Efecto de la incertidumbre de política económica en los mercados bursátiles europeos

• Jessica Paule-Vianez ^[1] ; Camilo Prado-Román ^[1] ; Raúl Gómez-Martínez ^[1]
  1. [1] Universidad Rey Juan Carlos

     Universidad Rey Juan Carlos

     Madrid, España

     
• Localización: Revista de economía mundial, ISSN 1576-0162, Nº 58, 2021, págs. 75-94
• Idioma: español
• Títulos paralelos:
  • Effect of Economic Policy Uncertainty on European Stock Markets
• Enlaces
  • Texto completo
• Resumen
  • español

    Este estudio evalúa el efecto de la Incertidumbre de Política Económica (IPE) en la rentabilidad, volatilidad y liquidez de los mercados bursátiles europeos.

    Aplicando datos de panel sobre una muestra de países europeos para el periodo 09-2011 a 07-2020 se encuentra que IPE reduce la rentabilidad e incrementa la volatilidad de los mercados bursátiles europeos, no encontrándose resultados concluyentes respecto a la liquidez. Estos resultados ponen de manifiesto la importancia y necesidad de un mayor control por parte de los formuladores de políticas económicas sobre la transparencia y la estabilidad de sus decisiones.

  • English

    This study assesses the effect of Economic Policy Uncertainty (IPE) on the return, volatility and liquidity of European stock markets. Applying panel data on a sample of European countries for the period 09-2011 to 07-2020, it is found that IPE reduces returns and increases volatility in European stock markets, not finding conclusive results regarding liquidity. These results demonstrate the importance and need for greater control by economic policy makers over the transparency and stability of their decisions.

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