Dimitrios G Tsoutsas
The aim of this paper is to cast light on the relation between the Bursatil Financial (IBCF) stock index and the long-term (15-year) and longer-term (20-year) government bond yields in Venezuela during the recent hyperinflationary period that was set off in 2009. Weekly data are used and a Vector Error Correction Model specification is employed in order to examine the nexus between the Venezuelan financial sector and the real economy. Results provide evidence of a negative and statistically significant dependence of the stock index by the 15-year and the 20-year government bond yield, whereas the relation the other way round is also negative but weak and non-significant.
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