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Effects Of Macroeconomic Policies And Stock Market Performance On The Estonian Economy

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Author Info
Yu Hsing
Abstract

Based on a general equilibrium model, this study finds that real output in Estonia is positively associated with real quantity of money and negatively influenced by real depreciation of the kroon, real stock prices, and the expected inflation rate. Government deficit spending is found to be insignificant. Policy implications are that fiscal discipline pursued by the Estonian government is appropriate, that a stronger currency may better serve Estonia, and that the wealth effect of an increase in the stock price on real money balances is greater than the substitution effect.

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Publisher Info
Article provided by University of Economics, Prague in its journal Prague Economic Papers.

Volume (Year): 2005 (2005)
Issue (Month): 2 ()
Pages: 109-116
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Handle: RePEc:prg:jnlpep:v:2005:y:2005:i:2:id:256:p:109-116

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Related research
Keywords: wealth effect; substitution effect; stock prices; real depreciation; deficit spending;

Find related papers by JEL classification:
E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
P24 - Economic Systems - - Socialist Systems and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation

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  16. Robert Engle, 2001. "GARCH 101: The Use of ARCH/GARCH Models in Applied Econometrics," Journal of Economic Perspectives, American Economic Association, vol. 15(4), pages 157-168, Fall. [Downloadable!] (restricted)
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