TY  - SER
AU  - Ray Hirak
TI  - Dynamic Interactions of Exchange Rates, Stock Prices and Macroeconomic Variables in India
PY  - 0000///0
CY  - 
PB  - Aug 2008
KW  - Exchange Rates, Stock Prices
N2  - This study investigates the relationship among the exchange rates (EX), stock prices (Sensex), and select macroeconomic variables, such as output (IIP), money supply (M3) and capital flows (FII), in the Indian context in the post-reform era. The findings of the study indicate that in the long-run, the exchange rates are positively related to stock prices and money supply, and negatively related to output and foreign institutional investments. The Granger causality test helps detect the `feedback' relationship between the economy and the exchange market. The innovation analysis confirms the dynamic interaction of exchange rate with itself, its own key macroeconomic variables and stock prices
UR  - http://192.168.6.13/libsuite/mm_files/Articles/AR9801.pdf
ER  -