Welcome to the InfoSci Platform
Interactions Between Macroeconomic Variables and Stock Market Indices: Evidence From Germany, Denmark, and Spain, Including the Period of Crisis

Interactions Between Macroeconomic Variables and Stock Market Indices: Evidence From Germany, Denmark, and Spain, Including the Period of Crisis

Apostolos G. Christopoulos, Nikolaos Demiroglou, Ioannis G. Dokas
Copyright: © 2018 |Pages: 42
ISBN13: 9781522561149|ISBN10: 1522561145|EISBN13: 9781522561156
DOI: 10.4018/978-1-5225-6114-9.ch002
Cite Chapter Cite Chapter

MLA

Christopoulos, Apostolos G., et al. "Interactions Between Macroeconomic Variables and Stock Market Indices: Evidence From Germany, Denmark, and Spain, Including the Period of Crisis." Perspectives, Trends, and Applications in Corporate Finance and Accounting, edited by Constantin Zopounidis, et al., IGI Global, 2018, pp. 32-73. https://doi.org/10.4018/978-1-5225-6114-9.ch002

APA

Christopoulos, A. G., Demiroglou, N., & Dokas, I. G. (2018). Interactions Between Macroeconomic Variables and Stock Market Indices: Evidence From Germany, Denmark, and Spain, Including the Period of Crisis. In C. Zopounidis, A. Christopoulos, & P. Kalantonis (Eds.), Perspectives, Trends, and Applications in Corporate Finance and Accounting (pp. 32-73). IGI Global. https://doi.org/10.4018/978-1-5225-6114-9.ch002

Chicago

Christopoulos, Apostolos G., Nikolaos Demiroglou, and Ioannis G. Dokas. "Interactions Between Macroeconomic Variables and Stock Market Indices: Evidence From Germany, Denmark, and Spain, Including the Period of Crisis." In Perspectives, Trends, and Applications in Corporate Finance and Accounting, edited by Constantin Zopounidis, Apostolos G. Christopoulos, and Petros Kalantonis, 32-73. Hershey, PA: IGI Global, 2018. https://doi.org/10.4018/978-1-5225-6114-9.ch002

Export Reference

Mendeley
Favorite

Abstract

The relationship between the performance of capital markets and changes in several macroeconomic variables has worried many researchers over time. This chapter focuses on two main areas: 1) the analysis of the behavior of per capita consumption and private investment expenditure using the model ARMA (m, n), and the impact of economic crisis on them, and 2) the examination of causal relationships between key macro-variables and selected key stock exchange indices. The analysis is carried out for the period 1995-2013 for Germany, Denmark, and Spain, which were selected on the basis of their economic position (GDP) in the European Union (E.U.). From the research, the authors found that the crisis of 2008-2009 had effects on households and businesses, which reduced their planning horizon with respect to consumption and investment. Regarding the second part of this study, the authors used the Granger causality test to find that the stock index DAX of Germany determines, to some extent, the changes in macroeconomic variables.

Request Access

You do not own this content. Please login to recommend this title to your institution's librarian or purchase it from the IGI Global bookstore.