Interakcje między wskaźnikami makroekonomicznymi a indeksami giełdowymi w wybranych krajach
Interactions between macro-economic indicators and stock market indices in selected countries

Summary/Abstract: The paper presents an empirical verification of selected macroeconomic variables interacting with stock index. Estimations were made using two econometric techniques. On the one hand the VAR methodology was used here, standard for this class of research, on the other hand a novel approach was used with panel data regression. The study was conducted in seven selected capital markets, which are at different stages of development. Due to the fact this gave an interesting range of results i.a. different signs of coefficients obtained for inflation, the exchange rate, depending on the range of markets for which estimates were made.

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