THE EFFECT OF ECONOMIC AND FINANCIAL COUNTRY RISKS ON STOCK PRICES VOLATILITY

Abstract

Stock prices which are quoted on stock exchanges may show volatility for many reasons including economic, financial, political and social reasons. The volatility in share prices indicates that there are risks related with shares. These volatilities in share markets are closely related to stock investors, capital mobility between the markets, policy makers and who want to improve their capital markets. In this study, 38 country samples were investigated between the period of 1999-2016, which economic and financial country risk factors affecting the stock price volatilities. According to the results of the panel data analysis, it was seen that financial risk factors consisting of debt service / export, exchange rate stability and external debt / GDP variables and economic risk factors consisting of inflation and economic growth increased the volatility of share prices.

Keywords

• Volatility
• Shares
• Economics and Financial Risks

EKONOMİK VE FİNANSAL ÜLKE RİSKLERİNİN PAY FİYATLARI OYNAKLIĞINA ETKİSİ

Abstract

Borsalarda işlem gören pay senetleri, fiyatları ekonomik, finansal, politik, sosyal olmak üzere birçok nedenden dolayı oynaklıklar gösterebilmektedir. Pay fiyatlarında görülen oynaklıklar, paylarla ilgili risklerin var olduğunu göstermektedir. Pay piyasalarında meydana gelen bu oynaklıklar, pay senetleri yatırımcılarını, piyasalar arasındaki sermaye hareketliliğini, ulusal piyasalarını canlandırmak isteyen ekonomi yönetimlerini ve politika geliştiricileri yakından ilgilendirmektedir. Bu çalışmada, 1999-2016 dönemi ve 38 ülke örnekleminde pay senetleri fiyat oynaklıklarını etkileyen ekonomik ve finansal ülke risk faktörleri araştırılmıştır. Panel veri analizi yapılan çalışma sonuçlarına göre, borç servisi/ihracat, döviz kuru istikrarı ve dış borç/GSYİH değişkenlerinden oluşan finansal risk faktörleri ile enflasyon ve ekonomik büyümeden oluşan ekonomik risk faktörlerinin, pay fiyatları oynaklıklarını artırdığı görülmüştür.

Keywords

• Oynaklık
• Pay Senetleri
• Ekonomik ve Finansal Riskler

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