Financial savings structure—Eurozone and Visegrad Group

Agnieszka Zawadzka and Małgorzata Grzywińska‐Rąpca

International Journal of Finance & Economics, 2023, vol. 28, issue 1, 699-717

Abstract: The purpose of the analysis presented in this text is to identify differences in the structure of financial assets between countries (Eurozone countries and Visegrad Group countries). All groups of forms of saving analyzed are characterized by strong or very strong asymmetry. To compensate for the worrying calculations, the outlier effect has been standardized using weber median. Further statistical analyses used Friedman's non‐aparametric ANOVA test to determine the similarity between the different forms of saving. The PROFIT analysis allowed for a graphical representation of the structure of the similarities between the countries analyzed and their arrangement due to the severity of the selected forms of saving. The analysis showed that in the Eurozone countries the form of saving significantly different from the others turned out to be Equity and investment fund shares, while in the countries of Visegrad Group they are loans and other accounts receivable/payable. In addition, the Netherlands and Estonia were the most outliers in the Eurozone countries, followed by Slovakia and Hungary in the Visegrad Group countries. The results of the analysis may complement the literature on household savings, which are the primary, saving sector of any economy. The dominance of savings only in the form of deposits and currencies can in the long term cause monetary distortions. Determining the share of financial instruments in financial assets and indicating the diversity between regions can be important in the development of financial policy as it indicates differences in economies of varying degrees of development.

Date: 2023
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