Money Supply
Broad Money (M1) is used as a proxy of money supply. Money growth rate
has been calculated by using log difference of broad money (M2)
Money growth rate = ln (Mt / Mt-1)
Studies that explore the relationship among money supply and equity
market returns include Beenstock and Chan (1988), Sauer (1994)
It is hypothesized that an increase in money supply is positively related to
equity market returns