Rose W. Ngugi
School Of Economics, University Of Nairobi
The Global Financial Crisis, Exchange Rate And Stock Market Returns In Kenya
This study used a product-term model to investigate the moderating effects of the 2008 Global Financial Crisis on the relationship between exchange rate and stock market returns. Results indicate that a unit increase in depreciation had significant depressing effects after the crisis compared to before the crisis. Results also reveal that average stock market returns were significantly higher after the

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