Determinants of Stock Market Development: Evidence from Advanced and Emerging Markets in a Long Span | Zendy

Pınar Evrim Mandaci | Zendy; Bora Aktan | Zendy; Gülüzar Kurt Gümüş | Zendy; Manuela Tvaronavičienė | Zendy

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Determinants of Stock Market Development: Evidence from Advanced and Emerging Markets in a Long Span

Author(s) -

Pınar Evrim Mandaci,

Bora Aktan,

Gülüzar Kurt Gümüş,

Manuela Tvaronavičienė

Publication year - 2013

Publication title -

verslas teorija ir praktika

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.369

H-Index - 17

eISSN - 1822-4202

pISSN - 1648-0627

DOI - 10.3846/btp.2013.06

Subject(s) - foreign direct investment , capitalization , market capitalization , stock market , emerging markets , business , monetary economics , stock (firearms) , economics , bank credit , financial system , international economics , finance , macroeconomics , mechanical engineering , paleontology , linguistics , philosophy , horse , biology , engineering

The paper analyses determinants of stock market development in thirty advanced and emerging countries within the period between 1960 and pre-financial global meltdown (2007). Our explanatory variables are foreign direct investment (FDI), remittances and bank credits to private sector. The application of SUR estimation disclosed that all variables had significant positive effects on market development measured by market capitalization. The obtained results unfolded the necessity for the countries to develop policies and regulations on facilitating FDI, remittances and bank credits

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