Analysis of Factors Determining Lithuanian Money and Capital Markets' interrelation/Lietuvos Pinigu Ir Kapitalo Rinku Tarpusavio Saveika Lemianciu Veiksniu Analize

By Jasiene, Meile; Paskevicius, Arvydas | Business: Theory and Practice, June 2010 | Go to article overview

Analysis of Factors Determining Lithuanian Money and Capital Markets' interrelation/Lietuvos Pinigu Ir Kapitalo Rinku Tarpusavio Saveika Lemianciu Veiksniu Analize


Jasiene, Meile, Paskevicius, Arvydas, Business: Theory and Practice


1. Ivadas

Pinigu ir kapitalo rinkos yra pagrindines sudetines finansu rinkos dalys. Finansu rinku struktura nuolatos kinta, kadangi nuolat keiciasi jos sudetiniu daliu lyginamieji svoriai is bendros finansu rinkos apimties. Siuos pokycius lemia daugelis veiksniu, taip pat ir siu rinku tarpusavio saveika. Finansu rinku strukturiniai pokyciai bei ju prognozes yra labai svarbus rinkos dalyviams. Atlikta analize parode, kad daugelyje saliu pinigu ir kapitalo rinkos konkuruoja tarpusavyje.

Nagrinejama problema--pinigu ir kapitalo rinku pletros desningumai.

Straipsnio tikslas--istirti pinigu ir kapitalo rinku tarpusavio saveika bei ja lemiancius veiksnius Lietuvoje.

Taikyti metodai--moksliniu saltiniu analize, grafinis metodas, koreliacine analize.

Mokslineje literaturoje straipsnio problema nera issamiai isnagrineta, uzsienio ir Lietuvos autoriai detaliai teoriskai ir empiriskai nagrineja kapitalo ar pinigu rinkas atskirai, ju tarpusavio saveika, analizes ir prognozavimo metodus ir modelius (Bailey 2006; Bodie et al. 2005; Damodaran 2002; Girdzijauskas, Streimikiene 2009; Jarrett, Schilling 2008; Liaw 2005; Obstfeld, Taylor 2005; Rutkauskas, Ramanauskas 2009 ir kt.). Veiksniai, darantys itaka siu dvieju finansu rinku segmentu tarpusavio sarysiui, nera gerai istirti. Mokslineje literaturoje nera bendros nuomones, kokie investicines aplinkos komponentai, veiksniai daro poveiki pinigu ir kapitalo rinku pletrai. Foley (1994), analizuodamas kapitalo rinku vystymasi, isskiria dvi stambias veiksniu, turejusiu didziausia itaka kapitalo rinku pletrai pastaraisiais desimtmeciais, grupes: globalius ir vidinius rinkos veiksnius.

Schroder (2001), nagrinedamas Centrines ir Rytu Europos saliu kapitalo rinkas, teigia, kad prie svarbiausiu veiksniu, veikianciu finansu rinku pletra, galima butu priskirti tokius makroekonomikos rodiklius, kaip ekonominis augimas, santaupos, darbo nasumas, infliacija ir valstybes biudzeto deficitas. Jo nuomone, reiksminga itaka kapitalo rinkoms turi uzsienio investuotojai, darantys itaka pasiulos ir paklausos pusiausvyrai.

Teresiene (2009), analizuodama Lietuvos akciju rinka, nagrineja veiksnius, lemiancius akciju kainu svyravimus. Vienu pagrindiniu veiksniu ivardijama investuotoju psichologija. Autore nagrineja Lietuvos akciju rinkos tendencijas, isryskina sverto efekta.

Tvaronaviciene ir Michailova (2006) savo tyrime naudoja tokius Lietuvos akciju kainu veiksnius: tiesiogines uzsienio investicijos, valstybes biudzeto pajamos ir islaidos, bendrasis vidaus produktas, vartotoju kainu indeksas, pinigai placiaja prasme, vyriausybes obligaciju vidutinis pajamingumas ir infliacija.

Kitame tyrime Rafael ir Tvaronaviciene (2005) isskiria tris pagrindines grupes salygu, turinciu itaka akciju kainu svyravimams: ekonomines politines ir socialines psichologines salygas. Autores isskiria tokius veiksnius, kaip bendro nacionalinio produkto apimtis arba pramones gamybos indeksas, taip pat svarbiu veiksniu laiko konkreciu akciju pajaminguma bei jo augima. Sutinkame su autoriu nuomone, kad vienas svarbiausiu veiksniu, lemianciu akciju kainu kitima, yra palukanu norma, konkurencines investavimo priemones, tokios kaip vyriausybes vertybiniai popieriai, banku indeliai ir kiti. Kaip veiksnius, darancius poveiki akciju kainu indekso kitimui, autores taip pat isskiria infliacija, uzsienio investuotoju atejima i rinka, verslo ciklus, ekonomines sistemos stabiluma, finansines sistemos patikimuma, mokejimu balanso ir valiutu sistemos bukle. Autores siulo analizei naudoti tokius veiksnius, kaip bendrasis vidaus produktas (veikusiomis kainomis), nacionalinio biudzeto pajamos, nacionalinio biudzeto islaidos, nedarbas, tiesiogines uzsienio investicijos, infliacija, vidutines vertybiniu popieriu palukanu normos, valstybes vidaus skola, valstybes uzsienio skola, terminuotu indeliu litais vidutines metu palukanu normos, paskolu litais vidutines metu palukanu normos.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Analysis of Factors Determining Lithuanian Money and Capital Markets' interrelation/Lietuvos Pinigu Ir Kapitalo Rinku Tarpusavio Saveika Lemianciu Veiksniu Analize
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.