Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/21882
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dc.contributor.authorForster, Katrinen_US
dc.date.accessioned2009-01-29T13:41:54Z-
dc.date.available2009-01-29T13:41:54Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/21882-
dc.description.abstractSince the mid-1990s, large movements in stock prices have not only raised centralbankers' and policy-makers' interest in their implications for real economic activity,but have also led to extensive empirical research in this field. While most of thestudies have focussed on the United States or the euro area as a whole, this paperis one of the few providing empirical evidence for Germany.Despite the fact that the significance of equity markets remains much smaller inGermany than in other industrial countries, the empirical analysis confirms thatstock price movements are relevant for the German economy: overall, stock pricemovements have had an impact on both domestic consumption and domesticprivate investment in recent years. Less surprisingly, the effects prove to be ofmuch less significance than for other countries, in particular the United States,where stock market effects have been substantial.However, as it can be expected that the equity markets will gain further importancein Germany in the long term – e.g. in connection with the need for households toincrease privately funded pensions and for many German companies tostrengthen their equity and diversify their financing resources – the paper alsoconcludes that the real economy will register more significant effects in future.en_US
dc.language.isoengen_US
dc.publisher|aDeutsche Bank Research |cFrankfurt a. M.-
dc.relation.ispartofseries|aResearch notes working paper series |x20en_US
dc.subject.ddc330en_US
dc.subject.stwBörsenkursen_US
dc.subject.stwMakroökonomischer Einflußen_US
dc.subject.stwKonjunkturen_US
dc.subject.stwSchätzungen_US
dc.subject.stwDeutschlanden_US
dc.titleStock Prices and Real Economic Activity Empirical Results for Germanyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn504023470en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:dbrrns:20-

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