Kurumsal Kalitenin ve Makroekonomik Göstergelerin Finansal Piyasalara Etkisi: Gelişmekte Olan Piyasalar Üzerine Bir Araştırma

Bu çalışma, 2002-2017 yılları arasında Morgan Stanley Capital International Geliş- mekte Olan Piyasalar Endeksi’nde (MSCIEF) yer alan borsaların gelişimini etkileyen ku- rumsal ve makroekonomik faktörleri saptamayı amaçlamaktadır. Bu bağlamda çalışma- da, 25 gelişmekte olan piyasanın verileri panel veri modelleriyle analiz edilmektedir. Elde edilen bulgulara göre, kurumsal kalite değişkenlerinden politik istikrar ve şiddetsizlik ile ifade özgürlüğü ve hesap verilebilirlik değişkenlerinin, pay piyasalarının gelişimi üzerinde- ki etkisi pozitiftir. Benzer şekilde, makroekonomik değişkenlerden gayrisafi yurtiçi hasıla (GSYH) yıllık büyüme oranı, özel sektöre verilen yurtiçi krediler ve yurtiçi tasarruflar da pay piyasalarının gelişimini pozitif etkilemektedir.

The Effect of Institutional Quality and Macroeconomic Indicators on Financial Markets: A Research on the Emerging Markets

This study aims to determine the institutional and macroeconomic factors affecting the development of the stock markets included in the Morgan Stanley Capital Interna- tional Emerging Markets Index (MSCIEF) for 2002 to 2017. In this context, the data of 25 emerging markets are analyzed with panel data models in the study. According to the findings, political stability and the absence of violence and voice and accountability variables have positive effects on the development of those stock markets. Likewise, among macroeconomic variables, the annual gross domestic product (GDP) growth rate, domestic credits to the private sector, and domestic savings affect the develop- ment of those stock markets positively.

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