The Impact Of Macroeconomic Variables On Stock Market Development In Zimbabwe 1990 2018
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The Impact Of Macroeconomic Variables On Stock Market Development In Zimbabwe 1990 2018
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Author : Stanfford Dumisile Gobodi Dube
language : en
Publisher:
Release Date : 2020
The Impact Of Macroeconomic Variables On Stock Market Development In Zimbabwe 1990 2018 written by Stanfford Dumisile Gobodi Dube and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
This paper examines the impact of macroeconomic variables on stock market development in Zimbabwe using Auto-regressive Distributed Lag (ARDL) model. The macroeconomic variables used are, exchange rates, interest rates, money supply, gross domestic product (GDP) and inflation rate while stock market capitalization is used as a proxy for stock market development. The diagnostic tests conducted revealed that the model is not suffering from any regression violations and all variables were stationary in levels at first difference. The ARDL bounds test revealed the presence of co-integration between stock market development and macroeconomic variables hence an error correction model was adopted. The ARDL error correction model reveled that in the long run only exchange rate has a significant positive relationship with stock market development and only inflation has a negative insignificant relation with stock market development. GDP, money supply and interest rates have a positive insignificant relationship with stock market development. The Granger causality results show that there is a bidirectional relationship between stock market capitalization and exchange rate in Zimbabwe, no causality between stock market development and real GDP, unidirectional causality between inflation and stock market capitalization, running from stock market capitalization to inflation. Results also show that there is no causality between stock market capitalization and money supply, unidirectional causality between interest rates and stock market capitalization which runs from stock market capitalization to interest rates. It is thus recommended that government should consider policies that can help stabilize the macroeconomic environment in Zimbabwe and also to come up with policies that can regulate the activities of the ZSE, to encourage transparency and accountability. This will help in building investor's confidence and attract domestic and foreign financial inflows.
Impact Of Macroeconomic Variables On Stock Market Capitalization
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Author : Umara Shahid
language : en
Publisher: LAP Lambert Academic Publishing
Release Date : 2013
Impact Of Macroeconomic Variables On Stock Market Capitalization written by Umara Shahid and has been published by LAP Lambert Academic Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Stock market is an important part of financial system of any country and development of stock market is one of the major financial goals of any economy. Pakistan is a developing country which has relatively small stock market but this stock market has performed quite well during last decade. This research aims at determining the role of macroeconomic in stock market development by identifying and empirically analyzing macroeconomic factors that exert some impact over the stock market in Pakistani scenario.
Financial Integration And Macroeconomic Volatility
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Author : Mr.Ayhan Kose
language : en
Publisher: International Monetary Fund
Release Date : 2003-03-01
Financial Integration And Macroeconomic Volatility written by Mr.Ayhan Kose and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-03-01 with Business & Economics categories.
This paper examines the impact of international financial integration on macroeconomic volatility in a large group of industrial and developing economies over the period 1960-99. We report two major results: First, while the volatility of output growth has, on average, declined in the 1990s relative to the three preceding decades, we also document that, on average, the volatility of consumption growth relative to that of income growth has increased for more financially integrated developing economies in the 1990s. Second, increasing financial openness is associated with rising relative volatility of consumption, but only up to a certain threshold. The benefits of financial integration in terms of improved risk-sharing and consumption-smoothing possibilities appear to accrue only beyond this threshold.
Global Waves Of Debt
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Author : M. Ayhan Kose
language : en
Publisher: World Bank Publications
Release Date : 2021-03-03
Global Waves Of Debt written by M. Ayhan Kose and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-03 with Business & Economics categories.
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
Geopolitical Risk On Stock Returns Evidence From Inter Korea Geopolitics
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Author : Seungho Jung
language : en
Publisher: International Monetary Fund
Release Date : 2021-10-22
Geopolitical Risk On Stock Returns Evidence From Inter Korea Geopolitics written by Seungho Jung and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-10-22 with Business & Economics categories.
We investigate how corporate stock returns respond to geopolitical risk in the case of South Korea, which has experienced large and unpredictable geopolitical swings that originate from North Korea. To do so, a monthly index of geopolitical risk from North Korea (the GPRNK index) is constructed using automated keyword searches in South Korean media. The GPRNK index, designed to capture both upside and downside risk, corroborates that geopolitical risk sharply increases with the occurrence of nuclear tests, missile launches, or military confrontations, and decreases significantly around the times of summit meetings or multilateral talks. Using firm-level data, we find that heightened geopolitical risk reduces stock returns, and that the reductions in stock returns are greater especially for large firms, firms with a higher share of domestic investors, and for firms with a higher ratio of fixed assets to total assets. These results suggest that international portfolio diversification and investment irreversibility are important channels through which geopolitical risk affects stock returns.
World Economic Outlook October 2018
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Author : International Monetary Fund. Research Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2018-10-09
World Economic Outlook October 2018 written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-09 with Business & Economics categories.
Global growth for 2018–19 is projected to remain steady at its 2017 level, but its pace is less vigorous than projected in April and it has become less balanced. Downside risks to global growth have risen in the past six months and the potential for upside surprises has receded. Global growth is projected at 3.7 percent for 2018–19—0.2 percentage point lower for both years than forecast in April. The downward revision reflects surprises that suppressed activity in early 2018 in some major advanced economies, the negative effects of the trade measures implemented or approved between April and mid-September, as well as a weaker outlook for some key emerging market and developing economies arising from country-specific factors, tighter financial conditions, geopolitical tensions, and higher oil import bills. The balance of risks to the global growth forecast has shifted to the downside in a context of elevated policy uncertainty. Several of the downside risks highlighted in the April 2018 World Economic Outlook (WEO)—such as rising trade barriers and a reversal of capital flows to emerging market economies with weaker fundamentals and higher political risk—have become more pronounced or have partially materialized. Meanwhile, the potential for upside surprises has receded, given the tightening of financial conditions in some parts of the world, higher trade costs, slow implementation of reforms recommended in the past, and waning growth momentum.
Corporate Finance And Investment
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Author : Richard Pike
language : en
Publisher: Financial Times/Prentice Hall
Release Date : 2012-02-01
Corporate Finance And Investment written by Richard Pike and has been published by Financial Times/Prentice Hall this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-02-01 with Business & Economics categories.
This package includes a physical copy of Corporate Finance and Investment: Decisions and Strategies, 7/e by Richard Pike, Bill Neale and Philip Linsley, as well as access to the eText and MyFinanceLab. Corporate Finance and Investments, now in its seventh edition, is a popular and well-regarded text for students of corporate finance. The text takes a practical approach, focusing on the strategic issues of finance in a business setting. With clear and accessible language and an international perspective, the seventh edition will provide students with both essential knowledge of corporate finance and the tools to apply it.
Hysteresis And Business Cycles
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Author : Ms.Valerie Cerra
language : en
Publisher: International Monetary Fund
Release Date : 2020-05-29
Hysteresis And Business Cycles written by Ms.Valerie Cerra and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-29 with Business & Economics categories.
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
The Impact Of Remittances On Economic Activity The Importance Of Sectoral Linkages
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Author : Hector Perez-Saiz
language : en
Publisher: International Monetary Fund
Release Date : 2019-08-16
The Impact Of Remittances On Economic Activity The Importance Of Sectoral Linkages written by Hector Perez-Saiz and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-16 with Business & Economics categories.
We propose a simple macroeconomic model with input-output sectoral linkages based on Acemoglu et al. (2016) to quantify how changes in aggregate demand due to additional income from household’s remittances propagates through the network of input-output linkages in Sub-Saharan African countries. We first propose two network centrality measures to assess the role of some sectors as key input providers in the economy. Then, we use these measures to quantify the effect of sectoral linkages on sectoral and total output following an increase in remittances inflows. Our empirical results suggest that the effects of remittances on recipient economies increase with the degree of linkages across sectors, which is especially prominent in the case of the financial intermediation sector. Our paper contributes to the emerging macroeconomic literature on the propagation of shocks across sectors and the implications for the whole economy.
Financial Repression Is Knocking At The Door Again
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Author : Mr.Etibar Jafarov
language : en
Publisher: International Monetary Fund
Release Date : 2019-09-30
Financial Repression Is Knocking At The Door Again written by Mr.Etibar Jafarov and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-30 with Business & Economics categories.
Financial repression (legal restrictions on interest rates, credit allocation, capital movements, and other financial operations) was widely used in the past but was largely abandoned in the liberalization wave of the 1990s, as widespread support for interventionist policies gave way to a renewed conception of government as an impartial referee. Financial repression has come back on the agenda with the surge in public debt in the wake of the Global Financial Crisis, and some countries have reintroduced administrative ceilings on interest rates. By distorting market incentives and signals, financial repression induces losses from inefficiency and rent-seeking that are not easily quantified. This study attempts to assess some of these losses by estimating the impact of financial repression on growth using an updated index of interest rate controls covering 90 countries over 45 years. The results suggest that financial repression poses a significant drag on growth, which could amount to 0.4-0.7 percentage points.
