THE RELATIONSHIP BETWEEN GOLD PRICES, EURO, US DOLLAR, OIL PRICES AND STOCK MARKET : Case the European Union
Tang, Phuong (2017)
Tang, Phuong
Centria-ammattikorkeakoulu
2017
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2017113019086
https://urn.fi/URN:NBN:fi:amk-2017113019086
Tiivistelmä
The aim of this research is to examine the relationships between gold price, oil price, Euro, US dollar and stock market index in the EU from September 2003 to July 2016. This relationship is identified by simultaneous equations. Besides, the research also takes attention to other factors such as interest rate, gross import of oil the European Union Consumer price index (CPI) to examine their effects on each asset.
The interactions between Euro, gold price, oil price, stock market prices and US dollar are found in the research. Firstly, the oil price has a positive effect on stock market prices and a negative impact on gold price. Secondly, US dollar and oil price affect positively gold price which is negatively impacted by stock market prices. Thirdly, both gold price and stock market prices impact positively US dollar which is negatively affected by oil price. Finally, Euro also plays an important role in financial and economic status because it has negative impacts on the stock market prices and the gold price and a positive effect on the oil price.
This research is extremely important for investors, managers and decision makers because they can forecast the changes of economic factors in the future. The tool which is used for this research is Eview 6.
Key
The interactions between Euro, gold price, oil price, stock market prices and US dollar are found in the research. Firstly, the oil price has a positive effect on stock market prices and a negative impact on gold price. Secondly, US dollar and oil price affect positively gold price which is negatively impacted by stock market prices. Thirdly, both gold price and stock market prices impact positively US dollar which is negatively affected by oil price. Finally, Euro also plays an important role in financial and economic status because it has negative impacts on the stock market prices and the gold price and a positive effect on the oil price.
This research is extremely important for investors, managers and decision makers because they can forecast the changes of economic factors in the future. The tool which is used for this research is Eview 6.
Key