TY  - JOUR
T1  - The Causal Relationship between Economic Policy Uncertainty and Stock Market Returns
TT  - Ekonomik Politika Belirsizliği İle Borsa Getirileri Arasındaki Nedensellik İlişkisi
AU  - Karacaer Ulusoy, Merve
AU  - Pirgaip, Burak
PY  - 2019
DA  - December
JF  - Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi
JO  - ATASOBED
PB  - Ataturk University
WT  - DergiPark
SN  - 1304-4990
SP  - 2239
EP  - 2251
VL  - 23
IS  - 4
LA  - en
AB  - Given the substantially increasedrole of financial markets in the global economy, there is a various empiricalevidence regarding how stock prices respond to changes in economic policyuncertainty (EPU). This study contributes to the literature by employing abootstrap panel Granger causality approach on the relationship between EPU andstock market returns. The results, provide insight into the fact that it mayindeed be the stock market that plays the triggering role in the context ofemerging markets and for majority of developed markets there is no causalrelationship between EPU and stock market returns.
KW  - Economic policy uncertainty
KW  - stock market returns
KW  - Panel Granger causality
KW  - emerging markets
KW  - developed markets
N2  - Finansal piyasaların küreselekonomideki önemli ölçüde artan rolü göz önüne alındığında, hisse senedifiyatlarının ekonomik politika belirsizliğindeki (EPB) değişimlere nasıl tepkiverdiğiyle ilgili çeşitli ampirik çalışmalar bulunmaktadır. Bu çalışma EPB veborsa getirileri arasındaki ilişkiyi ölçmek için bootstrap panel Grangernedensellik yaklaşımı kullanarak literature katkıda bulunmaktadır. Sonuçlar,gelişmekte olan piyasalar bağlamında tetikleyici rolü borsaların belirlediğini,gelişmiş piyasaların çoğunda ise EPB ile borsa getirileri arasında herhangi birnedensellik ilişkisi olmadığını ortaya koymuştur.
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UR  - https://dergipark.org.tr/en/pub/ataunisosbil/issue//626812
L1  - https://dergipark.org.tr/en/download/article-file/932826
ER  -