Yıl 2021, Cilt 3 , Sayı 1, Sayfalar 1 - 9 2021-01-25

The Effect of Key Macroeconomic Variables on Market Capitalization in Selected Emerging Markets: Post 2007-08 Crisis Era
The Effect of Key Macroeconomic Variables on Market Capitalization in Selected Emerging Markets: Post 2007-08 Crisis Era

Çağlar KARADUMAN [1]


Stock market developments are of high importance both for developed and developing countries. Determinants of stock market development are studied under two main approaches in the literature in terms of macroeconomics: institutional structure and key macroeconomic variables. While the studies regarding the first provided rather consistent results, the studies regarding the second have not come to a well-accepted consensus, at least for the majority of the key macroeconomic variables. This study aims to find out post-crisis determinants of stock market development in 2009-2017 for selected 31 emerging markets, using generalized method of moments (GMM) technique in two separate models. The estimation results show that for the countries in hand and for the period specified, the level of openness and the exchange rate have been the key macroeconomic determinants of market capitalization.

Stock market developments are of high importance both for developed and developing countries. Determinants of stock market development are studied under two main approaches in the literature in terms of macroeconomics: institutional structure and key macroeconomic variables. While the studies regarding the first provided rather consistent results, the studies regarding the second have not come to a well-accepted consensus, at least for the majority of the key macroeconomic variables. This study aims to find out post-crisis determinants of stock market development in 2009-2017 for selected 31 emerging markets, using generalized method of moments (GMM) technique in two separate models. The estimation results show that for the countries in hand and for the period specified, the level of openness and the exchange rate have been the key macroeconomic determinants of market capitalization.
stock market, emerging markets, gmm
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Birincil Dil en
Konular İktisat
Bölüm Research Articles
Yazarlar

Orcid: 0000-0002-4956-6684
Yazar: Çağlar KARADUMAN (Sorumlu Yazar)
Kurum: ANADOLU UNIVERSITY, FACULTY OF ECONOMICS
Ülke: Turkey


Tarihler

Yayımlanma Tarihi : 25 Ocak 2021

Bibtex @araştırma makalesi { bilturk768362, journal = {BİLTÜRK Journal of Economics and Related Studies}, issn = {}, eissn = {2667-5927}, address = {http://dergipark.gov.tr}, publisher = {Fatih DEYNELİ}, year = {2021}, volume = {3}, pages = {1 - 9}, doi = {10.47103/bilturk.768362}, title = {The Effect of Key Macroeconomic Variables on Market Capitalization in Selected Emerging Markets: Post 2007-08 Crisis Era}, key = {cite}, author = {Karaduman, Çağlar} }
APA Karaduman, Ç . (2021). The Effect of Key Macroeconomic Variables on Market Capitalization in Selected Emerging Markets: Post 2007-08 Crisis Era . BİLTÜRK Journal of Economics and Related Studies , 3 (1) , 1-9 . DOI: 10.47103/bilturk.768362
MLA Karaduman, Ç . "The Effect of Key Macroeconomic Variables on Market Capitalization in Selected Emerging Markets: Post 2007-08 Crisis Era" . BİLTÜRK Journal of Economics and Related Studies 3 (2021 ): 1-9 <https://dergipark.org.tr/tr/pub/bilturk/issue/59981/768362>
Chicago Karaduman, Ç . "The Effect of Key Macroeconomic Variables on Market Capitalization in Selected Emerging Markets: Post 2007-08 Crisis Era". BİLTÜRK Journal of Economics and Related Studies 3 (2021 ): 1-9
RIS TY - JOUR T1 - The Effect of Key Macroeconomic Variables on Market Capitalization in Selected Emerging Markets: Post 2007-08 Crisis Era AU - Çağlar Karaduman Y1 - 2021 PY - 2021 N1 - doi: 10.47103/bilturk.768362 DO - 10.47103/bilturk.768362 T2 - BİLTÜRK Journal of Economics and Related Studies JF - Journal JO - JOR SP - 1 EP - 9 VL - 3 IS - 1 SN - -2667-5927 M3 - doi: 10.47103/bilturk.768362 UR - https://doi.org/10.47103/bilturk.768362 Y2 - 2020 ER -
EndNote %0 BİLTÜRK Ekonomi ve İlişkili Çalışmalar Dergisi The Effect of Key Macroeconomic Variables on Market Capitalization in Selected Emerging Markets: Post 2007-08 Crisis Era %A Çağlar Karaduman %T The Effect of Key Macroeconomic Variables on Market Capitalization in Selected Emerging Markets: Post 2007-08 Crisis Era %D 2021 %J BİLTÜRK Journal of Economics and Related Studies %P -2667-5927 %V 3 %N 1 %R doi: 10.47103/bilturk.768362 %U 10.47103/bilturk.768362
ISNAD Karaduman, Çağlar . "The Effect of Key Macroeconomic Variables on Market Capitalization in Selected Emerging Markets: Post 2007-08 Crisis Era". BİLTÜRK Journal of Economics and Related Studies 3 / 1 (Ocak 2021): 1-9 . https://doi.org/10.47103/bilturk.768362
AMA Karaduman Ç . The Effect of Key Macroeconomic Variables on Market Capitalization in Selected Emerging Markets: Post 2007-08 Crisis Era. BILTURK. 2021; 3(1): 1-9.
Vancouver Karaduman Ç . The Effect of Key Macroeconomic Variables on Market Capitalization in Selected Emerging Markets: Post 2007-08 Crisis Era. BİLTÜRK Journal of Economics and Related Studies. 2021; 3(1): 1-9.
IEEE Ç. Karaduman , "The Effect of Key Macroeconomic Variables on Market Capitalization in Selected Emerging Markets: Post 2007-08 Crisis Era", BİLTÜRK Journal of Economics and Related Studies, c. 3, sayı. 1, ss. 1-9, Oca. 2021, doi:10.47103/bilturk.768362