Fiscal And Monetary Policies Effect on Borsa Istanbul (BIST) Performance

Tuba Gülcemal

doi:10.47129/bartiniibf.1003836

Fiscal And Monetary Policies Effect on Borsa Istanbul (BIST) Performance

Abstract

Our paper examines the impacts of monetary and fiscal policies on Borsa Istanbul (BIST) performance in Turkey. In the established model, government expenditures, tax revenue, budget deficit, money supply (M2), interest rate, gdp growth rate included as independent variables and BIST stock market capitalisation as dependent variable for last 25 years (1995 to 2020). Firstly, Augmented Dickey - Fuller (ADF) and Philips Perron (PP) unit root tests have been performed to the series for stationarity. To confirm long run relationship, Autoregressive Distributed Lag (ARDL) cointegration technique has been applied. Subsequently, error correction method has been used for analyzing short run relationship between series and causality relationship has been tested by granger casuality test. The test results, indicate the existence of long run relationship between both policies and stock market performance, while short run relationship exists only between budget deficit and gdp growth rate variables on stock market performance respectively positive and negative impact. The results also pointed out there is a bidirectional causality relationship between budget deficit and stock market performance. GDP growth also is the cause of stock market performance.

Keywords

References

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Details

Primary Language

Turkish

Subjects

Finance

Journal Section

Research Article

Authors

Tuba Gülcemal ^*
0000-0003-4806-8568
Türkiye

Publication Date

November 30, 2021

Submission Date

October 2, 2021

Acceptance Date

October 28, 2021

Published in Issue

Year 2021 Volume: 12 Number: 24

DOI

https://doi.org/10.47129/bartiniibf.1003836

IZ

https://izlik.org/JA23KR79FU

Cite

RIS / Bibtex

APA

Gülcemal, T. (2021). Fiscal And Monetary Policies Effect on Borsa Istanbul (BIST) Performance. Bartın Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 12(24), 357-375. https://doi.org/10.47129/bartiniibf.1003836

AMA

1.Gülcemal T. Fiscal And Monetary Policies Effect on Borsa Istanbul (BIST) Performance. Bartın Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2021;12(24):357-375. doi:10.47129/bartiniibf.1003836

Chicago

Gülcemal, Tuba. 2021. “Fiscal And Monetary Policies Effect on Borsa Istanbul (BIST) Performance”. Bartın Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 12 (24): 357-75. https://doi.org/10.47129/bartiniibf.1003836.

EndNote

Gülcemal T (November 1, 2021) Fiscal And Monetary Policies Effect on Borsa Istanbul (BIST) Performance. Bartın Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 12 24 357–375.

IEEE

[1]T. Gülcemal, “Fiscal And Monetary Policies Effect on Borsa Istanbul (BIST) Performance”, Bartın Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol. 12, no. 24, pp. 357–375, Nov. 2021, doi: 10.47129/bartiniibf.1003836.

ISNAD

Gülcemal, Tuba. “Fiscal And Monetary Policies Effect on Borsa Istanbul (BIST) Performance”. Bartın Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 12/24 (November 1, 2021): 357-375. https://doi.org/10.47129/bartiniibf.1003836.

JAMA

1.Gülcemal T. Fiscal And Monetary Policies Effect on Borsa Istanbul (BIST) Performance. Bartın Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2021;12:357–375.

MLA

Gülcemal, Tuba. “Fiscal And Monetary Policies Effect on Borsa Istanbul (BIST) Performance”. Bartın Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, vol. 12, no. 24, Nov. 2021, pp. 357-75, doi:10.47129/bartiniibf.1003836.

Vancouver

1.Tuba Gülcemal. Fiscal And Monetary Policies Effect on Borsa Istanbul (BIST) Performance. Bartın Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2021 Nov. 1;12(24):357-75. doi:10.47129/bartiniibf.1003836

Cited By

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İzmir İktisat Dergisi

https://doi.org/10.24988/ije.1473891