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Fiscal Policy and Capital Market Performance: Evidence from EU Countries from Central and Eastern Europe

Gabriela-Victoria Anghelache (), Stela Jakova () and Dumitru-Cristian Oanea ()

International Journal of Academic Research in Accounting, Finance and Management Sciences, 2016, vol. 6, issue 2, 34-43

Abstract: The aim of this paper is to analyze the relationship between fiscal policy and capital market performance in 6 European Union (EU) countries from Central and Eastern Europe, for period 2004 – 2015. In order to understand very well the relationship between the analyzed indicators, we searched in both directions: the effects of fiscal policy on capital market performance and also the effects of capital market performance on fiscal policy. For Czech Republic and Slovakia we found that there is a bilateral relationship between fiscal policy and capital market performance. In Bulgaria we found that the fiscal policy affects the capital market return, while in Poland we obtain that the capital market return affects the fiscal policy. For the other 2 countries, Hungary and Romania, we didn’t find any significant influence between the variables.

Keywords: Fiscal policy; capital market; financial crisis (search for similar items in EconPapers)
Date: 2016
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