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Akcie, zlato a inflace - vztahy a souvislosti v posledních 25 letech

Stocks, Gold and Inflation - Relationships and Contexts Over the Last 25 Years

Zbyněk Revenda and Markéta Arltová

Politická ekonomie, 2022, vol. 2022, issue 3, 288-311

Abstract: Monetary metals have historically been important in providing limits to the quantity of money. The mandatory backing of money with gold or silver was gradually circumvented and abolished. Both precious metals have thus become, among other things, investment assets associated with returns and risks. They may or may not be profitable and safe. The absence of precious metal limits has led to a significantly faster devaluation of money. However, inflation may also be reflected in rising market prices for financial and real assets. This paper analyses the potential interrelationships between inflation, market prices of shares in the S&P 500 index, and market prices of gold over the period 1996-2020 in the United States. The analysis shows a strong impact of inflation on both the stock index and gold. The market price of gold was partly influenced by the development of market stock prices.

Keywords: Bank reserves; central bank; cointegration analysis; free banking; gold; invest-ment; money; market price; stocks (search for similar items in EconPapers)
JEL-codes: C58 E31 E42 G2 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.18267/j.polek.1355

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