Stock Indices as Generalizing Indicators of the Stock Markets Condition in the European Union Countries
Journal Title: Проблеми економіки - Year 2015, Vol 2015, Issue 3
Abstract
The aim of the article is to determine the degree of interdependence of stock markets in separate countries of the European Union, namely: France, Germany, Great Britain, Poland, the Czech Republic and Hungary on the basis of studying the changes in stock indexes, as well as determining the existence of tendencies of approximating the dynamics of the national stock index "PFTS Index" to the corresponding dynamics of stock indexes in surveyed countries. The article analyzes the dynamics of changes in stock indices in the UK (FTSE), Germany (DAX 30), France (CAC 40) and pan-European ones (EURO STOXX 50), as well as changes in stock indices in Poland (WIG 20), Czech Republic (PX), Hungary (BUX). Calculations of the coefficients of pair correlation between changes in stock indices in the studied countries have been performed. The calculation results show a substantial connection between the indicators of changes in stock indices and allow to make a conclusion that in the dynamics of stock indices of national stock markets of the studied EU countries some common trends are observed, moreover, in the behavior of the considered indices common local trends are noticed as well. The author calculated the coefficient of pair correlation between the indicators of changes in the national stock index "PFTS Index" and the stock indices of the "old" and "new" EU countries. The calculations showed that the PFTS Index does not demonstrate a high level of correlation with stock indices of the "old" EU countries and has a tendency of approaching the corresponding dynamics of stock indices of the "new" EU countries.
Authors and Affiliations
Maryna Shuba
Keywords
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- EP ID EP111918
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