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Stock Returns and Inflation: Evidence from an Emerging Market

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Author Info
Spyrou, Spyros I

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Abstract

Theory suggests that equities are a good hedge against inflation. However, most of the empirical evidence suggests that the relationship between stock returns and inflation is negative. One explanation is the negative correlation between inflation and real output growth. In this paper the relationship between inflation and stock returns is examined for the emerging economy of Greece, during the 1990s. To anticipate the results, the relationship seems to be negative and significant, but only for the period until 1995. Since then, the relationship is not statistically significant, and it is argued that this may be due to the increased role of monetary fluctuations. Copyright 2001 by Taylor and Francis Group

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Applied Economics Letters.

Volume (Year): 8 (2001)
Issue (Month): 7 (July)
Pages: 447-50
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Handle: RePEc:taf:apeclt:v:8:y:2001:i:7:p:447-50

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  1. Habibullah, M.S. & Baharom, A.H. & Fong , Kin Hing, 2009. "Predictive Content of Output and Inflation For Stock Returns and Volatility: Evidence from Selected Asian Countries," MPRA Paper 14114, University Library of Munich, Germany. [Downloadable!]
  2. Floros, C., 2004. "Stock Returns and Inflation in Greece," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 4(2). [Downloadable!]
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