Securities markets are an important function of economic growth as they increase savings and create capital for effective investments. In this study, the effect of securities market development on economic growth is analyzed with the data of 11 developed and 10 developing countries. In the study covering the period 1999-2019, the development of the securities market is examined by the variable of market capitalization, turnover rate and economic growth is examined by the variable of gross domestic product. According to the results of the cointegration analysis, it has been determined that there is a long-term relationship between the development of the securities market and economic growth, and there is a double-sided causality from economic growth to market capitalization and turnover rate in different country groups. According to the regression analysis results, it is possible to say that market capitalization and turnover rate positively affect the gross domestic product.
Stock Market Economic Growth Сointegration Causality analysis
Securities markets are an important function of economic growth as they increase savings and create capital for effective investments. In this study, the effect of securities market development on economic growth is analyzed with the data of 11 developed and 10 developing countries. In the study covering the period 1999-2019, the development of the securities market is examined by the variable of market capitalization, turnover rate and economic growth is examined by the variable of gross domestic product. According to the results of the cointegration analysis, it has been determined that there is a long-term relationship between the development of the securities market and economic growth, and there is a double-sided causality from economic growth to market capitalization and turnover rate in different country groups. According to the regression analysis results, it is possible to say that market capitalization and turnover rate positively affect the gross domestic product.
Stock Market Economic Growth Сointegration Causality analysis
Благодаря увеличению сбережений и привлечению капитала для эффективных инвестиций, рынки ценных бумаг выполняют важную функцию для ускорения экономического роста. В данном исследовании влияние развития рынка ценных бумаг на экономический рост было изучено с использованием данных 11 развитых и 10 развивающихся стран. В этой научной работе, охватывающей период 1999-2019 гг., развитие рынков ценных бумаг исследуется с помощью переменных рыночной капитализации и скорости оборота, а экономический рост исследуется с помощью валового внутреннего продукта. На основании результатов панельного анализа коинтеграции сделан вывод о существовании долгосрочной взаимосвязи между развитием рынка ценных бумаг и экономическим ростом, а двусторонняя причинно-следственная связь была выявлена в разных группах стран от экономического роста до рыночной капитализации и скорости оборота. Согласно результатам панельного регрессионного анализа, можно говорить о положительном влиянии рыночной капитализации и оборачиваемости на валовой внутренний продукт.
фондовый рынок экономический рост коинтеграция причинно-следственные связи
Birincil Dil | Rusça |
---|---|
Konular | Ekonomi |
Bölüm | Araştırma Makalesi |
Yazarlar | |
Yayımlanma Tarihi | 27 Ekim 2021 |
Gönderilme Tarihi | 10 Temmuz 2021 |
Yayımlandığı Sayı | Yıl 2021 Sayı: 91 |