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https://hdl.handle.net/1822/14620
Título: | Fiscal policy and asset prices |
Autor(es): | Agnello, Luca Sousa, Ricardo M. |
Palavras-chave: | Fiscal policy Asset prices Panel VAR. E62 H30 |
Data: | 2013 |
Editora: | Wiley-Blackwell |
Revista: | Bulletin of Economic Research |
Resumo(s): | We assess the role played by scal policy in explaining the dynamics of asset markets. Using a panel of ten industrialized countries, we show that a positive scal shock has a negative impact in both stock and housing prices. However, while stock prices immediately adjust to the shock and the e¤ect of scal policy is temporary, housing prices gradually and persistently fall. As a result, the attempts of scal policy to mitigate stock price developments may severely de-stabilize housing markets. The empirical ndings also point to: (i) a contractionary e¤ect of scal policy on output in line with the existence of crowding-out e¤ects; (ii) a weakening of the e¤ectiveness of scal policy in recent times; (iii) signi cant scal multiplier e¤ects in the context of severe housing busts; and (iv) an increase of the sensitivity of asset prices to scal policy shocks following the process of nancial deregulation and mortgage liberalization. Finally, the evidence suggests that changes in equity prices may help governments towards consolidation of public nances. |
Tipo: | Artigo |
URI: | https://hdl.handle.net/1822/14620 |
DOI: | 10.1111/j.0307-3378.2011.00420.x |
ISSN: | 0307-3378 |
Arbitragem científica: | yes |
Acesso: | Acesso aberto |
Aparece nas coleções: | NIPE - Artigos em Revistas de Circulação Internacional com Arbitragem Científica |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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Fiscal policy and asset prices.pdf | Fiscal policy and asset prices | 269,25 kB | Adobe PDF | Ver/Abrir |