Finansal Geli?me ve Finansal Küreselle?menin Finansal Piyasalara Etkileri: Türkiye Örne?i

Özet

Hisse senedi fiyatlar? üzerinde çok say?da faktör etkili olmaktad?r. S?n?rlar?n ortadan kalkt??? ve ekonomilerin iç içe geçti?i küreselle?en sermaye piyasalar? ça??nda, kalk?nma ve küreselle?me, hisse senedi fiyatlar?n?n ve finansal getirilerin ?ekillenmesinde önemli unsurlar olarak ortaya ç?km??t?r. 1980 y?l?nda Türkiye'de al?nan kararla ithal ikamesine yönelik politikalardan vazgeçilerek liberalle?me ve küreselle?me çabalar?na öncelik verilmesi bu ba?lamda Türkiye'deki sermaye piyasas? getirilerinin özellikle kalk?nma ve küreselle?me ba?lam?nda incelenmesi önemli bir giri?imdir. Bu çal??mada, 1997-2021 dönemini kapsayan kapsaml? bir ekonometrik analiz ile ?MKB Tüm Hisseler Kapan?? Fiyatlar?, Finansal Geli?mi?lik Endeksi ve Finansal Küreselle?me Endeksi aras?ndaki ili?ki incelenmi?tir. Çal??mada, birinci farklar?nda dura?an hale gelen de?i?kenler aras?ndaki uzun dönemli ili?kiyi de?erlendiren bir metodoloji olan Johansen E?bütünle?me Testi kullan?lm?? ve ara?t?rma hipotezi “Türkiye'de hisse senedi fiyatlar? küreselle?me ve kalk?nmadan etkilenmektedir” ?eklinde olu?turulmu?tur. Bu çal??man?n bulgular?, ba??ml? de?i?ken olan ?MKB Tüm Hisse Senetleri Kapan?? Fiyatlar? ile ba??ms?z de?i?kenler olan Finansal Küreselle?me ve Finansal Geli?me Endeksleri aras?nda bir e?bütünle?me ili?kisi olmad???n? ortaya koymu?tur. Bununla birlikte, Finansal Geli?me Endeksi ve ?MKB Tüm Hisse Senetleri Kapan?? Fiyatlar?ndan Finansal Küreselle?me Endeksine do?ru uzun dönemli bir nedensellik tespit edilmi?tir.

Effects of Financial Development and Financial Globalization on Stock Market Prices: The Case of Türkiye

Abstract

A multitude of factors exert influence on stock prices. In this era of globalized capital markets, characterized by the absence of borders and the interpenetration of economies, development and globalization have emerged as pivotal elements in shaping stock prices and financial returns. Noteworthy is the decision made in 1980 in Turkey, wherein policies aimed at import substitution were relinquished, and efforts toward liberalization and globalization were prioritized. In this context, a crucial undertaking entails the examination of capital market returns within Turkey, particularly in the context of development and globalization. This study utilizes a comprehensive econometric analysis, encompassing the period from 1997 to 2021, in order to examine the relationship between the ISE All Shares Closing Prices, Financial Development Index, and Financial Globalization Index. The study employs the Johansen Cointegration Test, a methodology that assesses the long-term relationship between variables that become stationary at the first difference. The research hypothesis posits that stock prices in Türkiye are influenced by globalization and development. The findings of this study did not reveal a cointegration relationship between the dependent variable, ISE All Shares Closing Prices, and the independent variables, Financial Globalization and Financial Development Indices. However, a long-term causality was identified from the Financial Development Index and ISE All Shares Closing Prices to the Financial Globalization Index.

Research assistant Ferhat Kaya (Istanbul Beykent University, Istanbul, Türkiye)
0000-0001-5029-6514  ferhatkaya@beykent.edu.tr

Submitted on: 2024-11-12 Accepted on: 2024-12-29

Year:2025 - Volume:4 Issue:1 Pages: 38-43

DOI: https://doi.org/10.36880/J04.1.0135

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APA style citation: Kaya, F. (2025). Finansal Geli?me ve Finansal Küreselle?menin Finansal Piyasalara Etkileri: Türkiye Örne?i. Avrasya Ekonomileri Dergisi, 4(1), 38-43.

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