Abstract
ABSTRACT This papere explores and quantifies the evolution of equity market performance and economic property rights dynamics in a reinstated market economy in Poland in the years 1995 to 2021. Using dynamic panel estimation techniques and monthly observations, we find evidence of convex relationships between both the wider stock market and the banking sector and property rights. The findings imply that moderately successful stock and banking markets support property rights, whereas bouts of market volatility indicate underlying preexisting economic and institutional weakness. The combined impact of fiscal policy and private debt further deteriorates institutions, suggesting capital misallocation.
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