Baltimaade aktsiaturgude integratsioon Euroopa ja Ameerika Ühendriikide aktsiaturgudega 2008-2009. aasta majanduskriisi eelselt ja järgselt
Laen...
Kuupäev
2018
Kättesaadavus
Autorid
Ajakirja pealkiri
Ajakirja ISSN
Köite pealkiri
Kirjastaja
Eesti Maaülikool
Abstrakt
Viimasest ülemaailmsest majanduskriisist on möödumas 10 aastat ning üha enam võime
meediast lugeda, et majandus on uuesti ülekuumenemas. Riikide majandused on järjest
enam omavahel integreeritud ja seetõttu on investoritel raske rakendada portfelliteooriat
geograafilisest aspektist. 2008-2009. aasta majanduskriis algas Ameerika Ühendriikidest
ja levis väga kiiresti üle maailma ning mõjutas terve maailma majandust. Uurimistöö
eesmärk on hinnata Baltimaade aktsiaturgude integratsiooni taset Euroopa ja USA
aktsiaturgudega 2004-2016. aastal. Bakalaureusetöö tulemusena saadud hinnang annab
võimaluse teha järelduse kuivõrd on Baltimaade aktsiaturud integreerunud Euroopa ja
Ameerika Ühendriikide aktsiaturgudega ning kas selle järgi on võimalik prognoosida uue
majanduskriisi teket. Töös võrreldakse OMX Baltic Benchmark GI, Euro STOXX 50 ja
Dow Jones Industrial Average indeksite põhistatistikuid ja korrelatsioone. Samuti
analüüsitakse Eesti, Läti, Leedu, Euroopa Liidu ja Ameerika Ühendriikide
makromajanduslike andmeid. Uurimistööst selgus, et kriisi ajal muutusid kõik
aktsiaindeksid omavahel tunduvalt rohkem korreleeruvateks ning kõige rohkem hakkasid
aktsiaindeksid korreleeruma hoopis kriisist taastumise ajal. Kuna on teada, et 2017. aastal
oli maailmas üsna kõrge majanduskasv, siis oleks võimalik sama teemat jätkata lisades
perioodi 2017. aasta. Samuti oleks huvitav lisada indeksite loetellu mõni Aasia
aktsiaindeks.
It has been 10 years since the last financial crisis had worldwide ramifications, and the media is constantly threatening the next financial crisis may be closer than we think. The economies of different countries are much more integrated to one another than two decades before and as a result investors are having a hard time applying the modern portfolio theory in the geographical point of view. The financial crisis of 2008-2009 started from the United States of America and spread quickly around the world affecting the economy of the whole economic world. The purpose of this research is to evaluate the level of integration of the Baltic States' stock markets in comparison to the European and United States of America stock markets between 2004 and 2016. The assessment of this bachelor's thesis gives an opportunity to make a conclusion on how much the stock markets of the Baltic states have integrated to the European and United States of America's stock markets and if it is possible to predict the birth of a new economic crisis. In this research paper OMX Baltic Benchmark GI, Euro Stoxx 50 and Dow Jones Industrial Average indices main statistic and correlation data will be compared. This research paper also analyses Estonian, Latvian, Lithuanian, European Union and The United States of Americas' macroeconomic data. This thesis will reveal that during a crisis all stock indices correlate more to one another. It will also reveal that stock indices begin to correlate even more during the recovery of a financial crisis.. It is known that the year 2017 we saw a fairly large economical growth which, if added, could be used to later continue the topic. It would also be interesting to add some Asian stock index into the list of indices.
It has been 10 years since the last financial crisis had worldwide ramifications, and the media is constantly threatening the next financial crisis may be closer than we think. The economies of different countries are much more integrated to one another than two decades before and as a result investors are having a hard time applying the modern portfolio theory in the geographical point of view. The financial crisis of 2008-2009 started from the United States of America and spread quickly around the world affecting the economy of the whole economic world. The purpose of this research is to evaluate the level of integration of the Baltic States' stock markets in comparison to the European and United States of America stock markets between 2004 and 2016. The assessment of this bachelor's thesis gives an opportunity to make a conclusion on how much the stock markets of the Baltic states have integrated to the European and United States of America's stock markets and if it is possible to predict the birth of a new economic crisis. In this research paper OMX Baltic Benchmark GI, Euro Stoxx 50 and Dow Jones Industrial Average indices main statistic and correlation data will be compared. This research paper also analyses Estonian, Latvian, Lithuanian, European Union and The United States of Americas' macroeconomic data. This thesis will reveal that during a crisis all stock indices correlate more to one another. It will also reveal that stock indices begin to correlate even more during the recovery of a financial crisis.. It is known that the year 2017 we saw a fairly large economical growth which, if added, could be used to later continue the topic. It would also be interesting to add some Asian stock index into the list of indices.
Kirjeldus
Bakalaureusetöö
Maamajandusliku ettevõtluse ja finantsjuhtimise õppekaval
Märksõnad
bakalaureusetööd, majanduskriisid, majandustsüklid, aktsiaindeksid, korrelatsioon, makromajandus