کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5054643 | 1476533 | 2013 | 7 صفحه PDF | دانلود رایگان |
- The paper examines the relationship between stock market index and macroeconomic variables.
- We find that the existence of long-run relationship between the SPI and macroeconomic variables.
- The feedback effect exists between SPI and finical development.
The current study examines the short- and long-term equilibrium relationship between the stock price index (SPI) and the macroeconomic variables in Jordan. Annual time series data over the 1978-2010 period for industrial production (IP), money supply (M2), exchange rate (EX), and discount rate (DR) were used. The ADF, bound testing approach, CUSUM, and CUSUMQ tests were applied to test the stationary and co-integration among variables. The results suggest the existence of a long-term equilibrium relationship between SPI and the macroeconomic variables (i.e., IP, M2, EX, and DR).
Journal: Economic Modelling - Volume 35, September 2013, Pages 508-514