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Spillovers between European markets

100%

Choczyńska A.

Managerial Economics

2022

vol. 23

issue 2

111-130

Financial integration has been proven to benefit European economies. However, it may obstruct diversification attempts, and so attracts the attention of investors and researchers. The aim of this paper is to analyze changes in spillovers between European markets, the European Index, and the World Index, over a period of two decades (2000–2021), with regard to the level of development. Mature markets have higher spillovers than emerging and frontier ones. The main finding is that non-developed markets’ spillover levels in tranquil periods did not substantially increase in the last two decades, despite ongoing integration with developed European markets. However, spillover rises in time of global or regional crisis (e.g. Great Financial Crisis, Eurozone Debt Crisis, COVID-19 pandemic) for all markets, regardless of economic development, which can undermine diversification attempts just when they are most needed. Afterwards, the transmission of shocks falls back to the pre-crisis level, with the exception of the spillover between Eurozone markets and European Index, which remained very high even after the end of the particular crisis.

Wiedza fiansowa konsumentów – perspektywa europejska

75%

Smyczek S.

Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

2017

vol. 51

issue 2

The main fiding which derives from the research is that fiancial literacy of customers on European market is far from the required level. The fiancial literacy level has been found to be affected by fiancial situation, education level, and workplace activity of customers. A signifiant difference in the level of fiancial literacy has been also observed with respect to respondents’ gender, education level and work activity. Financial literacy has signifiantly affected rationality of fiancial decisions of customers. It necessary to underline that the lowest level of fiancial literacy is observed in countries where the fiancial crisis had the strongest influence on economy.

Podstawowym wnioskiem z badań jest to, że wiedza finansowa europejskich konsumentów jest znacznie niższa niż jej pożądany poziom. Okazało się, że na poziom wiedzy finansowej miały wpływ: sytuacja finansowa, poziom edukacji, wykonywany zawód i różne aktywności konsumentów. Znacząca różnica w poziomie wiedzy finansowej została również zaobserwowana w odniesieniu do płci konsumentów, wykształcenia i charakteru ich pracy. Wiedza finansowa znacząco wpływa także na racjonalność decyzji finansowych klientów. Należy podkreślić, że najniższy poziom wiedzy finansowej konsumentów zaobserwowano w krajach, gdzie kryzys finansowy miał najsilniejszy wpływ na gospodarkę.

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1 Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

1 Managerial Economics

1 Choczyńska A.

1 Smyczek S.

1 2022

1 2017

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Spillovers between European markets

Wiedza fiansowa konsumentów – perspektywa europejska