Influence of macroeconomic indicators in the development of the Macedonian Stock Exchange - period 2017-2022

Valbon Mehmedi, V.M. and Igor Zdravkoski, I.Z. and Seadin Xhaferi, S.X. and Pece Nikolovski, P.N. (2023) Influence of macroeconomic indicators in the development of the Macedonian Stock Exchange - period 2017-2022. International Scientific Journal Monte (ISJM), 7 (2). pp. 120-132. ISSN 2661-2666

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Abstract

In this paper, through different methods, are analyzed the macroeconomic effects on the development of the capital market, that is,
the Macedonian Stock Exchange. The regression analysis shows the relationship between the dependent variable-performance of
the Macedonian Stock Exchange, shown through the MBI10 stock index and the independent variables (economic growth, inflation
rate, interest rate and exchange rate). Secondary data published by the State Statistics Office, the National Bank of the Republic of
North Macedonia and the Macedonian Stock Exchange were used. Also, within the framework of this paper, a comparative analysis
of the movement of macroeconomic indicators in the given period is shown.
Through the regression analysis, it was established that the independent variables (economic growth and inflation) have a positive
and significant influence (impact) on the dependent variable (the value of MBI10). While the other variables (interest rates and
exchange rate) have an insignificant and negative impact on the dependent variable (the value of MBI10).
Through the comparative analysis, analyzing the quarterly data in the period 2017-2022, we can conclude that the value of the
stock market index MBI10, which contains the shares of the 10 best listed companies on the stock exchange, has been in constant
growth in the last 5 years, taking into account the shocks that happened to the global economy, not neglecting the national one as
well. In 2022, we have a fall in the value of the index, as a result of macroeconomic and global destabilization. In the case of
interest rates, we have a slight decrease until the beginning of 2022, when interest rates begin to rise.
Keywords
Index; Securities; Interest rates; Inflation

Item Type:	Article
Subjects:	Scientific Fields (Frascati) > Social Sciences > Economics and Business
Divisions:	Faculty of Economics
Depositing User:	Mr Dimitar Risteski
Date Deposited:	01 Dec 2025 11:28
Last Modified:	01 Dec 2025 11:28
URI:	https://eprints.uklo.edu.mk/id/eprint/11212

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