Effects of Fiscal Policy and Monetary Policy on the Stock Market in Poland
AbstractThe focus of this paper is to examine potential impacts of fiscal and monetary policies on stock market performance in Poland. Applying the GARCH model and based on a sample during 1999.Q2 to 2012.Q4, this paper finds that Poland’s stock market index is not affected by the ratio of government deficits or debt to GDP and is negatively influenced by the money market rate. The stock index and the ratio of M3 to GDP show a quadratic relationship with a critical value of 46.03%, suggesting that they have a positive relationship if the M3/GDP ratio is less than 46.03% and a negative relationship if the M3/GDP ratio is greater than 46.03%. Furthermore, Poland’s stock index is positively associated with industrial production and stock market performance in Germany and the U.S. and negatively affected by the nominal effective exchange rate and the inflation rate.
Scifeed alert for new publicationsNever miss any articles matching your research from any publisher
- Get alerts for new papers matching your research
- Find out the new papers from selected authors
- Updated daily for 49'000+ journals and 6000+ publishers
- Define your Scifeed now
Hsing, Y. Effects of Fiscal Policy and Monetary Policy on the Stock Market in Poland. Economies 2013, 1, 19-25.
Hsing Y. Effects of Fiscal Policy and Monetary Policy on the Stock Market in Poland. Economies. 2013; 1(3):19-25.Chicago/Turabian Style
Hsing, Yu. 2013. "Effects of Fiscal Policy and Monetary Policy on the Stock Market in Poland." Economies 1, no. 3: 19-25.