Tanzt auch die Politik auf dem Börsenparkett? Wahlen, Parteipolitik und die Entwicklung von Aktienmärkten

Abstract

How important are elections and the party affiliation of governments for the development of the stock market? To answer this question, this article provides a critical assessment of the impact of politics on stock markets. After briefly outlining the two fundamental political-economic models that have inspired research on the relationship between politics and the stock market, the findings of empirical studies on election cycle and party effects are presented and critically examined. In particular, the article explores why the classic political-economic models developed within the context of the American political system cannot be readily transferred to other countries and what potential significance institutional characteristics have for the influence of politics on stock markets. The article concludes with a summary and some suggestions for further research.

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