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  • 1
    UID:
    (DE-627)1880203731
    ISSN: 2303-680X
    Content: The purpose of this paper is to identify the long-run and short-run relationship between the values of the Macedonian Stock Exchange Index composed of 10 most liquid listed stocks (MBI10), the Zagreb Stock Exchange Index (CROBEX) composed of the most liquid listed stocks, the Sarajevo Stock Exchange Index (SASX-10) composed of 10 most liquid listed stocks and the Belgrade Stock Exchange Index composed of 15 most liquid listed stocks (BELEX 15) and the selected macroeconomic variables. In order to identify the macroeconomic variables that affect the values of the selected stock indices, the analytical-synthetic method and the statistical method are applied. The statistical method uses econometric models for data analysis and interpretation and includes the application of the following econometric tools: Panel unit root test, Fisher -Johansen cointegration test, application of the panel vector error correction model (PVECM) and the Wald test statistics. The results of PVECM between the values of the selected stock indices and independent variables such as industrial production index 2015=100, average monthly gross wages, shows existence of conditionality or causal relationship on the long-run, when independent variable Harmonized Index of Consumer Prices (HICP) according to the COICOP classification 2015=100 is exluded from the model. By applying PVECM, it can be concluded that there is a long run causality running from independent variable to dependent variable, meaning that between the values of the selected stock indices and industrial production and average gross wages there is speed of adjustment towards long run equilibrium.
    In: Economic review, Tuzla, 2003, 20(2022), 2 vom: Nov., Seite 3-14, 2303-680X
    In: volume:20
    In: year:2022
    In: number:2
    In: month:11
    In: pages:3-14
    Language: English
    Keywords: Aufsatz in Zeitschrift
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  • 2
    UID:
    (DE-627)1848771150
    ISSN: 2459-5616
    Content: The aim of this paper is to examine the reaction of South Eastern European stock markets to the armed conflict between Russia and Ukraine. With a sample of seven stock market indices, the event study methodology is applied to examine the influence of the conflict between two countries on European ground over stock indices of emerging markets in South Eastern Europe. Results indicate that beginning of the conflict in late February brought a very strong significant price correction and stock markets in the examined countries became maximum oscillatory and subjected to light and rapid changes on a daily level. The findings contribute to the research on economic impact of the armed conflict by providing empirical evidence that conflict between two European (Non-European Union members) countries has spill-over effects on stock markets on other European (European Union members and Non-European Union members) countries. The findings have important implications for portfolio diversification and thus can serve in the asset allocation decision of investment managers.
    In: Croatian review of economic, business and social statistics, Warsaw : De Gruyter Open, 2015, 8(2022), 2, Seite 18-27, 2459-5616
    In: volume:8
    In: year:2022
    In: number:2
    In: pages:18-27
    Language: English
    Keywords: Aufsatz in Zeitschrift
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  • 3
    UID:
    (DE-627)1024768910
    ISSN: 1857-9108
    Content: In this paper, we study the interdependent relationship between three types of investments: foreign direct investments, central government investments, and all other investments, and their role in the gross domestic product dynamics in the Republic of Macedonia, by employing the consistent methodology of vector error correction modeling (VECM). Our results reveal that, in the long run, there is only one relationship in which all other investments are dependent variables. In it, the foreign direct investments have a negative effect, thus suggesting the existence of the crowding out phenomena. Additionally, we find that shocks in both foreign direct investments and all other investments have positive, while central government investments have no impact on the gross domestic product. As such, our conclusions can serve policy makers for developing strategies that lead to long run growth.
    In: Journal of contemporary economic and business issues, Skopje : Faculty of Economics, 2014, 4(2017), 2, Seite 51-61, 1857-9108
    In: volume:4
    In: year:2017
    In: number:2
    In: pages:51-61
    Language: English
    Keywords: Aufsatz in Zeitschrift
    URL: Volltext  (kostenfrei)
    URL: Volltext  (kostenfrei)
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