Μελέτη και διερεύνηση της σχέσης μεταξύ του Ακαθάριστου Εθνικού Προϊόντος και του χρηματιστηριακού δείκτη σε χώρες της Ευρωπαϊκής Ένωσης
Research and investigation of the relationship between Gross Domestic Product and stock index in countries of the European Union
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Ακαθάριστο Εθνικό Προϊόν ; Δείκτες μετοχών ; Χρηματιστήρια αξιών -- Ευρωπαϊκή Ένωση, Χώρες της ; Συναρτησιακή ανάλυση ; Ανάλυση παλινδρόμησηςAbstract
This essay explores the dependent relationship between the stock index and the Gross Domestic Product in selected countries of the European Union. The aim of the study is to examine the economic behavior of these variables i.e., investigate the existence of causality, the direction of the causality and the interactions between the variables. This investigation is accomplished by using econometric techniques such as Vector Autoregressive Models, Granger causality and Impulse Response functions. The countries chosen are members of the European Union; they belong to the so-called developed economies and give the pulse the global economic reality. The empirical results of the study indicate that for all the cases examined the indices do not affect the Gross Domestic Product. Austria and Denmark were the exceptions. More specifically, in Austria and Denmark is proved that the Stock Exchange Index affects the Gross Domestic Product. Investigation of reverse causality, i.e. whether the Gross Domestic Product affects the indices showed that there is no causal relationship only in the case of England. Impulse Response functions in turn, confirm the results of the empirical investigation.