{"id":34764,"date":"2024-03-19T09:24:17","date_gmt":"2024-03-19T09:24:17","guid":{"rendered":"https:\/\/edukemy.com\/blog\/?p=34764"},"modified":"2024-03-19T09:24:18","modified_gmt":"2024-03-19T09:24:18","slug":"stock-markets-and-macroeconomy-upsc-economy-notes","status":"publish","type":"post","link":"https:\/\/edukemy.com\/blog\/stock-markets-and-macroeconomy-upsc-economy-notes\/","title":{"rendered":"Stock Markets and Macroeconomy &#8211; UPSC Economy Notes"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/edukemy.com\/upsc\/upsc-economy?utm_source=Blog&amp;utm_medium=Banner&amp;utm_campaign=Blog+Economy\" target=\"_blank\" rel=\"noreferrer noopener\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1280\" height=\"300\" src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/17.png\" alt=\"\" class=\"wp-image-42386\" srcset=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/17.png 1280w, https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/17-1170x274.png 1170w, https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/17-585x137.png 585w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/a><\/figure>\n\n\n\n<p>The relationship between stock markets and the broader macroeconomy is complex and multifaceted. Here are some arguments in favor of the idea that stock markets reflect the larger economy:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Economic Performance and Corporate Profits:<\/strong><ul><li>Stock markets are influenced by the overall economic performance. When the economy performs well, companies tend to generate higher profits. This, in turn, leads to increased shareholder value through bonuses and dividends. The positive correlation between economic growth and corporate profits can drive demand for shares and contribute to upward trends in the stock market.<\/li><\/ul><\/li><li><strong>Global Economic Events:<\/strong><ul><li>Major economic events, such as the global recession in 2008, have demonstrated the interconnectedness of stock markets worldwide. Economic downturns often result in widespread declines in stock markets, reflecting the adverse impact on corporate earnings and investor confidence.<\/li><\/ul><\/li><li><strong>Representation of Listed Companies:<\/strong><ul><li>While not all companies are listed on stock exchanges, the ones that are listed represent a cross-section of the economy. Listed companies encompass various sectors, providing investors with exposure to different industries. As a result, the performance of these companies contributes to the overall reflection of economic conditions.<\/li><\/ul><\/li><li><strong>Influence of Agriculture and Agro-Companies:<\/strong><ul><li>While it is true that not all aspects of the economy, such as agriculture, may be directly represented in stock markets, the presence of agro-companies on exchanges means that some facets of agricultural performance are factored in. The dynamics of sectors like agriculture can influence macroeconomic indicators.<\/li><\/ul><\/li><li><strong>Liquidity and Valuations:<\/strong><ul><li>Liquidity, or the availability of money in the financial system, can impact stock market valuations. Excess liquidity may contribute to inflated valuations as funds chase stocks. Liquidity conditions often reflect broader economic trends, including monetary policy.<\/li><\/ul><\/li><li><strong>Political Stability and Priorities:<\/strong><ul><li>Political factors, including stability and policy priorities, can influence investor confidence. Political decisions can have implications for economic policies, regulatory frameworks, and business environments, impacting stock market trends.<\/li><\/ul><\/li><li><strong>Psychological Factors:<\/strong><ul><li>Stock markets are not solely driven by economic fundamentals; psychological factors like investor sentiment, greed, and fear play a role. These factors can lead to short-term fluctuations and distortions in stock valuations. However, the overall trend tends to align with economic conditions over the long term.<\/li><\/ul><\/li><\/ol>\n\n\n\n<p>In summary, while stock markets may be influenced by various factors, including psychological elements, they often reflect the underlying economic conditions and performance. The relationship between stock markets and the macroeconomy is dynamic and subject to a range of influences.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-69fd04e6cc55d\" class=\"ez-toc-cssicon-toggle-label\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69fd04e6cc55d\"  \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edukemy.com\/blog\/stock-markets-and-macroeconomy-upsc-economy-notes\/#Stock_Market_Crash_of_2020\" title=\"Stock Market Crash of 2020:\">Stock Market Crash of 2020:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edukemy.com\/blog\/stock-markets-and-macroeconomy-upsc-economy-notes\/#Pre-COVID_Scenario\" title=\"Pre-COVID Scenario:\">Pre-COVID Scenario:<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edukemy.com\/blog\/stock-markets-and-macroeconomy-upsc-economy-notes\/#Impact_of_COVID-19\" title=\"Impact of COVID-19:\">Impact of COVID-19:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/edukemy.com\/blog\/stock-markets-and-macroeconomy-upsc-economy-notes\/#Foreign_Investor_Response\" title=\"Foreign Investor Response:\">Foreign Investor Response:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/edukemy.com\/blog\/stock-markets-and-macroeconomy-upsc-economy-notes\/#Government_and_RBI_Responses\" title=\"Government and RBI Responses:\">Government and RBI Responses:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/edukemy.com\/blog\/stock-markets-and-macroeconomy-upsc-economy-notes\/#Market_Recovery\" title=\"Market Recovery:\">Market Recovery:<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/edukemy.com\/blog\/stock-markets-and-macroeconomy-upsc-economy-notes\/#Factors_Supporting_Indian_Stock_Market\" title=\"Factors Supporting Indian Stock Market:\">Factors Supporting Indian Stock Market:<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/edukemy.com\/blog\/stock-markets-and-macroeconomy-upsc-economy-notes\/#Special_Economic_Zones_SEZ_and_International_Financial_Services_Centre_IFSC_in_GIFT_City\" title=\"Special Economic Zones (SEZ) and International Financial Services Centre (IFSC) in GIFT City:\">Special Economic Zones (SEZ) and International Financial Services Centre (IFSC) in GIFT City:<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/edukemy.com\/blog\/stock-markets-and-macroeconomy-upsc-economy-notes\/#Objectives_of_GIFT_City\" title=\"Objectives of GIFT City:\">Objectives of GIFT City:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/edukemy.com\/blog\/stock-markets-and-macroeconomy-upsc-economy-notes\/#Government_Initiatives\" title=\"Government Initiatives:\">Government Initiatives:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/edukemy.com\/blog\/stock-markets-and-macroeconomy-upsc-economy-notes\/#Testing_Ground_for_Financial_Reforms\" title=\"Testing Ground for Financial Reforms:\">Testing Ground for Financial Reforms:<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/edukemy.com\/blog\/stock-markets-and-macroeconomy-upsc-economy-notes\/#Incentives_and_Exemptions\" title=\"Incentives and Exemptions:\">Incentives and Exemptions:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/edukemy.com\/blog\/stock-markets-and-macroeconomy-upsc-economy-notes\/#Potential_Benefits\" title=\"Potential Benefits:\">Potential Benefits:<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/edukemy.com\/blog\/stock-markets-and-macroeconomy-upsc-economy-notes\/#In_case_you_still_have_your_doubts_contact_us_on_9811333901\" title=\"In case you still have your doubts, contact us on 9811333901.&nbsp;\">In case you still have your doubts, contact us on 9811333901.&nbsp;<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/edukemy.com\/blog\/stock-markets-and-macroeconomy-upsc-economy-notes\/#Visit_our_YouTube_Channel_%E2%80%93_here\" title=\"Visit our YouTube Channel &#8211;&nbsp;here\">Visit our YouTube Channel &#8211;&nbsp;here<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Stock_Market_Crash_of_2020\"><\/span><strong>Stock Market Crash of 2020:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The stock market crash of 2020 was primarily triggered by the global impact of the COVID-19 pandemic. Here&#8217;s an overview of the events and factors contributing to the crash:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Pre-COVID_Scenario\"><\/span><strong>Pre-COVID Scenario:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Before the pandemic, both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) had significant market capitalizations, each around $2.16 trillion.<\/li><li>The beginning of the year showed promise, with nearly 30 companies expected to file Initial Public Offerings (IPOs).<\/li><li>NSE and BSE reached their peaks at 12,362 and 42,273, respectively, indicating positive market sentiment and high expectations for the Indian economy.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Impact_of_COVID-19\"><\/span><strong>Impact of COVID-19:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>The global outbreak of COVID-19 led to a severe market downturn, reminiscent of the Global Financial Crisis of 2008.<\/li><li>The pandemic caused a significant loss in market capitalization, plummeting by 27.5% from the start of the year at its worst.<\/li><li>Economic repercussions included widespread unemployment, factory closures, bank losses, reduced demand and consumption, supply chain disruptions due to lockdowns, social distancing measures, and a global crash in trade.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Foreign_Investor_Response\"><\/span><strong>Foreign Investor Response:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Foreign Institutional Investors (FIIs) sought safe-haven assets and consequently sold their holdings in the Indian stock market, contributing to the market decline.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Government_and_RBI_Responses\"><\/span><strong>Government and RBI Responses:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>In response to the economic turmoil, the Reserve Bank of India (RBI) and the government introduced various reforms:<ul><li>Reductions in the repo rate.<\/li><li>Interest on loans being given moratorium.<\/li><li>Measures to boost liquidity through Long Term Repo Operations (LTRO).<\/li><li>Direct Benefit Transfer (DBT) initiatives by the Government of India.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Market_Recovery\"><\/span><strong>Market Recovery:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>The implementation of monetary and fiscal measures, including liquidity injections and direct transfers, helped the market recover to some extent.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Factors_Supporting_Indian_Stock_Market\"><\/span><strong>Factors Supporting Indian Stock Market:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Sound Economic Growth:<\/strong><ul><li>India&#8217;s sound economic growth and potential have historically attracted investors.<\/li><\/ul><\/li><li><strong>Large and Under-Tapped Market:<\/strong><ul><li>The sheer size of the Indian market, coupled with the fact that a significant portion of the population is yet to enter the market, offers growth opportunities.<\/li><\/ul><\/li><li><strong>Infrastructure and Regulation:<\/strong><ul><li>World-class infrastructure for trading and credible regulation by the Securities and Exchange Board of India (SEBI) contribute to the attractiveness of the Indian stock market.<\/li><\/ul><\/li><li><strong>Global Liquidity Flows:<\/strong><ul><li>Loose monetary policies globally, including quantitative easing (QE), have led to global liquidity flows, benefitting emerging markets like India.<\/li><\/ul><\/li><\/ol>\n\n\n\n<p>In summary, the stock market crash of 2020 was a consequence of the unprecedented global health crisis. The market&#8217;s subsequent recovery was influenced by a combination of government and central bank interventions, as well as inherent strengths in the Indian economy and financial system.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Special_Economic_Zones_SEZ_and_International_Financial_Services_Centre_IFSC_in_GIFT_City\"><\/span><strong>Special Economic Zones (SEZ) and International Financial Services Centre (IFSC) in GIFT City:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Special Economic Zone (SEZ) Act of 2005 allows for the establishment of an International Financial Services Centre (IFSC) within a SEZ, subject to approval from the central government. GIFT City Co. Ltd., responsible for implementing the GIFT City project in Gandhinagar, operates as a 50:50 joint venture between Infrastructure Leasing and Financial Services Ltd (IL&amp;FS) and the Gujarat Urban Development Company Ltd.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Objectives_of_GIFT_City\"><\/span><strong>Objectives of GIFT City:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>World-Class Smart City:<\/strong> GIFT City aims to develop a world-class smart city.<\/li><li><strong>Global Financial Hub:<\/strong> The primary objective is to create a global financial hub with the establishment of an International Financial Services Centre.<\/li><\/ol>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Government_Initiatives\"><\/span><strong>Government Initiatives:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>The government&#8217;s goal is to repatriate financial services and transactions currently conducted in offshore financial centers by Indian corporate entities and overseas branches or subsidiaries of Financial Institutions (FIs) to India.<\/li><li>Entities regulated by the Reserve Bank of India (RBI), Securities &amp; Exchange Board of India (SEBI), and the Insurance Regulatory and Development Authority of India (IRDAI) are eligible to set up offices in the IFSC. This includes banks, insurance companies, stockbroking firms, alternate investment funds, investment advisors, etc.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Testing_Ground_for_Financial_Reforms\"><\/span><strong>Testing Ground for Financial Reforms:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Given India&#8217;s restrictions on the financial sector, including partial capital account convertibility, high Statutory Liquidity Ratio (SLR) requirements, and foreign investment restrictions, a SEZ provides a controlled environment for testing financial sector reforms before nationwide implementation.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Incentives_and_Exemptions\"><\/span><strong>Incentives and Exemptions:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>In addition to SEZ-related incentives, entities operating within the IFSC, including banks, insurance companies, and stockbroking firms, enjoy exemptions from certain taxes, such as the securities transaction tax.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Potential_Benefits\"><\/span><strong>Potential Benefits:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>Acts as a sandbox for testing financial sector reforms before broader implementation.<\/li><li>Encourages financial entities to establish a presence in India, fostering economic growth.<\/li><li>Enhances India&#8217;s competitiveness as a global financial hub.<\/li><li>Provides a platform for innovation and experimentation in financial services.<\/li><\/ul>\n\n\n\n<p>In summary, the establishment of an International Financial Services Centre within the GIFT City SEZ reflects the government&#8217;s strategy to attract and repatriate financial services, promote economic growth, and position India as a competitive player in the global financial landscape.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><a href=\"https:\/\/edukemy.com\/upsc\/upsc-essay?utm_source=Blog&amp;utm_medium=Banner&amp;utm_campaign=Essay\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" data-src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/UPSC-Essay-Course-1280\u00d7300-1-3.svg\" alt=\"\" class=\"wp-image-42688 lazyload\" width=\"781\" height=\"182\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 781px; --smush-placeholder-aspect-ratio: 781\/182;\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"In_case_you_still_have_your_doubts_contact_us_on_9811333901\"><\/span><strong>In case you still have your doubts, contact us on 9811333901.<\/strong>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>For UPSC Prelims Resources,&nbsp;<a href=\"https:\/\/edukemy.com\/upsc-cse-prelims-resource-centre\" target=\"_blank\" rel=\"noreferrer noopener\">Click here<\/a><\/p>\n\n\n\n<p>For Daily Updates and Study Material:<\/p>\n\n\n\n<p>Join our Telegram Channel &#8211;&nbsp;<a href=\"https:\/\/t.me\/WithEdukemy4IAS\" target=\"_blank\" rel=\"noreferrer noopener\">Edukemy for IAS<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>1. Learn through Videos &#8211;&nbsp;<a href=\"https:\/\/bit.ly\/3vOD8sU\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/li><li>2. Be Exam Ready by Practicing Daily MCQs &#8211;&nbsp;<a href=\"https:\/\/bit.ly\/3Q9z2nF\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/li><li>3. Daily Newsletter &#8211; Get all your Current Affairs Covered &#8211;&nbsp;<a href=\"https:\/\/bit.ly\/3bE2y5J\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/li><li>4. Mains Answer Writing Practice &#8211;&nbsp;<a href=\"https:\/\/bit.ly\/3mZuVxl\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Visit_our_YouTube_Channel_%E2%80%93_here\"><\/span>Visit our YouTube Channel &#8211;&nbsp;<a href=\"https:\/\/www.youtube.com\/@EduKemyforIAS\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>The relationship between stock markets and the broader macroeconomy is complex and multifaceted. Here are some arguments in favor<\/p>\n","protected":false},"author":17,"featured_media":34765,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[209],"tags":[235,2714,232,213,140],"class_list":["post-34764","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-notes","tag-economy-notes","tag-macroeconomy","tag-upsc","tag-upsc-notes","tag-upsc_preparation_strategy"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts\/34764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/comments?post=34764"}],"version-history":[{"count":1,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts\/34764\/revisions"}],"predecessor-version":[{"id":34766,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts\/34764\/revisions\/34766"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/media\/34765"}],"wp:attachment":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/media?parent=34764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/categories?post=34764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/tags?post=34764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}