Transformations  in
Business & Economics

Change in the Allocation Structure of Personal Savings Invested in Financial Assets in Poland, 2003 – 2009
Wieslaw Debski, Bartosz Swiderski

ABSTRACT. This article deals with the structure of allocation of personal savings in Poland in financial assets. Personal savings constitute an important economic category of every economy, as they determine investments made in that economy, which are in turn the basis for the economic growth. It is essential to examine the changing structure of these savings under the influence of the changing economic situation, development of the financial market etc. The main aim of the article is to analyse the changes which occur in the structure of allocation of personal savings invested in financial assets as influenced by the changing economic situation which results primarily in the change to the stock exchange market and interest rates. The analysis has been carried out on the basis of trend models with variations of parameters and on the basis of a model which makes the share of a given personal financial asset in the total of these assets conditional on the NBP [the National Bank of Poland] rediscount rate and the WIG index. The analysis has been conducted for the period Q4 2003 - Q3 2009.

KEYWORDS: personal savings, financial assets, analysis of structure, robust regression, Poland.

JEL classification: E20, G10, P2.