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Title:Politics and the Stock Market : Evidence from Germany PDF Logo
Authors:Pierdzioch, Christian
Döpke, Jörg
Issue Date:2004
Series/Report no.:Kieler Arbeitspapiere 1203
Abstract:We analyze the interaction of stock market movements and politics in Germany. In contrast to the empirical evidence available for the U.S., we do not find that German stock market returns tend to be higher during liberal than during conservative governments. Also in contrast to results for the U.S., we find no evidence for an election cycle in German stock market returns. However, estimated popularity functions and VARs suggest that stock market returns have had an impact on the popularity of German governments. We find that this result is robust across different VAR specifications and time periods.
Subjects:Political business cycle
Stock market
Germany
JEL:E44
E32
G12
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des IfW
Kieler Arbeitspapiere, IfW

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