Stock Returns and Inflation: Evidence from Emerging Markets in Asia

Melati Laksmindra Isnandari, Dony Abdul Chalid

Research output: Contribution to journalArticlepeer-review


This study examines the capability of stock from various industries to act as an inflation-hedge instrument, specifically in eight emerging-market Asian countries. By using monthly data for the period from 2001 to 2014, this study focuses on the relation between stock returns and inflation. The results of this study indicate that stocks from some non-cyclical industries have the capability to act as inflation-hedge instruments. Stocks that have the capability to inflation-hedge are come from industries with the natural characteristic of being a defensive industry.
Original languageEnglish
Pages (from-to)53-61
JournalIndonesian Capital Market Review
Issue number1
Publication statusPublished - 1 Dec 2017


  • Inflation; Hedging; Stocks; Industry; Emerging-Market


Dive into the research topics of 'Stock Returns and Inflation: Evidence from Emerging Markets in Asia'. Together they form a unique fingerprint.

Cite this