On the Relationship Between Stock Prices and Macroeconomic Variables in Istanbul Stock Exchange

M. Banu Durukan

Istanbul Stock Exchange Review, 1999, vol. 3, issue 11, 21-50

Abstract: Even though numerous studies have been conducted to shed light on the relationship between stock prices and macroeconomic variables, there still remains unsettled controversy concerning this issue. Consequently, this paper aims to deal with this outstanding issue by actually investigating the effect of macroeconomic variables on stock prices in Istanbul Stock Exchange, an emerging market, over the time period from 1986 to 1998 by utilizing the Ordinary Least Squares (OLS) method. The empirical results of the present study indicated that interest rate and economic activity variables were sufficiently adequate to explain the variations in both Turkish Lira (TL) and U.S. Dollar (US $) based indexes.

Date: 1999
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