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Wpływ niepewności makroekonomicznej na oszczędności przedsiębiorstw

Listed author(s):
  • Natalia Nehrebecka
  • Michał Brzozowski
Registered author(s):

    Celem artykułu jest weryfikacja wpływu niepewności makroekonomicznej i szoków idiosynkratycznych na oszczędności i zasoby środków pieniężnych przedsiębiorstw w Polsce. Analizę przeprowadzono na podstawie jednostkowych niezbilansowanych danych panelowych przedsiębiorstw, zatrudniających co najmniej 10 pracowników, zawartych w rocznych sprawozdaniach GUS F-02 z lat 1995–2012. W przypadku weryfikacji wpływu niepewności makroekonomicznej na oszczędności oszacowano modele za pomocą estymatora GMM z błędami HAC, natomiast identyfikacji wpływu szoków idiosynkratycznych na oszczędności dokonano za pomocą odpornego estymatora systemowego GMM. Polskie przedsiębiorstwa dostosowują posiadane oszczędności i zasoby środków pieniężnych do poziomu niepewności makroekonomicznej. Uzyskane wyniki wskazują też na motyw przezornościowy utrzymywania bufora bezpieczeństwa w postaci zgromadzonych oszczędności z obawy przed szokami idiosynkratycznymi.

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    File URL: http://gospodarkanarodowa.sgh.waw.pl/p/gospodarka_narodowa_2016_05_03.pdf
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    Article provided by Warsaw School of Economics in its journal Gospodarka Narodowa.

    Volume (Year): (2016)
    Issue (Month): 5 ()
    Pages: 51-69

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    Handle: RePEc:sgh:gosnar:y:2016:i:5:p:51-69
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