencja ekonomiczna; Pokaż więcej
Wydawca:: Uniwersytet Marii Curie-Skłodowskiej. Wydawnictwo Uniwersytetu Marii Curie-Skłodowskiej
Powiązania:: https://bibliotekanauki.pl/articles/610269.pdf Link otwiera się w nowym oknie
Opis:: Joining the EU and then the Economic and Monetary Union, the member states, including Poland, committed themselves to accept the euro. Replacing the national currency with the euro is a big challenge for a given economy and it is a process which requires economic and legal convergence. In practice, in the era of global financial and economic crises the question if and when to accept the euro is still valid and requires a comprehensive analysis. The article constitutes an attempt to analyze the basic macroeconomic indicators in the national economies of the countries which in the years 2004–2015 accepted the euro in order to verify the thesis of some measurable benefits resulting from introducing the community currency. The basic result of the monetary integration is accelerating the convergence and limiting the influence of the crisis shocks. However, unsuitable moment of the euro introduction may result in worsening the economic situation of a new member state of the Eurozone.
Przystępując do UE, kraje członkowskie (w tym Polska) zobowiązały się do przyjęcia waluty euro. Zastąpienie waluty krajowej walutą europejską jest ogromnym wyzwaniem dla danej gospodarki i procesem, w ramach którego należy spełnić kryteria konwergencji gospodarczej i prawnej. Przystąpienie do grupy najbardziej rozwiniętych państw Europy w długim okresie prowadzi do zbliżenia poziomu gospodarczego państw członkowskich. W praktyce, w dobie światowych kryzysów finansowych i gospodarczych, pytanie, czy i kiedy przyjąć walutę euro, jest ciągle aktualne i wymaga wszechstronnej analizy badawczej. W artykule podjęto próbę analizy podstawowych wskaźników makroekonomicznych w gospodarkach narodowych krajów, które w okresie od 2004 do 2015 r. przyjęły walutę euro, celem weryfikacji tezy o wymiernych korzyściach wprowadzenia waluty wspólnotowej. Podstawowym skutkiem integracji monetarnej jest przyspieszenie konwergencji i ograniczenie wpływu szoków kryzysowych. Niekorzystny moment wprowadzenia euro może jednak skutkować pogorszeniem sytuacji gospodarczej nowego kraju członkowskiego strefy euro.
Dostawca treści:: Biblioteka Nauki

Artykuł

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Skocz do pozycji: 3.

Tytuł:: The Business Environment of Georgia and Ukraine: Approaches to a Comparative Analysis
Autorzy:: Gomółka, Krystyna
Kurmaiev, Petro
Tematy:: Business Environment
Entrepreneurship
Democratisation
Market Factors
Infation
Macroeconomic Indicators; Pokaż więcej
Wydawca:: Uniwersytet Warszawski. Centrum Europejskie
Powiązania:: https://bibliotekanauki.pl/articles/2035688.pdf Link otwiera się w nowym oknie
Opis:: The formation of a favourable business environment and the intensification of entrepreneurial activity on this basis is one of the priorities of economic policy of governments around the world. The aim of this article is to conduct a comparative analysis of some of the characteristics of the business environment of Georgia and Ukraine. The theoretical basis of the study is the understanding of the business environment as a necessary prerequisite for the implementation of entrepreneurial initiatives in a particular country. In the process of our research, the following methods were used: comparative analysis, generalisation, content analysis, correlation, and regression analysis. The authors studied the business environment of Georgia and Ukraine on the basis of an analysis of the following components; that of general economic, political and legal, financial, and fiscal. The results of the study show that Georgia's business environment is more favourable than Ukraine's. It is noted that between 2011-2020, Georgia made significant progress in the fight against corruption, in simplifying the procedures for starting a business, and bettering access to finance. Both countries are reforming their tax systems towards liberalisation and democratisation, and they declare the functioning of special tax regimes. According to the Paying Taxes indicator, which is calculated within the Doing Business rating, Georgia improved its result from 61st position in the ranking in 2011 to 14th position in 2020, while Ukraine improved its result from 181st place in 2011 to 65th place in 2020. It is indicated that between 2011-2020, Ukraine showed significant positive dynamics in inflation targeting. The authors note that the weakest elements of the business environment in Ukraine are its efforts to ensure the independence of the judiciary and the fight against corruption. In conclusion, the authors note that the policy of the governments of Georgia and Ukraine should be aimed at the further democratisation of relations with businesses in order to increase the level of a favourable business environment.
Dostawca treści:: Biblioteka Nauki

Artykuł

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Skocz do pozycji: 4.

Tytuł:: THE EVALUATION OF ECONOMIC DEVELOPMENT INDEX OF POLAND AND LITHUANIA IN THE CONTEXT OF THE EUROPEAN UNION
Autorzy:: Ciburiene, Jadvyga
Tematy:: Lithuania
Polska
economic development
economic development index
macroeconomic indicators
regional development; Pokaż więcej
Wydawca:: Instytut Badań Gospodarczych
Powiązania:: https://bibliotekanauki.pl/articles/517413.pdf Link otwiera się w nowym oknie
Opis:: The purpose of this research is to characterize and evaluate the results of economic development of Poland and Lithuania. In order to analyze the changes of economic development, the index of economic development as share of sustainable development is used. Empirical analysis for the years 2005–2012 is conducted. As a result of the research – the country’s main macroeconomic development indicators are unified in order to create a development index.
Dostawca treści:: Biblioteka Nauki

Artykuł

na półce

Skocz do pozycji: 5.

Tytuł:: The impact of macroeconomic factors on the profitability of companies. Analysis using neural networks
Autorzy:: Szutowski, Dawid
Tematy:: profitability
macroeconomic indicators
neural network
rentowność
wskaźniki makroekonomiczne
sieć neuronowa; Pokaż więcej
Wydawca:: Politechnika Śląska. Wydawnictwo Politechniki Śląskiej
Powiązania:: https://bibliotekanauki.pl/articles/58909380.pdf Link otwiera się w nowym oknie
Opis:: Purpose: Despite the central role of profitability in economic analysis, previous research has yielded diverse and often unstructured conclusions regarding its determinants. To address this gap, this empirical investigation aimed to explore the major determinants of company profitability. Design/methodology/approach: It conducted a comprehensive analysis of factors, encompassing: changes in the gross domestic product, Consumer Price Index, Producer Price Index, NBP’s Reference rate, investment outlays, intramural expenditures on research and development, expenditures on innovation activities in enterprises, and patents granted, alongside company-level profitability indicators. The study's sample consisted of companies representing 19 sectors of the economy, spanning from 2004 to 2021. For data analysis, a neural network was employed, specifically a multi-layer perceptron (MLP) utilizing the sigmoid activation function. Findings: The findings suggest that alterations in macroeconomic variables can significantly impact the profitability of companies. The analysis carried out revealed that consumer price index, reference rate, gross domestic product and producer price index were the most important exogeneous factors. Originality/value: This study introduces several novelties, including the application of neural networks, which are infrequently utilized in this field, and the simultaneous analysis of a comprehensive set of independent variables.
Dostawca treści:: Biblioteka Nauki

Artykuł

na półce

Skocz do pozycji: 6.

Tytuł:: Fear Anatomy – an Attempt to Assess the Impact of Selected Macroeconomic Variables on the Variability of the VIX S&P 500 Index
Autorzy:: Markowski, Łukasz
Keller, Jakub
Tematy:: VIX index
volatility index
macroeconomic indicators
market efficiency
U.S. Stock Exchange; Pokaż więcej
Wydawca:: Uniwersytet Marii Curie-Skłodowskiej. Wydawnictwo Uniwersytetu Marii Curie-Skłodowskiej
Powiązania:: https://bibliotekanauki.pl/articles/957589.pdf Link otwiera się w nowym oknie
Opis:: This article deals with the subject of volatility of financial markets in relation to the US stock market and its volatility index, i.e. the VIX index. The authors analyzed previous studies on the VIX index and based on them, defined a research gap that relates to the problem of market response to emerging macroeconomic information about the US economy. The vast majority of research on the VIX index relates to its forecasting based on mathematical models not taking into account current market data. The authors attempted to assess the impact of emerging macro data on the variability of the VIX index, thus illustrating the magnitude of the impact of individual variables on the so-called US Stock Exchange fear index. The study analysed 80 macroeconomic variables in the period from January 2009 to June 2019 in order to check which of them cause the greatest market volatility. The study was based on correlation study and econometric modeling. The obtained results allowed to formulate conclusions indicating the most important macroeconomic parameters that affect the perception of the market by investors through the pricing of options valuation on the S&P 500 index. The authors managed to filter the most important variables for predicting the change of VIX level. In the eyes of the authors, the added value of the article is to indicate the relationship between macro variables and market volatility illustrated by the VIX index, which has not been explored in previous studies. The analyzes carried out are part of the research trend on market information efficiency and broaden knowledge in the area of capital investments.
Dostawca treści:: Biblioteka Nauki

Artykuł

na półce

Skocz do pozycji: 7.

Tytuł:: Falka jako główny instrument wspomagający predykcję wynagrodzeń gospodarstw domowych
Wavelets as the main instrument supporting the production of remuneration of households
Autorzy:: Hadaś-Dyduch, Monika
Tematy:: Falka
Gospodarstwo domowe
Predykcja
Wskaźniki makroekonomiczne
Wynagrodzenie
Macroeconomic indicators
Prediction
Salary
Wavelet; Pokaż więcej
Wydawca:: Uniwersytet Ekonomiczny w Katowicach
Powiązania:: https://bibliotekanauki.pl/articles/585836.pdf Link otwiera się w nowym oknie
Opis:: Decyzje finansowe każdego gospodarstwa domowego oparte są na jego aktualnej i przyszłej sytuacji finansowej. Można stwierdzić, że opierają się na wysokości aktualnych i przyszłych wynagrodzeń jego członków. Celem artykułu jest predykcja przeciętnych miesięcznych wynagrodzeń w Polsce w kontekście gospodarstw domowych. Do predykcji zastosowano autorskie podejście. Zastosowano analizę falkową jako główne narzędzie predykcji. Analizę falkową wkomponowano w model wyrównania wykładniczego, tworząc autorski model wyrównania wykładniczo-falkowego do predykcji krótkookresowej.
Financial decisions each household based on its current and future financial situation. We can say that based on the amount of current and future salaries of its members. This article aims prediction of average monthly wages in Poland in the context of households. Copyright used to predict approach. Wavelet analysis was used as the main tool of prediction. Wavelet analysis incorporated into the model to compensate the exponential creating an original model of alignment exponentially-wavelet.
Dostawca treści:: Biblioteka Nauki

Artykuł

na półce

Skocz do pozycji: 8.

Tytuł:: Exogenous determinants of agricultural production - prices of the production factors and the selected macroeconomic indicators
Autorzy:: Rembisz, Włodzimierz
Waszkowski, Adam
Wydawca:: Instytut Ekonomiki Rolnictwa i Gospodarki Żywnościowej - Państwowy Instytut Badawczy
Opis:: The paper was prepared under the topic: Sources of growth and the expected evolution of structures and the role of the agri-food sector until the year 2020 and beyond in the task: Investments, efficiency and new technologies as the sources of economic growth in agriculture until and after 2020
The paper aimed at assessment of the sources of economic growth in agriculture, with particular focus on verification of the character and efficiency of the sources. Emphasis was put on assessment of exogenous sources – relation of prices of the factors of production (capital, labour and land). This was captured in the convention of the analysis of price and degree of its rarity. The assessment covered also the relationship between the relations of prices of factors of production and their relations as for their engagement in production. In fact, the analysis covered the relationship between the price relations of production factors and the used production techniques. The attention was also focused on exogenous impacts in the field of monetary policy. Chapters: Production factor market as an exogenous condition. Production factor price relationships. Relationships of prices and employment of production factors. Monetary policy as a part of the exogenous mechanism of price formation in agriculture.,
Dostawca treści:: Repozytorium Centrum Otwartej Nauki

Książka

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Skocz do pozycji: 9.

Tytuł:: The economic development of contemporary India.
Rozwój gospodarczy współczesnych Indii
Autorzy:: Czarny, Paulina
Opis:: Celem pracy jest wyodrębnienie oraz analiza czynników determinujących rozwój gospodarczy współczesnych Indii, a także omówienie szans i zagrożeń, w obliczu których postawiono indyjską gospodarkę. Uwzględniając uwarunkowania historyczne, dokonano przeglądu reform oraz zmian wprowadzanych na przestrzeni lat, mających wpływ na proces rozwoju Indii. Istotnym elementem pracy jest analiza wskaźników makroekonomicznych, determinujących atrakcyjność gospodarczą państwa oraz danych określających pozycję Indii w światowej wymianie handlowej. W pracy zastosowano metody analizy opisowej i porównawczej. Źródłem wykorzystanych informacji były dane publikowane przez organizacje międzynarodowe, publikacje naukowe poświęcone tematyce rozwoju gospodarczego oraz artykuły branżowe.
The objective of this thesis is to indicate and analyse the factors determining the economic development of contemporary India, as well as to discuss the opportunities and risks, which Indian economy has to face. Taking into account the historic background, the reforms and changes introduced throughout years, which influence India’s development, have been discussed. The analysis of the macroeconomic factors, which determine how economically attractive a country is as well as date, which describe India’s position in world’s trade constitute a significant element of this thesis. The methods applied in this thesis include descriptive and comparative analysis. The information used in this thesis originates from the data published by international organisations, scientific papers on economic growth as well as articles pertaining to this branch.
Dostawca treści:: Repozytorium Uniwersytetu Jagiellońskiego

Inne

na półce

Skocz do pozycji: 10.

Tytuł:: Are dividends impacted by the timing of macro data releases? Case of WIG, DAX and S&P500
Autorzy:: Buła, Rafał
Jabłoński, Bartłomiej
Tematy:: dividend-paying companies
determinants of dividend policy
macroeconomic indicators
inflation
spółki płacące dywidendy
determinanty polityki dywidend
wskaźniki makroekonomiczne
inflacja; Pokaż więcej
Wydawca:: Politechnika Śląska. Wydawnictwo Politechniki Śląskiej
Powiązania:: https://bibliotekanauki.pl/articles/58909160.pdf Link otwiera się w nowym oknie
Opis:: Purpose: This paper attempts to reveal, on the one hand, whether dividend paid by dividendpaying companies from the WIG, DAX and S&P500 indices for the period 2017-2022 were characterized by positive dynamics of change in real terms, and whether decisions on the level of dividends recommended for payout are more determined by macroeconomic factors from the end of the year, in which the company generated financial results, or from the period, in which dividend decisions were made. Design/methodology/approach: The research objective of this paper is accomplished by means of a thorough literature analysis. In the area of statistical methods, the authors refer to classical methods of correlational analysis, with a focus on non-parametric methods (Spearman’s rho and Kendall’s tau). Findings: The analyses carried out made it possible to indicate that, for companies listed on the FSE and WSE, the only quantity correlated with changes in dividends paid is the PMI index, with a negative correlation for Polish companies and a positive one for German companies. This correlation occurs only if one considers December macroeconomic data readings. On the other hand, for NYSE-listed entities, statistically significant relationships were obtained for the PMI index (negative), the inflation rate (negative) and interest rates (positive). With the exception of interest rates, the correlations apply to both December readings and those from May of the dividend payout year. At the same time, the results indicate different decisions made by the boards of US, German and Polish companies in the face of the SARS-CoV-2 pandemic. Research limitations/implications: The study was conducted on a limited number of analyzed companies and for a limited time range. Therefore, it could be biased, due to the deterministic stock sampling method and the research period. Practical implications: Expanded knowledge of the impact of the timing of publication of macroeconomic parameters on decisions on dividend payouts and their amount. This knowledge is important for both investors and investment funds’ boards. Consequently, one can make better investment decisions. Social implications: Among the paper’s social implications, the most important appears to be a possible change in the investors’ attitude towards dividend-paying companies that not only pay dividends systematically, but also have positive dynamics of change, and the realization that dividend decisions are affected not only by a number of determinants, but also by the timing of their occurrence. Ultimately, investors’ needs could be better addressed. Originality/value: The paper evaluates the impact of macroeconomic determinants on changes in dividend payouts by companies for the period 2017-2022. What is new in the paper is the analysis of whether the timing of the publication of macroeconomic parameters significantly affects the level of dividends paid, thereby filling our knowledge gap.
Dostawca treści:: Biblioteka Nauki

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