Substytucja depozytów i inwestycji giełdowych w sektorze gospodarstw domowych oraz w sektorze przedsiębiorstw
The Substitution of Deposits and Investments in the Households Sector and the Enterprises Sector

Summary/Abstract: The purpose of this article is to verify the hypothesis of substitution of deposits and investments in shares listed on Warsaw Stock Exchange with relation to households and enterprises. Such an analysis might allow an indication of the directions of activities of banks and stock exchanges resulting gain an advantage in the volume of accumulated cash deposits. Changes in stock investments in equities were limited to changes in the WIG index assuming that the increase in investment in stocks will increase their prices translating into a growth of WIG index. Verify the hypothesis were made on the basis of turning points in the course of momentum indicators phenomena. The study indicates that with respect to the household sector, there was a possibility of treating deposits as a substitute investments in shares (positive verification of the hypothesis), for enterprises – deposits constituted a complementary service (necessary to discard the hypothesis).

• Details
• Contents