Hisse Senedi Piyasası Gelişimi Ekonomik Büyüme Sürecinde Bir Rol Oynar mı? BRICS-T Ülkeleri Örneği

Hisse senedi piyasası ve reel sektör arasındaki etkileşimin incelenmesi, finansal piyasaların çeşitli kanallar yoluyla ekonomik büyümeye itici güç kazandırması açısından kritik bir konu olmaktadır. Küreselleşme, bölgesel entegrasyonların artışı ve finansal hareketlerin serbestleşmesinin ardından, finansal piyasalar ile ekonomik büyüme ilişkisi dikkatleri üzerine çekmiş ve bu iki büyüklük arasındaki ilişkiye dair araştırmalar özellikle son yıllarda oldukça yoğunlaşmıştır. Hisse senedi piyasalarını da içerenfinansal piyasalarda serbestleşmehareketleri, fon kaynağı yaratma açısından ülke ekonomileriniolumlu etkileyebilmekle birlikte; aynı zamanda ülke dışındaki finansal krizlere açıklık oluşturabilmesi nedeniyle olumsuz etkileme potansiyelini de barındıran önemli bir konu olarak karşımıza çıkmaktadır. Bu çalışmada BRICS-T ülkeleri için 1995-2017 dönemlerinde, ekonomik büyüme ile hisse senedi piyasasınıngelişmesi arasındaki ilişki incelenmektedir. İlişkinin incelenmesi için panel veri analizyöntemlerinden ilk olarak yatay kesit bağımlılığı ve homojenlik testleri uygulanmış olup, bu testlerin sonucuna uygun olarak birim kök ve eş bütünleşme testi yapılmıştır. Son olarak etkinin uzun dönem katsayı tahmini için Ortak İlişkili Etkiler (Common Correlated Effects (CCE)) ve Genişletilmiş Ortalama Grup (Augmented Mean Group (AMG)) eşbütünleşme tahmincileri kullanılmıştır. Çalışmada elde edilen bulgulara göreise, hisse senedi piyasası gelişiminin ekonomik büyümeye etkisi ülke dinamiklerine göre farklılıklar gösterdiği tespit edilmiş olup; Brezilya, Rusya ve Çin’de pozitif yönlü ilişkinin varlığınıgösterirken Türkiye ve Güney Afrika Cumhuriyetindenegatif, Hindistan’da da istatistiksel olarak anlamlı bir ilişkinin söz konusu olmadığı sonuçlarınaulaşılmıştır.

Does Stock Market Development Play a Role in the Economic Growth Process? Case of BRICS-T Countries

Examining the interaction between the stock market and the real sector is a critical issue in terms of providing financial markets the driving force in economic growth through various channels. In the process following the increase of regional integrations on a global scale and then the liberalization of financial movements, the relationship between financial markets and economic growth has attracted attention, and research on the relationship between these two sizes has intensified, especially in recent years. While the liberalization movements in the financial markets which also include stock markets, may positively affect the economies of the country in terms of creating funds; at the same time, it may have the potential to affect negatively, as it may open up financial crises outside the country. For this purpose, the study examines the existence of the relationship between economic growth and the improving of the stock market for the BRICS-T countries in the period 1995-2017. In order to examine the relations, first of all, cross-section dependence and homogeneity tests were applied. Unit root and cointegration tests which are in accordance with the results of these tests, were conducted. Finally, Common Correlated Effects (CCE) and Extended Average Group (Augmented Mean Group (AMG)) cointegration estimators were used to estimate the impact's long-term coefficient. According to the findings obtained in the study, the effect of stock market development on economic growth may differ according to the specific dynamics of the countries concerned. So as a result, positively related in Brazil, Russia and China, Turkey and South Africa in a negative related, and points out that there is no statistically significant relationship in India.

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Turkish Studies - Economics, Finance, Politics-Cover

ISSN: 2667-5625
Yayın Aralığı: Yılda 4 Sayı
Başlangıç: 2006
Yayıncı: ASOS Eğitim Bilişim Danışmanlık Otomasyon Yayıncılık Reklam Sanayi ve Ticaret LTD ŞTİ