أثر التضخم على عوائد الأسهم في بورصة الجزائر خلال الفترة (2008-2018)‎

الملخص EN

The importance of the issue of inflation and its relationship with the Algiers Stock Exchange is reflected in its strong association with the current challenges to activate the role of the algiers stock exchange in attracting financial surpluses and using them to finance productive investments and stimulate the economic life of the country.

In this research, we aim to identify the effect of inflation on stock returns in the financial market of Algeria by using ARDL model.

The study found that there is a negative effect of inflation on stock returns in the long-term.

This finding is in line with the results of Fama's theory that the correlation between inflation and equity returns is necessarily a "proxy" correlation of the negative relationship between inflation and real activity.