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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| Format: | Article |
| Language: | English |
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General Association of Economists from Romania
2025-03-01
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| Series: | Theoretical and Applied Economics |
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http://store.ectap.ro/articole/1815.pdf
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| _version_ | 1850137815893934080 |
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| author | Yao Séraphin PRAO Kouassi Cyrille KONGOZA |
| author_facet | Yao Séraphin PRAO Kouassi Cyrille KONGOZA |
| author_sort | Yao Séraphin PRAO |
| collection | DOAJ |
| description | 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. |
| format | Article |
| id | doaj-art-ca738efc44344796aa71e49ad9fe1d7a |
| institution | OA Journals |
| issn | 1841-8678 1844-0029 |
| language | English |
| publishDate | 2025-03-01 |
| publisher | General Association of Economists from Romania |
| record_format | Article |
| series | Theoretical and Applied Economics |
| spelling | doaj-art-ca738efc44344796aa71e49ad9fe1d7a2025-08-20T02:30:44ZengGeneral Association of Economists from RomaniaTheoretical and Applied Economics1841-86781844-00292025-03-01XXXII114916618418678Asymmetric effect of monetary policy on stock market performance in the ECOWAS zone: empirical evidence from the NARDL approachYao Séraphin PRAO0Kouassi Cyrille KONGOZA1 Alassane Ouattara University (Bouaké), Ivory Coast Alassane Ouattara University (Bouaké), Ivory Coast 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. http://store.ectap.ro/articole/1815.pdf monetary policystock market performanceasymmetric effectnardlecowas |
| spellingShingle | Yao Séraphin PRAO Kouassi Cyrille KONGOZA Asymmetric effect of monetary policy on stock market performance in the ECOWAS zone: empirical evidence from the NARDL approach Theoretical and Applied Economics monetary policy stock market performance asymmetric effect nardl ecowas |
| title | Asymmetric effect of monetary policy on stock market performance in the ECOWAS zone: empirical evidence from the NARDL approach |
| title_full | Asymmetric effect of monetary policy on stock market performance in the ECOWAS zone: empirical evidence from the NARDL approach |
| title_fullStr | Asymmetric effect of monetary policy on stock market performance in the ECOWAS zone: empirical evidence from the NARDL approach |
| title_full_unstemmed | Asymmetric effect of monetary policy on stock market performance in the ECOWAS zone: empirical evidence from the NARDL approach |
| title_short | Asymmetric effect of monetary policy on stock market performance in the ECOWAS zone: empirical evidence from the NARDL approach |
| title_sort | asymmetric effect of monetary policy on stock market performance in the ecowas zone empirical evidence from the nardl approach |
| topic | monetary policy stock market performance asymmetric effect nardl ecowas |
| url |
http://store.ectap.ro/articole/1815.pdf
|
| work_keys_str_mv | AT yaoseraphinprao asymmetriceffectofmonetarypolicyonstockmarketperformanceintheecowaszoneempiricalevidencefromthenardlapproach AT kouassicyrillekongoza asymmetriceffectofmonetarypolicyonstockmarketperformanceintheecowaszoneempiricalevidencefromthenardlapproach |