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Determinants of Stock Market Prices in Namibia

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  • Joel Hinaunye Eita

Abstract

This paper investigates the macroeconomic determinants of stock market prices in Namibia. The investigation was conducted using a VECM econometric methodology and revealed that Namibian stock market prices are chiefly determined by economic activity, interest rates, inflation,money supply and exchange rates. An increase in economic activity and the money supply increases stock market prices, while increases in inflation and interest rates decrease stock prices. The results suggest that equities are not a hedge against inflation in Namibia, and contractionary monetary policy generally depresses stock prices. Increasing economic activity promotes stock market price development

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Bibliographic Info

Paper provided by Economic Research Southern Africa in its series Working Papers with number 209.

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Length: 17 pages
Date of creation: 2011
Date of revision:
Handle: RePEc:rza:wpaper:209

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Keywords: stock market prices; arbitrage pricing theory; cointegration; impulse reponses; Namibia;

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Cited by:
  1. Shahbaz, Muhammad & Ur Rehman, Ijaz & Zainudin, Rozaimah, 2013. "Macroeconomic Determinants of Stock Market Capitalization in Pakistan:Fresh Evidence from Cointegration with unknown Structural breaks," MPRA Paper 52490, University Library of Munich, Germany, revised 24 Dec 2013.

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