The Effects of Oil Price and Macroeconomic Variables on the Stock Price : Recent Evidences from the NICs.

• Main Authors: Pei-fen Chung, 鍾佩芬
• Other Authors: Chien-hung Chen
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/40879755379544963016

碩士 === 朝陽科技大學 === 財務金融系碩士班 === 99 === This paper examines the relationship among oil price, the supply of money, consumer price index, export, exchange rate and the stock market in the NICs, the NICs include Taiwan, Hong Kong, Singapore and Korea. The period of the study is from 2004:1 to 2010:12. Initially we use panel data method to select the most suitable model. Findings suggest that oil prices exercise significant positive influence to the stock market. In addition, CPI are negatively influencing the stock market, at a significant level. However, we find the effect of exchange rate on the stock market. Finally, the relationship can be documented between the export and the stock market. The findings of this study are of particular interest and importance to policy makers. The supply of money shocks can explain much more than exchange rate.