AN EXAMINATION ON MACROECONOMIC AND INSTITUTIONAL DETERMINANTS OF STOCK MARKET DEVELOPMENT: PANEL DATA ANALYSIS
In recent years, studies relating to the imposition of the factors that determine financial development increased rapidly attract attention. However, the literature on the factors that determine the development of emerging economies stock market appears to be a small number of theoretical and empiri...
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| Autores principales: | , , |
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| Formato: | article |
| Lenguaje: | DE EN FR TR |
| Publicado: |
Fırat University
2019
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| Materias: | |
| Acceso en línea: | https://doaj.org/article/348893bd4ad34838b0427c8960dc61e5 |
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| Sumario: | In recent years, studies relating to the imposition of the factors that determine financial development increased rapidly attract attention. However, the literature on the factors that determine the development of emerging economies stock market appears to be a small number of theoretical and empirical studies. From this point, in this study, macroeconomic and institutional factors that affect the development of the stock market is investigated in developing countries, the period of 2000-2011 using yearly panel data for 39 developing countries. In this study, three different models were used. The results of study achieved are supporting a relationship between the quality of governance in countries and the development of the stock market, indicate that there isn’t a relationship between the level of political freedom and the development of the stock market. The findings obtained in terms of macroeconomic variables in the model, all three findings overlap with each other. Findings of macroeconomic variables, shows that except the gross national savings other variables under consideration effect the development of the stock market. According to the results, there is a the same way relationship between stock market development and Gross Domestic Product, private sector loans, foreign direct investment banks. These factors will have a positive effect on increase in stock markets development. Finally, an inverse relationship between the stock markets development and inflation rate is examined. This finding shows that a rise in the inflation rate affects negatively stock market development. |
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