Have a personal or library account? Click to login
Relationship between Macroeconomic Indicators and Capital Markets Performance in Selected Southeastern European Countries Cover

Relationship between Macroeconomic Indicators and Capital Markets Performance in Selected Southeastern European Countries

By: Ante Dodig  
Open Access
|Dec 2020

References

  1. Agency for Statistics for Bosnia and Herzegovina. (2018). Retrieved on May 1, 2018, from http://www.bhas.ba/index.php?lang=en
  2. Ajayi, R., & Mougoue, M. (1996). On the dynamic relations between stock prices and exchange rates. Journal of Financial Research. DOI: doi.org/10.1111/j.1475-6803.1996.tb00593.x10.1111/j.1475-6803.1996.tb00593.x
  3. Alfaro, L., Chanda, A., Kalemli-Ozcan, S., & Sayek, S. (2004). FDI and economic growth: the role of local financial markets. Journal of International Economics. DOI: 10.1016/S0022-1996(03)00081-310.1016/S0022-1996(03)00081-3
  4. Alrub, A. A., Tursoy, T., & Rjoub, H. (2016). Exploring the Long-run and Short-run Relationship between Macroeconomic Variables and Stock Prices during the Restructuring Period: Does it Matter in Turkish Market? IBIMA Journal of Financial Studies & Research. DOI: 10.5171/2016.91707110.5171/2016.917071
  5. Azar, S. A. (2010). Inflation and stock returns. International Journal of Accounting and Finance.10.1504/IJAF.2010.034399
  6. Balduzzi, P. (1994). Stock Returns, Inflation, and the “Proxy Hypothesis:” A New Look at the Data. New York University - Stern School of Business. DOI: dx.doi.org/10.1016/0165-1765(94)00568-M10.1016/0165-1765(94)00568-M
  7. Banja Luka Stock Exchange. (2018). Retrieved on May 18, 2018, from https://www.blberza.com/Pages/docview.aspx?page=sp4
  8. Barbic, T., & Condic-Jurkic, I. (2011). Relationship between macroeconomic fundamentals and stock market indexes in select CEE countries. Ekonomski Pregled, 113-133.
  9. Belgrade Stock Exchange. (2018). Retrieved on June 05, 2018, from https://www.belex.rs/eng/trgovanje/izvestaj/godisnji
  10. Binswanger, M. (1999). Stock market booms and real economic activity: Is this time different? International Review of Economics and Finance. DOI: 10.1016/S1059-0560(99)00056-810.1016/S1059-0560(99)00056-8
  11. Bloomberg. (2018). Retrieved on October 7, 2018, via proprietary software access.
  12. Campbell, J., & Vuolteenaho, T. (2004). Inflation Illusion and Stock Prices. National Bureau of Economic Research. DOI: 10.1257/000282804130153310.1257/0002828041301533
  13. Central Bank of Bosnia and Herzegovina. (2018). Retrieved on February 22, 2018, from http://statistics.cbbh.ba/Panorama/novaview/SimpleLogin_en_html.aspx
  14. Central Depositary and Clearing Company Inc. (2018). Quarterly report: First quarter 2018. Zagreb.
  15. Central Securities Depository of the Republic of Macedonia. (2017). 2016 Annual Report.
  16. Chkili, W., & Nguyen, D. (2014). Exchange rate movements and stock market returns in regime-switching environment: Evidence for BRICS countries. IPAG Business School - Working Papers.10.1016/j.ribaf.2013.11.007
  17. Cojocaru, L., Falaris, E. M., Hoffman, S. D., & Miller, J. B. (2015). Financial System Development and Economic Growth in Transition Economies: New Empirical Evidence from the CEE and CIS Countries. Bankable Frontier Associates, University of Delaware, Gallaudet University. DOI: doi.org/10.1080/1540496X.2015.101382810.1080/1540496X.2015.1013828
  18. Croatian Bureau of Statistics. (2018). Retrieved on May 1, 2018, from https://www.dzs.hr/Eng/system/starte.htm
  19. Dickey, D. A., & Fuller, W. A. (1979). Distribution of the Estimators for Autoregressive Time Series with a Unit Root. Journal of the American Statistical Association, 427-431. DOI: 10.2307/228634810.2307/2286348
  20. Domian, D., & Louton, D. (1997). A threshold autoregressive analysis of stock returns and real economic activity. International Review of Economics and Finance. DOI: doi.org/10.1016/S1059-0560(97)90022-810.1016/S1059-0560(97)90022-8
  21. Dumas, B., Campbell, H., & Ruiz, P. (2003). Are correlations of stock returns justified by subsequent changes in national outputs? Journal of International Money and Finance, 777-811. DOI: 10.1016/j.jimonfin.2003.08.00510.1016/j.jimonfin.2003.08.005
  22. Erhmann, M., & Fratzscher, M. (2004). Taking stock: Monetary policy transmission ot equity markets. European Central Bank. DOI: 10.1353/mcb.2004.006310.1353/mcb.2004.0063
  23. European Central Bank. (2018). Retrieved on April 1, 2018, from https://sdw.ecb.europa.eu/
  24. Eurostat. (2018). Eurostat databased retrieve on November 3, 2018, from https://ec.europa.eu/eurostat/data/database
  25. Fama, E. F. (1981). Stock Returns, Real Activity, Inflation and Money. American Economic Review, 545-565.
  26. Fama, E. F. (1990). Stock Returns, Expected Returns, and Real Activity. The Journal of Finance, 1089-1108. DOI: doi.org/10.1111/j.1540-6261.1990.tb02428.x10.1111/j.1540-6261.1990.tb02428.x
  27. Fama, E., & Malkiel, B. (1970). Efficient Capital Markets: A Review of Theory And Empirical Work. The American Finance Association - The Journal of Finance. DOI: 10.2307/232548610.2307/2325486
  28. Fink, G., Haiss, P., & Vuksic, G. (2005). Importance of Financial Sectors for Growth in Accession Countries. University of Economics and Business Administration - Vienna. DOI: dx.doi. org/10.2139/ssrn.67632110.2139/ssrn.676321
  29. Flannery, M. J., & Protopapadakis, A. (2002). Macroeconomic Factors Do Influence Aggregate Stock Returns. The Review of Financial Studies, 751-782. DOI: dx.doi.org/10.2139/ssrn.31426110.1093/rfs/15.3.751
  30. Issahaku, H., Ustarz, Y., & Domanban, P. B. (2013). Macroeconomic variables and stock market returns in Ghana: Any causal link? Asian Economic and Financial Review.
  31. Johnson, R., Jensen, G., & Conover, M. (1999). Monetary environments and international stock returns. Journal of Banking and Finance.
  32. Karamustafa, O., & Kucukkale, Y. (2003). Long-run relationships between stock market returns and macroeconomic preformance. International Research Journal of Finance and Economics.
  33. KDD Centralna Klirinsko Depotna Druzba d.d. Ljubljana. (2017). Main Figures 2017.
  34. King, R., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics. DOI: doi.org/10.2307/211840610.2307/2118406
  35. Koivu, T. (2002). Do efficient banking sectors accelerate economic growth in transition countries? Bank of Finland - Institute for Economies in Transition, BOFIT, N0.14. DOI: 10.2139/ssrn.101571010.2139/ssrn.1015710
  36. Lazarov, D., Miteva-Kacarski, E., & Nikoloski, K. (2016). An Empirical Analysis of Stock Market Development and Economic Growth: The Case of Macedonia. Southeast European Journal of Economics and Business, 71-81. DOI: 10.1515/jeb-2016-001210.1515/jeb-2016-0012
  37. Lee, C.-C., & Chang, C.-P. (2009). FDI, financial development, and economic growth: International evidence. Journal of Applied Economics. DOI: 10.1016/S1514-0326(09)60015-510.1016/S1514-0326(09)60015-5
  38. Lee, Y.-M., & Wang, K.-M. (2015). Dynamic heterogenous panel analysis of the correlation between stock prices and exchange rates. Taylor and Francis. DOI: doi.org/10.1080/133167 7X.2015.1084889
  39. Levine, R., & Zervos, S. (1998). Stock Markets, Banks, and Growth. American Economic Review, 537-558.10.1596/1813-9450-1690
  40. Lin, C.-H. (2012). The comovement between exchange rates and stock prices in the Asian emerging markets. International Review of Economics and Finance. DOI: 10.1016/j.iref.2011.09.00610.1016/j.iref.2011.09.006
  41. Ljubljana Stock Exchange. (2017). Ljubljana Stock Exchange Statistics retrieved on April 28, 2018, from www.ljse.si/cgi-bin/jve.cgi?doc=2330.
  42. Macedonian Stock Exchange. (2017). Annual Statistical Report retrieved on May 19, 2018, from http://www.mse.mk/en/content/22/1/2008/history.
  43. Megaravalli, A. V., & Sampagnaro, G. (2018). Macroeconomic indicators and their impact on stock markets in ASIAN 3: A pooled mean group approach. Cogent Economics and Finance. DOI: doi.org/10.1080/23322039.2018.143245010.1080/23322039.2018.1432450
  44. Morck, R., Yeung, B., & Yu, W. (2000). Why Do Emerging Markets Have Synchronous Stock Price Movements? Journal of Financial Economics. DOI: 10.1016/S0304-405X(00)00071-410.1016/S0304-405X(00)00071-4
  45. Naceur, S.B., Ghazouani, S., & Omran, M. (2007). The determinants of stock market development in the Middle Eastern and North African region. Emerald. DOI: doi.org/10.1108/0307435071075375310.1108/03074350710753753
  46. National Bank of Croatia. (2018). Retrieved on February 22, 2018, from https://www.hnb.hr/en/statistics/statistical-data
  47. National Bank of Finland. (2018). Retrieved on February 22, 2018, from https://www.suomenpankki.fi/en/financial-stability/the-financial-system-in-brief/
  48. National Bank of Serbia. (2018). Retrieved on February 22, 2018, from https://www.nbs.rs/internet/english/80/index.html
  49. National Bank of the Republic of Macedonia. (2016). Financial Stability Report for the Republic of Macedonia in 2016.
  50. National Bank of the Republic of Macedonia. (2018). Retrieved on February 22, 2018, from http://www.nbrm.mk/statistika-en.nspx
  51. National Bank of Slovenia. (2018). Retrieved on February 22, 2018, from https://www.bsi.si/en/statistics
  52. Registry of Securities of Federation of Bosnia and Herzegovina. (2018). Retreived on March 2, 2018, from http://www.rvp.ba/english/
  53. Republic of Macedonia State Statistical Office. (2018). Retrieved on May 1, 2018, from http://makstat.stat.gov.mk/PXWeb/pxweb/en/MakStat/?rxid=46ee0f64-2992-4b45-a2d9-cb4e5f7ec5ef
  54. Republic of Serbia Securities Commission. (2017). 2016 Annual Report. Belgrade.
  55. Sarajevo Stock Exchange. (2018). Retrieved on May 15, 2018, from http://www.sase.ba/v1/en-us/SASE/About-SASE/SASE-History
  56. Securities Commission Banja Luka Stock Exchange. (2018). Retrieved on March 1, 2018, from https://www.crhovrs.org/index.php/en/
  57. Samargandi, N., Fidrmuc, J., & Ghosh, S. (2014). Is the Relationship between Financial Development and Economic Growth Monotonic? Evidence from a Sample of Middle Income Countries. Ludwig Maximilians Univerity Center for Economic Studies and the Ifo Institute. DOI: 10.1016/j.worlddev.2014.11.01010.1016/j.worlddev.2014.11.010
  58. Shapiro, M. (1988). The Stabilization of the U.S. Economy Evidence From the Stock Market. The National Bureau of Economic Research.10.3386/w2645
  59. Statistical Office of the Republic of Serbia. (2018). Retrieved on May 1, 2018, from http://www.stat.gov.rs/en-us/o-nama/statisticki-sistem-srbije-1/#
  60. Statistical Office of the Republic of Slovenia. (2018). Retrieved on May 1, 2018, from https://www.stat.si/statweb/en?AspxAutoDetectCookieSupport=1
DOI: https://doi.org/10.2478/zireb-2020-0014 | Journal eISSN: 1849-1162 | Journal ISSN: 1331-5609
Language: English
Page range: 55 - 88
Published on: Dec 12, 2020
Published by: University of Zagreb, Faculty of Economics & Business
In partnership with: Paradigm Publishing Services
Publication frequency: 2 issues per year

© 2020 Ante Dodig, published by University of Zagreb, Faculty of Economics & Business
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.