<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>The aim of this study is to investigate the long and short term impact of the Euro ZEW index (ZEW) on the DAX (GDAXI) Germany, FTSE 100 (FTSE) the UK, CAC 40 (FCHI) France, OMXS30 Sweden and CROBEX (CRBEX) Croatia stock market indices using monthly data for the period between February 2008 and December 2020. The Euro ZEW Index was taken as the independent variable, and the index values of Eurozone stock markets were taken as the dependent variables. As a result of the study, the Euro ZEW index was found to have a positive (increasing) statistical significant effect on the DAX, FTSE, OMXS and CRBEX variables. Of the stock markets studied, Croatia CROBEX (CRBEX) index was the most affected index by the change in the Euro ZEW index. The least affected stock market was Germany DAX (GDAXI) index. The effect of the Euro ZEW Index on Euro stock markets was higher in the short-term, and gradually decreasing in the long term. The research findings are discussed in the conclusion section.</p>
</abstract>

The aim of this study is to investigate the long and short term impact of the Euro ZEW index (ZEW) on the DAX (GDAXI) Germany, FTSE 100 (FTSE) the UK, CAC 40 (FCHI) France, OMXS30 Sweden and CROBEX (CRBEX) Croatia stock market indices using monthly data for the period between February 2008 and December 2020. The Euro ZEW Index was taken as the independent variable, and the index values of Eurozone stock markets were taken as the dependent variables. As a result of the study, the Euro ZEW index was found to have a positive (increasing) statistical significant effect on the DAX, FTSE, OMXS and CRBEX variables. Of the stock markets studied, Croatia CROBEX (CRBEX) index was the most affected index by the change in the Euro ZEW index. The least affected stock market was Germany DAX (GDAXI) index. The effect of the Euro ZEW Index on Euro stock markets was higher in the short-term, and gradually decreasing in the long term. The research findings are discussed in the conclusion section.

An Empirical Investigation on the Relationship Between the Eurozone Zew Index and the Eurozone Stock Markets

Faculty of Business and Administrative Sciences

Studia Universitatis „Vasile Goldis” Arad – Economics Series

This work is licensed under the Creative Commons Attribution 4.0 International License.

The aim of this study is to investigate the long and short term impact of the Euro ZEW index (ZEW) on the DAX (GDAXI) Germany, FTSE 100 (FTSE) the UK, CAC 40...

An Empirical Investigation on the Relationship Between the Eurozone Zew Index and the Eurozone Stock Markets

Published Online: Oct 11, 2021

Page range: 1 - 17

Received: Feb 01, 2021

Accepted: Jun 01, 2021

DOI: https://doi.org/10.2478/sues-2021-0016

Keywords
Eurozone Stock Markets, Euro ZEW Index, ZEW Index, Cointegration

© 2021 Nesrin Ceylan et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

An Empirical Investigation on the Relationship Between the Eurozone Zew Index and the Eurozone Stock Markets

Published Online: Oct 11, 2021

Page range: 1 - 17

Received: Feb 01, 2021

Accepted: Jun 01, 2021

DOI: https://doi.org/10.2478/sues-2021-0016

KeywordsEurozone Stock Markets, Euro ZEW Index, ZEW Index, Cointegration

© 2021 Nesrin Ceylan et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Keywords
Eurozone Stock Markets, Euro ZEW Index, ZEW Index, Cointegration