Warianty tytułu
European Central Bank Monetary Policy and Asset Prices
Języki publikacji
Abstrakty
Niniejsze opracowanie miało na celu sprawdzenie związków przyczynowo-skutkowych między polityką pieniężną Europejskiego Banku Centralnego a europejskim rynkiem akcji. Osiągnięte wyniki pokazują, że polityka pieniężna EBC ma wpływ na ceny akcji. Jednak wpływu tego nie da się wyjaśnić za pomocą teorii portfelowej. Wygląda na to, że z punktu widzenia teorii portfelowej Markowitza uczestnicy europejskiego rynku kapitałowego w latach 1999-2008 zachowywali się nieefektywnie. Nie stwierdzono zależności polityki monetarnej od rozwoju cen akcji dla całego okresu badawczego, co umacnia wiarygodność EBC i daje nadzieję, że obniżki stóp procentowych w ostatnim czasie miały tylko charakter incydentalny.(abstrakt oryginalny)
The present study analyses the casual consecutive relations between the monetary policy of European Central Bank and European stock market in 1999-2008. The achieved results show that the European Central Bank Policy has an impact on prices of shares. The impact, however, cannot be explained by means of the Markowitz portfolio theory. The dependence of monetary policy of share prices development was not found.(original abstract)
Rocznik
Numer
Strony
122--138
Opis fizyczny
Twórcy
autor
- Szkoła Główna Handlowa w Warszawie
Bibliografia
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Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171309851