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- W1502792250 abstract "Academic writing on the inveterate relationship between macroeconomic variables and stock market returns is by now immense and strongly documented. However, there is a certain gap in the literature pertaining to the relationship between macroeconomic variables and Shariah indices which are becoming interesting area of research due to fast growing force of Islamic finance. Thus, this paper examines the long-term equilibrium relationships between selected macroeconomic variables and the FTSE Bursa Malaysia Hijrah Shariah Index. The paper identifies a cointegrating relationship along with identification of the exogeneity and endogeneity of the variables. It depicts that FTSE Bursa Malay sia Hijrah Shariah Index plays an important role economy, as it influence and lead major macroeconomic variables which are interest rate, money supply, consumer price index, and exchange rate. It statistically shows significant relationship with interest rates, exchange rate and money supply; it’s negatively affecting interest rate and exchange rate while positively money supply in the case of disequilibrium. CPI has been statistically proven insignificant. Implications of the finding and the cointegration are immense for the policy makers. They must not undermine the influence of FTSE Bursa Malaysia Hijrah Shariah Index as it has thoughtful impact on economic outlook." @default.
- W1502792250 created "2016-06-24" @default.
- W1502792250 creator A5014350538 @default.
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- W1502792250 date "2013-10-01" @default.
- W1502792250 modified "2023-09-24" @default.
- W1502792250 title "Relationship between Macroeconomic Variables and Stock Market Index: Cointegration Evidence from FTSE Bursa Malaysia Hijrah Shariah Index" @default.
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