Email this article 
Hide
Show all
Gold Investments as a Hedge Against Inflation in Poland
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.
Keywords
Full Text:
PDF (Język Polski)References
Adrangi B., Chatrath A., Raffiee K., Economic Activity, Inflation, and Hedging: the Case of Gold and Silver Investments, “The Journal of Wealth Managenent” 2003, Vol. 6, No. 2.
Aizenman J., Inoue K., Central Banks and Gold Puzzles, “NBER Working Paper” 2012, No. 17894.
Batten J.A., Ciner C., Lucey B.M., On the Economic Determinants of the Gold-Inflation Relation, “Resources Policy” 2014, No. 41.
Beckmann J., Czudaj R., Gold as an Inflation Hedge in a Time-Varying Coefficient Framework, “North American Journal of Economics and Finance” 2013, No. 24.
Blose L.E., Gold Prices, Cost of Carry, and Expected Inflation, “Journal of Economics and Business” 2010, No. 62.
Capie F., Mills T., Wood G., Gold as a Hedge against the Dollar, “International Financial Markets, Institutions and Money” 2005, No. 15.
Cecchetti S.G., Chu R.S., Steindel C., The Unreliability of Inflation Indicators, “Current Issues in Economics and Finance” 2000, No. 6(4).
Gruszczyński M., Podgórska M. (red.), Ekonometria, Szkoła Główna Handlowa, Warszawa 1996.
Hewitt A., Keel T., Tauber M., Le-Fiedler T., The Ups and Downs of Gold Recyckling. Understanding Market Drivers and Industry Challenges, World Gold Council, The Boston Consulting Group, March 2015 [www.gold.org, data dostępu: 29.05.2015].
Kasprzak-Czelej A., Inwestycje w złoto jako zabezpieczenie przed fluktuacjami kursu walutowego, [w:] J. Turyna, J. Rak (red.), Finansowe uwarunkowania rozwoju organizacji gospodarczych, Wydawnictwo Naukowe Wydziału Zarządzania Uniwersytetu Warszawskiego, Warszawa 2013a.
Kasprzak-Czelej A., Możliwości dywersyfikacji ryzyka z wykorzystaniem inwestycji alternatywnych, „Zarządzanie i Finanse” 2013b, Vol. 11, nr 2.
Levin E.R., Wright R.E., Short-Run and Long-Run Determinants of the Price of Gold, “World Gold Council, Research Study” 2006, No. 32.
Mahdavi S., Zhou S., Gold and Commodity Prices as Leading Indicators of Inflation: Test of Long-Run Relationship and Predictive Performance, “Journal of Economics and Business” 1997, No. 49(5).
Mikita M., Pełka W., Rynki inwestycji alternatywnych, Poltext, Warszawa 2009.
Reboredo J.C., Is Gold a Hedge or Safe Haven Against oil Price Movements?, “Resources Policy” 2013, No. 38.
Shahbaz M., Tahir M.I., Ali I., Rehman I.U., Is Gold Investment a Hedge Against Inflation in Pakistan? A Co-Integration and Causality Analysis in the Presence of Structural Breaks, “North American Journal of Economic and Finance” 2014, No. 28.
Spierdijk L., Umar Z., Stocks, Bonds, T-bills and Inflation Hedging: from Great Moderation to Great Recession, “Journal of Economics and Business” 2015, No. 79.
Tkacz G., Gold Prices and Inflation, “Bank of Canada Working Paper” 2007, No. 2007-35.
Wang K.-M., Lee Y.-M., The Yen For Gold, “Resources Policy” 2011, No. 36.
Wang K.-M., Lee Y.-M., Thi T.-B.N., Time and Place Where Gold Acts as an Inflation Hedge. An Application of Long-Run and Short-Run Threshold Model, “Economic Modelling” 2011, No. 28.
DOI: http://dx.doi.org/10.17951/h.2015.49.4.205
Date of publication: 2016-01-28 11:03:32
Date of submission: 2015-06-11 10:28:02
Statistics
Indicators
Refbacks
- There are currently no refbacks.
Copyright (c) 2016 Anna Barbara Kasprzak-Czelej
This work is licensed under a Creative Commons Attribution 4.0 International License.