Ekonomija: teorija i praksa (Jan 2023)

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

  • Marić Vesna,
  • Ignjatović Svetlana

DOI
https://doi.org/10.5937/etp2304001M
Journal volume & issue
Vol. 16, no. 4
pp. 1 – 27

Abstract

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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.

Keywords