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The effectof fiscal and monetary policies interactionon stock market performance: Evidence from Nigeria

Lawal, Adedoyin Isola and Somoye, Russel O. and Babajide, A. A and Nwanji, Tony Ikechukwu (2017) The effectof fiscal and monetary policies interactionon stock market performance: Evidence from Nigeria. Future Business Journal, I (IIII). III-III.

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Abstract

This studyexaminestheimpactoftheinteractionsbetween fiscal andmonetarypoliciesonstockmarketbehaviour(ASI)and the impactofthevolatilityoftheseinteractionsontheNigerianstockmarket.ThestudyanalysedmonthlydatausingtheARDL and EGARCHmodels.Theresultsshowtheinteractionbetweenmonetaryand fiscal policiesinfluence onstockmarketreturnsin Nigeria. TheARDLresultsshowevidenceoflongrunrelationshipbetweenASIandMonetary-fiscal policies.Theresultsfromthe volatility estimatesshowthattheASIvolatilityislargelysensitivetovolatilityintheinteractionsbetweenthetwopolicy instruments. Theresultssuggestcalibratingboththemonetaryand fiscal policiesinasinglemodelwhenformulatingstockmarket policy astheirinteractionexertssignificantly onstockmarketbehaviour,thusbothpoliciesshouldbeconsideredintandem.

Item Type: Article
Uncontrolled Keywords: Fiscal-monetarypolicy;Stockmarket;ARDL;EGARCH;Nigeria
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HF Commerce > HF5601 Accounting
Divisions: Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: Mrs Hannah Akinwumi
Date Deposited: 09 Jan 2018 14:10
Last Modified: 09 Jan 2018 14:10
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/9945

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