publication . Article . 1997

Integration Versus Segmentation: The Istanbul Stock Exchange

Suleyman Gokçen; Ahu Ozturkmen;
Open Access
  • Published: 01 Jan 1997 Journal: Istanbul Stock Exchange Review, volume 1, issue 1, pages 97-106
The purpose of this paper is to analyse the integration versus segmentation issue for the Istanbul Stock Exchange vis-a-vis global developed markets. Two different classes of information variables are used. These are global and local variables. Global variables are the return of the world market portfolio, dividend yield of S&P 500 stock index, U.S. term structure premia and U.S. default risk yield spread. Local variables are the returns, price earning ratios and dividend yields of the Istanbul Stock Exchange portfolio. The sample for all the information variables includes the period from January 1989 to December 1993. Our results suggest that it is possible to ...

*G A LBIS, V., “F inancial In term e d iatio n and E co n o m ic G ro w th in L ess D e v elo p ed C ountries: A T h eo ritical A p p ro a c h ” , Journal o f D evelepm ents Studies, 13, 1977, pp. 58-72.

L U C A S , R ., “ O n th e M echanics of E co n o m ic D e v e lo p m e n t,” Journal o f M onetary Economics, 22,1988, pp. 3-42.

M C K IN N O N , R ., M oney and Capital in Econom ic D evelopment, B ro o k in g s In stitu tio n , W ash in g to n ,D C , 1973.

M O R IS S E T , J., “D o es F inancial L ib eralizatio n R eally Im p ro v e P riv ate In v estm en t in D ev elo p in g C o u n trie s? ” Journal o f D evelopm ent Economics, 40, 1993, pp. 133- 150.

O W E N , P.D., “D y n am ic M odels of P o rtfo lio B ehaviour: A G e n eral In te g ra te d M o d el of In c o rp ara tin g S eq u en tial Effects,'''Am erican Econom ic Review, 71,1981, pp. 231-238

R O M E R , P., “In creasin g R etu rn s an d L o n g -R u n G ro w th ” , Journal o f Political Economy, 94, 1986, pp. 1002-1037.

V A N W IJN B E R G E N , S., “C red it Policy, In flatio n an d G ro w th in a F inancially R ep ressed E co n o m y ,” Journal o f D evelopm ent Economics, 13,1983, pp. 45-65 V IA E N E , J. M ., “ R e a l E ffects o f th e 1992 F in a n c ia l D e re g u la tio n ” ,

Powered by OpenAIRE Research Graph
Any information missing or wrong?Report an Issue