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Luận văn thạc sĩ UEH empirical test on impacts of monetary policy and fiscal policy on vietnam’s
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666 | Policies and Sustainable Economic Development
Empirical Test on Impacts of Monetary Policy
and Fiscal Policy on Vietnam’s Stock Market
TRAN THI THANH TU
VNU University of Economics and Business - [email protected]
PHAM THUY LINH
VNU University of Economics and Business
NGUYEN ANH TIEP
VNU University of Economics and Business
DO THI THUY
VNU University of Economics and Business
Abstract
This research evaluates the effects of monetary policy tools and fiscal policies on Vietnam’s stock market,
in addition to examining interaction between these two policies with the Vietnam stock price index. Utilizing
Vector Error Correction Model (VECM), with nine variables and data monthly statistics from January 2002 to
October 2015, this study confirms that there are links between monetary policy/fiscal policy and Vietnam's
stock market. In addition, Vietnam’s stock market is also affected by exogenous factors, namely the world oil
prices and the S&P500 index, especially when Vietnam's economy is opening up and integrated with the global
economy.
Keywords: monetary policy; fiscal policy; stock market
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