Влияние монетарной политики на динамику фондовых рынков стран БРИКС

Translated title of the contribution: Influence of monetary policy on stock market of the BRICS countries

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Our investigation is devoted to analysis of monetary policy influence on stock market dynamics in the BRICS countries. Choosing the factors that could influence stock market development we took into consideration some peculiarities of developing economies, their being subjected to external force from developed ones, dependence on prices of strategic goods, and modern monetary policy features such as having aims in two fields, price stability and exchange rate control. As methods of study, the Hodrick-Prescott filter (HP-filter) and development of a vector error correction model (VECM) were used. Empirical estimates were obtained for the BRICS countries from the monthly statistical data for the period from January 2009 to October 2019. Based on the revealed cointegration vectors, for each of the BRICS countries the presence of long-term interconnection was found between individual parameters of the country’s monetary policy and the investigated characteristics of the behavior of the stock markets. There are many differences in results obtained for the BRICS countries, but the inflation index is the factor influencing all the BRICS countries’ stock market dynamics. So, we can make the conclusion about advisability of inflation targeting to provide price stability and being confidence for the investors
Translated title of the contributionInfluence of monetary policy on stock market of the BRICS countries
Original languageRussian
Pages (from-to)100-107
Number of pages8
JournalКазанский экономический вестник
Issue number4 (48)
Publication statusPublished - 2020



State classification of scientific and technological information

  • 06.73 Financial science. Monetary and fiscal theory. Credit and financial institutions


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