Economic Growth and Stock Prices: Evidence from Central and Eastern European Countries / Wzrost gospodarczy a ceny akcji w krajach Europy Środkowo-Wschodniej
Journal Title: Studia Prawno-Ekonomiczne - Year 2016, Vol 0, Issue
Abstract
The paper discusses the problem of relations between a capital market and real economy measured by the cross-country correlation between long-term stock rate of return and real GDP growth. According to some research results, the correlation is negative for most developed countries in the long run. Other studies indicate rather the lack of correlation, both for highly developed and emerging market countries. The aim of the paper is to present these somewhat controversial results and review plausible reasons for the observed tendencies. The second aim is to present the results of our research obtained with a sample of Central and Eastern European countries, in which capital market began to develop only after the fall of communism, so quite recently. They allow the conclusion that in the CEE economies the correlation between economic growth and equity returns is either positive or unclear. It is difficult to find all reasons why it is so, however, generally these results show that it is difficult to find clear relationship between stock market and economic growth in the world economies.
Authors and Affiliations
Jerzy Gajtka, Piotr Pietraszewski
Keywords
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