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

Esra Karpuz and Nasýf Ozkan

Journal of BRSA Banking and Financial Markets, 2021, vol. 15, issue 1, 147-173

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.

Keywords: Stock markets; Financial Development; Emerging Countries (search for similar items in EconPapers)
JEL-codes: E02 E44 G10 G30 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:bdd:journl:v:15:y:2021:i:1:p:147-173

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