Impacto de la política fiscal y la política monetaria en el valor de capitalización bursátil de las empresas: un enfoque de datos panel autorregresivo (PVAR) para el caso de México.

Several studies have examined the relationship between monetary policy and the stock market. However, few have assessed the impact of fiscal management on this market. This paper examines the extent to which fiscal policy affects a firm's stock market capitalization using the Panel Vector Autoregressive (PVAR) methodology. The study finds that the stock market capitalization in the CPI fully reflects the available information on the movements of variables related to monetary policy. However, total public indebtedness exerts a significant lagged effect on the stock market capitalization of Mexican firms. This finding indicates that the CPI does not fully reflect the available information on the movements of fiscal policy variables. A comprehensive analysis of fiscal policy measures can enhance stock market performance for investors and financial analysts. [ABSTRACT FROM AUTHOR]