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«VOLUM E 1 1, N UM B E R 1 I S SN 2 1 6 8 - 0 6 1 2 F L ASH DR I V E I S SN 1 9 4 1 - 9 5 8 9 ON L I N E T h e In s t it ut e f o r Bu s i n e s s an ...»

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Greater Macroeconomic Stability: Capital markets also contribute to greater macroeconomic stability as can be seen in countries where capital markets are developed. Both the US and the UK economies have GCBF ♦ Vol. 11 ♦ No. 1 ♦ 2016 ♦ ISSN 1941-9589 ONLINE & ISSN 2168-0612 USB Flash Drive 215 Global Conference on Business and Finance Proceedings ♦ Volume 11 ♦ Number 1 become much less volatile recently. While in the US business cycles have shown greater durability especially the last expansion which ended in 2001 (the longest of the post World War II period), the UK experienced the longest economic expansion in the post World War II period which lasted for nearly 12 years (Dudley and Hubbard, 2004). Moreover in periods of recession, they have tended to be milder in the US and UK. In the UK for instance, the unemployment had not risen by more than 1 percentage point for more than a decade (Dudley and Hubbard, 2004). Capital markets contribute to greater macroeconomic stability in three ways. Firstly, because capital markets make use of mark-to- market accounting, it is more difficult for problems to be deferred. Secondly, capital markets through the provision of immediate feedback to policymakers have increased the benefits of following good policies and increased cost of following bad policies. Lastly, capital markets have helped make the housing market less volatile evidence of which can be seen in the United States. With the development of a secondary mortgage market and the elimination of interest rate ceilings on bank deposits, “credit crunches” is now a thing of the past. Capital markets ensure the supply of credit to qualified home buyers. This has helped to cut the volatility of activity in the economy’s most interest sensitive sector virtually in half (Dudley and Hubbard, 2004).

Greater Home Ownership: Capital markets by ensuring stability in the mortgage sector have increased the ability of households to purchase their own homes. This is done through the reduction in closing costs associated with obtaining a residential mortgage and less stringent terms. Evidence of this can be seen in the US where the proportion of households that own homes has increased considerably reaching 69.3 percent during the second quarter of 2004 as compared to 63.7 percent at the end of the 1980s. Greater home ownership will go a long way to help improve the living standards of the poor especially the homeless thereby contributing to reduction in poverty (Dudley and Hubbard, 2004).

CONCLUSION

The rapid growth and development of capital markets and the unique opportunities they provide makes capital markets a worthy consideration as an alternative in the fight against poverty.. By enhancing economic growth through the allocation of capital and risk, capital markets contribute to job creation which helps to reduce poverty levels in the long run. This study shows that capital markets contribute to poverty reduction by enhancing economic growth through the allocation of capital and risk and enhancing economic performances of a country. By comparing the United Kingdom (UK) and the United States (US) where capital markets are developed to other European Union (EU) where capital markets are relatively undeveloped, this study suggests that capital markets have contributed to enhance economic performances in the UK and US. Evidence of this superior economic performance can be found in five major aspects namely: greater employment opportunities, higher productivity, higher real wage growth, greater macroeconomic stability and greater homeownership. The improvements in these respects contribute significantly towards the reduction of poverty levels. It should be noted that the development of capital markets needs to be effected in conjunction with improvements in the existing infrastructure, the implementation of credible laws and regulations, and the adoption of appropriate governance and supervisory structures.

REFERENCES

Acquah-Sam E., and Salami K., 2014: Effect of Capital Market Development on Economic Growth in Ghana. Economic Scientific Journal, March 2014 edition vol. 10, No.7.

Aghion P., Comin D., and Howitt P., 2006: When Does Domestic Saving Matter For Economic Growth?.

National Bureau of Economic Research (NBER), Working Paper 12275.

GCBF ♦ Vol. 11 ♦ No. 1 ♦ 2016 ♦ ISSN 1941-9589 ONLINE & ISSN 2168-0612 USB Flash Drive 216 Global Conference on Business and Finance Proceedings ♦ Volume 11 ♦ Number 1 Beine M., and Candelon B., 2007: Liberalization and Stock Market Co-movement between Emerging Markets. CESIFO Working Paper No. 2131, Category 6: Monetary Policy and International Finance, October 2007.

Bekaert G., and Harvey R. Campbell, 1997: Capital Markets: An Engine for Economic Growth. The Catalyst Institute.

Bencivenga R. Valerie and Smith D. Bruce, 1991: Financial Intermediation and Endogenous Growth. The Review of Economic Studies, Vol. 58, No.2, pp. 195-209.

Caporale M. Guglielmo, Howells G. A Peter, and Soliman M. Alaa, 2004: Stock Market Development and Economic Growth: The Casual Linkage. Journal of Economic Development Volume 29, Number 1, June 2004, pp.33-50.

Centre for the Study of Living Standards (CSLS), 2003: Productivity Growth and Poverty Reduction in Developing Countries. CSLS Research Report 2003-06.

Deininger, K. And Squire, L. 1996: Measuring Income Inequality: A New Data-base. World Bank Economic Review 10(3), pp. 565-591.





Dudley C. William and Hubbard Glenn R., 2004: How Capital Markets Enhance Economic Performance and Facilitate Job Creation. Global Market Institute November 2004.

European Union Initial Public Offering (IPO) Report, 2015: Rebuilding IPOs in Europe. Creating Jobs and Growth in European Capital Markets. 23rd March, 2015.

Goldsmith W. Raymond, 1969: The Comparative Study of Economic Growth and Structure. National Bureau of Economic Research (NBER), pp. 114-123.

Greenwood J., and Jovanovic B., 1990: Financial Development, Growth and the Distribution of Income.

The Journal of Political Economy, Vol. 98, No. 5, pp. 1076-1107. The University of Chicago Press.

Hadley Geoff, Higgins Kate, Sharma Bhavna, Bird Kate and Cammack Diana, 2009: Poverty and Poverty Reduction in Sub-Saharan Africa: An Overview of Key Issues. Overseas Development Institute (ODI) Working Paper 299.

International Association of Deposit Insurers (IADI), 2013: Enhanced Guidance for Effective Deposit Insurance Systems: Mitigating Moral Hazard. Guidance Paper. May 2013.

International Poverty Centre (IPC), United Nations Development Programme (UNDP) 2004: Economic Growth and Poverty Reduction: Initial Conditions Matter. UNDP Working Paper No.2 Iorgova Silvia and Ong Li Lian, 2008: The Capital Markets of Emerging Europe: Institutions, Instruments and Investor. International Monetary Fund (IMF) Working Paper, WP/08/103.

Islam R., 2004: The Nexus of Economic Growth, Employment and Poverty Reduction: An Empirical Analysis. Recovery and Reconstruction Department, International Labour Office, Geneva, January 2004.

Khan R. Azizur, 2007: Growth, Employment and Poverty: An Analysis of the Vital Nexus Based on Some Recent UNDP and ILO/SIDA studies. United Nations, Department of Economic and Social Affairs (DESA) Working Paper No. 49 ST/ESA/2007/DWP/49.

GCBF ♦ Vol. 11 ♦ No. 1 ♦ 2016 ♦ ISSN 1941-9589 ONLINE & ISSN 2168-0612 USB Flash Drive 217 Global Conference on Business and Finance Proceedings ♦ Volume 11 ♦ Number 1 King G. Robert and Levine Ross, 1993: Finance, Entrepreneurship, and Growth. Theory and Evidence.

Journal of Monetary Economics, 32 (1993) pp.513-542. North-Holland.

Krongkaew M., Chamnivickorn S., and Nitithanprapas I., 2006: Economic Growth, Employment, and Poverty Reduction Linkages: The Case of Thailand. ISBN 92-2-118252-5.

Lawr Lisa, 2004: The Market Solution: Using Capital Markets to Fight Poverty. Economie et Solidarites, Vol. 35 No. 1-2.

McKinnon I. Ronald, 1973: Money and Capital in Economic Development. The American Political Science Review, Vol. 68, No. 4, pp.1822-1824.

Peterhoff D., Romeo J., and Calvey P., 2014: Towards Better Capital Markets Solutions for SME Financing. Oliver Wyman Financial Services.

Ravallion Martin and Chen Shaohua, 1997: What Can New Survey Data Tell Us about Recent Changes in Distribution and Poverty?. The World Bank Economic Review. Vol.11 (2): 357-382.

Saunders A. and Cornett M., 2012: Financial Markets and Institutions, fifth edition. Mc-Graw Hill Publications.

Sen Amartya, 1999: Development as Freedom. Anchor Books, New York.

Shaw, E. S., 1973: Financial Deepening in Economic Development. New York: Oxford University Press.

St. Paul Gilles, 1992: Technological Choice, Financial Markets and Economic Development. European Economics Review, 36 (1992) pp.763-781, North-Holland.

Stiglitz E. Joseph, 1989: Financial Markets and Development. Oxford Review of Economic Policy, Vol. 5, No. 4 pp.55-68.

The Association of Chartered Certified Accountants (ACCA), 2012: The Rise of Capital Markets in Emerging and Frontier Economies. March 2012.

Timmer, P. 1997: Growth and Divergence in Manufacturing Performance in South and East Asia.

Research Memorandum, No. GD-37, 1-38, Growth and Development Centre at University of Groningen.

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Woller, Gary M.; Dunford, Christopher; and Warner Woodworth, 1999: Where to Microfinance.

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GCBF ♦ Vol. 11 ♦ No. 1 ♦ 2016 ♦ ISSN 1941-9589 ONLINE & ISSN 2168-0612 USB Flash Drive 218 Global Conference on Business and Finance Proceedings ♦ Volume 11 ♦ Number 1

BIOGRAPHY

Hasan Bulent Kantarci is an Associate Professor at the Kocaeli University, Faculty of Economics and Administrative Sciences, department of economics, in Turkey. He teaches public finance and tax law. He graduated from Uludag University, Faculty of Economics and Administrative Sciences. In 1989, he learned German at the Goethe Institute in Vienna. He researched his master's degree thesis at the University of Vienna and University of Cologne in 1990-1991. And he started his doctorate at the University of Berlin Humboldt University 1992-1993, continued at the Vienna University of Economics and Business in 1993and completed at Uludag University. For post-doctoral research, in 1997, he went to the State University of New York at Stony Brook. Then, he taught public finance and tax law at the Gaziosmanpasa University in Turkey. In 2000 and 2001, he visited St John’s University in New York. His research area was public finance and tax law. He attended many conferences in New York, in Detroit, in Orlando, in London, in Portugal, in Riyadh, in Dubai, in Biskek, in Istanbul, etc. He can be reached at Kocaeli University, Umuttepe Campus, Department of Economics, 41000 Izmit-Kocaeli / Turkey, hbkantar@kocaeli.edu.tr Reginald Okyere is a Ghanaian born student pursuing his Master’s Degree in Economic Policy at Kocaeli University. He pursued his undergraduate degree at the University of Ghana from 2007 to 2011 where he passed out with first class honours in Economics with Geography as his minor area of study. He is an astute and hardworking person who has the well being of his country at heart and committed to contributing his quota in fighting the numerous economic challenges especially the ones being faced in Sub Saharan Africa.

GCBF ♦ Vol. 11 ♦ No. 1 ♦ 2016 ♦ ISSN 1941-9589 ONLINE & ISSN 2168-0612 USB Flash Drive 219 Global Conference on Business and Finance Proceedings ♦ Volume 11 ♦ Number 1

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Direct foreign investment in the investee country's macro-economic variables is a very important role. To increase the amount of direct foreign investments in Turkey, to ensure political and social stability, privatization of KITs and to reduce inflation rate, ıt has been studied to reduce the budget deficit and been successful in it. After the acceleration of Turkey's accession process to the European Union foreign direct investment began to rise. In this case, Turkey's economic stability, has created positive effects on economic growth. Significant increases also occurred in Turkey's foreign trade. This article also describes the economic impact of these investments in the countries of the European Union process by considering the development of foreign direct investment in Turkey within the framework of the European Union.

JEL:E6, O1 KEYWORDS: Foreign Direct Investment, European Union, Economic Growth

INTRODUCTION

The relationship between the European Union and Turkey with the European Community, which was signed on the 12th September, 1963 and in the framework entered into force on the 1st December, 1964 at the Ankara Agreement (which forms the basis of the partnership regime), has evolved into a more concrete and formal way. In this context the ultimate goal of the preparation period, the transition period and the last period of the relationships which has continued its development towards full membership of Turkey.



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