Analysis of cointegration of some economic and financial variables in Zachodniopomorskie voivodship

Batóg, Barbara

doi:10.18276/sip.2016.45/2-11

Cited by 3 publications

(1 citation statement)

References 5 publications

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“…(e.g. Żelazowski, 2011; Bełej & Kulesza, 2015;Batóg, 2016;Dittmann, 2016;Kubus, 2016;Foryś & Tarczyńska-Łuniewska, 2017;Brzezicka et.al., 2018;Wolski, 2020;Trojanek, 2021).…”

Section: Literature Overviewunclassified

Residential Real Estate as a Potential Hedge of Capital Against Inflation

Wolski¹

2023

Real Estate Management and Valuation

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There is a belief among investors that real estate is an excellent way to protect capital from depreciation due to inflation. Research does not provide a clear answer as to whether this investors’ belief is correct, but some approaches indicate that simple econometric methods are not able, especially in the short term, to clearly indicate the existence of a relationship between inflation and property prices (Fogler, 1984). The purpose of the study –was to find the relationship between residential real estate prices and inflation in the Polish economic conditions. Methodology of the study - the study used cointegration analysis with the Engle - Granger test. The research was carried out in the period from the first quarter of 2009 to the fourth quarter of 2021. The real estate hedonic indices calculated by NBP (National Bank of Poland) and the actual and forecasted inflation rates published by the GUS (Central Statistical Office) and the NBP (National Bank of Poland) were used in the research. The result - the analysis led to a negative verification of the research hypothesis, as it could not be proved that real estate prices were related to the level of inflation during the researched period. Originality/value - the study fills a gap in the Polish market regarding the analysis of the possibility of using real estate as a hedge against inflation. The research concerned only the Polish market, but this issue has not been taken up for years, also in mature economies.

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“…(e.g. Żelazowski, 2011; Bełej & Kulesza, 2015;Batóg, 2016;Dittmann, 2016;Kubus, 2016;Foryś & Tarczyńska-Łuniewska, 2017;Brzezicka et.al., 2018;Wolski, 2020;Trojanek, 2021).…”

Section: Literature Overviewunclassified

Residential Real Estate as a Potential Hedge of Capital Against Inflation

Wolski¹

2023

Real Estate Management and Valuation

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Co-Integration Test of Selected Indexes on the Share Market and Index of Housing Real Estate Prices

Wolski

2020

Real Estate Management and Valuation

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The integration of financial markets is an ongoing process throughout the world. Research shows that, from Australia through Europe to the United States, the capital and real estate markets are integrating, influencing each other. Although this process seems obvious, only research can show whether it actually occurs. Identifying these relationships is important for analyzing the entire market. Many methods, such as estimating the cost of equity, have been developed with the stock market in mind. Meanwhile, real estate valuation requires the cost of equity. Market integration is the rationale for using equity market methods on the real estate market.Aim of the work - the research is aimed at verifying whether there is cointegration between the secondary housing market and the stock market. A research hypothesis was put forward: the stock market and secondary housing market are integrated.Research methodology - the study used co-integration analysis using the Engle-Granger test. The study was conducted in the period from the third quarter of 2006 to the fourth quarter of 2018.Result - The tests carried out showed the existence of co-integration in one out of 36 cases for the explanatory variable - the delayed WIG index and the explained variable in the average price of residential real estate on the secondary market for the 7 largest Polish cities.Originality / Value - demonstrating the co-integration of markets justifies the use of analytical methods developed for stock markets on real estate markets. The research has no equivalent study on the Polish market. Similar analyses were carried out, but not for the stock and real estate market.

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Równowaga długookresowa pomiędzy cenami w łańcuchu dostaw na rynku mleka

Tłuczuk¹

2019

eiol

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Łańcuch dostaw żywności łączy działania, ze sfery pierwotnej produkcji rolnej (rolnika) aż do konsumenta. Obejmuje on producentów, dostawców, firmy transportowe, magazyny, sprzedawców hurtowych i detalicznych, organizacje usługowe oraz konsumentów. Poziomy cen w poszczególnych ogniwach łańcucha dostaw na rynku mleka, ale nie tylko, charakteryzują się cyklicznością. Celem artykułu jest zbadanie, na podstawie danych pochodzących z Głównego Urzędu Statystycznego, występowania długookresowych zależności pomiędzy cenami na rynku mleka w poszczególnych ogniwach łańcucha dostaw. W badaniach wspomnianych zależności pomocny będzie test na występowanie kointegracji Engle’a-Grangera. Zakres czasowy analiz obejmuje lata 2010–2019.

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Analysis of cointegration of some economic and financial variables in Zachodniopomorskie voivodship

Cited by 3 publications

References 5 publications

Residential Real Estate as a Potential Hedge of Capital Against Inflation

Residential Real Estate as a Potential Hedge of Capital Against Inflation

Co-Integration Test of Selected Indexes on the Share Market and Index of Housing Real Estate Prices

Równowaga długookresowa pomiędzy cenami w łańcuchu dostaw na rynku mleka

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