Bank stock returns and macroeconomic variables: Empirical evidence from selected ASEAN countries
The aim of this study is to examine the effect of macroeconomic variables on bank stock returns in ASEAN. The panel data were retrieved from the DataStream and World Bank data archive, consisting of 58 banks from six countries (Malaysia, Indonesia, Singapore, Thailand, Philippines, and Vietnam) for...
Saved in:
Main Author: | |
---|---|
Format: | Thesis |
Language: | eng eng |
Published: |
2015
|
Subjects: | |
Online Access: | https://etd.uum.edu.my/5569/1/s815069_01.pdf https://etd.uum.edu.my/5569/2/s815069_02.pdf |
Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
id |
my-uum-etd.5569 |
---|---|
record_format |
uketd_dc |
institution |
Universiti Utara Malaysia |
collection |
UUM ETD |
language |
eng eng |
advisor |
Nayan, Sabri |
topic |
HG Finance |
spellingShingle |
HG Finance Mohammed, Ahmed Jasim Bank stock returns and macroeconomic variables: Empirical evidence from selected ASEAN countries |
description |
The aim of this study is to examine the effect of macroeconomic variables on bank stock returns in ASEAN. The panel data were retrieved from the DataStream and World Bank data archive, consisting of 58 banks from six countries (Malaysia, Indonesia, Singapore,
Thailand, Philippines, and Vietnam) for the period 2004 to 2014. The bank stock return
index is used as a proxy for bank stock return while proxies for macroeconomic variables are money supply, interest rate, inflation, and foreign exchange rate. By applying pooled OLS regression analysis, the results show that money supply has negative impact on bank stock returns, indicating that changes in money supply is a major signal for change in stock price because it has a direct influence on stock market and an indirect influence on
bond market based on the adjustment of interest rates. Inflation also has negative significant influence on bank stock returns, implying that negative inflation –real activity induced the relationship through the money demand theory and the quantity theory of money. Foreign exchange rate has a positive significance influence on bank stock returns, indicating that the foreign exchange exposures of ASEAN banks have influenced their stock returns since most part of the stock returns are sensitive to the changes in exchange rates during the periods. Meanwhile, interest rate is insignificant with bank stock returns, implying that interest rate sensitivity does not exert a significant impact on the common stock of the banks, which could be caused by the effect of wealth distribution triggered by unexpected inflation when banks hold nominal assets and nominal liabilities. It is recommended that ASEAN banks should involve in various off-balance sheet activities and implement effective and efficient approaches of risk management which reduce their exposure to fluctuations in macroeconomic factors |
format |
Thesis |
qualification_name |
masters |
qualification_level |
Master's degree |
author |
Mohammed, Ahmed Jasim |
author_facet |
Mohammed, Ahmed Jasim |
author_sort |
Mohammed, Ahmed Jasim |
title |
Bank stock returns and macroeconomic variables:
Empirical evidence from selected ASEAN countries |
title_short |
Bank stock returns and macroeconomic variables:
Empirical evidence from selected ASEAN countries |
title_full |
Bank stock returns and macroeconomic variables:
Empirical evidence from selected ASEAN countries |
title_fullStr |
Bank stock returns and macroeconomic variables:
Empirical evidence from selected ASEAN countries |
title_full_unstemmed |
Bank stock returns and macroeconomic variables:
Empirical evidence from selected ASEAN countries |
title_sort |
bank stock returns and macroeconomic variables:
empirical evidence from selected asean countries |
granting_institution |
Universiti Utara Malaysia |
granting_department |
School of Economics, Finance & Banking |
publishDate |
2015 |
url |
https://etd.uum.edu.my/5569/1/s815069_01.pdf https://etd.uum.edu.my/5569/2/s815069_02.pdf |
_version_ |
1747827951764766720 |
spelling |
my-uum-etd.55692021-04-04T07:43:23Z Bank stock returns and macroeconomic variables: Empirical evidence from selected ASEAN countries 2015 Mohammed, Ahmed Jasim Nayan, Sabri School of Economics, Finance & Banking Othman Yeop Abdullah Graduate School of Business HG Finance The aim of this study is to examine the effect of macroeconomic variables on bank stock returns in ASEAN. The panel data were retrieved from the DataStream and World Bank data archive, consisting of 58 banks from six countries (Malaysia, Indonesia, Singapore, Thailand, Philippines, and Vietnam) for the period 2004 to 2014. The bank stock return index is used as a proxy for bank stock return while proxies for macroeconomic variables are money supply, interest rate, inflation, and foreign exchange rate. By applying pooled OLS regression analysis, the results show that money supply has negative impact on bank stock returns, indicating that changes in money supply is a major signal for change in stock price because it has a direct influence on stock market and an indirect influence on bond market based on the adjustment of interest rates. Inflation also has negative significant influence on bank stock returns, implying that negative inflation –real activity induced the relationship through the money demand theory and the quantity theory of money. Foreign exchange rate has a positive significance influence on bank stock returns, indicating that the foreign exchange exposures of ASEAN banks have influenced their stock returns since most part of the stock returns are sensitive to the changes in exchange rates during the periods. Meanwhile, interest rate is insignificant with bank stock returns, implying that interest rate sensitivity does not exert a significant impact on the common stock of the banks, which could be caused by the effect of wealth distribution triggered by unexpected inflation when banks hold nominal assets and nominal liabilities. It is recommended that ASEAN banks should involve in various off-balance sheet activities and implement effective and efficient approaches of risk management which reduce their exposure to fluctuations in macroeconomic factors 2015 Thesis https://etd.uum.edu.my/5569/ https://etd.uum.edu.my/5569/1/s815069_01.pdf text eng public https://etd.uum.edu.my/5569/2/s815069_02.pdf text eng public masters masters Universiti Utara Malaysia Abdullah, D. A., & Hayworth, S. C. (1993). Macroeconometrics of stock price fluctuations. Quarterly Journal of Business and Economics, 50-67. Abugri, B. A. (2008). Empirical relationship between macroeconomic volatility and stock returns: Evidence from Latin American markets. International Review of Financial Analysis, 17(2), 396-410. Adam, A. M., & Tweneboah, G. (2008). Macroeconomic factors and stock market movement: evidence from Ghana. Available at SSRN 1289842. [Online] Available at: http://papers.ssrn.com/sol3/papers.cfm?abstract _id=1289842. Agrawal, G., Srivastav, A.K. & Srivastava, A. (2010). A study of exchange rates movement and stock market volatility. International Journal of Business and Management. 5 (12). 62-73. Al-Abadi, M. I., & Al-Sabbagh, O. W. (2006). Interest Rate Sensitivity, Market Risk, Inflation and Bank Stock Returns. Journal of Accounting, Business & Management, 13. Al-Sharkas, A. (2004). The dynamic relationship between macroeconomic factors and the Jordanian stock market. International Journal of Applied Econometrics and Quantitative Studies, 1, 1., pp. 97-114 [Online] Available at: http://www.usc.es/~economet/reviews/ijaeqs115. pdf. Al-Shboul, M. & Anwar, S. (2014). Foreign exchange rate exposure: evidence from Canada. Review of Financial Economics. 23. 18-29. Al-Shubiri, F.N. (2010). Analysis the determinants of market stock price movements: an empirical study of Jordanian commercial banks. International Journal of Business and Management. 5(10). 137-147. Aray, H. & Gardeazabal, J. (2010). Going multinational under exchange rate uncertainty. Journal of International Money and Finance. 29. 1171-1191. Arestis, P., & Demetriades, P. (1997). Financial development and economic growth: Assessing the evidence*. The Economic Journal, 107(442), 783-799. Ariff, M. (1996). Effects of Financial Liberalization on Four Southeast Asian Financial Markets, 1973–94. ASEAN Economic Bulletin, 325-338. Asia Matters for America. http://www.asiamattersforamerica.org/asean Asprem, M. (1989). Stock prices, asset portfolios and macroeconomic variables in ten European countries. Journal of Banking and Finance. 13. 589-612. Bae, S. C. (1990). Interest rate changes and common stock returns of financial institutions: Revisited. Journal of Financial Research, 13(1), 71-79. Beltratti, A., & Morana, C. (2006). Breaks and persistency: macroeconomic causes of stock market volatility. Journal of econometrics, 131(1), 151-177. [Online] Available at: http://www.sciencedirect.com/science/journal/ 03044076 Biers, D. (1998). Crash of ’97: how the financial crisis is reshaping Asia. Far Eastern Economic Review. Booth, J., Officer, D.T., 1985. Expectations, interest rates, and commercial bank stocks. Journal of Financial Research 8, 51–58. Butt, B. Z, Rehman. K. U., Khan. M. A., & Safwan, N. (2010). Do economic factors influence stock returns? A firm and industry level analysis. African Journal of Business Management, 4 (5), 583-593. Cagli, E. C., U. Halc and D. Taskin, (2010). Testing long run relationship between stock market and macroeconomic variables in the presence of structural breaks: The Turkish case. International research journal of finance and economics, 48. ISSN: 1450- 2887. Can Inci, A. & Soo Lee, B. (2014). Dynamic relations between stock returns and exchange rate changes. European Financial Management. 20 (1). 71-106. Caporale, G. M., Hunter, J., & Ali, F. M. (2014). On the linkages between stock prices and exchange rates: Evidence from the banking crisis of 2007–2010. International Review of Financial Analysis, 33, 87-103. Chicago Cassola, N., & Morana, C. (2004). Monetary policy and the stock market in the euro area. Journal of Policy Modeling, 26(3), 387-399. http://dx.doi.org/10.1016/j.jpolmod.2004.03.012 Chance, D. M., & Lane, W. R. (1980). A re-examination of interest rate sensitivity in the common stocks of financial institutions. Journal of Financial Research 3, 49–55. Chen, J., Naylor, M. & Lu, X. (2004). Some insights into the foreign exchange pricing puzzle: evidence from a small open economy. Pacific-Basin Finance Journal. 12. 41-64. Chen, N. F., Richard, R & Ross, S. A. (1986).Economic forces and the stock market.The Journal of Business, 59(3), 383-403. Chen,M. H., Kim, W. G., & Jeong, K. H. (2005). The impact of macroeconomic and nonmacroeconomic forces on hotel stock returns. International Journal of Hospitality Management, 24 (2), 243-258. Cheng, M. H., Tzeng, Z. C., & Kang. W. L. (2011). The impact of non-macroeconomic event on Taiwan electronic industry stock index returns. Global Economy and Finance Journal, 4(1), 80-101. Cheong, L. M. (2005, May). Globalisation and the operation of monetary policy in Malaysia. In Participants in the meeting (p. 209). Chia, S. Y., & Pacini, M. (1997). ASEAN in the new Asia: issues and trends. Singapore: Institute of Southeast Asia Studies. Chkili, W. & Nguyen, D.K. (2014). Exchange rate movements and stock market returns in a regime- switching environment: Evidence for BRICS countries. Research in International Business and Finance. 31. 46-56. Choi, D., & Jen, F. C. (1991). The relation between stock returns and short-term interest rates. Review of Quantitative Finance and Accounting, 1(1), 75-89. Choi, K. H., & Yoon, S. M. (2015). The Effect of Money Supply on the Volatility of Korean Stock Market. Modern Economy, 6(05), 535. Choudhry, T. (1996). Real stock prices and the long-run money demand function: evidence from Canada and the USA. Journal of International Money and Finance 15: 1-17. Chude, N.P. & Chude, D.I.(2013). Effect of Money Supply on the Stock Market Returns in Nigeria. Journal of Business and Organizational Development, 5(2). Devakula, M. R. P. (2001) .Thailand.s Monetary Policy - Its Obstacles and Challenges,. BIS Review, 81. Erbaykal, E., Okuyan, H. A., Kadioglu, O. Real (2008), „Macro Economic Variables and Stock Prices: Test of Proxy Hypothesis In Turkey, Yeditepe International Research Conference on Business Strategies, Istanbul, Turkey, June 13-15, 2008 [Online] Available at: http://papers.ssrn.com/sol3/papers.cfm?abstract _id=1321678 Errunza, V., & Hogan, K. (1998). Macroeconomic determinants of European stock market volatility. European Financial Management, 4(3), 361-377. [Online] Available at: http://www3.interscience.wiley.com/cgibin/ fulltext/119135605/PDFSTART Fama, E. & Schwert, W. (1977). Asset returns and inflation. Journal of Financial Economics, 115-146. Fama, E. F. (1991). Efficient capital markets: II. The journal of finance, 46(5), 1575-1617. Fama, E.F. (1981). Stock returns, real activity, inflation, and money. American Economy Review , 71, 545–565. Firth, M. (1979). The relationship between stock market returns and rates of inflation. The Journal of Finance, 34(3), 743-749. [Online] Available at: http://www.jstor.org/stable/2327440. Flannery, M. (1981). Market interest rates and commercial bank profitability: an empirical investigation. The Journal of Finance 34, 1085–1101. Flannery, M. J., & Protopapadakis, A. A. (2002). Macroeconomic factors do influence aggregate stock returns. Review of Financial Studies, 15(3), 751-782. [Online] Available at: http://papers.ssrn.com/sol3/papers.cfm?abstract _id=314261 Flannery, M., James, C. (1984). The effect of interest rate changes on the common stock returns of financial institutions. The Journal of Finance 39, 1141–1153. Flannery, M.J., Hameed, A.S. & Harjes, R.H. (1997). Asset pricing, time-varying risk premia and interest rate risk. Journal of Banking & Finance 21, 315–335. Foong, L.K., Lok, T.W. & Hoon, Y.Y. (2012). The impact of macroeconomic variables on banks’ stock returns: evidence from Malaysia. BSc. Degree research project. Universiti Tunku AbdulRahman Malaysia. Frimpong, J. M. (2009). Economic forces and the stock market in a developing economy: Cointegration evidence from ghana. European Journal of Economics, Finance and Administrative Sciences, 16, 123-135. Gan, C., Lee, M., Yong, H. H. A., & Zhang, J. (2006). Macroeconomic variables and stock market interactions: New Zealand evidence. Investment Management and Financial Innovations, 3(4), 89-101. Gay Jr, R. D. (2008). Effect of Macroeconomic Variables on Stock Market Returns for Four Emerging Economies: A Vector Regression Model for Brazil, Russia, India, and China. ProQuest. Gilkenson, J., & Smith, S. (1992). The convexity trap: pitfalls in financing mortgage portfolios and related securities. Economic Review. Federal Reserve Bank of Atlanta, 14–27. Gultekin, N. B. (1983). Stock market returns and inflation: evidence from other countries. Journal of Finance, 49-65. Grammatikos, T., Saunders, A., & Swary, I. (1986). Returns and risks of US bank foreign currency activities. The Journal of Finance, 41(3), 671-682. Günsel, N., & Çukur, S. (2007). The effects of macroeconomic factors on the London stock returns: a sectoral approach. International Research Journal of Finance and Economics, 10, 140-152. Hoguet, G. R. (2008). Inflation and Stock Price, State Street Global Advisors‟ [Online] Available at: http://www.ssga.com/library/esps/ Inflation_and_Stock_Prices_George_Hoguet_8.21. 08rev3CCRI1221060800.pdf Humpe, A., & Macmillan, P. (2007). Can macroeconomic variables explain long term stock market movements. A Comparison of the US and Japan CDMA Working Paper, (07/20). Ihsan, H., Ahmad, E., Ihsan, M. & Sadia, H. (2007). Relationship of economic and financial variables with behavior of stock returns, Journal of Economic Cooperation, 28 (2), 1-24. Ikoku, A.E. (2007). The Impact of Inflation on Stock Market Returns in Nigeria: Business Day Newspaper, March 3, 2007. Kandir, S. Y. (2008), „Macroeconomic Variables, Firm Characteristics and Stock Returns: Evidence from Turkey‟, International Research Journal of Finance and Economics, Issue 16,. [Online] Available at: http://www.eurojournals. com/Pages%20from%20irjfe16serkan.pdf Karamustafa, O., & Kucukkale, Y. (2003). Long run relationships between stock market returns and macroeconomic performance: evidence from Turkey (No. 0309010). EconWPA. Kasman, S., Vardar, G. & Tunc, G. (2011). The impact of interest rate and exchange rate volatility on banks' stock returns and volatility: Evidence from Turkey. Keran, M. W. (1971). Expectations, money and the stock market. Federal Reserve Bank of St.Louis Review, 16-31. Kim, C., and J. Lee (2004). Exchange Rate Regimes and Monetary Independence in East Asia,. in Exchange Rate Regimes in East Asia, ed. by G. de Brouwer, and M. Kawai, pp. 302.319. Routledge, London. Kurihara, Y. (2006). The relationship between exchange rate and stock prices during the quantitative easing policy in Japan. International Journal of Business. 11 (4). 375- 386. Lamberte, M. B. (2002). Central Banking in the Philippines: Then, Now and the Future,. PIDS Discussion Paper Series 2002-10, PIDS. Laurenceson, J. (2002). The impact of stock markets on china's economic development: some preliminary assessments (No. Discussion Paper No 302). Li, L., Narayan, P. K., &Zheng, X. (2010).An analysis of inflation and stock return for the UK. Journal of International Financial Market, Institution & Money, 20, 519-532. Lintner, J. (1965). The Valuation of Risk Assets and the Selection of Risky Investment in Stock Portfolio and Capital Budgets.The Review of Economics and Statistics, 47(1), 13-37. Lloyd, W. P., & Shick, R. A. (1977). A test of Stone's two-index model of returns. Journal of Financial and Quantitative Analysis, 12(03), 363-376. Lynge, M. J., & Zumwalt, J. K. (1980). An empirical study of the interest rate sensitivity of commercial bank returns: A multi-index approach. Journal of Financial and Quantitative analysis, 15(03), 731-742. Maghyereh, A. I. (2002). Causal relations among stock prices and macroeconomic variables in the small, open economy of Jordan. Open Economy of Jordan. [Online] Available at: http://papers.ssrn.com/sol3/papers.cfm?abstract _id=317539 Maku, E.O. and Atanda, A.A. (2009). Does Macroeconomic Indicators Exert Shock on the Nigerian Capital Market? Paper No. 17917, Munish Publication, University of Demark. Maysami, R. C., Howe, L. C., & Hamzah, M. A. (2004). Relationship between macroeconomic variables and stock market indices: cointegration evidence from stock exchange of Singapore’s all-S sector indices. Jurnal Pengurusan, 24(1), 47-77. [Online] Available at: http://pkukmweb.ukm.my/~penerbit/jurnal_pdf/ Jp24-03.pdf McCallum, B. T. (2006). Singapore's Exchange Rate-Centered Monetary Policy Regime and its Relevance for China. Monetary Authority of Singapore. Miao, B., Zhou, S., Nie, J. & Zhang, Z. (2013). Renminbi exchange rate exposure: evidence from Chinese industries. Journal of Chinese Economic and Business Studies. 11 (4). 229-250. Mollick, A.V. & Assefa, T.A. (2013). U.S. stock returns and oil prices: The tale from daily data and the 2008-2009 financial crisis. Energy Economics. 36. 1-18. Moore, T. & Wang, P. (2014). Dynamic linkage between real exchange rates and stock prices: evidence from developed and emerging Asian markets. International Review of Economics and Finance. 29. 1-11. Muradoglu, Y. G., & Metin, K. (1996). Efficiency of the Turkish stock exchange with respect to monetary variables: a cointegration analysis. European Journal of Operational Research, 90(3), 566-576. [Online] Available at: http://www.sciencedirect.com/science/journal/ 03772217 Muradoglu, G, Metin, K., and Argac, R. (2001). Is there a long run relationship between stock returns and monetary variables: evidence from an emerging market‟, Applied Financial Economics, vol. 11, pp. 641-649 [Online] Available at: http://www.cass.city.ac.uk/emg/ workingpapers/Published%20papers Naka, A., Mukherjee, T., and Tufte, D. (1998). Macroeconomic Variables and the Performance of the Indian Stock Market‟, University of New Orleans, Department of Economics and Finance, Working Papers, [Online] Available at: http://louisdl.louislibraries.org/cgibin/ showfile.exe?CISOROOT=/EFW&CISOPTR=14 Nishat, M. And Shaheen, R. (2004), „Macroeconomic Factors and Pakistani Equity Market‟, The Pakistan Development Review, Vol. 43, No. 4, pp. 619-637 [Online] Available at: http://www.pide.org.pk/pdf/PDR/2004/4/PartII/ M%20Nishat.pdf NYSE. (2006). What drives stock prices? Retrieved from: http://www1.nyse.com/pdfs/nyse_chap_04 Olugbode, M., El-Masry, A. & Pointon, J. (2013). Exchange rate and interest rate exposure of UK industries using first-order autoregressive exponential garch-inmean (egarch-m) approach. The Manchester School. 1-56. Omole, D. A. (1999). Financial Deepening and Stock Market Development in Nigeria (No. 15). Nigerian Institute of Social and Economic Research (NISER), University of Ibadan. Opfer, H. &Bessler, W., (2004).University of Giessen, FMA’s E-journal, June 2004. Osisanwo, B.G. and Atanda, A.A. (2012). Determinants of Stock Market Returns in Nigeria: A Time Series Analysis. African Journal of Scientific Research, 9(1): 479-489. Ozbay, E. (2009). The relationship between stock returns and macroeconomic factors: evidence for Turkey. (Dissertation, University of Exeter, 2009). Ozturk, B. (2008). The Effects of Macroeconomic Factors on Istanbul Stock Exchange National 100 Index and Its Volatility‟(1997-2006) (Doctoral dissertation, Thesis, Istanbul Technical University (in Turkish)). Chicago Palac-McMiken, E. D. (1997). An examination of ASEAN stock markets: a cointegration approach. ASEAN Economic Bulletin, 13(3), 299–311. Palepu, K.G., Healy, P.M. & Peek, E. (2010). Business Analysis and Valuation. United Kingdom: Cengage learning. Pan, M., Fok, R.C. & Liu, Y.A. (2007). Dynamic linkages between exchange rates and stock prices: evidence from East Asian markets. International Review of Economics and Finance. 16. 503-520. Parrado, E. (2004). Singapore's unique monetary policy: how does it work? (Vol. 4). International Monetary Fund. Pesando, J. E. (1974). The supply of money and common stock prices: Further observations on the econometric evidence. The Journal of Finance, 29(3), 909-921. Phuvanatnaranubala, T. (2005). Globalisation, Financial Markets and the Operation of Monetary Policy: The Case of Thailand,”BIS papers, 23, 269–274. Phylaktis, K. & Ravazzolo, F. (2005). Stock prices and exchange rate dynamics. Journal of International Money and Finance. 24. 1031-1053. Priestley, R. (1996). The arbitrage pricing theory, macroeconomic and financial factors, and expectations generating processes. Journal of Banking & Finance,20(5), 869-890. Rjoub, H., Türsoy, T., & Günsel, N. (2009). The effects of macroeconomic factors on stock returns: Istanbul Stock Market. Studies in Economics and Finance, 26(1), 36-45. Ryan, S. K., & Worthington, A. (2002). Time-varying market, interest rate and exchange rate risk in Australian bank portfolio stock returns: a GARCH-M approach. Queensland University of Technology, School of Economics and Finance. Reilly, F. K. and Brown, K. C. (2006). Investment Analysis and Portfolio Management, Eighty Edition, Mason – OH, Thomson South-Western. Ross, S. (1976). The arbitrage theory of capital asset pricing. Journal of Economic Theory, 13, 341-360. Saunders, A., &Yourougou, P. (1990). Are banks special? The separation of banking from commerce and interest rate risk. Journal of Economics and Business 42, 171–182. Scott, W. L., & Peterson, R. L. (1986). Interest rate risk and equity values of hedged and unhedged financial intermediaries. Journal of Financial Research, 9(4), 325-329. Sirucek, M. (2012). The impact of money supply on stock prices and stock bubbles.. Sharma, G.D. & Mahendru, M. (2010). Impact of macroeconomic variables on stock prices in India. Global Journal of Management and Business Research. 10(7). 19-26. Sharpe, S. A. (1999). Stock prices, expected returns, and inflation. Solnik, B., & McLeavey, D. (2009).Global investments, Sixth edition, Boston, Pearson Prentice Hall. Stone, B. K. (1974). Systematic interest-rate risk in a two-index model of returns. Journal of Financial and Quantitative Analysis, 9(05), 709-721.. Tongzon, J. L. (1998). The economies of Southeast Asia: the growth and development of ASEAN economies. Massachusetts: Edward Elgar. Tursoy, T., Gunsel, T., and Rjoub, H. (2008), „Macroeconomic Factors, the APT and the Istanbul Stock Market‟, International Research Journal of Finance and Economics, Issue 22 [Online] Available at: http://www.eurojournals.com/irjfe_22_04.pdf Wongbangpo, P. (2000). Dynamic analysis on ASEAN stock markets. Southern Illinois University at Carbondale. World Federation of Exchanges (2013) http://www.worldexchanges.org/home/index.php/ statistics World Stock Exchange Fact Book (1997). Meridian securities markets. LLC: Austin. Van Nieuwerburgh, S., Buelens, F., & Cuyvers, L. (2006). Stock market development and economic growth in Belgium. Explorations in Economic History, 43(1), 13-38. Vazakidis, A., & Adamopoulos, A. (2009). Stock market development and economic growth. American Journal of Applied Sciences, 6(11), 1932. Yang, Z., Tu, A.H. & Zeng, Y. (2014). Dynamic linkages between Asian stock prices and exchange rates: new evidence from causality in quantiles. Applied Economics. 46(11). 1184 1201. Yildirtan, D. C. (2007). Effects of Macroeconomic Variables on Istanbul Stock Exchange Indexes, the case of Turkish Stock Exchange Market. money, 10, 8. |