{"id":"https://openalex.org/W3091758027","doi":"https://doi.org/10.22495/rgcv10i3p4","title":"Monetary policy shocks and stock market volatility in emerging markets","display_name":"Monetary policy shocks and stock market volatility in emerging markets","publication_year":2020,"publication_date":"2020-01-01","ids":{"openalex":"https://openalex.org/W3091758027","doi":"https://doi.org/10.22495/rgcv10i3p4","mag":"3091758027"},"language":"en","primary_location":{"id":"doi:10.22495/rgcv10i3p4","doi":"https://doi.org/10.22495/rgcv10i3p4","is_oa":true,"landing_page_url":"https://doi.org/10.22495/rgcv10i3p4","pdf_url":null,"source":{"id":"https://openalex.org/S2799221473","display_name":"Risk Governance and Control Financial Markets & Institutions","issn_l":"2077-429X","issn":["2077-429X","2077-4303"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","erih-plus","jufo-1","norway-1"],"host_organization":"https://openalex.org/P4310322050","host_organization_name":"Publishing house \"Virtus Interpress\"","host_organization_lineage":["https://openalex.org/P4310322050"],"host_organization_lineage_names":["Publishing house \"Virtus Interpress\""],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Risk Governance and Control: Financial Markets and Institutions","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://doi.org/10.22495/rgcv10i3p4","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5081520969","display_name":"Betchani H. M. Tchereni","orcid":"https://orcid.org/0000-0001-5772-0269","observed_orcids":["https://orcid.org/0000-0001-5772-0269"]},"institutions":[{"id":"https://openalex.org/I4388482734","display_name":"Malawi University of Business and Applied Sciences","ror":"https://ror.org/05vatjr87","country_code":"MW","type":"education","lineage":["https://openalex.org/I4388482734"]}],"countries":["MW"],"is_corresponding":false,"raw_author_name":"Betchani Tchereni","raw_affiliation_strings":["University of Malawi \u2013 The Polytechnic"],"raw_orcid":"https://orcid.org/0000-0001-5772-0269","affiliations":[{"raw_affiliation_string":"University of Malawi \u2013 The Polytechnic","institution_ids":["https://openalex.org/I4388482734"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5022128229","display_name":"Songezo Mpini","orcid":"https://orcid.org/0000-0002-6315-0351","observed_orcids":["https://orcid.org/0000-0002-6315-0351"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Songezo Mpini","raw_affiliation_strings":["Export Credit Insurance Corporation of South Africa"],"raw_orcid":"https://orcid.org/0000-0002-6315-0351","affiliations":[{"raw_affiliation_string":"Export Credit Insurance Corporation of South Africa","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":3.6293,"has_fulltext":false,"cited_by_count":12,"citation_normalized_percentile":{"value":0.93805984,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":97},"biblio":{"volume":"10","issue":"3","first_page":"50","last_page":"61"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.6948000192642212,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.6948000192642212,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.27559998631477356,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.01679999940097332,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/monetary-policy-shocks","display_name":"monetary policy shocks","score":0.9990000128746033},{"id":"https://openalex.org/keywords/stock-market-volatility","display_name":"stock market volatility","score":1.0},{"id":"https://openalex.org/keywords/emerging-markets","display_name":"emerging markets","score":0.9769999980926514},{"id":"https://openalex.org/keywords/south-africa","display_name":"South Africa","score":0.8840000033378601},{"id":"https://openalex.org/keywords/johannesburg-stock-exchange","display_name":"Johannesburg Stock Exchange","score":0.9570000171661377},{"id":"https://openalex.org/keywords/repo-rate","display_name":"repo rate","score":0.7990000247955322},{"id":"https://openalex.org/keywords/m2-money-supply","display_name":"M2 money supply","score":0.9490000009536743},{"id":"https://openalex.org/keywords/monetary-policy-transmission","display_name":"monetary policy transmission","score":0.6669999957084656},{"id":"https://openalex.org/keywords/monetary-easing","display_name":"monetary easing","score":0.7379999756813049},{"id":"https://openalex.org/keywords/investment-demand","display_name":"investment demand","score":0.39100000262260437}],"concepts":[{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.7399153113365173},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7301117777824402},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.6934585571289062},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.5734796524047852},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.5472320318222046},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.4770040810108185},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.4591410160064697},{"id":"https://openalex.org/C2779971977","wikidata":"https://www.wikidata.org/wiki/Q842206","display_name":"Money supply","level":3,"score":0.43647122383117676},{"id":"https://openalex.org/C23922673","wikidata":"https://www.wikidata.org/wiki/Q180752","display_name":"Autoregressive conditional heteroskedasticity","level":3,"score":0.4347279667854309},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.4202061891555786},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.27307888865470886},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.15525886416435242},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.22495/rgcv10i3p4","doi":"https://doi.org/10.22495/rgcv10i3p4","is_oa":true,"landing_page_url":"https://doi.org/10.22495/rgcv10i3p4","pdf_url":null,"source":{"id":"https://openalex.org/S2799221473","display_name":"Risk Governance and Control Financial Markets & Institutions","issn_l":"2077-429X","issn":["2077-429X","2077-4303"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","erih-plus","jufo-1","norway-1"],"host_organization":"https://openalex.org/P4310322050","host_organization_name":"Publishing house \"Virtus Interpress\"","host_organization_lineage":["https://openalex.org/P4310322050"],"host_organization_lineage_names":["Publishing house \"Virtus Interpress\""],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Risk Governance and Control: Financial Markets and Institutions","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.22495/rgcv10i3p4","doi":"https://doi.org/10.22495/rgcv10i3p4","is_oa":true,"landing_page_url":"https://doi.org/10.22495/rgcv10i3p4","pdf_url":null,"source":{"id":"https://openalex.org/S2799221473","display_name":"Risk Governance and Control Financial Markets & Institutions","issn_l":"2077-429X","issn":["2077-429X","2077-4303"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","erih-plus","jufo-1","norway-1"],"host_organization":"https://openalex.org/P4310322050","host_organization_name":"Publishing house \"Virtus Interpress\"","host_organization_lineage":["https://openalex.org/P4310322050"],"host_organization_lineage_names":["Publishing house \"Virtus Interpress\""],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Risk Governance and Control: Financial Markets and Institutions","raw_type":"journal-article"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","score":0.48510000109672546,"display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":85,"referenced_works":["https://openalex.org/W134916498","https://openalex.org/W345211708","https://openalex.org/W594849257","https://openalex.org/W1488572020","https://openalex.org/W1525419887","https://openalex.org/W1529247422","https://openalex.org/W1557656806","https://openalex.org/W1563990230","https://openalex.org/W1567295673","https://openalex.org/W1568159136","https://openalex.org/W1575441698","https://openalex.org/W1589296412","https://openalex.org/W1595836740","https://openalex.org/W1599970749","https://openalex.org/W1968035021","https://openalex.org/W1969417473","https://openalex.org/W1978282661","https://openalex.org/W1979575715","https://openalex.org/W1980125033","https://openalex.org/W1982558172","https://openalex.org/W1983902298","https://openalex.org/W1987451721","https://openalex.org/W1991323597","https://openalex.org/W1999996900","https://openalex.org/W2007785900","https://openalex.org/W2010419155","https://openalex.org/W2011385732","https://openalex.org/W2026645280","https://openalex.org/W2027734800","https://openalex.org/W2035021579","https://openalex.org/W2049857872","https://openalex.org/W2052237872","https://openalex.org/W2052752492","https://openalex.org/W2070745183","https://openalex.org/W2078266326","https://openalex.org/W2082763179","https://openalex.org/W2089208342","https://openalex.org/W2090231281","https://openalex.org/W2090309296","https://openalex.org/W2091440363","https://openalex.org/W2099489705","https://openalex.org/W2099811482","https://openalex.org/W2100819936","https://openalex.org/W2112938220","https://openalex.org/W2114854256","https://openalex.org/W2119546967","https://openalex.org/W2120687209","https://openalex.org/W2122016003","https://openalex.org/W2122970210","https://openalex.org/W2125364257","https://openalex.org/W2127359867","https://openalex.org/W2133960407","https://openalex.org/W2151515283","https://openalex.org/W2152111733","https://openalex.org/W2154508464","https://openalex.org/W2163488867","https://openalex.org/W2165100677","https://openalex.org/W2169087977","https://openalex.org/W2172755598","https://openalex.org/W2178773702","https://openalex.org/W2189051736","https://openalex.org/W2258128292","https://openalex.org/W2266215615","https://openalex.org/W2273834863","https://openalex.org/W2277806469","https://openalex.org/W2336133333","https://openalex.org/W2397537488","https://openalex.org/W2493997740","https://openalex.org/W2599758144","https://openalex.org/W2803264626","https://openalex.org/W2888968664","https://openalex.org/W2910923733","https://openalex.org/W2911007899","https://openalex.org/W3019805483","https://openalex.org/W3023736538","https://openalex.org/W3034612067","https://openalex.org/W3122363154","https://openalex.org/W3122610426","https://openalex.org/W3124072669","https://openalex.org/W3124596276","https://openalex.org/W3124955107","https://openalex.org/W3126022999","https://openalex.org/W4252479904","https://openalex.org/W4254451236","https://openalex.org/W4285719527"],"related_works":["https://openalex.org/W3006121809","https://openalex.org/W3034612067","https://openalex.org/W2011385732","https://openalex.org/W3019622605","https://openalex.org/W7217425809","https://openalex.org/W2973011192","https://openalex.org/W4309692955","https://openalex.org/W2954925560","https://openalex.org/W2753673975","https://openalex.org/W2133756839"],"abstract_inverted_index":{"This":[0,24],"paper":[1],"examines":[2],"the":[3,19,28,40,84,91,95,105,108,116,163,174,184,198,209],"effect":[4],"of":[5,94,166,182],"monetary":[6,29,70,125,180],"policy":[7,44,71,126,181],"decisions":[8,35],"on":[9,168,208],"stock":[10,41,64,137],"markets":[11,65],"in":[12,115,159,191,206],"emerging":[13],"economies":[14],"particularly":[15],"South":[16],"Africa":[17],"for":[18],"period":[20],"2000Q1":[21],"to":[22,39,69,89,103,124,193,200,203],"2016Q4.":[23],"is":[25,73,130,142,153],"important":[26],"as":[27],"authorities":[30],"would":[31],"understand":[32],"how":[33],"their":[34],"may":[36],"cause":[37],"reactions":[38],"market.":[42,211],"Monetary":[43,175],"directly":[45],"shocks":[46],"money":[47,202],"supply":[48],"and":[49,52,55,75,97,136,149],"repo":[50,147,160,185],"rate":[51,148,161,186],"indirectly":[53],"GDP":[54],"inflation":[56],"among":[57],"many":[58],"macroeconomic":[59],"variables.":[60],"A":[61],"hypothesis":[62],"that":[63,111,173,196],"do":[66],"not":[67,154],"respond":[68],"determinations":[72],"formulated":[74],"tested":[76],"using":[77],"a":[78,131,143],"two-stage":[79],"approach":[80],"by":[81],"employing":[82],"first":[83],"vector":[85],"error":[86],"correction":[87],"model":[88,102],"determine":[90,104],"long-run":[92],"relationship":[93,133],"variables":[96],"secondly":[98],"GARCH":[99],"(1,":[100],"2)":[101],"volatility.":[106,139],"And":[107],"results":[109],"suggest":[110],"about":[112],"5.2%":[113],"variations":[114,158],"Johannesburg":[117],"Stock":[118],"Exchange":[119],"(JSE)":[120],"volatility":[121],"are":[122],"due":[123],"shocks.":[127],"Overall,":[128],"there":[129,141],"negative":[132],"between":[134,146],"M2":[135],"market":[138],"However,":[140],"positive":[144],"link":[145],"JSE":[150],"volatility,":[151],"which":[152],"economically":[155],"preferable":[156],"because":[157],"influence":[162],"aggregate":[164],"demand":[165],"investment":[167],"securities.":[169],"The":[170],"study":[171],"recommends":[172],"Policy":[176],"Committee":[177],"an":[178],"expansionary":[179],"keeping":[183],"lower":[187],"must":[188],"be":[189],"pursued":[190],"order":[192],"increase":[194],"borrowing":[195],"makes":[197],"public":[199],"have":[201],"make":[204],"transactions":[205],"securities":[207],"financial":[210]},"counts_by_year":[{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":4},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":2}],"updated_date":"2026-10-27T15:51:10.671819","created_date":"2020-10-08T00:00:00"}
