Stock Market and Investment in Turkey: Evidence from Cointegration and Causality Tests

Mete Feridun, Bansi Sawhney and Abdul Jalil

Economic Research-Ekonomska Istraživanja, 2009, vol. 22, issue 4, 17-29

Abstract: The objective of this paper is to investigate the causal effect of business investments on stock returns in Turkey for the period following the liberalization of capital flows (1987:01-2006:03). According to results of the cointegration tests and error correction model (ECM) causality is found to run from stock returns to business investments and not vice versa.

Date: 2009
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DOI: 10.1080/1331677X.2009.11517388

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