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Author
Lipa Andreas (Szkoła Główna Handlowa w Warszawie)
Title
Polityka monetarna Europejskiego Banku Centralnego a ceny aktywów
European Central Bank Monetary Policy and Asset Prices
Source
Studia i Prace Kolegium Zarządzania i Finansów / Szkoła Główna Handlowa, 2009, z. 95, s. 122-138, rys., bibliogr. 33 poz.
Keyword
Wspólna Polityka Monetarna, Polityka pieniężna Europejskiego Banku Centralnego, Aktywa, Rynek kapitałowy
Common Monetary Policy, Monetary Policy of the ECB, Assets, Capital market
Note
summ., streszcz.
Abstract
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)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
The Main Library of the Wroclaw University of Economics
Bibliography
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ISSN
1234-8872
Language
pol
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