Please use this identifier to cite or link to this item:https://hdl.handle.net/20.500.12259/54261
Type of publication: research article
Type of publication (PDB): Straipsnis konferencijos medžiagoje Clarivate Analytics Web of Science ar/ir Scopus / Article in Clarivate Analytics Web of Science or Scopus DB conference proceedings (P1a)
Field of Science: Ekonomika / Economics (S004)
Author(s): Ahmed, Rizwan Raheem;Vveinhardt, Jolita;Meenai, Yaseen Ahmed
Title: An empirical analysis of causal relationship between stock prices and real sector of the Pakistani economy
Is part of: IBIMA 2015 : Innovation management and sustainable economic competitive advantage: from regional development to global growth, 26th conference, 11th-12th November 2015, Madrid, Spain: proceedings. Norristown : IBIMA Publishing, 2015
Extent: p. 337-345
Date: 2015
Keywords: Pakistano ekonomika;Makroekonomikos nepastovumas;Akcijų kainos;Pakistani economy;Macroeconomic variables;Stock prices;Causal relationship
ISBN: 9780986041952
Abstract: This paper determines the causal relationship between stock prices and the macroeconomic variables representing the real sector of the Pakistani economy. In order to substantiate the purpose annual data has been acquired from the websites of State Bank of Pakistan and Federal Bureau of Statistics, from the period of 1979 to 2013. Further to get the results Unit Root, Cointegration, Error correction model has been applied. Which indicate the presence of long term relation between stock prices and macroeconomic variables including gross domestic product (GDP), Consumption and Investment. Moreover, the result shows the existence of one-way causation between macroeconomic variables such as GDP, real consumption expenditure, and real investment expenditure. This one-way causation lead to the conclusion that the stock market of Pakistan is not developed to that extinct where it could influence GDP, real consumption expenditure, and real investment expenditure. Therefore, it is finally concluded that the stock market of Pakistan is not a leading indicator of any activity of economy
Internet: http://dx.doi.org/10.2139/ssrn.27085232
Affiliation(s): Vadybos katedra
Vytauto Didžiojo universitetas
Appears in Collections:Universiteto mokslo publikacijos / University Research Publications

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