Preliminary communication
THE IMPACT OF MACROECONOMIC INDICATORS ON THE MOVEMENT OF CROBEX
Bojan Tomić
Abstract
Many research showed a high degree of correlation between the US and
European capital markets, partly due to industrial‒financial linkages of the United States
and Europe, and partly due to the influence of psychological factors on the behavior of
individuals, and the concept of behavioral finance. However, it can be assumed that the
movement of the value of an observed index does not depend solely on the change of
values of the S & P 500 index. Accordingly and in line with rational economic theory,
this paper examines the link between changes in the value of selected macroeconomic
indicators and the value of the main share Croatian capital market index CROBEX. The
results indicate that of the nine initially observed variables, movement of CROBEX can be
described and further explained by changes in the value of average wages, parity rate and
dollar, the kuna and the euro and the kuna and the Swiss franc.
Keywords
CROBEX; value trends; macroeconomic indicator; linear regression; logistic regression
Hrčak ID:
161639
URI
Publication date:
8.12.2014.
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