The impact of macroeconomic factors on the capital market of the Republic of Serbia

Authors

  • Vesna Marić Belgrade Business and Arts Academy of Applied Studies
  • Svetlana Ignjatijević University Business Academy in Novi Sad, Faculty of Economics and Engineering Management

Keywords:

macroeconomic factors, capital market, cointegration, VECM, Johansen Cointegration Approach

Abstract

In the study, the impact of five macroeconomic factors on the capital market of the Republic of Serbia was explored. The focus was on factors that have been identified as significant for the development of the capital market but with differing opinions regarding their direction of influence. Specifically, the focus was on GDP, inflation, money supply, interest rate, and exchange rate. The research results indicate that the Belex15 index does not show long-term cointegration with GDP, IPC (inflation), and M3 (money supply). However, there is a significant influence of previous interest rate values and the exchange rate on the capital market of the Republic of Serbia. More precisely, there is a positive impact on interest rates and a negative impact on the exchange rate.

Downloads

Published

12/30/2023

How to Cite

Marić, V., & Ignjatijević, S. (2023). The impact of macroeconomic factors on the capital market of the Republic of Serbia . Ekonomija - Teorija I Praksa, 16(4), 1–27. Retrieved from https://casopis.fimek.edu.rs/index.php/etp/article/view/230

Issue

Section

Original scientific work

Most read articles by the same author(s)