Asymmetric effect of monetary policy on stock market performance in the ECOWAS zone: empirical evidence from the NARDL approach
The aim of this study is to analyze the effect of monetary policy on stock market performance in the ECOWAS zone, from 2000 to 2021, using data from three stock exchanges (BRVM, Ghana Stock Exchange and Nigerian Stock Exchange). Applying the NARDL (Nonlinear Autoregressive Distributed Lag) model, th...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
General Association of Economists from Romania
2025-03-01
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| Series: | Theoretical and Applied Economics |
| Subjects: | |
| Online Access: |
http://store.ectap.ro/articole/1815.pdf
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| Summary: | The aim of this study is to analyze the effect of monetary policy on stock market
performance in the ECOWAS zone, from 2000 to 2021, using data from three stock exchanges
(BRVM, Ghana Stock Exchange and Nigerian Stock Exchange). Applying the NARDL (Nonlinear
Autoregressive Distributed Lag) model, the results indicate that monetary policy has an asymmetric
effect in the short and long term on stock market performance in the ECOWAS zone. The study
revealed that the Nigerian stock market is more reactive to changes in monetary policy than the
Ghanaian stock market and the BRVM. |
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| ISSN: | 1841-8678 1844-0029 |