Badanie cykliczności na rynku instrumentów finansowych
Cyclical analysis on the financial instrument market

Summary/Abstract: The purpose of the study is to verify the cyclical nature of the securities and derivatives market. In the study, the method of turning points was adopted, while the identification of the peaks and bottoms of markets was made on the basis of the Claessens method. In addition, the level of cyclical fluctuations in selected market indicators of different countries was analyzed. In order to determine the level of synchronization of markets of different levels of development, the coefficients of concordance were calculated. The research sample includes the developed market − Germany, emerging markets − Poland and Russia and the border market − Ukraine. The study was conducted between 1996 and 2015. The results of the study confirm the existence of a significant level of cycle synchronization, which is a confirmation of important links between markets. This phenomenon may be enhanced based on the contagion effect in the implementation of financial instability in the system.

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