Stock Return Response to Monetary and Fiscal Policy Interaction in Singapore

Ali, Ghulam; Zaman, Khalid; Ziaei, Sayyed Mahdi; Anuar, Melati Ahmad

doi:10.5901/mjss.2014.v5n27p1712

Cited by 4 publications

(3 citation statements)

References 141 publications

(145 reference statements)

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“…On the contrary, for net commodity importers, decrease of commodity prices is an important impulse for domestic economy through lower level of energy prices. According to the authors (Ali, Zaman, Ziaei, Anuar ,2014), the wealth effect of house prices has positive influence on the stock market, but house prices impact is very weak on stock returns.…”

Section: Literature Reviewmentioning

confidence: 99%

National Ecomonic Practicies: Influence of Tax Policies on the Economic Processes of the Old and the New EU Democracies

Kušnírová,

Válek,

Dedinský

2022

SJPS

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The European Union operates within the framework of monetary and fiscal policy in accordance with uniform rules, but there is also a region where this rule is not applied. Direct tax policy as part of fiscal policy belongs exclusively to the competence of the individual national economies. Thus, the tax policy of direct taxes (specifically corporate tax) is the result of political decision-making processes at the national levels. The research focuses on 8 EU countries of two groups (old and new democracies). The aim of the article is to identify the potential impact of corporate taxes on the stock market, emphasizing the differences between the old and the new EU democracies. Therefore, the hypothesis verified here is that the tax policy, represented by the corporate tax rate, has a significant effect on the stock market. Thus, the article clearly focuses on the interconnection of political and economic decision-making processes and their impact on the business environment in chosen countries. The main finding is that, in old democracies, the impact of corporate tax rates on stock markets is generally higher than in new democracies.

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Section: Literature Reviewmentioning

confidence: 99%

National Ecomonic Practicies: Influence of Tax Policies on the Economic Processes of the Old and the New EU Democracies

Kušnírová,

Válek,

Dedinský

2022

SJPS

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“…It is significant for researchers to find more factors effecting on stock market. For the case of Singapore, Ghulam Ali et al (2014) revealed the significance of researching this subject. The reason was that policy makers and investors would have a glance at the financial market in the future as the changes in monetary policy and fiscal policy were implemented.…”

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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“…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%

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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Stock Return Response to Monetary and Fiscal Policy Interaction in Singapore

Abstract: The objective of the study is to examine the monetary and fiscal policies '

Cited by 4 publications

References 141 publications

National Ecomonic Practicies: Influence of Tax Policies on the Economic Processes of the Old and the New EU Democracies

National Ecomonic Practicies: Influence of Tax Policies on the Economic Processes of the Old and the New EU Democracies

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

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

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