EconPapers    
Economics at your fingertips  
 

US monetary policy, oil and gold prices: Which has a greater impact on BRICS stock markets?

Md Gyasuddin Ansari and Rudra Sensarma

Economic Analysis and Policy, 2019, vol. 64, issue C, 130-151

Abstract: This paper examines the effect of US monetary policy, oil price and gold price on stock indices of BRICS countries. Vector Auto Regression model is applied to study the stock indices of all BRICS countries as a group over the period 1996–2018. We find that the Bombay Sensex responds positively to the Federal Funds Rate. The stock index of South Africa – FTSE JSE of Johannesburg – responds negatively to shocks in oil price while stock indices of Russia and Brazil – RTSI of Moscow and BVSP of Sao Paulo respectively – respond positively to gold price changes. We provide managerial and policy implications of these results.

Keywords: Monetary Policy; Stock indices; Gold price; Brent crude; Federal fund rate (search for similar items in EconPapers)
JEL-codes: E52 E44 G10 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0313592618304193
Full text for ScienceDirect subscribers only

Related works:
Working Paper: US Monetary Policy, Oil and Gold Prices: Which has a greater impact on BRICS Stock Markets? (2019) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:ecanpo:v:64:y:2019:i:c:p:130-151

DOI: 10.1016/j.eap.2019.08.003

Access Statistics for this article

Economic Analysis and Policy is currently edited by Clevo Wilson

More articles in Economic Analysis and Policy from Elsevier
Bibliographic data for series maintained by Dana Niculescu ().

 
Page updated 2020-03-29
Handle: RePEc:eee:ecanpo:v:64:y:2019:i:c:p:130-151