Summary of empirical studies
| Author(s) | Year | Key findings |
|---|---|---|
| Chang et al. | (2019) | Inverse relation between nominal interest rate and stock prices |
| Ramatlo | (2019) | Unexpected increase in the repo rate can reduce the JSE All Share Index returns |
| Humpe et al. | (2025) | CPI negatively affects stock prices for Anglosphere countries while it positively affects stock prices in BRICS countries in the long run |
| Areli Bermudez Delgado et al. | (2018) | Exchange rate negatively affects the stock market in the long run |
| Megaravali and Sampagnaro | (2018) | Exchange rate and stock prices are positively related in the long run |
| Ogunsakin and Awe | (2020) | Exchange rate inversely influences the stock market performance in the short run |
| Keswani et al. | (2024) | Positive nexus between economic growth and stock prices using monthly data |
| Ogunsakin and Awe | (2020) | Positive relationship between GDP and stock prices |
| Rizk and Challita | (2026) | Inverse relation between economic growth and stock prices |
| Rizk and Challita | (2026) | Positive relationship between inflation and stock prices |
| Rizk and Challita | (2026) | Positive short run relationship between interest rates and stock prices and negative relationship in the long run |
| Author(s) | Year | Key findings |
|---|---|---|
| Chang | (2019) | Inverse relation between nominal interest rate and stock prices |
| Ramatlo | (2019) | Unexpected increase in the repo rate can reduce the JSE All Share Index returns |
| Humpe | (2025) | CPI negatively affects stock prices for Anglosphere countries while it positively affects stock prices in BRICS countries in the long run |
| Areli Bermudez Delgado | (2018) | Exchange rate negatively affects the stock market in the long run |
| Megaravali and Sampagnaro | (2018) | Exchange rate and stock prices are positively related in the long run |
| Ogunsakin and Awe | (2020) | Exchange rate inversely influences the stock market performance in the short run |
| Keswani | (2024) | Positive nexus between economic growth and stock prices using monthly data |
| Ogunsakin and Awe | (2020) | Positive relationship between GDP and stock prices |
| Rizk and Challita | (2026) | Inverse relation between economic growth and stock prices |
| Rizk and Challita | (2026) | Positive relationship between inflation and stock prices |
| Rizk and Challita | (2026) | Positive short run relationship between interest rates and stock prices and negative relationship in the long run |
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