Polityka stóp procentowych NBP a stopy zwrotu z sWIG80 i WIG20 w latach 1995–2023
NBP interest rate policy and rates of return from sWIG80 and WIG20 in 1995–2023

Author(s): Eryk Łon
Subject(s): Economy, National Economy, Business Economy / Management, Micro-Economics, Economic policy, Financial Markets
Published by: Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu
Keywords: akcje;polityka pieniężna;stopy zwrotu;
Summary/Abstract: Purpose: The aim of the chapter is to answer the question of whether the NBP interest rate policy has an influence on the rates of return on the sWIG80 and WIG20 indices. The chapter examines what rates of return on both stock exchange indices can be expected in periods of expansive and restrictive NBP monetary policy. Methodology: The chapter uses selected tools of quantitative methods as well as structure analysis tools, including the arithmetic mean and median. These methods make it possible to assess the connections between monetary variables and the situation on the Polish stock market in the segment of small and large companies. Findings: The chapter creates two investment strategies: playing on the increase of the stock index and playing on its decline. The former strategy is worth using in periods of expansive NBP monetary policy, whereas the latter in periods of restrictive NBP monetary policy.

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