The study looked at how stock transactions in Belgium are affected by changes in exchange rates and stock transactions in the United States. They found a long-term positive relationship between stock transactions in Belgium and the real effective exchange rate, as well as with the United States. Short-term adjustments move towards this long-term balance. The model showed no autocorrelation or distribution issues, and forecasts suggest an increase in stock transactions in Belgium over the next decade. Shocks to exchange rates and US stock transactions have lasting effects on Belgian stock transactions.