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The Effects Of The Macroeconomic Factors On The Bucharest Stock Exchange During The Covid-19 Pandemic

Author

Listed:
  • Cristina BALINT

    (Faculty of Business, BabeÅŸ-Bolyai University, Cluj-Napoca, Romania)

  • Alexandra DERECICHEI

    (Faculty of Business, BabeÅŸ-Bolyai University, Cluj-Napoca, Romania)

Abstract

The purpose of the paper is to observe and analyze how the dynamics of macroeconomic factors influence the evolution of the Bucharest Stock Exchange (BVB) through the lens of the main stock indices (BET, BET-Plus, BET-FI), but also of the stock market capitalization. The research carried out consists of four stages. First, the monthly values of the macroeconomic factors considered were collected (inflation rate, reference interest rate, unemployment rate, RON-EURO and RON-USD exchange rates, producer price index, gold price, average salary and the Covid-19 number of cases) during the period 2020-2021, as well as the monthly values of the Bucharest Stock Exchange market indices (BETPlus, BET and BET-FI) and of the stock market capitalization. These data were collected from the websites: www.bvb.ro (Bucharest Stock Exchange), www.bnr.ro (National Bank of Romania), www.innse.ro (National Institute of Statistics) and www.ms.ro (Ministry of Health). Then, the descriptive statistics was used to describe the collected data (mean value, standard deviation, minimum/ maximum value). This step is followed by the use of the Pearson correlation to capture the correlation between each stock market index and the macroeconomic factor included in the analysis. And finally, multiple regression was used to see exactly how the Romanian stock market indices are influenced by any changes of macroeconomic factors.

Suggested Citation

  • Cristina BALINT & Alexandra DERECICHEI, 2023. "The Effects Of The Macroeconomic Factors On The Bucharest Stock Exchange During The Covid-19 Pandemic," JOURNAL STUDIA UNIVERSITATIS BABES-BOLYAI NEGOTIA, Babes-Bolyai University, Faculty of Business.
    • Handle: RePEc:bbn:journl:2023_2_3_balint
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    File URL: https://tbs.ubbcluj.ro/RePEc/bbn/journl/Negotia_2_2023.pdf
    File Function: Revised version, 2023
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    More about this item

    Keywords

    macroeconomic factors; Bucharest Stock Exchange; stock market indices; Covid-19 pandemic;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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