Analysis of the impact of the US financial market on the euro zone financial market For the period (2000-2016)
Keywords:Financial indicators, global financial crisis, structural change, monetary culture
With entering the economy into financial globalization the financial indexes became more correlated which their trends and integrations differ from time to time this is because of the sensitiveness of indexes to the changes in the economics variables. as well as , the economic and financial crisis led to changes in indexes behaviors. the purpose of this paper is to clarify and measure the effect of financial market of United States of America on the financial market of Europe zone from 2000 to 2016. the paper held monthly data of Stoxx50 index as a proxy of Europe zone financial market as well as S&P500 as a proxy of US financial market. this paper is using Chow test to examine the break structure in the data. the study confirmed that the relationship between the two market have differences effect before and after the global financial crisis 2008. the differences is created by the variance between the two index in their approaches and timing of facing the financial crisis
2. Gevit Duca، THE RELATIONSHIP BETWEEN THE STOCK MARKET AND THE ECONOMY : EXPERIENCE FROM INTERNATIONAL FINANCIAL MARKETS،Bank Of Valletta Review، No. 36، Autumn 2007
3. Guglielmo Maria Caporalea، Luis A. Gil.Alana And James C. Orlando، Linkages Between The Us And European Stock Markets : A Fractional Cointegration Approach، International Journal of Finance & Economics، Int. J. Fin. Econ. 21 : 143–153 (2016)
4. Lonan Moldovan، Stock Markets Correlation : before and during the Crisis Analysis، Theoretical and Applied Economics، Volume XVIII (2011)، No. 8(561)، pp. 111.122
5. Matthew Oxenford، The Evolution of US and European Monetary Policy after Bretton Woods A Historical Overview and Lessons for the Future،the royal institute of international affairs، September 2016
6. Stuart Hyde، Don Bredin، Nghia Nguyen، Correlation Dynamics between Asia.Paci¯c، EU and US Stock Returns، Manchester Business School، University of Manchester،2010
1. الموقع الرسمي لشركة المالية https://www.stoxx.com/index.details
2. الموقع الرسمي لشركة standard and poors
3.https : //finance.yahoo.com
4. الموقع الرسمي البنك الدولي https : //data.worldbank.org
5. الموقع الرسمي للبنك الفدرالي الامريكي www.federalreserve.gov
6.الموقع الرسمي للبنك المركزي الاوربي www.ecb.europa.eu
How to Cite
Authors retain copyright
The use of a Creative Commons License enables authors/editors to retain copyright to their work. Publications can be reused and redistributed as long as the original author is correctly attributed.
- The researcher(s), whether a single or joint research paper, must sell and transfer to the publisher (the Academic Journal of Nawroz University) through all the duration of the publication which starts from the date of entering this Agreement into force, the exclusive rights of the research paper/article. These rights include the translation, reuse of papers/articles, transmit or distribute, or use the material or parts(s) contained therein to be published in scientific, academic, technical, professional journals or any other periodicals including any other works derived from them, all over the world, in English and Arabic, whether in print or in electronic edition of such journals and periodicals in all types of media or formats now or that may exist in the future. Rights also include giving license (or granting permission) to a third party to use the materials and any other works derived from them and publish them in such journals and periodicals all over the world. Transfer right under this Agreement includes the right to modify such materials to be used with computer systems and software, or to reproduce or publish it in e-formats and also to incorporate them into retrieval systems.
- Reproduction, reference, transmission, distribution or any other use of the content, or any parts of the subjects included in that content in any manner permitted by this Agreement, must be accompanied by mentioning the source which is (the Academic Journal of Nawroz University) and the publisher in addition to the title of the article, the name of the author (or co-authors), journal’s name, volume or issue, publisher's copyright, and publication year.
- The Academic Journal of Nawroz University reserves all rights to publish research papers/articles issued under a “Creative Commons License (CC BY-NC-ND 4.0) which permits unrestricted use, distribution, and reproduction of the paper/article by any means, provided that the original work is correctly cited.
- Reservation of Rights
The researcher(s) preserves all intellectual property rights (except for the one transferred to the publisher under this Agreement).
- Researcher’s guarantee
The researcher(s) hereby guarantees that the content of the paper/article is original. It has been submitted only to the Academic Journal of Nawroz University and has not been previously published by any other party.
In the event that the paper/article is written jointly with other researchers, the researcher guarantees that he/she has informed the other co-authors about the terms of this agreement, as well as obtaining their signature or written permission to sign on their behalf.
The author further guarantees:
- The research paper/article does not contain any defamatory statements or illegal comments.
- The research paper/article does not violate other's rights (including but not limited to copyright, patent, and trademark rights).
This research paper/article does not contain any facts or instructions that could cause damages or harm to others, and publishing it does not lead to disclosure of any confidential information.