Interest rate sensitivity market risk inflation and banks’ stock returns

Our aim is to investigate the sensitivity of financial sector stock returns to market, interest rate, and exchange rate risk in three financial sectors financial services, banking, and insurance in eight countries, including various European, the US, and China economies, over the period — during the financial crisis. The econometric framework is a four-variate GARCH-in-mean model and volatility spillovers. The empirical results show the significant effects positive and negative, respectively of the stock market returns, interest rate, and exchange rate volatility of the financial sector during the crisis.

Besides, we find, in most cases, significant positive and negative, respectively volatility spillovers from market return, interest rate, exchange rate, and interest rate in the financial services and the banking sector both in the European and the US economies during the financial crisis. During the last decades, the linkage between the interest rate, the exchange rate, the stock return market, and the financial sector remains a crucial issue for risk management and portfolio management.

In recent years, the dynamic relationship between the three risks has had important implications and has drawn the attention of numerous economists, both for theoretical and empirical reasons, because they play an important role in influencing the development of an economy.

Besides, the liberalization of financial markets and the technological advances have increased the nexus between the exchange rate, the interest rates, and the stock returns.

The relationship between the interest rate, the exchange rate, and the stock returns in the financial sectors has given rise to a prolific research activity over the past few decades.

In this context, Tai Tai, C. Journal of Multinational Financial Management , 10 , — Money Center bank, Large banks, and Regional bank.

In this context, Beirne, Caporale, and Spagnolo Beirne, J. Market, interest rate and exchange rate risk effects on financial stock returns: Quantitative and Qualitative Analysis in Social Sciences , 3 , 44 — Analyzing time—frequency relationship between interest rate, stock price and exchange rate through continuous wavelet.

Journal of Economic Modelling , 41 , — Olugbode, Pointon, and El-Masry Olugbode, M. Exchange rate and interest rate exposure of UK industries using Ar 1 -Egarch-M approach. Social Science Research Network. In the same vein, Koch and Saporoschenko Koch, T. The effect of market returns, interest rates, and exchange rates on the stock returns of Japanese horizontal keiretsu financial firms.

Journal of Multinational Financial Management , 11 , — Conversely, Di Iorio, Faff, and Sander Di Iorio, A. An investigation of the interest rate risk and the exchange rate risk of the European financial sector: Euro zone versus non-euro zone countries.

Fixed-Income Essentials

Journal of Accounting and Management Information Systems , 12 , — The objective of this study is to use the financial stock return, which depends on the exchange rate and other inputs, such as the interest rate and the stock return. The extended econometric framework is a four-variate GARCH-in-mean model helps us explore the causal relationships between the variables: The variables are chosen to capture the particular characteristics of eight different countries.

First, we focus on three financial sector returns financial, insurance, and banking sector , while most studies focus on the banking sector returns. The effect of interest rate changes on the common stock returns of financial institutions. The Journal of Finance , 39 , — The interest rate risk exposure of financial intermediaries: A review of the theory and empirical evidence. Financial intermediaries and interest rate risk: Second, no previous research has examined the connection between the interest rates and the stock prices at the banking sector by employing a four-variate GARCH-M framework method.

However, the analyses on a financial service basis and insurance sector are appropriate because market aggregation may hide significant differences between the financial service and the insurance sector in terms of interest rate sensitivity. Two primary reasons help to explain this result. Our study thus contributes to the existing literature. First, by giving, the profits and, consequently, the stock prices of heavily indebted corporations are strongly dependent on interest rate developments, as the cost of their debt is directly related to the level of interest rates.

Second, regulated companies such as utilities adjust the prices of their products and services with some lag behind cost increases due to the constraints imposed by regulators. This contributes to the strengthening of the negative impact of the interest rate rises on the stock prices of these firms.

Finally, if most studies use an event study approach, we employ a four-variate GARCH-in-mean model in order to capture the time varying volatility the stock returns, while most studies employed a GARCH univariate model. Previous research implicitly assumes that Fund programs are credible such that market participants expect them to improve the efficiency in the economy in general and of the banking sector in particular. We rather interpret the changes in financial sector returns financial service, insurance sector, and banking sector based on the available evidence on the corporate governance characteristics in the European, the US, and China economies, over the period — during the financial crisis.

The empirical results can be summarized as follows. Estimations based on the GARCH-BEKK indicate that the banking sector is very much affected by the volatility of the exchange rates, the interest rates and the stock returns. Finally, based on the GARCH-BEKK, strong evidence of the exchange rate, interest rate, and stock return is found in both financial and insurance sectors. The algorithm of the article is as follows: Section 2 briefly reviews the related literature, followed by Section 3 which outlines the econometric method, where as Section 5 presents the used data and depicts the empirical findings and Section 6 contains the concluding annotations and offers some policy implications.

The nexus between the exchange rate, the interest rates, and the stock returns has been a subject of large research over the past few decades.

This research can be categorized into three strands. Covergence and risk-return across financial service firms. Journal of Banking and Finance , 31 , — Asset pricing, time-varying risk premia and interest rate risk.

Journal of Banking and Finance , 21 , — Unexpected inflation and bank stock returns: The case of France — Journal of Banking and Finance , 23 , — Dynamic correlation analysis of spill-over effects of interest rate risk and return on Australian and US financial firms. In addition, they show that the time-varying conditional correlation between the Australian and US financial stock returns increases during financial crises and varies directly with net capital flows between Australia and the USA.

Interest rate changes and stock returns in Spain: Journal of Business Research Quarterly , 18 , 95 — Czaja, Scholz, and Wilkens Czaja, M. Interest rate risk of German financial institutions: The impact of level, slope, and curvature of the term structure.

Review of Quantitative Finance and Accounting , 33 1 , 1 — Interest rate sensitivity of the European stock markets before and after the euro introduction. Journal of International Financial Markets, Institutions and Money , 21 , — In addition, the exposure of the Australian financial sector has increased over the last decade. Interest rate risk and the creation of the Monetary Policy Committee: Journal of Economics and Business , 71 , 45 — So far, the empirical literature on the link between the interest rate and the stock return has been developed primarily in the time domain by using a board range of time series methods, including GARCH-M methodology Elyasiani and Mansur Elyasiani, E.

Sensitivity of the bank stock returns distribution to changes in the level and volatility of interest rate: Journal of Banking and Finance , 22 , — They also stated that the negative correlation between the banking stock volatility and risk premium, indicates a possible agency theory problem using VAR techniques Laopodis, Laopodis, N.

Dynamic linkages between monetary policy and the stock market. Review of Quantitative Finance and Accounting , 35 , — Analysis of the interest rate sensitivity of common stocks. The Journal of Portfolio Management , 33 , 85 — Modeling the exchange rate exposure has been an important growing area of research in the last decade.

Asymmetric effects and long memory in dynamic volatility relationships between stock returns and exchange rates. They found that bilateral relationships between the stock and foreign exchange markets had been highly significant for both France and Germany. Although the theoretical literature suggests causal relations between the stock prices and the exchange rates, empirical evidence is rather weak.

Dynamic linkages between exchange rates and stock prices: Evidence from East Asian markets. International Review of Economics and Finance , 16 , — They also found a causal relation from the equity market to foreign exchange market for Hong, Korea, and Singapore. Furthermore, while no country shows a significant causality from the stock prices to exchange rates during the Asian crisis, a causal relation from the exchange rates to the stock prices is found for all the countries except for Malaysia.

In their study on Istanbul Stock Exchange ISE , Acikalin and Seyfettin Unal Acikalin, S. An empirical analysis of the Istanbul stock exchange. Investment Management and Financial Innovations , 5 , 8 — Findings from the study reveal two ways of causalities between the two variables; which implies that prediction of ISE is possible using the past information on the moves of the exchange rate.

The third strand of studies has examined the impact of the exchange rate, interest rate, and the stock returns on the financial sector. In addition, Ryan and Worthington Ryan, S. Market, interest rate and foreign exchange rate risk in Australian banking: International Journal of Applied Business and Economic Research , 2 , 81 — Their results suggest that market risk is an important determinant of bank stock returns, along with short- and medium-term interest rate levels and their volatility.

However, long-term interest rates and the foreign exchange rate do not appear to be significant factors in the Australian bank return generating process over the considered. Most empirical studies concerning the pricing of bank stock returns focus mainly on the pricing of the interest rate and very few published papers explicitly investigate the joint interaction of exchange rates and interest rates on bank stock pricing however Choi, Elyasiani, and Kopecky Choi, J.

The sensitivity of bank stock returns to market, interest and exchange rate risks. In contrast, the interest and exchange rates have a significant negative and mixed, respectively effect in a fewer number of cases. They showed that the three types of risk are found to play a role mainly in the financial service sector, but with no clear sign pattern.

Finally, in most cases, volatility spillovers occur from the market return to sector returns in the insurance and banking sector in the European economies, though there are also some instances of interest rate and exchange rate spillovers, both in Europe and the USA. However, Ahmad, Ahmad, and Rehman Ahmad, M.

Do interest rate, exchange rates effect stock returns? A Pakistani Perspective, International Research Journal of Finance and Economics , 50 , — They showed that both the change of the interest rate and that of the exchange rate have a significant impact on the stock returns over of the sample period.

Economic Modelling , 28 , — They found that the interest and exchange rate changes have a negative and significant impact on the conditional banks stock returns. In addition, the bank stock return sensitivities are found to be stronger for the market return than for the interest and exchange rate, implying that the market returns play an important role in determining the dynamics of the conditional returns of the banks stocks.

In the same view, Aloui and Jarboui Aloui, M. International Journal of Information, Business and Management , 5 , 73 — However, the interest rates do not appear to be significant factors in the Tunisian bank returns.

US stock market sensitivity to interest and inflation rates: a quantile regression approach: Applied Economics: Vol 48, No 26

The present study is different from the previous studies in the different ways. First, it uses a four-variate VAR-GARCH 1, 1 -in mean model to study the four-way linkages between the financial sector index, the stock market index, the interest rate, and the exchange rate for a panel of eight countries.

However, to the best of our knowledge, none of the empirical studies has focused on the four-way linkages between the financial sector index, the stock market index, the interest rate, and the exchange rate, especially the combination of financial sector by using four-variate VAR-GARCH 1, 1 -in mean model framework.

The model helps us examine, at the same time, the impact of the stock market index, the interest rate, and the exchange rate on the financial sector index.

Second, we use a four-variate VAR-GARCH 1, 1 -in mean model because this helps not only with the time-varying conditional variances but also with the time-varying conditional covariance.

In addition, the earlier GARCH models failed to ensure positive definiteness of the conditional covariance matrix. In the literature dealing with the trade and financial linkages for the properties of business cycles, a number of studies consider how such linkages affect the nature of the cyclical interactions between the emerging and European economies.

Some of these studies focus on the changes in the time-series patterns of the interdependence across both groups of countries. Some other studies attempt to measure the magnitude of the spillovers between both groups.

The European Union EU occupies the third place, just behind Japan and the USA, in the foreign trade with China. The EU has seen its low-trade surplus years. The financial crisis has caused a banking crash in the US, with cascading bank failures. Far from being spared, the European banks have, in turn, recorded losses. The evidence, as almost zero growth rates in , shows that the crisis hit Europe.

Stock Sectors Sensitive to Interest Rate Hikes - Ticker Tape

Indeed, the euro-zone has an experience of loss of competitiveness against the dollar zone. Undermined in part by the economic setbacks experienced by China, the stock markets derailed in August.

The agitated volatility was a destabilizing factor that increased the fear of the investors.

There were an August 24, will be remembered as the worst day for the US exchanges in four years. There was a spectacular liquidation that led experts to wonder if the old bull cycle of six years finally ended. This chaos led investors to wonder whether the instability of financial markets would influence the decision of the US Federal Reserve to raise its key interest rate or not in September.

Moreover, the Canadian stocks plunged deeply into the negative in August, the month which was marked by fears of recession and deteriorating global economic conditions. All the sectors ended in the red, but the energy, the financial services, the consumer discretionary, the industrial, and health products lost more than the others.

The financial services sector also registered heavy losses in August; pessimism was also extended to bank stocks which weigh heavily enough in this sector. At the time of writing, experts believed that the bank shares had lost about 5. The risks for banks are, first, that the depressed sector of the energy does make them undergo substantial loan losses and, second, the deterioration of Canadian economy discourages individuals to borrow if they fear for employment and the labor market in general.

On the other hand, Tonnelier showed that the stock market shocks, until relatively disconnected from the Chinese real economy could end up affecting the latter, further exacerbating a little slower growth which weakened its, Asian, American and European but also, first and foremost Germany trading partners.

In China, the European Union and the USA, those who focus on the hard rivalry and influence between the two powers tend to forget how China was influenced by the United States during the last generation. Ideas, technologies and products intended to come across the Pacific—links to Europe were much less milking.

Beijing Analysts—described the US—China relationship as a love—hate relationship: In this paper, we examine the three-way linkages between the stock returns in financial sectors to market, the interest rate, and the exchange rate risk for eight countries, namely Germany, the USA, Greece, the UK, France, Spain, Italy, and China.

As mentioned earlier, most existing literature deals with the stock returns to market, the interest rate, and the exchange rate risk in the financial sector Financial service, Banking and insurance. The data are collected for the period from January till April Therefore, the interrelationship between the three variables is worth investigating by considering them a four-variate VAR-GARCH 1, 1 -in mean model in a modeling framework.

We adopt a model from a family of the multivariate GARCH model which was first proposed by Bollerslev et al.

This model provides a general framework for multivariate volatility modeling but requires a large number of parameters to be estimated. More specifically, we apply a four-variate VAR-GARCH-in-mean framework with the BEKK representation proposed by Engle and Kroner Engle, R.

Multivariate simultaneous generalized ARCH. Econometric Theory , 11 , — This approach builds upon and expands the existing studies, such as those of Beirne et al. The use of a GARCH-in-mean specification enables us to estimate cross-market spillovers from second to first moments.

This is an important contribution of the present study, which differentiates it from that of Beirne et al. An appealing property of the GARCH-BEKK is that the model ensures a positive definite and conditional covariance matrix.

In order to reduce the number of parameters estimated in the GARCH-BEKK model, restrictions, such as symmetricity and diagonality are often imposed. We represent the joint process governing the stock returns in the financial sectors to the market, interest rate, and exchange rate risk by a four-variate VAR-GARCH 1, 1 -in mean process. In its general specification, the model has the following form: The parameter matrices of the variance Equation 2 are given by C 0 , which is restricted to be upper triangular, and two matrices A 11 and B It should be noted that in our model there are nine zero restrictions in the latter two matrices, but we are interested in testing only for the causality-in-variance spillover running from the stock returns in the financial sectors to market, the interest rate, and the exchange rate risk.

In the multivariate GARCH 1, 1 -the BEKK representation proposed by Engle and Kroner Engle, R. The important feature of this specification is that it guarantees, by construction, that the covariance matrices in the system are positive. The Log likelihood function L is: The main tested restrictions are: Finally, 3 volatility spillovers from the stock market returns, the interest rate, and the exchange rate returns to volatility of returns in each financial sector.

Tests of no GARCH - in - mean effect during the financial crisis: H1 to H4 test the sensibility of the level of the relevant financial sector index return to volatility in market returns, interest rates, and exchange rates.

Test no causality in mean effect during the financial crisis: H5 to H8 test the sensibility of the level of the relevant financial sector index returns to volatility in market returns, interest rates, and exchange rates. Evidence of the volatility spillovers from market returns, short-term interest rate, long-term interest rate, and the exchange rate volatility are statistically significant with a positive and negative effect on the banking sector measured by the parameters A 12 , A 13 , A 14 , and A We can also find a statistically significant and positive Greece, France, UK, Italy and China effect from the short-term interest rate on the banking sector B Moreover, the long-term interest rate and the stock market returns have a positive and a negative impact on the banking sector B 14 and B During the current crisis, we notice that the Spanish banking sector has become sensitive to the volatility of the exchange rate, to the interest rate, and to the stock returns.

This is quite normal since this period is considered as the beginning of an economic crisis in Spain as its public deficit exploded in , reaching Actually, the Spanish crisis was generated by a housing bubble that weakened the financial and banking sector. Therefore, we can say that the banking sector in all the analyzed countries continued to be affected by the volatility of the exchange rate, the interest rate, and the stock return market, but at different degrees, which shows that these countries were affected by the debt crisis of the Euro zone.

In this way, Choi et al. These authors show the importance of these latter for the bank stocks. Conversely, the study of Choi et al. Recent search in our study seems to be consistent with that of Beirne et al. In addition, we should notice that the relationship between the exchange rates, the short term interest rates and the banking sector in Spain is negative.

Mathematical and statistical methods for actuarial sciences and finance , 1 — Similarly, Aloui and Jarboui Aloui, M. The result obtained for all countries see Table 2 can be summarized as follows. It is a positive and negative effect of the exchange rate volatility, rate short-term, long-term interest rates, and the stock market on the financial sector A 12 , A 13 , A 14 , and A On the other hand, the exchange rate conditional volatilities and the short-term interest rates are found to be significant with a positive and negative effect on the financial sector B 12 , B 13 , and B By contrast, the long-term interest rates and the stock market returns have a significantly positive effect on the conditional volatilities only in a few cases, notably Germany and the UK measured by the parameters B The results are also consistent with the studies of Beirne et al.

From Table 2 , we can see that unlike the banking sector, the financial sector is very much affected by the volatility of the exchange rates, the interest rates and the stock return. Furthermore, we notice that the volatility of the exchange rates, the interest rates, and the equity returns have a very important impact on the financial sector of the USA and the UK compared to the other countries.

This is due to the collapse of the financial sector of the USA and that of the UK which was the main cause of the financial crisis. We can also observe a significant volatility spillover with a positive effect in a few cases from the exchange rate volatility and stock market on the insurance sector A 12 and A Inversely, we can find that short-term and long-term interest rates have a significant positive and negative effect A 13 and A 14 on the insurance sector.

Moreover, the exchange rate conditional volatilities and the stock market returns, appear to have a significantly negative effect mainly on the insurance sector B 12 in a few cases Greece, the UK, and China and B 15 Greece, the UK, and China. We can also find a significant positive and negative effect from short-term and long-term interest rates on the insurance sector in some countries B 13 Germany, Greece, and the UK and B 14 Greece and UK.

According to this chart, we can see that the insurance sector in the USA is slightly affected by the volatility of the exchange rate, the interest rate, and the fallout from the stock price volatility compared to the other financial and banking sectors. This shows that the financial crisis can be a banking one. In addition, the volatility of the exchange rates, the short- and long-term interest rates seem to be very low. On the other hand, the spillover of the volatility of the stock market prices has a significantly positive effect on the insurance sector in the USA compared to the countries which have a positive, mixed impact.

This result seems to be consistent with the studies of Beirne et al. Besides, during the crisis, the insurance sector of the UK, China, and Greece was the most affected by the volatility of the exchange rates, the interest rates, and the spillover of the volatility of the stock market prices. For the UK, the volatility of the exchange rates, the interest rates, and the spillover of the stock market prices have a positive and negative impact on the insurance sector.

This result seems consistent with the studies of Papadamou and Siriopoulos Papadamou, S. In addition, the German insurance sector is very sensitive to the volatility of the interest rates either in the long- or short-term with a statistically significant and positive relationship.

Interest rate risk rewards in stock returns of financial corporations: European Financial Management , 16 , — In general, most studies found that the volatility of the exchange rates, the interest rates and the volatility of the stock market prices have either a positive or negative impact on the banking, financial, and insurance sector.

This effect is very high in these services. However, the index returns of the financial sector i. Unlike Di Iorio et al. Furthermore, these results are consistent with the studies of Beirne et al.

Sensitivity of the Bank Stock Returns Distribution to Changes in the Level and Volatility of Interest Rate: A GARCH-M Model by Elyas Elyasiani, Iqbal Mansur :: SSRN

Hence, hypothesis H7 is rejected. We can therefore conclude that there is a high sensitivity between the index returns in the banking, finance and insurance sector, the market returns, the interest and exchange rates, besides there is a positive relationship.

A part from the literature on the causality links between the exchange, the interest rate, and the stock return of financial banking, financial services, and insurance sector for a panel of countries during the crisis period, there is no study that examined this interrelationship using the VAR-GARCH-in-mean. The objective of the present work is to fill this research gap by examining the above interaction for eight countries over the period — We have also tested the presence of causality-in-mean and volatility spillovers.

Our analysis suggests that 1 there is a causal-in-mean relationship between the exchange rate, the interest rates, and the stock return in most countries; 2 there is a relationship between exchange and the interest rate, and the stock returns in volatility spillovers of most countries. Overall, the effects of the stock market returns are those that one would expect.

As for the interest and exchange rates, the picture which emerges is not equally clear. Nonetheless, long-term interest rate seems to affect the financial sector financial service and insurance sector. There are also long-term interest rate effects which seem to be most prevalent in the financial service sectors and the insurance sectors, with a much more limited effect on the banking sector.

However, the short-term interest rate effects seem to be most prevalent on the banking and the insurance sector, with a much more limited effect on the financial service sector.

This also holds for the exchange rate effects, although, in this case, the observed pattern is more easily interpretable in terms of the foreign net position of the concerned financial institutions. The main implications arising from our study can be presented as follows. First, the empirical results, for the estimation techniques, show that the impact of the stock market returns are those that one would expect.

Nonetheless, the long-term interest rate seems to have an effect in the financial sector. This also holds for the exchange rate effects, although in this case the observed pattern is more easily interpretable in terms of the foreign net position of the concerned financial institutions.

Second, we find that the volatility of the exchange rate, the interest rate and the stock returns have sometimes a positive and sometimes a negative impact on the financial sector financial service, insurance, and banking. Moreover, we can state that the volatility of the exchange and the interest rates and the stock returns have an effect on the financial service financial and banking sector of the US and the European countries.

However, the financial sector in China is only affected by the volatility of the market return spillovers on the financial and banking sector during the financial crisis. Then, we show that the volatility of exchange rates, the interest rates, and the stock returns are significant in few cases and have a negative and positive impact on the insurance sector. Moreover, we find that the insurance sector in less important than the service financial and banking sector.

In this context, this paper has some policy implications. Concerning, the nature of the impact market, the interest, and the exchange rate risk effects on the financial stock returns could provide valuable information for portfolio management purposes both domestically and internationally. The results suggest that investors should follow the monetary policies more closely to take decisions on their investments since the interest and exchange rates have predictive powers on the bank stock returns and volatility.

Submit an article Journal homepage. Aloui Mouna LARTIGE Laboratory of Research , University of Sfax, Sfax, Tunisia Correspondence aloui. View further author information. Received 05 Aug In this article Abstract 1. Data and model specification 4. Empirical results and discussion 6. Market, interest rate, and exchange rate risk effects on financial stock returns during the financial crisis: Mathematical formulae have been encoded as MathML and are displayed in this HTML version using MathJax in order to improve their display.

Uncheck the box to turn MathJax off. This feature requires Javascript. Click on a formula to zoom. Abstract Our aim is to investigate the sensitivity of financial sector stock returns to market, interest rate, and exchange rate risk in three financial sectors financial services, banking, and insurance in eight countries, including various European, the US, and China economies, over the period — during the financial crisis.

Introduction During the last decades, the linkage between the interest rate, the exchange rate, the stock return market, and the financial sector remains a crucial issue for risk management and portfolio management.

Review literature The nexus between the exchange rate, the interest rates, and the stock returns has been a subject of large research over the past few decades. Relationship between exchange rate and stock return of financial sector Modeling the exchange rate exposure has been an important growing area of research in the last decade.

Relationship between exchange rate, interest rate, and stock return of financial sector The third strand of studies has examined the impact of the exchange rate, interest rate, and the stock returns on the financial sector.

Period Most empirical studies concerning the pricing of bank stock returns focus mainly on the pricing of the interest rate and very few published papers explicitly investigate the joint interaction of exchange rates and interest rates on bank stock pricing however Choi, Elyasiani, and Kopecky Choi, J. Relationship between European, China, and US markets In the literature dealing with the trade and financial linkages for the properties of business cycles, a number of studies consider how such linkages affect the nature of the cyclical interactions between the emerging and European economies.

Data and model specification In this paper, we examine the three-way linkages between the stock returns in financial sectors to market, the interest rate, and the exchange rate risk for eight countries, namely Germany, the USA, Greece, the UK, France, Spain, Italy, and China.

Empirical results and discussion 5. AGARCH-M approach All authors.

Banking sector stock return effects: Result of financial sector stock return effect: Financial sector stock return effects: Insurance sector stock return effects: LR tests of restrictions for financial sector during the financial crisis. Results of LR test restrictions for financial banking, financial, and insurance sector stock returns during the financial crisis However, the index returns of the financial sector i.

Conclusion A part from the literature on the causality links between the exchange, the interest rate, and the stock return of financial banking, financial services, and insurance sector for a panel of countries during the crisis period, there is no study that examined this interrelationship using the VAR-GARCH-in-mean.

Additional author information Aloui Mouna. People also read Article. Sanjaya Kumar Lenka et al. Muhammad Surajo Sanusi et al. Muhammad Ali Nasir et al. Browse journals by subject Back to top. Area Studies Arts Behavioral Sciences Bioscience Built Environment Communication Studies Computer Science Development Studies. Information for Authors Editors Librarians Societies. Open access Overview Open journals Open Select Cogent OA. Help and info Help FAQs Press releases Contact us Commercial services.

Accept This website uses cookies to ensure you get the best experience on our website. LR tests of restrictions for financial sector during the financial crisis CSV Display Table Inversely, we can find that short-term and long-term interest rates have a significant positive and negative effect A 13 and A 14 on the insurance sector.