Macroeconomic determinants of market performance: a comparative analysis of the stock markets of Mauritius and Malaysia
by Harshana Kasseeah; Akshay Yashveer Ramkalawon
International Journal of Comparative Management (IJCM), Vol. 3, No. 4, 2020

Abstract: This study investigates the long-run impact of macroeconomic variables on the stock market performance of two upper middle-income economies, namely Mauritius and Malaysia, both emerging markets and of particular interest to investors. The study uses monthly data to assess and compare the long-run relationship between stock prices and selected macroeconomic variables comprising money supply, inflation, interest rate and exchange rate. Using cointegration techniques and a Vector Error Correction Model (VECM), the results obtained suggest that the selected macroeconomic variables significantly influence stock prices in both countries in the long-term, although the effect of the variables differs across Mauritius and Malaysia.

Online publication date: Fri, 09-Apr-2021

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