The Impact of Macroeconomic Variables on Stock Prices: Evidence from the United States

This paper aims to examine the relationship between stock prices and macroeconomic variables in the United States using quarterly data for the period 1988 to 2012. We dentify five macroeconomic variables ( i.e, gross domestic product, inflation, real money supply, Treasury bill rate, and oil prices) that researchers have linked to stock prices. We then examine the relationship between these macroeconomic variables and the S&P500 by estimating cointegration system using Johansen technique. Moreover, this paper will use Vector Error Correction Model (VECM) to test the short run relationships. Also, we use variance decomposition technique to understand which macroeconomic variable have more explantory power of the variation in the S&P500.

Fiscal policy in recent Syrian crises

There is common sense that fiscal deficit represent a rival challenge to any fiscal policy mainly with a collapse of public revenues, the absence of financial markets, and a slowdown of GDP. Thus there are many risks facing budget stability. We believe that fiscal situation will deteriorate dramatically as a result of; recent political crises, international sanctions, incapability to access to external resources of funding. and Central Bank of Syria role in financing not fiscal deficit, but public expenditures. Furthermore, the central bank depends mainly on an intervention in foreign exchange market for preventing the collapse of Syrian Lira, which exhausted foreign assets.

The Effect of Central Bank Asset and Liability Management on its Profitability

The central bank is a sovereign institution that plays a pivotal and active role in the banking and financial system, therefore the related studies have special importance. This study aims to clear the concept of profitability and asset and liability management at the central banks because of the mysterious which surround them, especially in light of the general objectives that the central banks pursue to achieve. The growing interest in the subject of profitability due to its role in strengthening the financial position of the central bank and strengthen its ability to carry out its functions effectively, as well as to indicate the sources of income of the central banks, and identify the strategies followed by the central banks to manage its assets and liabilities, and their effect on profitability. In order to achieve these objectives, the researcher, after the presentation of the theoretical framework for the study, conduct an analytical study of the financial statements contained in the published reports of the Reserve Bank of New Zealand, during the period from 1/7/2005 to 30/6/2011, in order to clarify the theoretical framework for the study, and its compatibility with practice. Thus, the researcher conducting statistical test to show the effect of changes in the size of central bank assets and liabilities on a net income of the Central bank, has been using the statistical program SPSS 18 to reach the results of this test. The study concluded that the changes in the sizes of the assets and liabilities of the central bank does not affect its net income, in the other words that we can't predict the profitability of central bank depending on the size of its assets or liabilities. The lack of profit maximization as a key target does not mean that Central does not seek through its management of its assets and liabilities for profit, but it means that his main goal is to achieve the objectives of monetary policy and then make a profit. Seiniorage is the most important sources of income of the central and most stable, while the most important function of the Central bank which is formulating monetary policy do not generate any revenue. In addition to that there are many factors that threaten central bank's profitability such as dollarization, electronic money and low inflation levels.

أثر أدوات السياسة النقدية الكمية على الائتمان المصرفي دراسة تطبيقية على الاقتصاد السوري

تعبر السياسة النقدية عن التدخل المباشر والمقصود في الحياة الاقتصادية لتحقيق الاستقرار الاقتصادي , والذي يتجلى في استقرار المستوى العام للاسعار

Export Policy Role in Reviving German Economy

After the global financial crisis and the subsequent sovereign debt crisis that hit European economies in 2010, the German economy was able to recover faster than the others, achieving what has been called the "second German miracle". While some researchers had attributed this miracle to the monetary policy of the European Central Bank which is largely biased towards Germany (as the strongest economy in the region), others attributed it to the German economy’s reliance on the export sector and its successful strategy before and during the 2010 crisis. Accordingly, This study aimed to determine the extent of the contribution of the German export policy to achieve that miracle in order to extract some lessons. To this end, the impact of the export growth rate on the German economy has been analyzed since the outbreak of the European sovereign debt crisis in 2010 until the end of 2019; This is done by analyzing the changes in both the export growth rate and the main indicators of the German economy (growth, inflation, and unemployment rates) graphically and statistically depending on ARDL methodology in order to test the existence of a relationship in the long and short term.The research concluded that there was a significant effect of the export growth rate on growth and unemployment rates, while it didn’t have any effect on the inflation rates. That is, the German export-dependent growth model has relatively contributed to the recovery of the economy and the improvement of its indicators, depending on its export strategy on the one hand, the strength and resilience of the economy on the other hand, and on German’s benefit from the European crisis on the third hand.