Zmiany strukturalne na polskim rynku finansowym a sfera realna gospodarki – analiza empiryczna
Structural changes on the Polish financial market and the real economy – an empirical analysis

Summary/Abstract: Financial markets are usually less stable than other forms of capital markets. Investment decisions, especially those related to the financial market, may therefore be subject to a relatively high investment risk. The main aim of the study is the empirical identification of moments of changes of structural parameters of the relations between capital market (represented by the WIG index) and the money market with changes in gross domestic product. Conclusions based on estimated - MS-VAR models confirm that, in the period 1995-2012, the Polish financial market experienced structural changes that were connected with changes in the real economy.

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