Is Disinflation Good for The Stock Market ?  

Oleh:

Henry, Peter Blair

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 57 no. 4 (2002), page 1617-1648.
Topik: stock market; studies; securities markets; disinflation; benefit cost analysis; economic stabilization; statistical analysis
Fulltext: p 1617.pdf (399.91KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.6 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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The stock market appreciates by an average of 24 percent in real dollar terms when countries attempt to stabilize annual inflation rates that are greater than 40 percent. In contrast, the average market response is 0 when the pre - stabilization rate of inflation is less than 40 percent. These results suggest that the potential long - run benefits of stabilization may dominate short - run costs at high levels of inflation, but a low to moderate levels of inflation, benefits may be offset by costs in a present value sense. Stock market responses also help predict the change in inflation and output in the year folllowing all 81 stabilization efforts.

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