Effects of Fiscal Policy and Monetary Policy on the  Stock Market in Poland

Hsing, Yu

doi:10.3390/economies1030019

Cited by 22 publications

(11 citation statements)

References 19 publications

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“…From the ARDL result in Tables 11 -13, government total expenditure was found to be positively related to stock market development indices (market capitalization ratio, the value of stock traded ratio, and turnover ratio) in line with a priori expectation of a positive linkage. This supports the works of Perveen and Rahman (2018), Onyema (2017), Ali, Zaman, Ziaei, and Anuar (2014) but disagreed with of Ogbulu, Torbira, and Umezinwa (2015), Hsing (2013) and Anghelache, Jakova, and Oanea (2016) on the negative association between government expenditure and development in the stock market. Conventionally, when the government increases its recurrent spending, there would be more funds in the hands of the citizen.…”

Section: Resultssupporting

confidence: 82%

“…Studies on fiscal policy and stock market performance as well as stock market returns have been undertaken by various researchers in Nigeria (see Prukumpai & Sethapramote, 2019;Nwaogwugwu, 2018;Eyo, 2018;Perveen & Rahman, 2018;Onyema, 2017;Kuncoro, 2017;Anghelache, Jakova & Oanea, 2016;Ogbulu, Torbira & Umezinwa, 2015;Ali, Zaman Ziaei & Anuar, 2014;Mutulis & Olweny, 2018;Gowriah, Seetanah, John & Keshav, 2014;Cheng & Sun, 2013;Hsing, 2013;Bekhet & Othman, 2012;Osamwonyi & Evbayiro-Osagie, 2012). However, about stock market development using the World Bank (2013) indices of measuring development in the stock market (stock market capitalization ratio, the value of stock traded ratio, and turnover ratio) have often been ignored in studies conducted in Nigeria.…”

Section: Introductionmentioning

confidence: 99%

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Fiscal Policy and Stock Market Development in an Emerging West African Economy

Nwakobi

Ananwude

Umezurike

2020

FER

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Purpose: This article presents a study on the effect of fiscal policy on stock market development in an emerging West African economy with an emphasis on Nigeria for the period of 1986 to 2018. Specifically, we evaluated the effect of fiscal deficit on all share index including government total expenditure on market capitalization ratio, the value of stock traded, and turnover ratio using data from the Central Bank of Nigeria (CBN) and Nigerian Stock Exchange (NSE). Methods: The Auto-regressive Distributive Lag (ARDL) was the estimation technique employed in ascertaining the nature of the short-run relationship between fiscal policy and stock market development indices, whereas the effect of fiscal policy on stock market development was actualized under the granger causality analysis. Results: The result of the analysis revealed that fiscal deficit has no significant effect on all share index; government total expenditure has no significant effect on stock market capitalization ratio; government total expenditure has a significant effect on the value of stock traded ratio; government total expenditure has no significant effect on the stock market turnover ratio. Implication: Government should implement its fiscal policies to carefully accommodate the development of the stock market, as changes in fiscal policy affect the overall activities in the market and ultimately the economy.

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Section: Resultssupporting

confidence: 82%

Section: Introductionmentioning

confidence: 99%

Fiscal Policy and Stock Market Development in an Emerging West African Economy

Nwakobi

Ananwude

Umezurike

2020

FER

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“…Similarly, Gertler and Grinols (1982) documented that stock returns are negatively correlated with inflation. In addition, Hsing (2013) found that stock market is negatively affected by inflation rate. Hence, the research hypothesis for the study is:…”

Section: Inflation = (Cpi -Cpi (T-1) )/Cpi (T-1) … … … … (7)mentioning

confidence: 99%

Firm’s Characteristics and Macro-Economic Variables on Expected Stock Returns

Paudel¹

2019

PYC Nep. J. Mgt

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This study examines the effect of firm’s characteristics and macroeconomic variables on common stock return from the firms listed in Nepal Stock Exchange (NEPSE). The explained variable for the study is stock return which is calculated as the annual capital gain yield. The explanatory variables consist of firm size, book to market equity, earning yield, cash flow yield, GDP growth, rate of inflation, real interest rate, and money supply. The data are collected from the database of NEPSE, Nepal Rastra Bank (NRB), and the annual reports of the selected firms. The study is based on the 150 observations from the 10 sample firms for the period of 15 years (from 2003/4 to 2017/18). Fixed effect panel data analysis is used to examine the effect of firm characteristics and macroeconomic variables on common stock return in Nepalese firms. The findings confirms significant negative impact of firm size, book to market equity, earning yield, and cash flow yield on stock return in Nepalese context. Among the macroeconomic variables, GDP growth rate, and interest rate have significant negative impact on stock return. Contrarily, only the rate of inflation has significant positive impact on stock return in the context of Nepal. No significant effect of money supply is observed on common stock return in the context of Nepal.

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“…However, there are some differences between the researches. Yu Hsing (2013) revealed that the monetary policy affected stock index but it was not correct for fiscal policy in Poland market. Besides, the author also determined the stock index of the U.S and Germany had considerable effect on stock market performance in Poland.…”

Section: Literature Reviewmentioning

confidence: 99%

Empirical Test on Impact of Monetary Policy and Fiscal Policy on Vietnam Stock Market

Thanh¹,

Thuy²,

Anh³

et al. 2017

IJFR

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This research evaluates impact of monetary policy tools and fiscal policies on Vietnam's stock market, as well as examines interaction between these two policies with the Vietnam stock price index. Utilizing Vector error correction model (VECM), with 9 variables and data monthly statistics from January 2002 to October 2015, this study confirms that there are links between monetary policy, fiscal policy with Vietnam's stock market. In addition, Vietnam's stock market is also affected by exogenous factors, namely the world oil prices and the S&P500 index, especially when Vietnam's economy is opening up and integrated with the global economy.

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Effects of Fiscal Policy and Monetary Policy on the Stock Market in Poland

Cited by 22 publications

References 19 publications

Fiscal Policy and Stock Market Development in an Emerging West African Economy

Fiscal Policy and Stock Market Development in an Emerging West African Economy

Firm’s Characteristics and Macro-Economic Variables on Expected Stock Returns

Empirical Test on Impact of Monetary Policy and Fiscal Policy on Vietnam Stock Market

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