Concluding Remarks

  • Marcel Wiedmann
Part of the Contributions to Economics book series (CE)


This contribution applies the CVAR model to analyze the long-run behavior and short-run dynamics of stock markets across five developed and three emerging economies. The governing thought is that liquidity conditions play an important role for stock market developments. Liquidity conditions enter the analysis from three angles: in the form of a broad monetary aggregate, the interbank overnight rate and net capital flows, which represent the share of global liquidity that arrives in the respective country. A second objective is to understand whether central banks are able to influence the stock market.


Stock Market Monetary Policy Asset Price Stock Prex Money Demand 
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Copyright information

© Springer-Verlag Berlin Heidelberg 2011

Authors and Affiliations

  1. 1.McKinsey and CompanyStuttgartGermany

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