| Autor: |
Rong-Gang Cong, Shaochuan Shen |
| Jazyk: |
angličtina |
| Rok vydání: |
2013 |
| Předmět: |
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| Zdroj: |
The Scientific World Journal, Vol 2013 (2013) |
| Druh dokumentu: |
article |
| ISSN: |
1537-744X |
| DOI: |
10.1155/2013/171868 |
| Popis: |
This paper investigates the interactive relationships among China energy price shocks, stock market, and the macroeconomy using multivariate vector autoregression. The results indicate that there is a long cointegration among them. A 1% rise in the energy price index can depress the stock market index by 0.54% and the industrial value-adding growth by 0.037%. Energy price shocks also cause inflation and have a 5-month lag effect on stock market, which may result in the stock market “underreacting.” The energy price can explain stock market fluctuations better than the interest rate over a longer time period. Consequently, investors should pay greater attention to the long-term effect of energy on the stock market. |
| Databáze: |
Directory of Open Access Journals |
| Externí odkaz: |
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