Market-based financial literacy under macro-financial and political risk conditions: A rolling ARX–PCA proxy index for the BIST 100

MakaleAçık Erişim

Özet

This study develops a time-varying Market-Based Financial Literacy Proxy Index (MBFLPI) for Borsa İstanbul's BIST 100 index. The term financial literacy is retained in a restricted sense: MBFLPI is an indirect, outcome-based market proxy, not a direct score of investors' knowledge, skills, attitudes or behaviour. Using actual BIST sessions from 1 August 2013 to 30 January 2026, a 252-session rolling ARX relates USD-denominated returns to Türkiye's two-year government bond yield, conservatively lagged industrial production, the five-year sovereign CDS, and the VIX. It derives benchmark macro-financial alignment, low first-order return predictability and model-based residual stability; rolling PCA combines the diagnostics, and the composite is rescaled to 0–100 for ex post presentation. Sensitivity analysis varies the window, aggregation, calibration, return denomination and normalisation. Event movements are descriptive associations, not evidence of causal transmission. Published Türkiye evidence provides an external benchmark: pre-sample S&P and OECD/INFE–Capital Markets Board reports supply historical context, whereas fieldwork-matched TEB–Boğaziçi University and FODER–Visa Türkiye/Ipsos surveys and monthly Capital Markets Board investor statistics yield mixed or null evidence. The comparison does not support convergent validity. MBFLPI therefore remains a complementary market-level proxy rather than a substitute for survey-based financial literacy.

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https://rdlopen.rawdatalibrary.net/r/bayburt/15608Resmi atıflarda kullanılan kalıcı adres
DOI
https://doi.org/10.26466/opusjsr.2023823Yayıncı resmi DOI adresi
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dc.contributor.authorKuzu, Mehmet
dc.contributor.authorKocaoğlu, Fatih
dc.date.accessioned2026-10-29T19:23:53.614784259Z
dc.date.available2026-10-29T19:23:53.614784259Z
dc.date.issued2026
dc.description.abstractThis study develops a time-varying Market-Based Financial Literacy Proxy Index (MBFLPI) for Borsa İstanbul's BIST 100 index. The term financial literacy is retained in a restricted sense: MBFLPI is an indirect, outcome-based market proxy, not a direct score of investors' knowledge, skills, attitudes or behaviour. Using actual BIST sessions from 1 August 2013 to 30 January 2026, a 252-session rolling ARX relates USD-denominated returns to Türkiye's two-year government bond yield, conservatively lagged industrial production, the five-year sovereign CDS, and the VIX. It derives benchmark macro-financial alignment, low first-order return predictability and model-based residual stability; rolling PCA combines the diagnostics, and the composite is rescaled to 0–100 for ex post presentation. Sensitivity analysis varies the window, aggregation, calibration, return denomination and normalisation. Event movements are descriptive associations, not evidence of causal transmission. Published Türkiye evidence provides an external benchmark: pre-sample S&P and OECD/INFE–Capital Markets Board reports supply historical context, whereas fieldwork-matched TEB–Boğaziçi University and FODER–Visa Türkiye/Ipsos surveys and monthly Capital Markets Board investor statistics yield mixed or null evidence. The comparison does not support convergent validity. MBFLPI therefore remains a complementary market-level proxy rather than a substitute for survey-based financial literacy.
dc.identifier.doi10.26466/opusjsr.2023823
dc.identifier.eissn2791-9862
dc.identifier.endpage24
dc.identifier.issn2791-9781
dc.identifier.issue2026
dc.identifier.startpage1
dc.identifier.urihttps://rdlopen.rawdatalibrary.net/r/bayburt/15608
dc.identifier.volume23
dc.language.isoen
dc.relation.ispartofOPUS Toplum Araştırmaları Dergisi
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectİktisat
dc.subjectİşletme Finans
dc.titleMarket-based financial literacy under macro-financial and political risk conditions: A rolling ARX–PCA proxy index for the BIST 100
dc.typeArticle
rdl.citation.openalex0
rdl.citation.trdizin0
rdl.oa.statusgold
rdl.oa.urlhttps://doi.org/10.26466/opusjsr.2023823
rdl.source.indexTRDIZIN