Abstract
Bu calismanin amaci, 2002-2016 doneminde Kirilgan Besli ulkeler olarak tanimlanan Brezilya, Hindistan, Endonezya, Guney Afrika ve Turkiye’de hisse senedi piyasasi gelisimi ve ekonomik buyume iliskisini panel es-butunlesme ve nedensellik testleri ile analiz etmektir. Analizde hisse senedi piyasasi gelisimini temsil eden uc adet parametre, buyume gostergesi olarak kisi basina dusen milli gelir kullanilmis ve hisse senedi piyasasi ile buyume arasinda uzun donemli es-butunlesme iliskisi tespit edilmistir. Bulgular nedensellik iliskisinin hisse senedi piyasasi gelisiminden ekonomik buyumeye dogru oldugunu gostermis ve arz oncullu hipotezin gecerliligini ortaya koymustur. Panel DOLS ve FMOLS test sonuclari hisse senetlerinin piyasa degeri (kapitalizasyon) ve islem degerinin buyumeye etkisinde genel sonuclarla paralellik gostermistir. Anahtar Sozcukler: Ekonomik Buyume, Finansal Gelisme, Hisse Senedi Piyasalari, Kirilgan Besli, Panel Veri JEL Kodu : E44, G15, O43 ------------------------------------------------------------------------------------------------------------------------------------- Stock Market Development and Economic Growth Nexus in Fragile Five Countries ABSTRACT: The aim of this study is to analyze the relationship between stock market development and economic growth in Brazil, India, Indonesia, South Africa and Turkey as defined Fragile Five by applying panel co-integration and causality tests for the period 2002-2016. Three parameters representing stock market development and per capita GDP as economic growth indicator are used and long-run co-integration relationship between stock market and growth is found. The findings reveal that direction of causality relationship is from stock market development to economic growth and “supply leading hypothesis” is corroborated. Panel DOLS and FMOLS test results show parallelism with the general results in the impact of stock market capitalization and stocks traded value on growth. Keywords: Economic Growth, Financial Development, Stock Markets, Fragile Five, Panel Data JEL Code : E44, G15, O43 DOI: https://doi.org/10.32479/iicd.151
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callSimilar Papers
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
