Akademik Veri Yönetim Sistemi
Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, cilt.46, sa.2, ss.452-467, 2024 (Hakemli Dergi)
Increasing uncertainties due to developments in financial markets lead to uncontrollable financial
behaviors. Financial stress indices are created by considering many financial indicators directly related to
the financial system. So, examining the impact of financial stress indices on stock markets, which have an
important share in financial markets is important. The paper aims to investigate the short and long-term
effects of emerging markets’ financial stress index (EFSI) and global financial stress indices (GFSI) on the
stock markets of MINT (Mexico, Indonesia, Nigeria, and Turkey) economies. For this purpose, analyses
are made using the ARDL (Autoregressive Distributed Lag) Bounds Test method using weekly data for
10/01/2014-26/04/2024. It has been determined that EFSI and GFSI negatively affected the benchmark
stock market indices of all MINT economies in the short term and that the negative effect continued in the
long term. Still, it has been significant for only EFSI in all MINT economies, as an important results of the
analysis. It has been determined that following financial stress indices can be a leading indicator for stock
market investors. It is hoped that the paper’s results may be useful for financial market actors considering
investing in these markets.