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The impact of macroeconomic indicators on Vietnamese stock prices

Author

Listed:
  • Khaled Hussainey
  • Le Khanh Ngoc

Abstract

Purpose - The purpose of this paper is to investigate the effects of macroeconomic indicators (the interest rate and the industrial production) on Vietnamese stock prices. The paper examines how US macroeconomic indicators affect Vietnamese stock prices. Design/methodology/approach - The authors use monthly time series data covering the period from January 2001 to April 2008. The methodology introduced by Nasseh and Strauss and Canova and de Nicolo to investigate the linkage between stock prices and macroeconomic indicators. Findings - This paper provides the first empirical evidence that there are statistically significant associations among the domestic production sector, money markets, and stock prices in Viet Nam. Another novel finding is that the US macroeconomic fundamentals significantly affect Vietnamese stock prices. Finally, the results show that the influence of the US real sector is stronger than that of the money market. Originality/value - Since prior research has focused on developed economies, the authors strongly believe that this paper provides a novel contribution to the existing literature as the authors are the first to examine this issue in Viet Nam.

Suggested Citation

  • Khaled Hussainey & Le Khanh Ngoc, 2009. "The impact of macroeconomic indicators on Vietnamese stock prices," Journal of Risk Finance, Emerald Group Publishing Limited, vol. 10(4), pages 321-332, August.
    • Handle: RePEc:eme:jrfpps:15265940910980632
    DOI: 10.1108/15265940910980632
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    Citations

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    Cited by:

    1. Mohammed Ibrahim Danlami & Sanusi Yakubu Muhammad, 2023. "Fiscal Policy and Stock Market Efficiency in Nigeria: Evidence from SVAR Framework," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(12), pages 89-99, December.
    2. Cristina Balint, 2023. "The Impact of the Macroeconomic Factors on the Bucharest Stock Exchange during the Latest Crisis," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 26(86), pages 54-66, December,.

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