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@inproceedings{1400894,
author = {Plíhal, Tomáš and Urbanovský, Tomáš},
address = {DUBAI},
booktitle = {ECONOMIES OF BALKAN AND EASTERN EUROPE COUNTRIES IN THE CHANGED WORLD (EBEEC)},
doi = {http://dx.doi.org/10.18502/kss.v1i2.667},
editor = {Karasavvoglou, A Polychronidou, P Perdiki, F},
keywords = {Economic growth; stock market; tax revenue; VECM; variance decomposition},
howpublished = {elektronická verze "online"},
language = {eng},
location = {DUBAI},
pages = {333-343},
publisher = {KNOWLEDGE E},
title = {Increasing Impact of Stock Market Performance on Government Tax Revenues},
url = {https://www.knepublishing.com/index.php/Kne-Social/article/view/667/2021},
year = {2017}
}
TY - JOUR
ID - 1400894
AU - Plíhal, Tomáš - Urbanovský, Tomáš
PY - 2017
TI - Increasing Impact of Stock Market Performance on Government Tax Revenues
PB - KNOWLEDGE E
CY - DUBAI
KW - Economic growth
KW - stock market
KW - tax revenue
KW - VECM
KW - variance decomposition
UR - https://www.knepublishing.com/index.php/Kne-Social/article/view/667/2021
L2 - https://www.knepublishing.com/index.php/Kne-Social/article/view/667/2021
N2 - The aim of this paper is to investigate the relationship between fiscal policy, economic growth and stock market in the United States. This issue has gained importance in the last decade because the market has changed. A significance break has been detected which impacts the nature of the nexus between certain variables. The correlation between the tax revenues and the stock market has increased noticeably, encouraging the revision of the current approach to fiscal policy. This study examines relationship between three variables, namely real GDP, federal government current tax receipts and the stock market represented by the Wilshire 5000 Total Market Index. Quarterly data from 1971 to 2015 are used, divided into two subsets in the year 2000, because there is an obvious change in trend and volatility of the variables. The analysis uses ADF and KPSS unit root tests to find the order of the integration of the data. Subsequent analysis applies Johansen cointegration test, vector error correction model, Granger causality tests and variance decomposition analysis. The results demonstrate that the selected variables are cointegrated, and performance of the stock market significantly increases its influence on government tax revenues in the second period. The findings of this paper are significant for policy makers. Understanding how stock market development and economic growth influence tax revenues and vice versa is crucial for the efficient implementation of successful fiscal policy. Investors in the economy of the United States will be also able to benefit from these results which will help them to understand economic conditions and improve their investment decisions.
ER -
PLÍHAL, Tomáš a Tomáš URBANOVSKÝ. Increasing Impact of Stock Market Performance on Government Tax Revenues. Online. In Karasavvoglou, A Polychronidou, P Perdiki, F. \textit{ECONOMIES OF BALKAN AND EASTERN EUROPE COUNTRIES IN THE CHANGED WORLD (EBEEC)}. DUBAI: KNOWLEDGE E, 2017, s.~333-343. ISSN~2518-668X. Dostupné z: https://dx.doi.org/10.18502/kss.v1i2.667.
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