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Economic Forces and the Thai Stock Market, 1993-2007

NIDA Economic Review Journal

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Title Economic Forces and the Thai Stock Market, 1993-2007
 
Creator Jiranyakul, Komain
 
Description This study examines the relationship between stock market index andmacroeconomic variables in Thailand. The results from Johansen cointegration test showsthat the variables are cointegrated. Thus there exists a long-run relationship between thestock market index and a set of four macroeconomic variables. Real GDP, money supply,and nominal effective exchange rate significantly impose a positive impact on the stockmarket index while the price level insignificantly imposes a negative impact. Thefinancial crisis in 1997 has no influence on stock prices. The causality test results from anerror correction model show bidirectional causal relations between stock market returnand the growth rate in the long run and the short run.
 
Publisher Development Economic Review (พัฒนาการเศรษฐกิจปริทรรศน์)
 
Date 2009-06-01
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier //tci-thaijo.org/index.php/NER/article/view/23116
 
Source Development Economic Review (พัฒนาการเศรษฐกิจปริทรรศน์); Vol 4 No 1 (2552): NIDA Economic Review Journal; 1
1906-2540
 
Language eng
 
Relation //tci-thaijo.org/index.php/NER/article/view/23116/19742
 
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