Inwestycje w złoto jako zabezpieczenie przed inflacją w Polsce
Gold Investments as a Hedge Against Inflation in Poland

Summary/Abstract: This study analyzes the question whether direct gold investments provide the ability of hedging against inflation in Poland. Using monthly data on the price of gold and selected inflation measures during the period January 2007 – April 2015 the cointegration tests and the cross-correlations were conducted. The results suggest that investments in gold has not served as a hedge against fluctuations in the internal purchasing power of the Polish zloty.

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