Please use this identifier to cite or link to this item:
Hsing, Yu
Year of Publication: 
[Journal:] Economies [ISSN:] 2227-7099 [Publisher:] MDPI [Place:] Basel [Volume:] 1 [Year:] 2013 [Issue:] 3 [Pages:] 19-25
The 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.
stock market index
fiscal policy
monetary policy
macroeconomic variables
Persistent Identifier of the first edition: 
Creative Commons License:
Document Type: 
Appears in Collections:

Files in This Item:
116.87 kB

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.