Arbeitspapier
Politics and the Stock Market: Evidence from Germany
We analyze the interaction of stock market movements and politics in Germany. In contrast to the empirical evidence available for the U.S., we do not find that German stock market returns tend to be higher during liberal than during conservative governments. Also in contrast to results for the U.S., we find no evidence for an election cycle in German stock market returns. However, estimated popularity functions and VARs suggest that stock market returns have had an impact on the popularity of German governments. We find that this result is robust across different VAR specifications and time periods.
- Language
-
Englisch
- Bibliographic citation
-
Series: Kiel Working Paper ; No. 1203
- Classification
-
Wirtschaft
Financial Markets and the Macroeconomy
Business Fluctuations; Cycles
Asset Pricing; Trading Volume; Bond Interest Rates
- Subject
-
Political business cycle
Stock market
Germany
Börsenkurs
Kapitalertrag
Politischer Konjunkturzyklus
Schätzung
Deutschland
- Event
-
Geistige Schöpfung
- (who)
-
Pierdzioch, Christian
Döpke, Jörg
- Event
-
Veröffentlichung
- (who)
-
Kiel Institute for World Economics (IfW)
- (where)
-
Kiel
- (when)
-
2004
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Pierdzioch, Christian
- Döpke, Jörg
- Kiel Institute for World Economics (IfW)
Time of origin
- 2004
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