Znaczenie efektu Q Tobina dla skuteczności polityki pieniężnej

Analysis of the results of Tobin’s Q effect’s studies gives conclusion that the capital market valuation (nominal changes) affects real decisions of companies. It means that the monetary policy, which influences the financial markets through a stock market channel, affects companies’ key financial decisions additionally by Tobin’s Q effect – especially about the investment, mergers, acquisitions, IPO, issuance and repurchase of debt and equity securities, or changes in the capital structure. Therefore, central banks should analyze companies’ access to finance conditions and take into account the impact of monetary policy on the situation in the financial markets, which affects direct the cost of capital and access to capital for the companies, and which determines their development and, therefore, economic growth and employment, but on the other hand, it is an ideal breeding ground for build-up of financial imbalances.