أثر المتغيرات النقدية على عوائد أسهم الشركات المدرجة في السوق المالي د ا رسة

Abstract

The study aimed to determine the nature of the impact of monetary variables, represented by the inflation rate, interest rate, and exchange rate, on the returns of listed companies in advanced and emerging financial markets for the period between 2008-2020. This was done by relying on standard models, particularly panel data models. The results obtained from the fixed-effects model revealed a significant negative relationship between the independent variables and the dependent variable. However, the strength of the relationship varied, with a weaker relationship observed in advanced markets compared to emerging markets. Keywords: monetary variables, stock returns, developed financial markets, emerging financial markets, panel Models.