قياس آثر متغيرات الاقتصاد الكلي على عوائد مؤشرات السوق المالي : دليل من فلسطين

الملخص EN

The study aimed to show the impact of macroeconomic variables (inflation rate, market interest rate) on returns of Palestine stock exchange indices (al-Quds index, investment sector index, insurance sector index, banks sector index, services sector index, industry sector index).

the auto- regressive distributed lag model (ARDL) has been applied in the study during the period 2008-2018.

the results of the study have shown that inflation has left a negative impact on the returns of Palestine stock exchange indices (al-Quds index, investment sector index, insurance sector index, banks sector index, services sector index, industry sector index) and there are a co-integration and long-run relationship between inflation and the returns of Palestine stock exchange indices during 2008-2018.

the study also has shown that the market interest rate has a negative impact on the returns of Palestine stock exchange indices.

the study recommended that the governmental bodies in Palestine should follow a clear economic policy, exploit all the tools of fiscal and monetary policy in order to reduce inflation rates in Palestine and leave a positive effect on stock returns to stimulate the indirect investment within Palestine stock exchange.