The study looked at how economic policies in Korea affect the stock market, especially during times of crisis and market opening. They analyzed data from 1982 to 2004 using a statistical technique called SUR. The main findings are: 1) The stock market in Korea reacts to past fiscal policies, but also to some past monetary actions that were previously overlooked. 2) After a foreign currency crisis, monetary policies affect the stock market with a delay, while fiscal policies have immediate impacts. 3) Before opening the stock market to foreign investors, past economic policies influence current stock returns, but after opening, they do not. This suggests that opening the stock market helps market participants use economic information more actively.