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http://dx.doi.org/10.1016/0378-4266(94)00048-8

has been cited by the following article:

• TITLE: Monetary Policy Impact on Stock Return: Evidence from Growing Stock Markets

  AUTHORS: Raksha Bissoon, Boopen Seetanah, Reena Bhattu-Babajee, Narvada Gopy-Ramdhany, Keshav Seetah

  KEYWORDS: Monetary Policy, Rate of Interest, Money Supply, Stock Return

  JOURNAL NAME: Theoretical Economics Letters, Vol.6 No.5, October 21, 2016

  ABSTRACT: This study investigates the impact of monetary policies on stock markets based on a sample of five open countries with growing stock market over the period 2004 to 2014. Using a random effect model for the panel regression coupled with a panel vector error correction model to study the short term and long term relationship between the variables, the findings reveal a negative relation between interest rate and stock return and a direct link between money supply and stock return. The results confirm that both in the short run and long run monetary variables explain changes in stock return.