Impact of Behavioural Attention on the Households' Foreign Currency Savings as a Response to the External Macroeconomic Shocks

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F62156489%3A43110%2F19%3A43914915" target="_blank" >RIV/62156489:43110/19:43914915 - isvavai.cz</a>

Výsledek na webu

<a href="https://doi.org/10.18267/j.pep.690" target="_blank" >https://doi.org/10.18267/j.pep.690</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.18267/j.pep.690" target="_blank" >10.18267/j.pep.690</a>

Jazyk výsledku

angličtina

Název v původním jazyce

Impact of Behavioural Attention on the Households' Foreign Currency Savings as a Response to the External Macroeconomic Shocks

Popis výsledku v původním jazyce

This paper investigates the impact of behavioural attention on the households&apos; foreign currency savings as a response to the external macroeconomic shocks. The information that the households acquire via different communication channels is expected to influence their decisions regarding their savings&apos; allocation into different currencies. This study has applied the fundamental macroeconomic models by including individuals&apos; attention to the specific risks and search interest in specific keywords on Google in order to assess the impact of acquired information and its communication channel on the households&apos; foreign currency savings. We employed a twolevel mixed effects model including macroeconomic fundamentals and individuals&apos; attention to the information determinants. We solved a problem of a long list of potential explanatory variables (keywords) by employing the Bayesian Model Averaging. This study assumes that households are more sensitive to the macroeconomic shocks (factors) if they search simultaneously for information on Google about these factors or specific related risks. The results emphasize the role behavioural attention during financial turmoil and economic downturn periods, especially in the environment of very low interest rates.

Název v anglickém jazyce

Impact of Behavioural Attention on the Households' Foreign Currency Savings as a Response to the External Macroeconomic Shocks

Popis výsledku anglicky

This paper investigates the impact of behavioural attention on the households&apos; foreign currency savings as a response to the external macroeconomic shocks. The information that the households acquire via different communication channels is expected to influence their decisions regarding their savings&apos; allocation into different currencies. This study has applied the fundamental macroeconomic models by including individuals&apos; attention to the specific risks and search interest in specific keywords on Google in order to assess the impact of acquired information and its communication channel on the households&apos; foreign currency savings. We employed a twolevel mixed effects model including macroeconomic fundamentals and individuals&apos; attention to the information determinants. We solved a problem of a long list of potential explanatory variables (keywords) by employing the Bayesian Model Averaging. This study assumes that households are more sensitive to the macroeconomic shocks (factors) if they search simultaneously for information on Google about these factors or specific related risks. The results emphasize the role behavioural attention during financial turmoil and economic downturn periods, especially in the environment of very low interest rates.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50206 - Finance

Projekt

<a href="/cs/project/GA16-26353S" target="_blank" >GA16-26353S: Sentiment a jeho vliv na akciové trhy</a><br>

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Rok uplatnění

2019

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Prague Economic Papers

ISSN

1210-0455

e-ISSN

—

Svazek periodika

28

Číslo periodika v rámci svazku

2

Stát vydavatele periodika

CZ - Česká republika

Počet stran výsledku

23

Strana od-do

155-177

Kód UT WoS článku

000465367700002

EID výsledku v databázi Scopus

2-s2.0-85071943092