Description

• Title:
  Ceny akcji, produkt krajowy brutto i stopy procentowe: analiza współzależności dla Polski
• Creator:
  Pietraszewski, Piotr
• Contributor:
  University of Lodz, Faculty of Economics and Sociology, Department of Economics of Industry and Capital Markets;
  ppietraszewski@uni.lodz.pl
• Description:
  The paper investigates the relationships between stock returns (represented by changes in the main stock index quoted on Warsaw Stock Exchange, WIG) and changes in Gross Domestic Product, as well as changes in long‑term and short‑term interest rates in Poland over the years 2001–2016. Quarterly data is examined applying time series econometric methods, allowing to take into account the existence of autocorrelation. The results suggest that stock returns lead and can forecast future economic growth. They also point to statistically significant but rather moderate inverse relationship between stock returns and current movements in interest rates, mainly long‑term. These results are consistent with the theoretical arguments in finance and economics.
• Object availability:
  free access
• Rights:
  © Copyright by Authors, Łódź 2018; © Copyright for this edition by Uniwersytet Łódzki, Łódź 2018
• Date:
  2018.02.28;
  2018
• Type:
  Article
• Language:
  Polish
• Format:
  application/pdf
• Publisher:
  Wydawnictwo Uniwersytetu Łódzkiego
• Relation:
  Acta Universitatis Lodziensis. Folia Oeconomica;334;
  2
• Subject:
  stock returns;
  Gross Domestic Product;
  interest rates;
  autoregressive models;
  stopy zwrotu z akcji;
  produkt krajowy brutto;
  stopy procentowe;
  modele autoregresyjne;
  E44;
  G12;
  C31
• Identifier:
  0208-6018;
  http://hdl.handle.net/11089/24169 ;
  2353-7663;
  10.18778/0208-6018.334.08
• Data provider:
  Repozytorium Uniwersytetu Łódzkiego
• Can I use it?:
  seek permission
• Type:
  image