Yatırımcı duyarlılığı, piyasa likiditesi ve ekonomik büyüme arasındaki ilişki: Türkiye uygulaması

Çalışmada 1988-2012 yılları arasında Türkiyede yatırımcı duyarlılığı, ekonomik büyüme ve piyasa likiditesi arasındaki ilişki VAR ve Granger Nedensellik testi ile analiz edilmiştir. Analiz sonucunda yatırımcı duyarlılığından ekonomik büyümeye doğru bir ilişki tespit edilirken, piyasa likiditesi arasında karşılıklı bir ilişki olduğu görülmüştür. Buna gore yatırımcıların rasyonel olmayan tutumları ekonomik büyüme ve piyasa likiditesinin belirleyicisi olup, bu sonuç yatırımcılar ve piyasa yapıcıları açısından önemlidir.

The relationship between investor sentiment, economic growth and market liquidity: Empirical evidence from Turkey

In this study, we test the existence of relationship between investor sentiment, economic growth and market liquidity in Turkey by using Vector Autoregression Model (VAR) and Granger Causality Test, for the period 1988-2012. In conclusion, we confirm that there is a causality relationship running from investor sentiment and economic growth. Also investor sentiment and market liquidity relation is confirmed bilaterally. The paper is important for investors and market makers in terms of investors' non-rational attitudes as a determinant of economic growth and market liquidity

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