Theoretical and Applied Economics
No. 1 / 2025 (642), Spring
Asymmetric effect of monetary policy on stock market performance in the ECOWAS zone: empirical evidence from the NARDL approach
Yao Séraphin PRAO
Alassane Ouattara University (Bouaké), Ivory Coast
Kouassi Cyrille KONGOZA
Alassane Ouattara University (Bouaké), Ivory Coast
Alassane Ouattara University (Bouaké), Ivory Coast
Kouassi Cyrille KONGOZA
Alassane Ouattara University (Bouaké), Ivory Coast
Abstract. The aim of this study is to analyze the effect of monetary policy on stock market performance in the ECOWAS zone, from 2000 to 2021, using data from three stock exchanges (BRVM, Ghana Stock Exchange and Nigerian Stock Exchange). Applying the NARDL (Nonlinear Autoregressive Distributed Lag) model, the results indicate that monetary policy has an asymmetric effect in the short and long term on stock market performance in the ECOWAS zone. The study revealed that the Nigerian stock market is more reactive to changes in monetary policy than the Ghanaian stock market and the BRVM.
Keywords: Monetary policy, stock market performance, asymmetric effect, NARDL, ECOWAS.
Download the full article: 
Contents
- The impact of agro-food imports
from Ukraine on the Romanian market:
a post-conflict economic analysis
Ionut Laurentiu PETRE
Robert Ștefan SBÎRCEA
Alina-Oana CHIVA
Cristiana-Adriana COSTACHE
- An empirical analysis of foreign trade concentration
between Türkiye and Egypt (2005-2023)
Abidin ÖNCEL
Aya KAMEL
- The three-ways linkages between domestic investment,
exports and economic growth:
new evidence from Saudi Arabia
Sayef BAKARI
- Local resilience in the context of digital transition:
development policy perspectives
from Romania and Moldova
Ionut Valeriu ANDREI
Maxim CETULEAN
Eliza Nicoleta NEGOI
Marta STOIAN
- Customs unions and trade spillovers:
from bilateral agreements to multilateral impact
Sharmi SEN
Tonmoy CHATTERJEE
- The impact of foreign direct investment on carbon emissions in China: a provincial panel data analysis
Xuchong YAN
- Quantitative insights into the impact
of financial inclusion on economic growth:
an econometric evaluation of Arab countries (2011-2022)
Abdelghani KAHELA
Ouissam HOCINI
Mohamed BOULESNAM
Kamel BASSOUR
- The relationship between external factors
and economic growth:
Differences between the global financial crisis
and the COVID-19 pandemic
from a Granger causality perspective
Alexandra CHEPTIS
Cristina BEJENARU
Miruna-Mihaela VASILCA
Alin-Ioan VID
- The lasting impact of COVID-19.
How the pandemic reshaped human behaviour
Raluca Iuliana GEORGESCU
Dumitru Alexandru BODISLAV
Alexandru Dan COȘOCARIU
Ionuț Valeriu ANDREI
- Asymmetric effect of monetary policy on stock market
performance in the ECOWAS zone:
empirical evidence from the NARDL approach
Yao Séraphin PRAO
Kouassi Cyrille KONGOZA
- The effect of inflation and fiscal decentralization
on income inequality in Sumatra Island of Indonesia:
a panel data
Syahrimi
Anna YULIANITA
Ariodillah HIDAYAT
- Exploring the relationship between the Put Call Ratio and Market Indices: a comparative analysis of S&P 500 and BET
Genia-Iulia ȚABĂRĂ
- Macro-economic determinants of financial inclusion:
evidence from West African Economic
and Monetary Union (WAEMU)
Djakaria TOU
Mahamadou DIARRA
- Tax and macroeconomic framework.
The case of Greece
Panagiotis ASIMAKOPOULOS
- Consumerism and capitalism: dynamic evolution,
economic benefits, and ethical challenges
Dumitru Alexandru BODISLAV
Raluca Iuliana GEORGESCU
- Business cycle synchronization of Tunisia and Euro Zone
countries: a parametric and non-parametric analysis
Wissem RABHI
- Macro analysis of linkages between export, import and economic growth: evidence from the Indian economy
Athira A
Rajendran S
- From lab to market: how governments and enterprises
compose the future of innovation
Rareș-Mihai NIȚU
- Improving human development in West African countries:
do cryptocurrencies matter?
Hamidou OUEDRAOGO
- Romanian knowledge and attitude
on sustainability and sustainable clothing:
exploring the reliability and validity of a measurement scale
Anastasia COSMA
Luminita STANCU (BROASCA)
Marta STOIAN
- Estimating Romania’s potential GDP:
a production function and multivariate approach
Georgian Dănuț MIHAI
Andreea-Mădălina BOZAGIU
