| dc.description.abstract | The research is conducted to investigate the causal relationship between VN-index and SJC-gold price, HNX-index and SJC-gold price. The secondary data was collected from 1st January, 2012 to 28th December, 2015 with 206 observations. After completing the collection, the data time series is transferred to logarithm before being applied the Unit root tests are conducted to examine the stationary of data. Therefore, there are only existences of stationary at first different at log level but non-stationay at log level. Next, The Johansen co-integration tests are applied to check the long run relationship between stock and gold price. As a result, the research shows that there are long run equilibriums between VN-index and SJC-gold price and no long run equilibrium between HNX-index and SJC-gold price. To be more specific, when the SJC-gold price decreases 11.5% that lead the VN-index increase 10% and vice versa. Finally, there is a bidirectional relationship between the change of VN-index and the change of SJC gold price. In addition, the change of HNX-index influences the change of SJC gold price (Unidirectional relationship). | en_US |
