International Journal of Management and Applied Science (IJMAS)
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Volume-4,Issue-8  ( Aug, 2018 )
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Statistics report
Nov. 2018
Submitted Papers : 80
Accepted Papers : 10
Rejected Papers : 70
Acc. Perc : 12%
Issue Published : 54
Paper Published : 3316
No. of Authors : 6857
  Journal Paper




Paper Title :
Stock Market Responses to Macroeconomic Dynamics: Testing for Long-Run Equilibrium in Nepal

Author :Dipendra Karki

Article Citation :Dipendra Karki , (2018 ) " Stock Market Responses to Macroeconomic Dynamics: Testing for Long-Run Equilibrium in Nepal " , International Journal of Management and Applied Science (IJMAS) , pp. 24-30, Volume-4,Issue-4

Abstract : This study empirically examines the macro-economic factors of the stock market performance in Nepal. It considers the annual data of four macroeconomic variables; real GDP, inflation, interest rate and broad money supply from 1994 to 2016 and attempts to reveal the relative influence of these variables on stock prices represented by ‘NEPSE Index’. Empirical results obtained from OLS estimations reveal that the performance of stock market is found to respond positively to real GDP, inflation and money supply, and negatively to interest rate. More importantly, cointegrating evidence cannot be found between macroeconomic variables and stock market which suggests that stock price movements in Nepal are not explained by the macroeconomic variables. It supports random walk hypothesis in Nepali capital market. These findings help to design policies to stabilize or stimulate the capital market in Nepal. Keywords - Equilibrium, Stock, Macroeconomy

Type : Research paper

Indexed : Google Scholar


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