文章基本信息

标题：Stock market returns and exchange rate movements in a multiple currency economy: the case of Zimbabwe
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作者：Mabutho Sibanda
期刊名称：Journal of Economic and Financial Sciences
印刷版ISSN：1995-7076
电子版ISSN：2312-2803
出版年度：2015
卷号：8
期号：3
页码：742-752
DOI：10.4102/jef.v8i3.119
摘要：This study seeks to provide new evidence on the stock market and exchange rate relationship in Zimbabwe, a country that does not have its own sovereign currency. The bivariate vector autoregressive approach is used to establish the relationship between the stock market and exchange rates. The results show that no relationship exists between the stock market and the proxy exchange rate. The findings contradict the expectation that exchange rate movements would influence domestic stock market prices. This finding is especially interesting given the fact that Zimbabwe uses a basket of currencies for transacting purposes, albeit with the United States dollar as a major currency for reporting and stock market pricing purposes. The findings provide new evidence of a disconnect between the stock market and exchange rate movements. This has implications for international portfolio diversification and the use of foreign currency as an asset class in an economy using a multiple currency system.
其他摘要：This study seeks to provide new evidence on the stock market and exchange rate relationship in Zimbabwe, a country that does not have its own sovereign currency. The bivariate vector autoregressive approach is used to establish the relationship between the stock market and exchange rates. The results show that no relationship exists between the stock market and the proxy exchange rate. The findings contradict the expectation that exchange rate movements would influence domestic stock market prices. This finding is especially interesting given the fact that Zimbabwe uses a basket of currencies for transacting purposes, albeit with the United States dollar as a major currency for reporting and stock market pricing purposes. The findings provide new evidence of a disconnect between the stock market and exchange rate movements. This has implications for international portfolio diversification and the use of foreign currency as an asset class in an economy using a multiple currency system.
关键词：exchange rates; multiple currency; portfolio diversification; Zimbabwe Stock Exchange
其他关键词：exchange rates;multiple currency;portfolio diversification;Zimbabwe Stock Exchange