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Analysis of Factors Determining Lithuanian Money and Capital Markets’ Interrelation

Business: Theory and Practice

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Title Analysis of Factors Determining Lithuanian Money and Capital Markets’ Interrelation
Lietuvos pinigų ir kapitalo rinkų tarpusavio sąveiką lemiančių veiksnių analizė
 
Creator Jasienė, Meilė
Paškevičius, Arvydas
 
Subject money market; capital market; share prices; overnight interest rates; dynamics; factors; correlation dependence
pinigų rinka; kapitalo rinka; akcijų kainos; vienos nakties palūkanų norma; dinamika; veiksniai; koreliacinė priklausomybė
 
Description The article focuses on the analysis of the problem of Lithuanian money and capital markets’ interrelation and its factors. At the most part of investigated countries the share index and the overnight interest rates have been developing in expressly opposite directions, i.e., the two markets, the capital and the money markets operated as fierce competitors. In Lithuania the correlation dependence of the share index and overnight interest rates was not established which makes the situation in Lithuania different from that in other, among them and in Eastern European, states. The correlation analysis carried out by the authors of the present paper within the period under examination (1994–2008) showed that a number of factors, such as consumer price index, the gross domestic product, the gross public debt in ratio to the gross domestic product, foreign direct investment, unemployment level in most general cases affect the capital and money markets in different manner and thus produce a diversified effect upon the competitive environment. 
Straipsnyje tyrinėjama pinigų ir kapitalo rinkų tarpusavio sąveika ir ją lemiantys veiksniai. Daugumoje tyrinėtų šalių akcijų indeksai ir vienos nakties palūkanų normos kinta akivaizdžiai priešingomis kryptimis, t. y. šios dvi rinkos – pinigų ir kapitalo rinkos – veikia kaip konkurentai. Lietuvos duomenimis, koreliacinė priklausomybė tarp akcijų indekso ir vienos nakties palūkanų normos nebuvo nustatyta, taigi Lietuvoje padėtis skirtinga nei kitose, tarp jų ir Rytų Europos, šalyse. Šio straipsnio autorių atlikta nagrinėjamo laikotarpio (1994–2008) koreliacinė analizė parodė, kad tokie veiksniai, kaip vartotojų kainų indeksas, bendrasis vidaus produktas, valdžios sektoriaus bendroji skola, tiesioginės užsienio investicijos, nedarbo lygis dažniausiai turi skirtingą poveikį pinigų ir kapitalo rinkoms, tuo būdu skirtingai veikdami jų konkurencinę aplinką. 
 
Publisher Verslas: Teorija ir Praktika / Business: Theory and Practice
Business: Theory and Practice / Verslas: Teorija ir Praktika
 
Date 2011-01-27
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
 
Format application/pdf
application/pdf
 
Identifier http://www.btp.vgtu.lt/index.php/btp/article/view/btp.2010.12
10.3846/btp.2010.12
 
Source Verslas: Teorija ir Praktika / Business: Theory and Practice; Vol 11, No 2 (2010); 107-115
Business: Theory and Practice / Verslas: Teorija ir Praktika; Vol 11, No 2 (2010); 107-115
 
Relation http://www.btp.vgtu.lt/index.php/btp/article/view/btp.2010.12/12
http://www.btp.vgtu.lt/index.php/btp/article/view/btp.2010.12/pdf
 
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