The Relation between Stock Market Liquidity and Economic Growth: Example of Borsa İstanbul

Yıl 2019, Cilt: 16 Sayı: 2, 576 - 591, 25.10.2019

Özlem Öztürk Çetanak , Özkan Haykır

https://doi.org/10.33437/ksusbd.552463

Öz

There is a vast literature on the link between financial development and economic growth. Studies are generally focused on the effect of the developments in money and credit on economic growth. However, the financial institutions and the instruments operating in the financial markets are quite diverse. Especially, the stock markets are an essential pillar of the financial markets. The efficient stock markets help to spread the capital to the base as well as allow the investor to diversify the risk. Moreover, the stock markets provide solutions to the financial problems faced by firms in new investment or expansion at low cost. Market size and market capitalization variables are generally used in the measurement of the stock market efficiency. However, in recent years, market liquidity is considered as one of the best proxies of the efficiency of the stock market. In this study, it was investigated whether there is a relationship between stock market liquidity as an indicator of financial development and economic growth. For this purpose, we implement the Granger causality test to the period between 1995: Q1 – 2018: Q1 using BIST-100 index liquidity and growth rate for Turkey. As a result, it was shown that the increase in stock liquidity had a positive impact on economic growth, but economic growth had no significant effect on the liquidity of the stock market.

Anahtar Kelimeler

Financial Development, Economic Growth, Liquidity, Borsa Istanbul

Borsa Likiditesi ile Ekonomik Büyüme Arasındaki İlişki: Borsa İstanbul Örneği

Öz

Finansal gelişme ve ekonomik büyüme arasındaki
ilişkiyi araştıran oldukça geniş bir literatür vardır. Çalışmalar genellikle
yaygın olarak bilinen para ve kredi ile ilgili büyüklüklerde yaşanan
gelişmelerin ekonomik büyüme üzerindeki etkisine odaklanmıştır. Ancak finansal
piyasalarda faaliyet gösteren kurumlar ve işlem gören araçlar oldukça
çeşitlidir. Özellikle borsalar finansal piyasaların önemli bir ayağıdır. Etkin
çalışan borsalar sermayenin tabana yayılmasına hizmet edip, aynı zamanda
tasarruf sahiplerine riski çeşitlendirme imkanı sağlar. Buna ek olarak borsalar,
firmaların yeni yatırım ya da genişleme yolunda karşılaştıkları finansman
sorunlarına düşük maliyetlerle çözüm getirirler. Borsanın etkinliğinin
ölçümünde genellikle piyasa büyüklüğü ve piyasa kapitalizasyonu değişkenleri
kullanılmaktadır. Ancak son yıllarda piyasa likiditesi de en iyi ölçüm
araçlarından biri olarak kabul edilmektedir. Bu çalışmada finansal gelişmenin
bir göstergesi olan borsa likiditesi ile ekonomik büyüme arasında bir
nedensellik ilişkisinin olup olmadığı araştırılmıştır. Bu amaçla çalışmada
Türkiye için 1995:Q1 – 2018:Q1 dönemi için BIST-100 endeksinin likiditesi ve
büyüme oranı değişkenleri kullanılarak Granger nedensellik testi uygulanmıştır.
Yapılan testlerde, borsa likiditesindeki artışın ekonomik büyümeyi pozitif
etkilediği, ancak ekonomik büyümenin borsa likiditesi üzerinde anlamlı bir
etkisinin olmadığı sonucuna ulaşılmıştır.

Anahtar Kelimeler

Finansal Gelişme, Ekonomik Büyüme, Likidite, Borsa İstanbul

Kaynakça

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