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Global evidence on the relation between monetary policy and financial stock market
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There is a common ground among researchers, that monetary policies have a strong relationwith stock market returns, but no unanimous statements about the relevant macroeconomic indicators in terms of correlation sign. We studied the relation of stock markets with inflation, interest rate, GDP andmonetary supply using a quarterly data time series, covering a 30-year period (1989 to 2019) including 199 countries and sovereign states. We concluded that over-developed economies required further research about macroeconomic variables. However, this is not true for under-developed economies, since their financial market can be comprehensive, though not exhaustively elucidated through the macroeconomic variables available.
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Stock market return Monetary policy Macroeconomic variables Inflation Interest rate Economic growth rate Money supply Relation