Macroeconomic Effect on Market Returns of Four Emerging Economies

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Market efficiency means the market price of a security reflects the market's consensus estimate of the value of said security. This book explores the relationship between the macroeconomy of Brazil, Russia, India, and China and their respective stock market returns. In assessing the risk to invest in emerging financial markets or EFMs, such as the aforementioned macroeconomies, investors will need to understand not only the relationship between country-specific financial markets and how they can be influenced by the macroeconomic factors such as Gross Domestic Product (GDP), Consumer Price Index (CPI), Exchange Rate, M1 Money Supply, and Oil Price, but whether or not their stock markets are efficient in determining the market prices.