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Authors: CRISTINA BALINT, ALEXANDRA DERECICHEI.
DOI: 10.24193/subbnegotia.2023.2.03
Published Online: 2023-07-31
Published Print: 2023-08-30
pp. 37-58
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The purpose of the paper is to observe and analyze how the dynamics of macroeconomic factors influence the evolution of the Bucharest Stock Exchange (BVB) through the lens of the main stock indices (BET, BET-Plus, BET-FI), but also of the stock market capitalization. The research carried out consists of four stages. First, the monthly values of the macroeconomic factors considered were collected (inflation rate, reference interest rate, unemployment rate, RON-EURO and RON-USD exchange rates, producer price index, gold price, average salary and the Covid-19 number of cases) during the period 2020-2021, as well as the monthly values of the Bucharest Stock Exchange market indices (BET-Plus, BET and BET-FI) and of the stock market capitalization. These data were collected from the websites: www.bvb.ro (Bucharest Stock Exchange), www.bnr.ro (National Bank of Romania), www.innse.ro (National Institute of Statistics) and www.ms.ro (Ministry of Health). Then, the descriptive statistics was used to describe the collected data (mean value, standard deviation, minimum/ maximum value). This step is followed by the use of the Pearson correlation to capture the correlation between each stock market index and the macroeconomic factor included in the analysis. And finally, multiple regression was used to see exactly how the Romanian stock market indices are influenced by any changes of macroeconomic factors.
Keywords: macroeconomic factors, Bucharest Stock Exchange, stock market indices, Covid-19 pandemic
JEL Classification: B22, C32, G10
