THE IMPACT OF BOND, CURRENCY AND OIL MARKETS ON INVESTORS FROM THE BUCHAREST STOCK EXCHANGE

Daniel ?tefan Armeanu and Camelia Cãtãlina Jolde?

Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, 2019, vol. 13, issue 1, 106-114

Abstract: The purpose of this research is to study the impact of bond, currency and oil markets on the Bucharest Stock Exchange. To achieve our objective, we studied the cointegration between variable-long-term causality relationships, functions impulse-response and Granger causality test. The empirical findings from the Johansen test confirmed the absence of a long-term between the Romanian capital market and bond, currency and oil markets. From our empirical results we can observe that the local capital market is more influenced by external factors from other economies, than from internal ones. We also noticed a bidirectional relationship between the BET index and S&P 500 index. Our findings should be of interest to researchers and investors.

Keywords: bond; capital market; causality; oil prices; impulse-response function (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:rom:mancon:v:13:y:2019:i:1:p:106-114

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