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- W119972640 abstract "Financial institutions are the most critical factor to keep economies on the trajec tory of economic growth and development. Their smooth functioning can guarantee efficient and effective allocation of savings. Therefore, factors detrimental to their effi cient functioning should be identified, and policy makers should try to control their deleterious consequences. One important issue, though relatively ignored, is to quan tify the impact of inflation on the size and functioning of the stock market. Close obser vation of literature reveals that inflation creates uncertainty about future rates of return and exacerbates the stock market frictions. It could also provide incentives for the government to repress the financial sector to collect inflation tax revenue. Nevertheless, there are very few studies, which gauges inflation-stock market relationship?the studies are limited to cross-section comparisons. This study tries to disentangle the relationship and uses cointegration theory and (Error Correction Model) ECM to test the presence of long run relationship?between inflation and financial sector performance indicators?in Pakistan. Though the results are not all unambiguous, there are substantial evidences that the variables are cointegrated and bilateral causality exists between them. The fin dings are consistent with the interpretation that inflation strengthens frictions in the stock market, decreases real rate of return on financial assets, and consequently decreases trading and capitalization in the stock markets. The second interpretation of financial sector repression seems valid because government collets inflation tax by printing money. Thus, on the basis of results it can be concluded that inflation matters to stock market performance. Therefore, it is neutral and almost obvious that much of the international community's policy focus should be directed to ensure that finance can make its most effective contribution to economic prosperity through sound, mar ket-driven allocation of saving/ investable resources, and policy makers should devi se policies to keep inflation in reasonable limits." @default.
- W119972640 created "2016-06-24" @default.
- W119972640 creator A5041979604 @default.
- W119972640 date "2016-01-01" @default.
- W119972640 modified "2023-09-27" @default.
- W119972640 title "INFLATION AND STOCK MARKET PERFORMANCE: A CASE STUDY FOR PAKISTAN" @default.
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