Özet:

The puprpose of this article is to examine the relationship between macroeconomic policies and stock prices at İstanbul Stock Exchange. Within this context, whether İstanbul Stock Exchange is informationally efficient with respect to macroeconomic policies has been tested. Granger Casuality tests have been used in the context of a Vector Autoregression Model to test the relationship between money supply and ISE stock prices, and budget surplus (or deficit) and ISE stock prices. Money supply has been used as the proxy for monetary policy and budget surplus (or deficit) for fiscal policy. Our findings indicate that ISE is informationally efficient with respect to monetary policy, while it is informationally inefficient with respect to fiscal policy

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