The Relationship between Stock Market and Inflation in the Turbulent Period of Covid-19 and Ukraine's War: Evidence from Greece

This study applies a bibliometric analysis to highlight the worldwide research trends in the field. Moreover, using monthly data for the period 1 March 2020 to 31 August 2023, a vector autoregressive model is utilized to explore the dynamic relationships between inflation and Greek stock market. The results reveal the existence of high volatility on Athens’ stock market during COVID-19, owning to a shock of the inflation. Regarding the period of Ukraine’s war, the study verified the Fama’s hypothesis that there is a negative relationship between inflation and stock returns. The findings have significant implications for investors and policy makers.