Zhu, H. M., Li, R., & Li, S. (2014)
The results of the Granger Causality Test show that there is no causal relationship of Consumer Price Index (CPI) and Money Supply (M2) with any of the selected Asian stock markets. Also, the Asian stock markets do not affect Consumer Price Index (CPI) and Money Supply (M2). The Bombay Stock Exchange (BSE) and the Kuala Lumpur Stock Exchange (KLSE) affect the Federal Fund Reserve (TB) and Industrial Production Index (IPI).