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Scientific paper - Original scientific paper
DO FISCAL VARIA BLES AFFECT STOCK MARKET RETURNS IN EU COUNTRIES?
Ekonomski pregled, 68 (2017), 3; 253-266. urn:nbn:hr:213:572348
Barbić, Tajana; Čondić-Jurkić, Iva

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Barbić, T. & Čondić Jurkić, I. (2017). DO FISCAL VARIA BLES AFFECT STOCK MARKET RETURNS IN EU COUNTRIES?. Ekonomski pregled, 68. (3), 253-266. Retrieved from https://urn.nsk.hr/urn:nbn:hr:213:572348

Barbić, Tajana and Iva Čondić Jurkić. "DO FISCAL VARIA BLES AFFECT STOCK MARKET RETURNS IN EU COUNTRIES?." Ekonomski pregled, vol. 68, no. 3, 2017, pp. 253-266. https://urn.nsk.hr/urn:nbn:hr:213:572348

Barbić, Tajana and Iva Čondić Jurkić. "DO FISCAL VARIA BLES AFFECT STOCK MARKET RETURNS IN EU COUNTRIES?." Ekonomski pregled 68, no. 3 (2017): 253-266. https://urn.nsk.hr/urn:nbn:hr:213:572348

Barbić, T. and Čondić Jurkić, I. (2017) 'DO FISCAL VARIA BLES AFFECT STOCK MARKET RETURNS IN EU COUNTRIES?', Ekonomski pregled, 68(3), pp. 253-266. Available at: https://urn.nsk.hr/urn:nbn:hr:213:572348 (Accessed 06 December 2024)

Barbić T, Čondić Jurkić I. DO FISCAL VARIA BLES AFFECT STOCK MARKET RETURNS IN EU COUNTRIES?. Ekonomski pregled [Internet]. 2017 July 14 [cited 2024 December 06];68(3):253-266. Available at: https://urn.nsk.hr/urn:nbn:hr:213:572348

T. Barbić and I. Čondić Jurkić, "DO FISCAL VARIA BLES AFFECT STOCK MARKET RETURNS IN EU COUNTRIES?", Ekonomski pregled, vol. 68, no. 3, pp. 253-266, July 2017. [Online]. Available at: https://urn.nsk.hr/urn:nbn:hr:213:572348. [Accessed: 06 December 2024]

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Metadata
Title (english)DO FISCAL VARIA BLES AFFECT STOCK MARKET RETURNS IN EU COUNTRIES?
Title (croatian)UTJEČU LI FISKALNE VARIJABLE NA PRINOSE DIONIČKIH TRŽIŠTA U ZEMLJAMA EU?
AuthorTajana Barbić
AuthorIva Čondić-Jurkić
Author's institutionThe Institute of Economics, Zagreb
Scientific / art field,
discipline and subdiscipline		SOCIAL SCIENCES
Economics
Abstract (english)
This paper investigates the relationship between macroeconomic variables and stock market returns on the EU countries dataset. The link is explored between stock market returns and the set of fiscal and macroeconomic variables, including government debt, government expenditures, inflation rate, broad money supply, money market interest rate, foreign currency reserves and foreign direct investments. We used panel data models on developed and emerging EU markets to explore the difference in impact of macroeconomic variables on stock market returns depending on the level of market development. The empirical evidence showed the existence of relationship between inflation and money market interest rate on the one side and developed EU stock market returns on the other. On the other hand, emerging markets prove to be more vulnerable to fiscal developments. In particular, we found only a fiscal variable to be statistically significant in affecting stock market returns on emerging EU markets.
Abstract (croatian)
Rad istražuje vezu između makroekonomskih varijabli i prinosa na dioničkim tržištima u zemljama članicama Europske unije. Ispituje se veza između prinosa na tržišne indekse i odabranih fiskalnih i makroekonomskih varijabli koje uključuju javni dug, rashode konsolidirane središnje države, stopu inflacije, ukupna likvidna sredstva (M4), međunarodne devizne rezerve i izravne strane investicije. Koristi se panel analiza na podatcima za stare zemlje članice Europske unije i za tranzicijska tržišta zasebno, kako bi se ispitao utjecaj makroekonomskih varijabli na prinose na dioničkim tržištima ovisno o razini razvijenosti tržišta. Empirijski dokazi su ukazali na postojanje veze između inflacije i kamatne stope na novčanom tržištu s jedne strane i prinosa na indekse na razvijenim dioničkim tržištima EU s druge strane. Zasebna analiza tranzicijskih tržišta pokazuje da su ista osjetljivija na promjenu fi skalnih varijabli od razvijenih dioničkih tržišta u EU. Točnije, rezultati su pokazali da samo javni dug ima statistički značajan utjecaj na dioničke indekse na tranzicijskim tržištima Europske unije.
Keywords (english)
Keywords (croatian)
Languageenglish
Publication typeScientific paper - Original scientific paper
Publication statusPublished
Peer reviewPeer review
Publication versionAccepted version
Journal titleEkonomski pregled
Numberingvol. 68, no. 3, pp. 253-266
p-ISSN0424-7558
e-ISSN1848-9494
URN:NBNurn:nbn:hr:213:572348
Publication2017-07-14
Document URLhttps://hrcak.srce.hr/184588
Type of resourceText
Access conditionsOpen access
Terms of useLicence In copyright icon
Created on2018-03-21 10:21:23