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Bu çalışmanın amacı, 2002-2016 döneminde Kırılgan Beşli ülkeler olarak tanımlanan Brezilya, Hindistan, Endonezya, Güney Afrika ve Türkiye’de hisse senedi piyasası gelişimi ve ekonomik büyüme ilişkisini panel eş-bütünleşme ve nedensellik testleri ile analiz etmektir. Analizde hisse senedi piyasası gelişimini temsil eden üç adet parametre, büyüme göstergesi olarak kişi başına düşen milli gelir kullanılmış ve hisse senedi piyasası ile büyüme arasında uzun dönemli eş-bütünleşme ilişkisi tespit edilmiştir. Bulgular nedensellik ilişkisinin hisse senedi piyasası gelişiminden ekonomik büyümeye doğru olduğunu göstermiş ve arz öncüllü hipotezin geçerliliğini ortaya koymuştur. Panel DOLS ve FMOLS test sonuçları hisse senetlerinin piyasa değeri kapitalizasyon ve işlem değerinin büyümeye etkisinde genel sonuçlarla paralellik göstermiştir
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 GDP per capita as economic growth indicator are used and long-run co-integration relationship between stock market and growth is found. The findings reveal that the 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
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
Field : Sosyal, Beşeri ve İdari Bilimler
Journal Type : Ulusal
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