Impact of macroeconomic variables on the performance of stock exchange: a systematic review

PurposeThis paper aims to identify various macroeconomic variables that affect the stock market performance of developed and emerging economies. It also investigates the effect of these factors on the stock markets of both economies. The impact of these variables on broad market indices and sectoral indices is investigated and compared too.Design/methodology/approachThe publications for the study were retrieved from databases such as Emerald Insight, EBSCO, ScienceDirect and JSTOR using the keywords “Macroeconomic variables” and “Stock market” or “Stock market performance.” The result demonstrated a growing corpus of scholarly work in the domain of stock market. The study was carried out separately for each macroeconomic indicator. Given a large number of articles under consideration, the authors began by reading the titles and abstracts of all publications to identify those that were relevant. The papers are evaluated in Excel and the articles for review range from 1972 to 2021.FindingsThe authors found that gross domestic product (GDP), FDI (Foreign Direct Investment) and FII (Foreign Institutional Investment) have a positive effect on both emerging and developed economies’ stock market while gold price has a negative effect. Interest rates had a negative impact on both economies except for a few developing countries. The relationship with oil prices was positive for oil exporting countries while negative for oil importing countries. Inflation, money supply and GDP are the macroeconomic variables that have the same effect on sectoral indices as they do on broad market indices. The impact was sector-specific for the remaining variables.Research limitations/implicationsThis paper gives an overview of relation and effect covering variety of macroeconomic variables and stock market indices. Still, there is a scope for further research to analyze the effect on thematic, strategy and sectoral indices. A longer time horizon with new variables, such as bank deposit growth rate, nonperforming assets of banks, consumer confidence index and investor sentiment, can be studied using high-frequency data. This research may help stakeholders adopt and manage their policies during a crisis or economic slump.Practical implicationsThis study will assist investors, researchers and educators in the fields of economics and finance in understanding how macroeconomic factors affect the stock market. Furthermore, this study can guide in portfolio diversification strategy across multiple sectors by examining the impact of macroeconomic factors specific to sectoral indices. This paper provides insight into society and researchers since it integrates a number of macroeconomic variables and their interaction with the stock market. It may also help pension funds and mutual fund firms to hedge their funds and allocate equity portfolios.Originality/valueWith respect to India, this study looked at new macroeconomic variables and sectors. It contrasted the impact of these variables in developed and developing economies. The effect of broad and sectoral stock indexes was also investigated and compared. The authors examined how these variables responded during crisis and economic downturns by using articles from a longer time frame. This research also looked into how changing the frequency of data for the variables altered stock performance. This paper emphasized the need for more research into thematic, strategy and broad market indices, such as small-cap and mid-cap indices.

Heavy Metal Pollution and Its Effects on Agriculture

The contamination of agricultural soils by heavy metals is one of the most important methods of soil degradation (EU Soil Thematic Strategy) [...]

HIV/AIDS-care and Support Competence of Secondary Schools in Western Uganda: A Qualitative Inquiry With School Stakeholders

Background Although schools have been identified as significant settings in the response to the HIV/AIDS pandemic, limited research is available on how they can accommodate Youth Living with HIV/AIDS (YLWHA) especially in resource limited countries. In this study we explored how school stakeholders in western Uganda perceived of good practices to include and support YLWHA in their schools. We conceptualized an HIV/AIDS-care and support competent school community. Methods This qualitative inquiry involved school stakeholders (parents/caretakers, school staff and students) purposively selected from 3 secondary schools in western Uganda. A total of 88 participants were involved in focus group discussions and individual interviews. Data analysis followed an inductive and deductive thematic strategy. Results We identified 7 overarching interrelated themes in which participants reported practices to include and support YLWHA: counselling and guidance; social support networks and linkages; knowledge and skills; anti-stigma and anti-discrimination measures; disclosure of HIV status; treatment and management of HIV/AIDS; and affirmative actions for YLWHA. Stakeholders’ perceptions of good practices often differed regarding what was considered appropriate, the approach and who to take lead in supporting YLWHA. Conclusion Despite the meager support for YLWHA currently available in schools, our study points to optimism and high potential. We posit that building competent HIV/AIDS-care and support school communities is a gradual process requiring each school to develop a strong knowledge base about HIV/AIDS and support needs of YLWHA, develop a coherent and school-wide approach, and collaborate extensively with external stakeholders who are significant in supporting YLWHA.

Lexical means of implementation conceptual and thematic strategies author of natural text

The article considers such categories and concepts as the author's conceptual and thematic strategy, the system of concepts, and the cumulativeness of terminological information. Verbalization of scientific concepts with the help of lexical units is considered. To implement it, special terms are used that are the main lexical and semantic means of implementing the conceptual and thematic strategy of the author of a scientific text. The article emphasizes the importance of cumulativeness of terminological information as its most important feature, which entails an increase in the information capacity of the term. The reason for the obligatory presence of the title in the scientific text, its functions, including the subtitle functions, as well as its connection with the terminological density of the scientific text are explained. Special attention is drawn to the disclosure of the topic of a scientific text through the establishment of relationships between scientific concepts of three types: initial, basic and clarifying. The article presents the results of the analysis of textual tools for the implementation of the conceptual and thematic strategy on the example of the scientific article of R. Schönrich "Die Geschichte unserer Milchstraße".

Identifying Gaps between the Legislative Tools of Soil Protection in the EU Member States for a Common European Soil Protection Legislation

To ensure an adequate level of protection in the European Union (EU), the European Commission (EC) adopted the Soil Thematic Strategy in 2006, including a proposal for a Soil Framework Directive (the Directive). However, a minority of Member States (United Kingdom, Germany, France, Austria, and The Netherlands) could not agree on the text of the proposed Directive. Consequently, the EC decided to withdraw the proposal in 2014. In the more than 10 years that have passed since the initial proposal, a great number of new evidences on soil degradation and its negative consequences, have proved the necessity of a common European soil protection Directive. This study is aimed at specifying the possible obstacles, differences, and gaps in legislature and administration in the countries that formed the blocking minority, which resulted in the refusal of the Directive. The individual legislations of the opposing countries on the matter, were summarized and compared with the goals set by the Directive, in three highlighted aspects: (1) soil-dependent threats, (2) contamination, and (3) sealing. We designed a simple schematic evaluation system to show the basic levels of differences and similarities. We found that the legislative regulations concerning soil-dependent degradation and contamination issues in the above countries were generally well defined, complementary, and thorough. A common European legislation can be based on harmonised approaches between them, focusing on technical implementations. In the aspect of sealing we found recommendations, principles, and good practices rather than binding regulations in the scrutinised countries. Soil sealing is an issue where the proposed Directive’s measures, could have exceeded those of the Member States.

Assessing and analysing the impact of land take pressures on arable land

Land, and in particular soil, is a finite and essentially non-renewable resource. Across the European Union, land take, i.e. the increase of settlement area over time, annually consumes more than 1000 km2 of which half is actually sealed and hence lost under impermeable surfaces. Land take, and in particular soil sealing, has already been identified as one of the major soil threats in the 2006 European Commission Communication Towards a Thematic Strategy on Soil Protection and the Soil Thematic Strategy and has been confirmed as such in the report on the implementation of this strategy. The aim of this study is to relate the potential of land for a particular use in a given region with the actual land use. This allows evaluating whether land (especially the soil dimension) is used according to its (theoretical) potential. To this aim, the impact of several land cover flows related to urban development on soils with good, average, and poor production potentials were assessed and mapped. Thus, the amount and quality (potential for agricultural production) of arable land lost between the years 2000 and 2006 was identified. In addition, areas with high productivity potential around urban areas, indicating areas of potential future land use conflicts for Europe, were identified.

Assessing and analysing the impact of land take pressures on agricultural land

Land, and here in particular soil, is a finite and essentially non-renewable resource. EU-wide, land take, i.e. the increase of settlement area over time, consumes more than 1000 km2 annually of which half is actually sealed and, hence, lost under impermeable surfaces. Land take and in particular soil sealing has already been identified as one of the major soil threats in the 2006 EC Communication ''Towards a Thematic Strategy on Soil Protection'' and the Soil Thematic Strategy, and has been confirmed as such in the report on the implementation of this strategy. The aim of this study is to relate the potential of land for a particular use in a given region with the actual land use. This allows evaluating whether land (especially the soil dimension) is used according to its (theoretical) potential. To this aim, the impact of several land cover flows related to urban development on soils with a good, average and poor production potential were assessed and mapped. Thus, the amount and quality (potential for agricultural production) of agricultural land lost between the years 2000 and 2006 was identified. In addition, areas with high productivity potential around urban areas, indicating areas of potential future land use conflicts for Europe, were identified.

Legislation on The Protection of Agricultural Land in the context of the implementation of the Thematic Strategy for Soil Protection in Slovak Conditions

(EN) Protecting the qualitative aspect of the agricultural land is in the interest of European Union policies and Slovakia as well. The EU adopted in 2006 a Thematic Strategy for Soil Protection to ensure protection and sustainable use of land, including agricultural land. The aim of this paper is to analyze and evaluate legislation protecting agricultural land in the context of the implementation of the Thematic Strategy for Soil Protection in Slovakia. The basic legislation for the protection of agricultural land in Slovakia is the Act No. 220/2004 Coll. on the conservation and use of agricultural land and amending Act No. 245/2003 Coll. concerning integrated pollution prevention and control and amending certain laws, as amended, which provides a basic framework for conservation of the agricultural land. In terms of preserving, agricultural land has significant importance in the Common Agricultural Policy -pillar I and II which stipulate cross-compliance requirements, requirements for agri-environmental measures for applicants for single area payment scheme, for applicants for support under agri-environmental measures respectively.