MACROECONOMIC DETERMINANTS OF STOCK MARKET DEVELOPMENT: EVIDENCE FROM BORSA ISTANBUL
Stock markets have experienced significant improvements especially during the past 30 years, fostered economic growth and become one of the important leading indicators for the economies. Economic growth, saving rate, banking sector development, trade openness, foreign direct investments, ins...
| Main Author: | |
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| Format: | Article |
| Language: | English |
| Published: |
“Victor Slăvescu” Centre for Financial and Monetary Research
2016-03-01
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| Series: | Financial Studies |
| Subjects: | |
| Online Access: | http://fs.icfm.ro/vol20i1p69-89.pdf |
| _version_ | 1828009692051275776 |
|---|---|
| author | Yılmaz BAYAR |
| author_facet | Yılmaz BAYAR |
| author_sort | Yılmaz BAYAR |
| collection | DOAJ |
| description | Stock markets have experienced significant improvements
especially during the past 30 years, fostered economic growth and
become one of the important leading indicators for the economies.
Economic growth, saving rate, banking sector development, trade
openness, foreign direct investments, institutional quality and stock
market liquidity are found to be major determinants behind stock
market development in the literature. This study investigates major
macroeconomic determinants of stock market development in Turkey
during the period 2005:Q1-2015:Q3 using ARDL cointegration, Toda
and Yamamoto (1995) causality test and regression analysis. We
also found that both economic growth and stock market liquidity had
positive impact on stock market development in the long run, while
inflation had negative impact on stock market development in the long
run. |
| first_indexed | 2024-04-10T08:43:37Z |
| format | Article |
| id | doaj.art-59c4d15b2ea142c4acb03223991c1ab6 |
| institution | Directory Open Access Journal |
| issn | 2066-6071 |
| language | English |
| last_indexed | 2024-04-10T08:43:37Z |
| publishDate | 2016-03-01 |
| publisher | “Victor Slăvescu” Centre for Financial and Monetary Research |
| record_format | Article |
| series | Financial Studies |
| spelling | doaj.art-59c4d15b2ea142c4acb03223991c1ab62023-02-22T17:01:45Zeng“Victor Slăvescu” Centre for Financial and Monetary ResearchFinancial Studies2066-60712016-03-012016989MACROECONOMIC DETERMINANTS OF STOCK MARKET DEVELOPMENT: EVIDENCE FROM BORSA ISTANBULYılmaz BAYAR0Department of Economics, Usak University, TurkeyStock markets have experienced significant improvements especially during the past 30 years, fostered economic growth and become one of the important leading indicators for the economies. Economic growth, saving rate, banking sector development, trade openness, foreign direct investments, institutional quality and stock market liquidity are found to be major determinants behind stock market development in the literature. This study investigates major macroeconomic determinants of stock market development in Turkey during the period 2005:Q1-2015:Q3 using ARDL cointegration, Toda and Yamamoto (1995) causality test and regression analysis. We also found that both economic growth and stock market liquidity had positive impact on stock market development in the long run, while inflation had negative impact on stock market development in the long run.http://fs.icfm.ro/vol20i1p69-89.pdfmacroeconomic variablesbanking sectorstock markettime series analysisturkey |
| spellingShingle | Yılmaz BAYAR MACROECONOMIC DETERMINANTS OF STOCK MARKET DEVELOPMENT: EVIDENCE FROM BORSA ISTANBUL Financial Studies macroeconomic variables banking sector stock market time series analysis turkey |
| title | MACROECONOMIC DETERMINANTS OF STOCK MARKET DEVELOPMENT: EVIDENCE FROM BORSA ISTANBUL |
| title_full | MACROECONOMIC DETERMINANTS OF STOCK MARKET DEVELOPMENT: EVIDENCE FROM BORSA ISTANBUL |
| title_fullStr | MACROECONOMIC DETERMINANTS OF STOCK MARKET DEVELOPMENT: EVIDENCE FROM BORSA ISTANBUL |
| title_full_unstemmed | MACROECONOMIC DETERMINANTS OF STOCK MARKET DEVELOPMENT: EVIDENCE FROM BORSA ISTANBUL |
| title_short | MACROECONOMIC DETERMINANTS OF STOCK MARKET DEVELOPMENT: EVIDENCE FROM BORSA ISTANBUL |
| title_sort | macroeconomic determinants of stock market development evidence from borsa istanbul |
| topic | macroeconomic variables banking sector stock market time series analysis turkey |
| url | http://fs.icfm.ro/vol20i1p69-89.pdf |
| work_keys_str_mv | AT yılmazbayar macroeconomicdeterminantsofstockmarketdevelopmentevidencefromborsaistanbul |