Real Macroeconomic Variables and Stock Prices: Evidence from Turkey

H Aydin Okuyan

Asian Journal of Empirical Research, 2013, vol. 3, issue 6, 654-662

Abstract: This paper investigates the relationship between reel macroeconomic variables and stock prices in Turkey. Consumption expenditures, industrial production index, employment level and fixed investments are used as indicators of real economic activity and consumption price index as an indicator of inflation. The ARDL bounds testing is applied to the long-run relationship between the variables. Our empirical evidence reveals the validation of Proxy hypothesis in case of Turkey.

Keywords: Proxy hypothesis; Stock prices; Real macroeconomic variables; Turkey (search for similar items in EconPapers)
Date: 2013
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