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Please use this identifier to cite or link to this item: http://hdl.handle.net/2262/61830

Title: The influence of domestic and international interest rates on the ISEQ
Author: Bredin, Don
Gavin, Caroline
O'Reilly, Gerard
Keywords: Interest rates
Monetary policy
Stock market
Ireland
Issue Date: 2003
Publisher: Economic & Social Research Institute
Citation: Bredin, Don; Gavin, Caroline; O'Reilly, Gerard. 'The influence of domestic and international interest rates on the ISEQ'. - Economic & Social Review, Vol. 34, No. 3, Winter, 2003, pp. 249–265, Dublin: Economic & Social Research Institute
Abstract: We investigate the influence of international and domestic monetary policy shocks on the Irish stock market. Specifically, we analyse the impact of (un)expected changes in domestic, US, UK and German/euro area policy rates on the ISEQ between 1988 to 2002 in an event type study. Our decomposition of (un)expected changes in policy rates are based on futures markets and is akin to Kuttner (2001). In the absence of an Irish interest rate futures market, we use a more indirect method by appealing to the expectations theory of the term structure of interest rates. Overall, our results suggest that, with the exception of the US, unanticipated changes in domestic and international interest rates appear to have little significant influence on the Irish stock market.
Description: Paper presented at the Seventeenth Annual Conference of the Irish Economic Association, Limerick, 2003
URI: http://hdl.handle.net/2262/61830
ISSN: 00129984
Appears in Collections:Economic and Social Review Archive: Complete Collection 1969-
The Economic and Social Review, Vol. 34, No. 3, Winter, 2003

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