Openness and the Exchange Rate Exposure of National Stock Markets

Richard Friberg and Stefan Nydahl

International Journal of Finance & Economics, 1999, vol. 4, issue 1, 55-62

Abstract: The relationship between the valuation of the stock market and an effective exchange rate is examined. Monthly data on 11 industrialized countries, for the period 1973-96, are used. It is found that the more open the economy, the stronger is the (positive) relationship between return on the stock market and the exchange rate. The pattern that is found is consistent with the well-documented findings of less than full pass-through of exchange rates into import prices. Copyright @ 1999 by John Wiley & Sons, Ltd. All rights reserved.

Date: 1999
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