Följande uppsats från 2021 verkar läsvärd:
" Conditional correlation between exchange rates and stock prices"
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Utdrag ur denna:
In general, three different types of theories explain the linkage between stock prices and exchange rates. Micro “flow-oriented” models argue that as the US Dollar appreciates, cash flow and profitability of American firms should improve, which leads to rising US stock prices. Macro “flow-oriented” models suggest that a more competitive exchange rate, assuming that the Marshall-Lerner conditions hold, would improve the trade position of an economy and stimulate the real economy through firms’ profitability and stock market prices (e.g., Dornbusch & Fisher, 1980). “Stock- oriented” theory claims that a decrease in stock prices would reduce domestic wealth, lower demand of money and interest rate, and eventually causes capital outflow and a depreciation of the country’s currency. (e.g., Gavin, 1989). These classical theories propose single but inconsistent signs of the relationship and have difficulty accommodating the time-variation and asymmetry in the relationship.