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The Effect of Institutional Quality and Macroeconomic Indicators on Financial Markets: A Research on the Emerging Markets

Author

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  • Esra KARPUZ
  • Nasýf OZKAN

Abstract

This study aims to determine the institutional and macroeconomic factors affecting the development of the stock markets included in the Morgan Stanley Capital International Emerging Markets Index (MSCIEF) for 2002 to 2017. In this context, the data of 25 emerging markets are analyzed with panel data models in the study. According to the findings, political stability and the absence of violence and voice and accountability variables have positive effects on the development of those stock markets. Likewise, among macroeconomic variables, the annual gross domestic product (GDP) growth rate, domestic credits to the private sector, and domestic savings affect the development of those stock markets positively.

Suggested Citation

  • Esra KARPUZ & Nasýf OZKAN, 2021. "The Effect of Institutional Quality and Macroeconomic Indicators on Financial Markets: A Research on the Emerging Markets," Journal of BRSA Banking and Financial Markets, Banking Regulation and Supervision Agency, vol. 15(1), pages 147-173.
    • Handle: RePEc:bdd:journl:v:15:y:2021:i:1:p:147-173
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    More about this item

    Keywords

    Stock markets; Financial Development; Emerging Countries;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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