UTICAJ MAKROEKONOMSKIH FAKTORA NA TRŽŠNU KAPITALIZACIJU U BIVŠIM JUGOSLOVENSKIM REPUBLIKAMA SA MODERACIJOM BIVŠIH REPUBLIKA KOJE NE KORISTE EURO
INFLUENCE OF MACROECONOMIC FACTORS ON MARKET CAPITALIZATION IN THE FORMER YUGOSLAV REPUBLICS WITH MODERATION BY THE FORMER REPUBLICS THAT DO NOT USE THE EURO

Summary/Abstract: The aim of the work is to determine the impact of macroeconomic factors (GDP and inflation) on the performance of the capital market in the former Yugoslav republics, in terms of their market capitalization, in the period from March 2021 to February 2023, as well as determining the moderating role of the former Yugoslav republics that do not use the euro. Namely, previous research has suggested that macroeconomic factors typically have a major impact on stock market performance, but other research has only revealed a minimal correlation. It's also important to keep in mind that the majority of these research were carried out in developed markets, with few exceptions. Empirical results showed that inflation had a positive and significant impact on market capitalization in the observed period, while the impact of GDP was positive, but not statistically significant. In addition, the results showed that the former Yugoslav republics, which do not use the euro, are a significant moderator of the relationship between market capitalization and GDP and market capitalization and inflation. The obtained results can be useful to investors when making their investment decisions.

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