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HİSSE SENEDİ PİYASASI GELİŞİMİ VE EKONOMİK BÜYÜME: GELİŞMEKTE OLAN PİYASALARA YENİ BİR BAKIŞ

Year 2018, Volume: 40 Issue: 1, 101 - 116, 27.06.2018
https://doi.org/10.14780/muiibd.434958

Abstract

Bu çalışmanın amacı, gelişmekte olan 13 ekonomide hisse senedi piyasası gelişimi ile ekonomik büyüme

arasındaki ilişkinin incelenmesidir. Bunun için 1989-2015 dönemine ait yıllık veriler kullanılarak Kónya

tarafından geliştirilen bootstrap panel nedensellik tekniğinden yararlanılmıştır. Analiz sonuçları, güçlüetkin

ve orta-etkin gelişmekte olan piyasalarda genellikle arz itişli hipotez ile geri besleme hipotezinin;

zayıf-etkin piyasalarda ise talep çekişli hipotezin geçerli olduğunu göstermektedir. Ayrıca, gelişmekte

olan ülkelerin birçoğunda sonuçların hisse senedi piyasası gelişim göstergesine göre farklılık gösterdiği

dikkat çekmektedir. Çalışmadan elde edilen bulguların politika çıkarımları da ayrıca tartışılmıştır.

References

  • ADJASI, C. K. & Biekpe, N. B. (2006). Stock market development and economic growth: The case of selected African countries. African Development Review, 18(1), 144-161.
  • ALI, A. S. (2015). Stock Market Development and Economic Growth: An Empirical Analysis Between Turkey and BRICS Countries. In Chaos, Complexity and Leadership 2013 (pp. 269-283). Springer, Cham.
  • ALTAY, B. & Topcu, M. (2017). Re-Examining the Impact of Financial System on Economic Growth: New Evidence From Heterogeneous Regional Panels. In Handbook of Research on Global Enterprise Operations and Opportunities (pp. 1-16). IGI Global.
  • APERGIS, N. Filippidis, I. & Economidou, C. (2007). Financial deepening and economic growth linkages: a panel data analysis. Review of World Economics, 143(1), 179-198.
  • BAGEHOT, W. (1873). Lombard Street: A description of the money market. Scribner, Armstrong & Company.
  • BOUBAKARI, A. & Jin D. (2010). The role of stock market development in economic growth: Evidence from some Euronext countries. International Journal of Financial Research, 1 (1), 14-20.
  • CAPORALE, G. M. Howells, P. G. & Soliman, A. M. (2004). Stock market development and economic growth: the causal linkage. Journal of Economic Development, 29(1), 33-50.
  • ÇETİNTAŞ, H. & Barışık, S. (2003). Türkiye’de bankalar, sermaye piyasası ve ekonomik büyüme: Koentegrasyon ve nedensellik analizi (1989-2000). İMKB Dergisi, 7(25-26), 1-16.
  • DÜNYA BANKASI (2017). Dünya Gelişim Göstergeleri Veritabanı, https://data.worldbank.org/datacatalog/world-development-indicators (Erişim Tarihi: 25.01.2018)
  • DÜNYA BANKASI (2017). Küresel Finansal Gelişme Veritabanı, https://data.worldbank.org/data-catalog/global-financial-development (Erişim Tarihi: 25.01.2018).
  • EMİRMAHMUTOĞLU, F., Köse, N. (2011). Testing for Granger causality in heterogeneous mixed panels. Economic Modelling, 28(3), 870-876.
  • ENISAN, A. A. & Olufisayo, A. O. (2009). Stock market development and economic growth: Evidence from seven sub-Sahara African countries. Journal of Economics and Business, 61(2), 162-171.
  • GEYİKÇİ, U. B. (2017). Türkiye’de hisse senedi piyasası ve ekonomik gelişme ilişkisinin ARDL sınır testi yaklaşımı ile analizi. İşletme Araştırmaları Dergisi, 9(3), 197-212.
  • GÖZBAŞI, O. (2015). Hisse senedi piyasası gelişimi ve ekonomik büyüme etkileşimi: Gelişmekte olan ülkeler örneği. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 10(2), 269-284.
  • HOQUE, M. E. & Yakob, N. A. (2017). Revisiting stock market development and economic growth nexus: The moderating role of foreign capital inflows and exchange rates. Cogent Economics & Finance, 5(1), 1-17.
  • KANDIR, S. Y. & İskenderoğlu, Ö. & Önal, Y. B. (2007). Finansal gelişme ve ekonomik büyüme arasındaki ilişkinin araştırılması. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 16(2), 311-326.
  • KÓNYA, L. (2006). Exports and growth: Granger causality analysis on OECD countries with a panel data approach. Economic Modelling, 23(6), 978-992.
  • LAZAROV, D. Miteva-Kacarski, E. & Nikoloski, K. (2016). An empirical analysis of stock market development and economic growth: the case of Macedonia. South East European Journal of Economics and Business, 11(2), 71-81.
  • LEVINE, R. (1997). Financial development and economic growth: views and agenda. Journal of economic literature, 35(2), 688-726.
  • LEVINE, R. & Zervos, S. (1998). Stock markets, banks, and economic growth. American Economic Review, 537-558.
  • N’ZUÉ, F. F. (2006). Stock market development and economic growth: evidence from Cote D’Ivoire. African Development Review, 18(1), 123-143.
  • NARAYAN, P. K. & Narayan, S. (2013). The short-run relationship between the financial system and economic growth: New evidence from regional panels. International Review of Financial Analysis, 29, 70-78.
  • NIRANJALA, S. A. U. (2015). Stock market development and economic growth in Sri Lanka. Global Journal of Management and Business Research, 15(8), 39-44.
  • NYASHA, S. & Odhiambo, N. M. (2017). Banks, stock market development and economic growth in Kenya: An empirical investigation. Journal of African Business, 18(1), 1-23.
  • PAN, L. & Mishra, V. (2018). Stock market development and economic growth: Empirical evidence from China. Economic Modelling, 68, 661-673.
  • PATRICK, H. T. (1966). Financial development and economic growth in underdeveloped countries. Economic development and Cultural Change, 14(2), 174-189.
  • PESARAN, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics No. 0435, University of Cambridge. June 2004.
  • SCHUMPETER, F. (1911). The Theory of Economic Development. Cambridge University Press, Harward.
Year 2018, Volume: 40 Issue: 1, 101 - 116, 27.06.2018
https://doi.org/10.14780/muiibd.434958

Abstract

References

  • ADJASI, C. K. & Biekpe, N. B. (2006). Stock market development and economic growth: The case of selected African countries. African Development Review, 18(1), 144-161.
  • ALI, A. S. (2015). Stock Market Development and Economic Growth: An Empirical Analysis Between Turkey and BRICS Countries. In Chaos, Complexity and Leadership 2013 (pp. 269-283). Springer, Cham.
  • ALTAY, B. & Topcu, M. (2017). Re-Examining the Impact of Financial System on Economic Growth: New Evidence From Heterogeneous Regional Panels. In Handbook of Research on Global Enterprise Operations and Opportunities (pp. 1-16). IGI Global.
  • APERGIS, N. Filippidis, I. & Economidou, C. (2007). Financial deepening and economic growth linkages: a panel data analysis. Review of World Economics, 143(1), 179-198.
  • BAGEHOT, W. (1873). Lombard Street: A description of the money market. Scribner, Armstrong & Company.
  • BOUBAKARI, A. & Jin D. (2010). The role of stock market development in economic growth: Evidence from some Euronext countries. International Journal of Financial Research, 1 (1), 14-20.
  • CAPORALE, G. M. Howells, P. G. & Soliman, A. M. (2004). Stock market development and economic growth: the causal linkage. Journal of Economic Development, 29(1), 33-50.
  • ÇETİNTAŞ, H. & Barışık, S. (2003). Türkiye’de bankalar, sermaye piyasası ve ekonomik büyüme: Koentegrasyon ve nedensellik analizi (1989-2000). İMKB Dergisi, 7(25-26), 1-16.
  • DÜNYA BANKASI (2017). Dünya Gelişim Göstergeleri Veritabanı, https://data.worldbank.org/datacatalog/world-development-indicators (Erişim Tarihi: 25.01.2018)
  • DÜNYA BANKASI (2017). Küresel Finansal Gelişme Veritabanı, https://data.worldbank.org/data-catalog/global-financial-development (Erişim Tarihi: 25.01.2018).
  • EMİRMAHMUTOĞLU, F., Köse, N. (2011). Testing for Granger causality in heterogeneous mixed panels. Economic Modelling, 28(3), 870-876.
  • ENISAN, A. A. & Olufisayo, A. O. (2009). Stock market development and economic growth: Evidence from seven sub-Sahara African countries. Journal of Economics and Business, 61(2), 162-171.
  • GEYİKÇİ, U. B. (2017). Türkiye’de hisse senedi piyasası ve ekonomik gelişme ilişkisinin ARDL sınır testi yaklaşımı ile analizi. İşletme Araştırmaları Dergisi, 9(3), 197-212.
  • GÖZBAŞI, O. (2015). Hisse senedi piyasası gelişimi ve ekonomik büyüme etkileşimi: Gelişmekte olan ülkeler örneği. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 10(2), 269-284.
  • HOQUE, M. E. & Yakob, N. A. (2017). Revisiting stock market development and economic growth nexus: The moderating role of foreign capital inflows and exchange rates. Cogent Economics & Finance, 5(1), 1-17.
  • KANDIR, S. Y. & İskenderoğlu, Ö. & Önal, Y. B. (2007). Finansal gelişme ve ekonomik büyüme arasındaki ilişkinin araştırılması. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 16(2), 311-326.
  • KÓNYA, L. (2006). Exports and growth: Granger causality analysis on OECD countries with a panel data approach. Economic Modelling, 23(6), 978-992.
  • LAZAROV, D. Miteva-Kacarski, E. & Nikoloski, K. (2016). An empirical analysis of stock market development and economic growth: the case of Macedonia. South East European Journal of Economics and Business, 11(2), 71-81.
  • LEVINE, R. (1997). Financial development and economic growth: views and agenda. Journal of economic literature, 35(2), 688-726.
  • LEVINE, R. & Zervos, S. (1998). Stock markets, banks, and economic growth. American Economic Review, 537-558.
  • N’ZUÉ, F. F. (2006). Stock market development and economic growth: evidence from Cote D’Ivoire. African Development Review, 18(1), 123-143.
  • NARAYAN, P. K. & Narayan, S. (2013). The short-run relationship between the financial system and economic growth: New evidence from regional panels. International Review of Financial Analysis, 29, 70-78.
  • NIRANJALA, S. A. U. (2015). Stock market development and economic growth in Sri Lanka. Global Journal of Management and Business Research, 15(8), 39-44.
  • NYASHA, S. & Odhiambo, N. M. (2017). Banks, stock market development and economic growth in Kenya: An empirical investigation. Journal of African Business, 18(1), 1-23.
  • PAN, L. & Mishra, V. (2018). Stock market development and economic growth: Empirical evidence from China. Economic Modelling, 68, 661-673.
  • PATRICK, H. T. (1966). Financial development and economic growth in underdeveloped countries. Economic development and Cultural Change, 14(2), 174-189.
  • PESARAN, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics No. 0435, University of Cambridge. June 2004.
  • SCHUMPETER, F. (1911). The Theory of Economic Development. Cambridge University Press, Harward.
There are 28 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Makaleler
Authors

Mert Topcu

Publication Date June 27, 2018
Submission Date April 1, 2018
Published in Issue Year 2018 Volume: 40 Issue: 1

Cite

APA Topcu, M. (2018). HİSSE SENEDİ PİYASASI GELİŞİMİ VE EKONOMİK BÜYÜME: GELİŞMEKTE OLAN PİYASALARA YENİ BİR BAKIŞ. Marmara Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 40(1), 101-116. https://doi.org/10.14780/muiibd.434958
AMA Topcu M. HİSSE SENEDİ PİYASASI GELİŞİMİ VE EKONOMİK BÜYÜME: GELİŞMEKTE OLAN PİYASALARA YENİ BİR BAKIŞ. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. June 2018;40(1):101-116. doi:10.14780/muiibd.434958
Chicago Topcu, Mert. “HİSSE SENEDİ PİYASASI GELİŞİMİ VE EKONOMİK BÜYÜME: GELİŞMEKTE OLAN PİYASALARA YENİ BİR BAKIŞ”. Marmara Üniversitesi İktisadi Ve İdari Bilimler Dergisi 40, no. 1 (June 2018): 101-16. https://doi.org/10.14780/muiibd.434958.
EndNote Topcu M (June 1, 2018) HİSSE SENEDİ PİYASASI GELİŞİMİ VE EKONOMİK BÜYÜME: GELİŞMEKTE OLAN PİYASALARA YENİ BİR BAKIŞ. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi 40 1 101–116.
IEEE M. Topcu, “HİSSE SENEDİ PİYASASI GELİŞİMİ VE EKONOMİK BÜYÜME: GELİŞMEKTE OLAN PİYASALARA YENİ BİR BAKIŞ”, Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, vol. 40, no. 1, pp. 101–116, 2018, doi: 10.14780/muiibd.434958.
ISNAD Topcu, Mert. “HİSSE SENEDİ PİYASASI GELİŞİMİ VE EKONOMİK BÜYÜME: GELİŞMEKTE OLAN PİYASALARA YENİ BİR BAKIŞ”. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi 40/1 (June 2018), 101-116. https://doi.org/10.14780/muiibd.434958.
JAMA Topcu M. HİSSE SENEDİ PİYASASI GELİŞİMİ VE EKONOMİK BÜYÜME: GELİŞMEKTE OLAN PİYASALARA YENİ BİR BAKIŞ. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. 2018;40:101–116.
MLA Topcu, Mert. “HİSSE SENEDİ PİYASASI GELİŞİMİ VE EKONOMİK BÜYÜME: GELİŞMEKTE OLAN PİYASALARA YENİ BİR BAKIŞ”. Marmara Üniversitesi İktisadi Ve İdari Bilimler Dergisi, vol. 40, no. 1, 2018, pp. 101-16, doi:10.14780/muiibd.434958.
Vancouver Topcu M. HİSSE SENEDİ PİYASASI GELİŞİMİ VE EKONOMİK BÜYÜME: GELİŞMEKTE OLAN PİYASALARA YENİ BİR BAKIŞ. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. 2018;40(1):101-16.

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