Finansowe aspekty stabilności makroekonomicznej. Przykład Polski

Abstract

The purpose of the article was to determine whether there is a long-term relationship between the variables of the financial market and the variables characterizing Poland s macroeconomic stability. In the first stage of the research, the stationarity analysis of the variables was carried out using the ADF test, then, for the further stage of research, variables characterized by non-stationarity were selected and an Engle– Granger cointegration analysis was used. The research used data published by the National Bank of Poland, the Polish Financial Supervision Authority and the Central Statistical Offie for the years 2006–2017. The results of the research confirm the existence of cointegration in some variables.