Cilt 12 Sayı 1 (2024): Business & Management Studies: An International Journal
Makaleler

Türkiye’deki hisse senedi piyasası gelişiminin ekonomik büyüme üzerindeki etkisi: ARDL analizi

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  • Emine Aybike Akkutay
Emine Aybike Akkutay
Dr. Lecturer, Ankara Hacı Bayram Veli University, Ankara, Türkiye
DOI: https://doi.org/10.15295/bmij.v12i1.2353

Yayınlanmış 2024-03-25

Anahtar Kelimeler

  • Ekonomik büyüme, Hisse senedi piyasası, Türkiye
  • Economic growth, Stock market, Turkey

Nasıl Atıf Yapılır

Akkutay, E. A. (2024). Türkiye’deki hisse senedi piyasası gelişiminin ekonomik büyüme üzerindeki etkisi: ARDL analizi. Business & Management Studies: An International Journal, 12(1), 148–160. https://doi.org/10.15295/bmij.v12i1.2353

Telif Hakkı (c) 2024 Emine Aybike Akkutay

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Özet

Finansal piyasaların uluslararasılaşmasıyla beraber hisse senedi piyasası önem kazanmış ve ekonomik büyüme üzerinde itici bir güç olarak görev aldığına dair genel bir kanı oluşmuştur. Ancak son dönemlerde yapılan bazı çalışmalarda ülkelerin gelişmişlik düzeylerine ve finansal alt yapılarına bağlı olarak bu etkinin farklılık gösterdiği sonucuna ulaşılmıştır. Ekonomik istikrarın sağlandığı ve güçlü finansal alt yapıya sahip ülkelerde hisse senedi piyasası ekonomik büyümeye katkı sağlarken makroekonomik istikrarsızlıkların ve belirsizliklerin olduğu bir ekonomide hisse senedi piyasasının ekonomik büyümeye katkısı bulunmamaktadır. Buradan hareketle bu çalışmada Türkiye'deki hisse senedi piyasası gelişiminin ekonomik büyüme üzerindeki etkileri 2006-2023 yılları arasında üçer aylık veriler kullanılarak otoregresif dağıtılmış gecikme (ARDL) yaklaşımıyla analiz edilmiştir. Elde edilen bulgulara göre Türkiye'deki hisse senedi piyasası gelişiminin uzun vadede ekonomik büyüme üzerinde negatif ama anlamlı bir etkisinin olmadığı; kısa vadede ise negatif ve anlamlı bir etkisi olduğu tespit edilmiştir. Sonuçlar Türkiye’de hisse senedi piyasasının ekonomik büyüme üzerinde pozitif bir etkiye sahip olabilmesi için finansal alt yapının güçlendirilmesi gerektiğini ortaya koymaktadır.

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