The Relationship between Macroeconomic Variables and Stock Market Index in Nigeria

2012 ◽  
Vol 3 (1) ◽  
pp. 55-63 ◽  
Author(s):  
Ifuero Osad Osamwonyi ◽  
Esther Ikavbo Evbayiro-Osagie
Keyword(s):  
Stock Market ◽  
Stock Market Index ◽  
Macroeconomic Variables ◽  
Market Index ◽  
The Relationship

scholarly journals Effect Of Macroeconomic Variables On Stock Market Returns For Four Emerging Economies: Brazil, Russia, India, And China

2011 ◽  
Vol 7 (3) ◽  
Author(s):  
Robert D. Gay, Jr.
Keyword(s):  
Stock Market ◽  
Emerging Economies ◽  
Stock Market Index ◽  
Market Returns ◽  
Stock Market Returns ◽  
Macroeconomic Variables ◽  
Share Prices ◽  
Market Index ◽  
The Relationship ◽  
India And China

The relationship between share prices and macroeconomic variables is well documented for the United States and other major economies. However, what is the relationship between share prices and economic activity in emerging economies? The goal of this study is to investigate the time-series relationship between stock market index prices and the macroeconomic variables of exchange rate and oil price for Brazil, Russia, India, and China (BRIC) using the Box-Jenkins ARIMA model. Although no significant relationship was found between respective exchange rate and oil price on the stock market index prices of either BRIC country, this may be due to the influence other domestic and international macroeconomic factors on stock market returns, warranting further research. Also, there was no significant relationship found between present and past stock market returns, suggesting the markets of Brazil, Russia, India, and China exhibit the weak-form of market efficiency.

The Relationship of Monetary and Fiscal Policy Credibility with the Stock Market Volatility in a Developing Country

2021 ◽  
pp. 097215092098251
Author(s):  
Vinícius Medeiros Magnani ◽  
Antonio Daniel Ricardo Caluz ◽  
Rafael Confetti Gatsios ◽  
Fabiano Guasti Lima
Keyword(s):  
Stock Market ◽  
Market Volatility ◽  
Stock Market Volatility ◽  
Stock Market Index ◽  
Macroeconomic Variables ◽  
Economic Agents ◽  
Market Index ◽  
Monetary And Fiscal Policy ◽  
Relationship Of ◽  
The Relationship

The present study aims to analyse the relationship between fiscal and monetary credibility and the volatility of the Brazilian stock market index, Ibovespa. The results demonstrate that the greater the credibility of the target imposed by the Brazilian Central Bank, the more predictable and stable are the macroeconomic variables and the greater the confidence of economic agents in the Brazilian stock market. We can conclude that the greater the fiscal and monetary credibility, the better is the performance of the stock market.

scholarly journals Effect Of Macroeconomic Variables On Stock Market Returns For Four Emerging Economies: Brazil, Russia, India, And China

2016 ◽  
Vol 15 (3) ◽  
pp. 119-126 ◽  
Author(s):  
Robert D. Gay
Keyword(s):  
Stock Market ◽  
Emerging Economies ◽  
Stock Market Index ◽  
Market Returns ◽  
Stock Market Returns ◽  
Macroeconomic Variables ◽  
Share Prices ◽  
Market Index ◽  
The Relationship ◽  
India And China

The relationship between share prices and macroeconomic variables is well documented for the United States and other major economies.  However, what is the relationship between share prices and economic activity in emerging economies?  The goal of this study is to investigate the time-series relationship between stock market index prices and the macroeconomic variables of exchange rate and oil price for Brazil, Russia, India, and China (BRIC) using the Box-Jenkins ARIMA model.  Although no significant relationship was found between respective exchange rate and oil price on the stock market index prices of either BRIC country, this may be due to the influence other domestic and international macroeconomic factors on stock market returns, warranting further research.  Also, there was no significant relationship found between present and past stock market returns, suggesting the markets of Brazil, Russia, India, and China exhibit the weak-form of market efficiency.

scholarly journals The long-Run and Short-Run Analysis between Stock Market Index and Macroeconomic Variables in Jordan: Bounds Tests Approach

2019 ◽  
Vol 12 (4) ◽  
pp. 50
Author(s):  
Raed Walid Al-Smadi ◽  
Muthana Mohammad Omoush
Keyword(s):  
Stock Market ◽  
Time Series Data ◽  
Stock Exchange ◽  
Series Data ◽  
Stock Market Index ◽  
Macroeconomic Variables ◽  
Market Index ◽  
Long Run ◽  
Equilibrium Relationship ◽  
Short Run

This paper investigates the long-run and short-run relationship between stock market index and the macroeconomic variables in Jordan. Annual time series data for the 1978–2017 periods and the ARDL bounding test are used. The results identify long-run equilibrium relationship between stock market index and the macroeconomic variables in Jordan. Jordanian policy makers have to pay more attention to the current regulation in the Amman Stock Exchange(ASE) and manage it well, thus ultimately helping financial development.

scholarly journals A Study on Affiliation between Indian Stock Market and Macro Economic Variables

2018 ◽  
Vol 5 (01) ◽  
Author(s):  
Pooja Chaturvedi Sharma
Keyword(s):  
Stock Market ◽  
Inflation Rate ◽  
Stock Market Volatility ◽  
Stock Market Index ◽  
Complex Interplay ◽  
Monthly Data ◽  
Macroeconomic Variables ◽  
Market Index ◽  
Causality Tests ◽  
Indian Stock Market

Stock market volatility is a result of complex interplay of a host of factors. Hence, it is difficult to make a correct assessment of its movement. Macroeconomic variables have are very much influential in context of the volatility of stock market. This study inspects the association amongst stock market index and selected macroeconomic variables. For the analysis unit root, co-integration, Granger causality tests and Johansen co-integration tests were performed. Outcomes of the study showed that all the variables namely money supply, exchange rate and inflation rate are positively correlated with the stock market index except gold prices. Co-integration existed between the stock market index and macroeconomic variables. The study uses monthly data of past ten years (i.e. from April 2008 to March 2018).

scholarly journals Impact of Macroeconomic Variables, American Stock Market Index and Covid-19 Pandemic on Indonesia Capital Market Development (Time Series Study 1990-2020)

2021 ◽  
Author(s):  
Almira Rizqia ◽  
Pudji Astuty ◽  
Heru Subiyantoro
Keyword(s):  
Stock Market ◽  
Capital Market ◽  
Market Development ◽  
Linear Regression Method ◽  
Annual Data ◽  
Stock Market Index ◽  
Macroeconomic Variables ◽  
Market Index ◽  
Negative Effect ◽  
Positive Effect

The purpose of this study is 1.) To analyze the influence of foreign investment on the development of the Indonesian capital market. 2).To analyze the influence of the Exchange Rate on the Development of the Indonesian Capital Market. 3).To analyze the influence of the Interest Rate on the Development of the Indonesian Capital Market. 4).To analyze the influence of the Dow Jones Stock Market Index on the Development of the Indonesian Capital Market. 5).To analyze the influence of the Covid-19 Pandemic (dummy variable) on the Development of the Indonesian Capital Market.6). In this study, secondary data and library research were used as a technique for collecting data, using semi-annual data for the period 1990-2020. The research was processed using the EViews 11 program with the multiple linear regression method. The results of the research are known if 1.) Foreign Direct Investment has a significant and positive effect on Capital Market Development. 2.) Exchange Rates have a significant and positive influence on the Development of the Indonesian Capital Market. 3.) Interest Rates have a significant and negative effect on the Development of the Indonesian Capital Market. 4.) The Dow Jones Stock Market Index has a significant and positive effect on the Development of the Indonesian Capital Market. 5.) The Covid-19 pandemic had a significant and negative effect on the Development of the Indonesian Capital Market in the period 1990 to 2020. The results of this study are expected to contribute to policy holders regarding the role of macroeconomic variables on the development of the capital market, so that in the future it can be one of the references in conducting the policy mix so as to improve the development of the Indonesian capital market.

Long Term Effects of Major Macroeconomic Variables on the Brazilian Stock Market: A nonlinear ARDL application

2021 ◽  
Vol 9 (2) ◽  
pp. 289-299
Author(s):  
MARCELO MELO ◽  
WELIGTON GOMES
Keyword(s):  
Interest Rate ◽  
Stock Market ◽  
Government Debt ◽  
Long Term Effects ◽  
Stock Market Index ◽  
Monthly Data ◽  
Macroeconomic Variables ◽  
Market Index ◽  
Long Run ◽  
The Interest Rate

This research used NARDL methodology to investigate relevant macroeconomic variables influence on the Brazilian stock market index. We used monthly data from January/2000 to July/2020 and the six macroeconomic variables investigated are described as follows: net government's debt/GDP (DEBT), exports (EXPORT), consumer confidence (ICC), liquidity ratio (M4_PIB), interest rate (SELIC) besides the stock market index (IBOV). All monthly data were collected from IPEADATA. The main conclusions are that there is long run effect of IBOVESPA due to a decrease of government debt is clear and statistically significant, the long run effect in the liquidity ratio also affects IBOVESPA index. Moreover, the most outstanding result was the long run effect of decrease in the interest rate over the IBOVESPA index. Sustainable reductions in the interest rate would consistently stimulate the stock market index. Research outcomes also indicate that long run asymmetries of government debt, liquidity ratio and interest rate are reliable and statistically significant.

scholarly journals Impact of Macroeconomic Variables on Stock Markets: Evidence from Emerging Markets

2015 ◽  
Vol 8 (1) ◽  
pp. 195 ◽  
Author(s):  
Mahmoud Ramadan Barakat ◽  
Sara H. Elgazzar ◽  
Khaled M. Hanafy
Keyword(s):  
Stock Market ◽  
Causal Relationship ◽  
Emerging Economies ◽  
Price Index ◽  
Consumer Price Index ◽  
Macroeconomic Factors ◽  
Macroeconomic Variables ◽  
Market Index ◽  
The Relationship ◽  
Shed Light

<p>The key objective of this study is to shed light on the relationship between the stock market and macroeconomic factors in two emerging economies (Egypt and Tunisia) for the period from January 1998 to January 2014. Results indicated that there is a causal relationship in Egypt between market index and consumer price index (CPI), exchange rate, money supply, and interest rate. The same goes for Tunisia except for CPI, which had no causal relationship with the market index. Results also revealed that the four macroeconomic are co-integrated with the stock market in both countries.</p>

scholarly journals CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE: THE SPANISH CASE

2016 ◽  
Vol 56 (1) ◽  
pp. 20-28 ◽  
Author(s):  
CRISTINA MADORRAN ◽  
TERESA GARCIA
Keyword(s):  
Corporate Social Responsibility ◽  
Panel Data ◽  
Stock Market ◽  
Social Responsibility ◽  
Financial Performance ◽  
Stock Market Index ◽  
Market Index ◽  
The Subject ◽  
Corporate Social ◽  
The Relationship

ABSTRACT The enormous interest aroused by corporate social responsibility both in the academic and the business worlds forms the background for this study. Its objective is to analyze the relationship between corporate social responsibility and financial performance in view of the debate in the literature on the subject. The study focuses on a sample of Spanish companies taken from the IBEX 35 stock market index, using panel data methodology, which offers advantages in comparison to methodologies used in other studies. We analyzed the period from 2003 to 2010. Our findings suggest that there is no obvious relationship between corporate social responsibility and financial results, at least in the case of Spain.

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