Analysis of the Relationship between Economic Freedom Index and Stock Market Indices; Evidence from Turkey
Künye
Kılcı, E. N. (2019). Analysis of the relationship between economic freedom index and stock market indices; Evidence from Turkey. Maliye ve Finans Yazıları, (111), 117-134.Özet
According to the Heritage Foundation Economic Freedom Index,
Turkey, with a overall score of 65.4, seems below the regional average.
On the other hand, BIST 100 has a good performance with a nearly %20
rise from 2016 to 2017 except the last nine-month period performance.
The objective of this study is to analyze the causality relationship between
Economic Freedom Index and BIST 100 in the period of 1995-2018 by
employing Fourier KPSS Test and Fourier Granger Causality Test. The
results supported no causality relationship between economic freedom
index and stock market indices in Turkey in the period of 1995-2018.
JEL Codes: F43, I32, O10