cointegration analysis show that cointegration exists between the stock prices, the changes in stock prices due to inflation rates … and the changes in stock prices due to real interest rates. The results of cointegration regression show that inflation …Purpose - This paper aims to examine the effect of both inflation rate and interest rate on stock prices using …

The extent to which the stock market provides a hedge to investors against inflation is examined for African stock … markets. By employing parametric and nonparametric cointegration procedures, we show that the point estimates of the …