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MACROECONOMIC STABILITY GOVERNMENT POLICIES AND FINANCIAL MARKET DEVELOPMENT A GLOBAL ANALYSIS OF TRANSPARENT GOVERNANCE ANTIMONOPOLY MEASURES AND LEGAL FRAMEWORKS

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08 Pages : 67-82

http://dx.doi.org/10.31703/glsr.2023(VIII-II).08      10.31703/glsr.2023(VIII-II).08      Published : Jun 2023

Macroeconomic Stability, Government Policies, and Financial Market Development: A Global Analysis of Transparent Governance, Anti-Monopoly Measures, and Legal Frameworks

Abstract

    This study explores the interplay between macroeconomic stability, government policies (transparency, anti-monopoly measures, legal frameworks), and financial market development. Drawing data from 125 countries over 11 years (2007-2017) with both parliamentary and presidential systems, various regression models are employed, including Ordinary Least Squares, Random and Fixed Effect Models. Prais-Winsten Regression addresses heteroskedasticity and autocorrelation. Results show a strong positive correlation between macroeconomic stability and financial market development. Transparent governance, anti-monopoly measures, and robust legal frameworks contribute significantly to both stability and financial growth. Transparent governance notably enhances the relationship between macroeconomic stability and financial market development globally and in presidential systems, but not in parliamentary systems. Effective anti-monopoly policies play a notable role in parliamentary systems, while legal frameworks maintain a positive influence across all scenarios. These findings are valuable for policymakers, investors, and researchers, informing their decision-making processes.

    Financial Market Development, Macroeconomic Stability, Government Policies, Ceremonial (Parliamentary) System Countries, (Presidential) System Countries, Legal Framework

    (1) Fahad Hussain
    Ph.D. Scholar, Department of Business Administration, Ghazi University, Dera Ghazi Khan, Punjab, Pakistan.
    (2) Muhammad Ziaullah
    Associate Professor, Department of Business Administration, Ghazi University, Dera Ghazi Khan, Punjab, Pakistan.
    (3) Asghar Hayyat
    Ph.D. Scholar, Department of Business Administration, Ghazi University, Dera Ghazi Khan, Punjab, Pakistan.
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Cite this article

APA

    APA : Hussain, F., Ziaullah, M., & Hayyat, A. (2023). Macroeconomic Stability, Government Policies, and Financial Market Development: A Global Analysis of Transparent Governance, Anti-Monopoly Measures, and Legal Frameworks. Global Legal Studies Review, VIII(II), 67-82. https://doi.org/10.31703/glsr.2023(VIII-II).08

CHICAGO

    CHICAGO : Hussain, Fahad, Muhammad Ziaullah, and Asghar Hayyat. 2023. "Macroeconomic Stability, Government Policies, and Financial Market Development: A Global Analysis of Transparent Governance, Anti-Monopoly Measures, and Legal Frameworks." Global Legal Studies Review, VIII (II): 67-82 doi: 10.31703/glsr.2023(VIII-II).08

HARVARD

    HARVARD : HUSSAIN, F., ZIAULLAH, M. & HAYYAT, A. 2023. Macroeconomic Stability, Government Policies, and Financial Market Development: A Global Analysis of Transparent Governance, Anti-Monopoly Measures, and Legal Frameworks. Global Legal Studies Review, VIII, 67-82.

MHRA

    MHRA : Hussain, Fahad, Muhammad Ziaullah, and Asghar Hayyat. 2023. "Macroeconomic Stability, Government Policies, and Financial Market Development: A Global Analysis of Transparent Governance, Anti-Monopoly Measures, and Legal Frameworks." Global Legal Studies Review, VIII: 67-82

MLA

    MLA : Hussain, Fahad, Muhammad Ziaullah, and Asghar Hayyat. "Macroeconomic Stability, Government Policies, and Financial Market Development: A Global Analysis of Transparent Governance, Anti-Monopoly Measures, and Legal Frameworks." Global Legal Studies Review, VIII.II (2023): 67-82 Print.

OXFORD

    OXFORD : Hussain, Fahad, Ziaullah, Muhammad, and Hayyat, Asghar (2023), "Macroeconomic Stability, Government Policies, and Financial Market Development: A Global Analysis of Transparent Governance, Anti-Monopoly Measures, and Legal Frameworks", Global Legal Studies Review, VIII (II), 67-82

TURABIAN

    TURABIAN : Hussain, Fahad, Muhammad Ziaullah, and Asghar Hayyat. "Macroeconomic Stability, Government Policies, and Financial Market Development: A Global Analysis of Transparent Governance, Anti-Monopoly Measures, and Legal Frameworks." Global Legal Studies Review VIII, no. II (2023): 67-82. https://doi.org/10.31703/glsr.2023(VIII-II).08