EconPapers    
Economics at your fingertips  
 

The impact of macroeconomic indicators on Vietnamese stock prices

Khaled Hussainey and Le Khanh Ngoc

Journal of Risk Finance, 2009, vol. 10, issue 4, 321-332

Abstract: Purpose - The purpose of this paper is to investigate the effects of macroeconomic indicators (the interest rate and the industrial production) on Vietnamese stock prices. The paper examines how US macroeconomic indicators affect Vietnamese stock prices. Design/methodology/approach - The authors use monthly time series data covering the period from January 2001 to April 2008. The methodology introduced by Nasseh and Strauss and Canova and de Nicolo to investigate the linkage between stock prices and macroeconomic indicators. Findings - This paper provides the first empirical evidence that there are statistically significant associations among the domestic production sector, money markets, and stock prices in Viet Nam. Another novel finding is that the US macroeconomic fundamentals significantly affect Vietnamese stock prices. Finally, the results show that the influence of the US real sector is stronger than that of the money market. Originality/value - Since prior research has focused on developed economies, the authors strongly believe that this paper provides a novel contribution to the existing literature as the authors are the first to examine this issue in Viet Nam.

Keywords: Macroeconomics; Viet Nam; Stock prices; Emerging markets; Developing countries (search for similar items in EconPapers)
Date: 2009
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (8) Track citations by RSS feed

Downloads: (external link)
http://www.emeraldinsight.com/10.1108/152659409109 ... RePEc&WT.mc_id=RePEc (text/html)
Access to full text is restricted to subscribers

Related works:
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:eme:jrfpps:v:10:y:2009:i:4:p:321-332

Ordering information: This journal article can be ordered from
Emerald Group Publishing, Howard House, Wagon Lane, Bingley, BD16 1WA, UK
http://emeraldgroupp ... /journals.htm?id=jrf

Access Statistics for this article

Journal of Risk Finance is currently edited by Bonnie Buchanan

More articles in Journal of Risk Finance from Emerald Group Publishing
Series data maintained by Virginia Chapman ().

 
Page updated 2018-02-10
Handle: RePEc:eme:jrfpps:v:10:y:2009:i:4:p:321-332