000			01647pab a2200205 454500
008			140923b0 xxu||||| |||| 00| 0 eng d
040			_cWelingkar Institute of Management Development & Research, Mumbai _aWelingkar Institute of Management Development & Research, Mumbai
041			_aENG
082			_a _bAl-
100			_aAl-Khazali Osamah M
245			_aSrock Prices, Inflation, and Output : Evidence from the Emerging Markets
250			_a3
260			_a _bSept - Dec ,2003 _c0
300			_a287--314 Pp.
490			_v2
520			_aThis article examines the short and long-term relationships between stock prices, inflation, and output in 21 emerging capital markets. It also investigates whether the proxy hypothesis can explain the puzzling negative relation between stock returns and inflation. The study shows that in the short run the negative relationship between stock returns and inflation still persist for all countries except Malaysia, even after the effects of expected economic activity and inflation variability have been explicitly incorporated. Furthermore, the results of the generalized autoregressive conditional heteroscedastic (GARCH) model are consistent with the OLS results. These results reject the proxy-effect hypothesis in the short run. However, in the long run, cointegration tests verify a long-run equilibrium between stock prices, consumer price index, and the real economic activity. The findings support the fisher effect and the proxy hypotheses in the long run only.
650			_aStock Prizes, Inflation
856			_uhttp://192.168.6.13/libsuite/mm_files/Articles/AR6109.pdf
906			_a17749
999			_c26053 _d26053