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Real Macroeconomic Variables and Stock Prices: Evidence from Turkey

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  • H Aydin OKUYAN

Abstract

This paper investigates the relationship between reel macroeconomic variables and stock prices in Turkey. Consumption expenditures, industrial production index, employment level and fixed investments are used as indicators of real economic activity and consumption price index as an indicator of inflation. The ARDL bounds testing is applied to the long-run relationship between the variables. Our empirical evidence reveals the validation of Proxy hypothesis in case of Turkey.

Suggested Citation

  • H Aydin OKUYAN, 2013. "Real Macroeconomic Variables and Stock Prices: Evidence from Turkey," Asian Journal of Empirical Research, Asian Economic and Social Society, vol. 3(6), pages 654-662.
    • Handle: RePEc:asi:ajoerj:v:3:y:2013:i:6:p:654-662:id:3460
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    Cited by:

    1. Anyiwe, Mercy Ada & Sunday Osahon Igbinedion, 2015. "Stock Returns, Inflation and the “Reverse Causality†Hypothesis: Evidence from Nigeria," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 4(1), pages 32-50, January.

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