Vol. 14 No. 2 (2026): Business & Management Studies: An International Journal
Articles

Macroeconomic determinants of stock market capitalisation in OECD countries

PDF (Turkish)
  • Berna Doğan Başar
Berna Doğan Başar
Assist. Prof. Dr., Afyon Kocatepe University, Afyonkarahisar, Türkiye

Published 2026-06-25

Keywords

  • Borsa Kapitalizasyonu, Makroekonomik Belirleyiciler, OECD Ülkeleri, Sistem GMM
  • Stock Market Capitalisation, Macroeconomic Determinants, OECD Countries, System GMM

How to Cite

Macroeconomic determinants of stock market capitalisation in OECD countries. (2026). Business & Management Studies: An International Journal, 14(2), 868-878. https://doi.org/10.15295/bmij.v14i2.2765

Copyright (c) 2026 Berna Doğan Başar

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

How to Cite

Macroeconomic determinants of stock market capitalisation in OECD countries. (2026). Business & Management Studies: An International Journal, 14(2), 868-878. https://doi.org/10.15295/bmij.v14i2.2765

Abstract

This study examines the effects of macroeconomic indicators on stock market capitalisation in OECD countries from 2001 to 2024. Data from 19 OECD countries are used to analyse these relationships using the System Generalised Method of Moments (System GMM) within the framework of dynamic panel data analysis. In the model, stock market capitalisation, representing the share of publicly traded local firms' market values in GDP, is considered the dependent variable. In contrast, GDP, inflation, private sector credit, and trade openness are considered independent variables. The findings indicate a statistically significant, positive relationship among economic growth, private sector credit, and stock market capitalisation. This suggests that economic growth and financial intermediation activities play a significant role in the development of capital markets in OECD countries. The findings highlight the need to adopt growth-oriented policies that support access to credit to develop financial markets. Given the limited number of studies addressing this relationship in a long-term, comparative framework across OECD countries in recent years, this study is expected to fill a significant gap in the literature.

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