Araştırma Makalesi
BibTex RIS Kaynak Göster

DÖVİZ KURU VE HİSSE SENEDİ FİYATLARI GEÇİŞKENLİĞİ: BİST100 VE ALT ENDEKSLER ÜZERİNE BİR UYGULAMA

Yıl 2023, Cilt: 24 Sayı: 3, 302 - 316, 31.07.2023

İlyas Kays İmamoğlu , Rahman Aydın

https://doi.org/10.37880/cumuiibf.1235466
Cited By: 1

Öz

Hisse senedi piyasası ile döviz kurları arasındaki ilişki özellikle gelişmekte olan ülkeler için araştırılmaktadır. Çünkü bu ülkeler ekonomik büyümeleri için dış tasarruflara ihtiyaç duymaktadırlar. Ayrıca yabancı fonlar da bu piyasalarda var olan fırsatları değerlendirmek üzere farklı sektörlere yatırım yapmayı tercih etmektedirler. Bu sektörlerden biri de hisse senedi piyasasıdır. Hisse senedi piyasasına gelen fonların nedeni ise literatürde farklı teoriler yardımı ile açıklanmaktadır. Bu teoriler, özellikle gelişmekte olan ülke piyasaları üzerine geçerliliği incelenmektedir. Bu kapsamda çalışmada Türkiye’de hisse senedi piyasaları arasında yer alan BİST100, BİST Mali, BİST Hizmet, BİST Sınai ve BİST Teknoloji endeksleri ile döviz kuru arasındaki ilişki araştırılmaktadır. Bu amaçla çalışmada beş farklı model kullanılmış ve bu modelleri tahmin etmek üzere ARDL yöntemi tercih edilmiştir. ARDL yönteminden elde edilen bulgulara göre BİST100, BİST Mali ve BİST Hizmet endekslerinde geleneksel teorilerin geçerli olduğu belirlenmiştir. BİST Teknoloji endeksinde ise portföy teorisinin varlığı tespit edilmiştir. Son olarak BİST Sınai endeksinde ise döviz kuru ile hisse senedi arasında bir ilişki olmadığı sonucuna ulaşılmıştır.

Anahtar Kelimeler

Hisse Senedi Piyasası Uluslararası Finans Döviz Kuru ARDL Modeli

Kaynakça

  • Abdalla, I. S., & Murinde, V. (1997). Exchange rate and stock price interactions in emerging financial markets: evidence on India, Korea, Pakistan and the Philippines. Applied financial economics, 7(1), 25-35. https://doi.org/10.1080/096031097333826
  • Açıkalın, S., Aktaş, R., & Ünal, S. (2008). Hisse senedi piyasaları ile makroekonomik değişkenler arasındaki ilişkiler: İstanbul Menkul Kıymetler Borsası'nın ampirik bir analizi. Yatırım Yönetimi ve Finansal Yenilikler, 5 (1), 8-16.
  • Ajayi, R.A., Friedman, J., & Mehdian, A.M. (1998), On the relationship between Stock Returns and Exchange Rates: Test of Granger Causality. Global Finance Journal, 9(2), 241-251.
  • Akdağ, S., & Yıldırım H. (2019). Dolar kuru ile seçilmiş BİST sektör endeksleri arasındaki ilişki: asimetrik nedensellik analizi. Akademik Hassasiyetler, 6(12), 409- 425. https://dergipark.org.tr/tr/pub/akademik-hassasiyetler/issue/51005/549999
  • Altunöz, U. (2020). Türkiye’de hisse senedi getirileri ile döviz kuru arasındaki ilişkinin ampirik analizi. Bankacılar, 31(112), 84-104.
  • Andreou, E., Matsi, M., & Savvides, A. (2013). Stock and foreign exchange market linkages in emerging economies. Journal of International Financial Markets, Institutions and Money, 27, 248-268. https://doi.org/10.1016/j.intfin.2013.09.003
  • Aslam, W. (2014). Relationship between stock market volatility and exchange rate: a study of KSE. Journal of Public Administration, Finance and Law, (5), 62-72. https://www.ceeol.com/search/article-detail?id=512621
  • Aydemir, O. ve Demirhan, E. (2009). The relationship between stock prices and exchange rates evidence from Turkey. International Research Journal of Finance and Economics, 1(23), 207-215.
  • Ayvaz, Ö. (2006). Döviz kuru ve hisse senetleri fiyatları arasındaki nedensellik ilişkisi. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 8 (2), 1-14. https://dergipark.org.tr/en/pub/gaziuiibfd/issue/28335/301141
  • Baharumshah, A. Z., Mohd, S. H., & Masih, A. M. M. (2009). The stability of money demand in China: Evidence from the ARDL model. Economic systems, 33(3), 231-244.
  • Bartov, E., & Bodnar, G. M. (1994). Firm valuation, earnings expectations, and the exchange‐rate exposure effect. The journal of Finance, 49(5), 1755-1785. https://doi.org/10.1111/j.1540-6261.1994.tb04780.x
  • Belen, M. & Karamelikli, H. (2016). Türkiye’de hisse senedi getirileri ile döviz kuru arasındaki ilişkinin, incelenmesi: ARDL Yaklaşımı. İstanbul Üniversitesi İşletme Fakültesi Dergisi, 45(1), 34-42. https://dergipark.org.tr/tr/download/article-file/327556
  • Benli, Y. K. (2015). Döviz kuru ile borsa İstanbul 100 ve sektör endeksleri arasındaki ilişkinin amprik analizi. Uluslararası Hakemli Beşeri ve Akademik Bilimler Dergisi, 4, 55-72.
  • Berke, B. (2012). Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test. Maliye Dergisi, 163(1), 243-257.
  • Cambazoğlu, B. & Karaalp, H.S. (2012). Parasal aktarım mekanizması döviz kuru kanalı: Türkiye örneği. Yönetim ve Ekonomi Dergisi, 19 (2), 53-66. https://dergipark.org.tr/en/pub/yonveek/issue/13697/165773
  • Caporale, G. M., Hunter, J. and Ali, F. M. (2014). On the linkages between stock prices and exchange rates: Evidence from the banking crisis of 2007–2010. International Review of Financial Analysis, 33, 87-103. https://doi.org/10.1016/j.irfa.2013.12.005
  • Ceylan, S., & Şahin, B. Y. (2015). Hisse senedi fiyatları ve döviz kuru ilişkisi. The Journal of Academic Social Science Studies, 37, 399- 408. https://jasstudies.com/?mod=makale_tr_ozet&makale_id=27516
  • Chiang, T. C., Yang, S. Y., & Wang, T. S. (2000). Stock return and exchange rate risk: evidence from Asian stock markets based on a bivariate GARCH model. International Journal of Business, 5(2), 97-117. https://ijb.cyut.edu.tw/var/file/10/1010/img/846/V52-4.pdf
  • Chkili, W., & Nguyen, D. K. (2014). Exchange rate movements and stock market returns in a regime-switching environment: Evidence for BRICS countries. Research in International Business and Finance, 31, 46-56. https://doi.org/10.1016/j.ribaf.2013.11.007
  • Coşkun, M., Kiracı, K. & Muhammed, U. (2016). Seçilmiş makroekonomik değişkenlerle hisse senedi fiyatları arasındaki ilişki: Türkiye üzerine ampirik bir inceleme. Finans Politik ve Ekonomik Yorumlar, (616), 61-74. https://dergipark.org.tr/en/pub/fpeyd/issue/48028/607367
  • Doğru, B. & Recepoğlu, M. (2014). Türkiye’de hisse senedi fiyatları ve döviz kuru arasında doğrusal ve doğrusal olmayan eş bütünleşme ilişkisi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, Special Issue of XIV. International Symposium on Econometrics, Operations Research and Statistics, 17-34. https://dergipark.org.tr/en/pub/dpusbe/issue/31805/348814
  • Durgun, F. & Temurlenk, M. (2021). Türkiye’de döviz ve hisse senedi getirileri arasındaki ilişki: MS-VAR yaklaşımı. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 35 (2) , 551-576. https://dergipark.org.tr/en/pub/atauniiibd/issue/61404/789496
  • Erdem, C., Arslan, C. K., & Erdem, M. S. (2005). Effects of macroeconomic variables on Istanbul Stock Exchange Indexes, Applied Financial Economics, 15, 987–994. https://doi.org/10.1080/09603100500120365
  • Erdoğan, S., Gedikli, A., & Çevik, E. İ. (2020). Volatility spillover effects between Islamic stock markets and exchange rates: Evidence from three emerging countries. Borsa Istanbul Review, 20(4), 322-333. https://doi.org/10.1016/j.bir.2020.04.003
  • Eyüboğlu, S., & Eyüboğlu, K. (2018). Borsa İstanbul sektör endeksleri ile döviz kurları arasındaki ilişkilerin incelenmesi: ARDL modeli. Ömer Halis Demir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 11(1), 8- 28. https://doi.org/10.25287/ohuiibf.332352
  • Frankel, J. A. (1983). Monetary and portfolio-balance models of exchange rate determination J.S. Bhandari, B.H. Putnam (Eds.), Economic Interdependence and Flexible Exchange Rates, MIT Press, Cambridge
  • Frimpong Magnus, J., & Oteng-Abayie, E. F. (2006). Bounds testing approach: an examination of foreign direct investment, trade, and growth relationships. American Journal of Applied Sciences, Forthcoming.
  • Gavin, M. (1989). The stock market and exchange rate dynamics. Journal of international money and finance, 8(2), 181-200. https://doi.org/10.1016/0261-5606(89)90022-3
  • Genç, A. & Öztürk, C. (2021). Türkiye’de hisse senedi fiyatları ile döviz kuru arasındaki ilişki: Asimetrik nedensellik ve markov rejim değişim modeli yaklaşımı. Yaşar Üniversitesi E-Dergisi, 16(62), 601-617. https://dergipark.org.tr/en/pub/jyasar/article/816375
  • Granger, C. W., Huangb, B. N., & Yang, C. W. (2000). A bivariate causality between stock prices and exchange rates: evidence from recent Asianflu. The Quarterly Review of Economics and Finance, 40(3), 337-354. https://doi.org/10.1016/S1062-9769(00)00042-9
  • Gulati, D., & Kakhani, M. (2012). Relationship between stock market and foreign exchange market in India: An empirical study. Pacific Business Review International, 5(5), 66-71. http://www.pbr.co.in/2012/2012_month/Nov/7.pdf
  • Halaç, U., & Gümüş Kurt, G. (2010). Hisse senedi piyasası ve döviz kuru ilişkisinin eşbütünleşme analizi: yapısal kırılmaların önemi. Finans Politik ve Ekonomik Yorumlar Dergisi, 47(548), 65-75. http://www.ekonomikyorumlar.com.tr/files/articles/152820004772_5.pdf https://www.tcmb.gov.tr/
  • Huang, Q., Wang, X., & Zhang, S. (2021). The effects of exchange rate fluctuations on the stock market and the affecting mechanisms: Evidence from BRICS countries. The North American Journal of Economics and Finance, 56, 101340. https://doi.org/10.1016/j.najef.2020.101340
  • İşcan, E. (2011). Döviz kurları ve hisse senedi piyasası arasındaki etkileşim. Elektronik Sosyal Bilimler Dergisi, 10(35), 237-251. https://dergipark.org.tr/en/pub/esosder/issue/6149/82576
  • Jorion, P. (1990). The exchange-rate exposure of US multinationals. Journal of business, 63(3), 331-345. https://www.jstor.org/stable/2353153
  • Kapusuzoğlu, A. & İbicioğlu, M. (2010). Döviz kuru ile hisse senedi fiyatları arasındaki ilişkinin analizi: Türkiye uygulaması. Muhasebe Bilimi Dünyası, 12(4), 135-153.
  • Kasman, S. (2006). Hisse senedi getirileri ve makroekonomik değişkenler arasında bir ilişki var mı?. İktisat İşletme ve Finans Dergisi, 21(238), 88-99. http://www.iif.com.tr/index.php/iif/article/view/iif.2006.238.1296
  • Katechos, G. (2011). On the relationship between exchange rates and equity returns: A new approach. Journal of International Financial Markets, Institutions and Money, 21 (4), 550-559. https://doi.org/10.1016/j.intfin.2011.03.001
  • Kendirli, S. & Çankaya, M. (2016). Dolar kuru’nun borsa İstanbul-30 endeksi üzerindeki etkisi ve aralarındaki nedensellik ilişkisinin incelenmesi. Manisa Celal Bayar Üniversitesi Sosyal Bilimler Dergisi, 14 (2), 307-324. https://dergipark.org.tr/en/download/article-file/224582
  • Khan, R. E. A., & Ali, R. (2015). Causality analysis of volatility in exchange rate and stock market prices: A case study of Pakistan. Asian Economic and Financial Review, 5(5), 805-815. https://doi.org/10.18488/journal.aefr/2015.5.5/102.5.805.815
  • Kılıç, E. & Naimoğlu, M. (2022). Türkiye’de döviz kuru ve BIST 100 İlişkisi: Zamanlarda değişen asimetrik nedensellik analizi. Karamanoğlu Mehmetbey Üniversitesi Sosyal Ve Ekonomik Araştırmalar Dergisi, 24(42), 1-11. https://dergipark.org.tr/en/pub/kmusekad/issue/70427/1001827
  • Kılıç, E., & Uçaktürk, M. (2021). Alternatif yatırım araçlarının menkul kıymetler borsası ile etkileşimi. Bingöl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 21, 499-517. https://doi.org/10.29029/busbed.735972
  • Koulakiotis, A., Kiohos, A., & Babalos, V. (2015). Exploring the interaction between stock price index and exchange rates: an asymmetric threshold approach. Applied Economics, 47(13), 1273-1285. https://doi.org/10.1080/00036846.2014.990618
  • Kumeka, T. T., Uzoma-Nwosu, D. C., & David-Wayas, M. O. (2022). The effects of COVID-19 on the interrelationship among oil prices, stock prices and exchange rates in selected oil exporting economies. Resources Policy, 77, August 2022, 102744. https://doi.org/10.1016/j.resourpol.2022.102744
  • Lawal, M., & Ijirshar, V. U. (2013). Empirical analysis of exchange rate volatility and Nigeria stock market performance. International Journal of Scientific and Research, 4(4), 1592-1600.
  • Lean, H. H., Narayan, P., & Smyth, R. (2011). Exchange rate and stock price interaction in major Asian markets: Evidence for individual countries and panels allowing for structural breaks. The Singapore Economic Review, 56(2), 255-277. https://doi.org/10.1142/S0217590811004250
  • Li, W., Lu, X., Ren, Y., & Zhou, Y. (2018). Dynamic relationship between RMB exchange rate index and stock market liquidity: A new perspective based on MF-DCCA. Physica A: Statistical Mechanics and its Applications, 508, 726-739. https://doi.org/10.1016/j.physa.2018.05.097
  • Liang, C. C., Lin, J. B., & Hsu, H. C. (2013). Reexamining the relationships between stock prices and exchange rates in ASEAN-5 using panel Granger causality approach. Economic modelling, 32, 560-563. https://doi.org/10.1016/j.econmod.2013.03.001
  • Lim, S. Y., & Sek, S. K. (2014). Exploring the inter-relationship between the volatilities of exchange rate and stock return. Procedia Economics and Finance, 14, 367-376. https://doi.org/10.1016/S2212-5671(14)00725-4
  • Lin, C. H. (2012). The comovement between exchange rates and stock prices in the Asian emerging markets. International Review of Economics & Finance, 22(1), 161-172. https://doi.org/10.1016/j.iref.2011.09.006
  • Liu, L., & Wan, J. (2012). The relationships between Shanghai stock market and CNY/USD exchange rate: New evidence based on cross-correlation analysis, structural cointegration and nonlinear causality test. Physica A: Statistical Mechanics and its Applications, 391(23), 6051-6059. https://doi.org/10.1016/j.physa.2012.07.036
  • Malik, F. (2021). Volatility spillover between exchange rate and stock returns under volatility shifts. The Quarterly Review of Economics and Finance, 80, 605-613. https://doi.org/10.1016/j.qref.2021.04.011
  • Mishra, A. K. (2004). Stock market and foreign exchange market in India: are they related?. South Asia Economic Journal, 5(2), 209-232. https://doi.org/10.1177/139156140400500202
  • Mok, H. M. (1993). Causality of interest rate, exchange rate and stock prices at stock market open and close in Hong Kong. Asia Pacific Journal of Management, 10(2), 123-143. https://doi.org/10.1007/BF01734274
  • Mollicka, A. V., & Sakaki, H. (2019). Exchange rates, oil prices and world stock returns. Resources Policy, 61, 585-602. https://doi.org/10.1016/j.resourpol.2018.07.007
  • Morales-Zumaquero, A., &Sosvilla-Rivero, S. (2018). Volatility spillovers between foreign exchange and stock markets in industrialized countries. The Quarterly Review of Economics and Finance, 70,121-136. https://doi.org/10.1016/j.qref.2018.04.013
  • Mun, K. (2012). The joint response of stock and foreign exchange markets to macroeconomic surprises: Using US and Japanese data. Journal of Banking & Finance, 36, 383-394. https://doi.org/10.1016/j.jbankfin.2011.07.014
  • Narayan, P. K., Devpura, N., & Wang, H. (2020). Japanese currency and stock market-What happened during the COVID-19 pandemic?. Economic Analysis and Policy, 68, 191-198. https://doi.org/10.1016/j.eap.2020.09.014
  • Nusair, S. A., & Olson, D. (2022). Dynamic relationship between exchange rates and stock prices for the G7 countries: A nonlinear ARDL approach. Journal of International Financial Markets, Institutions and Money, 78, May 2022, 101541. https://doi.org/10.1016/j.intfin.2022.101541
  • Olugbenga, A. A. (2012). Exchange rate volatility and stock market behaviour: The Nigerian experience. European Journal of Business and Management, 4(5), 88-96. https://core.ac.uk/download/pdf/234629265.pdf
  • Özçiçek, Ö. (2007). Türkiye’de döviz kuru getirisi ile hisse senedi getirileri oynaklıkları arası simetrik ve asimetrik ilişki, İMKB Dergisi, 10(37), 1-11. https://search.trdizin.gov.tr/yayin/detay/75049/
  • Özmen, M. (2007). Farklı döviz kuru rejimleri altında hisse senetleri fiyatları ile döviz kurları arasındaki ilişkinin ekonometrik analizi. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 16(1), 519-538. https://dergipark.org.tr/en/pub/cusosbil/issue/4376/59962
  • Özmen, M., Karlılar, S. & Karlılar, G. (2017). Türkiye için döviz kuru, faiz ve enflasyonun hisse senedi getirileri üzerine etkileri. Çukurova Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 21 (1), 107-120. https://dergipark.org.tr/en/pub/cuiibfd/issue/34826/387702
  • Pan, M. S., Fok, R. C. W., & Liu, Y. A. (2007). Dynamic linkages between exchange rates and stock prices: Evidence from East Asian markets. International Review of Economics & Finance, 16(4), 503-520. https://doi.org/10.1016/j.iref.2005.09.003
  • Pekkaya, M. & Bayramoğlu, M. F. (2008). Hisse senedi fiyatları ve döviz kuru arasındaki nedensellik ilişkisi: YTL/USD, İMKB 100 ve S&P 500 üzerine bir uygulama. Muhasebe ve Finansman Dergisi, (38), 163-176. https://dergipark.org.tr/en/pub/mufad/issue/35612/395707
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326.
  • Phylaktis, K., & Ravazzolo, F. (2005). Stock prices and exchange rate dynamics. Journal of international Money and Finance, 24(7), 1031-1053. https://doi.org/10.1016/j.jimonfin.2005.08.001
  • Rai, K. & Garg, B. (2022). Dynamic correlations and volatility spillovers between stock price and exchange rate in BRIICS economies: evidence from the COVID-19 outbreak period, Applied Economics Letters, 29(8), 738-745, https://doi.org/10.1080/13504851.2021.1884835
  • Salisu, A. A., & Ndako, U. B. (2018). Modelling stock price–exchange rate nexus in OECD countries: A new perspective. Economic Modelling, 74, 105-123. https://doi.org/10.1016/j.econmod.2018.05.010
  • Savaş, İ., & Can, İ. (2011). Euro- dolar paritesi ve reel döviz kurunun IMKB 100 endeksine etkisi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 6(1), 323- 339. https://dergipark.org.tr/tr/pub/oguiibf/issue/56488/785436
  • Sertkaya, B. & Songur, M. (2021). Türkiye’de hisse senedi fiyatları ile reel döviz kuru arasındaki ilişki: Simetrik ve asimetrik nedensellik analizi. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 14 (2), 396-412. https://doi.org/10.25287/ohuiibf.703751
  • Sichoongwe, K. (2016). Effects of exchange rate volatility on the stock market: The Zambian experience. Journal of Economics and Sustainable Development, 7(4), 114-119 https://core.ac.uk/download/pdf/234647415.pdf
  • Soenen, L. A., & Hennigar, E. S. (1988). An analysis of exchange-rates and stock-prices-the united-states experience between 1980 and 1986. Akron Business and Economic Review, 19(4), 7-16.
  • Sui, L., & Sun, L. (2016). Spillover effects between exchange rates and stock prices: Evidence from BRICS around the recent global financial crisis. Research in International Business and Finance, 36, 459-471. https://doi.org/10.1016/j.ribaf.2015.10.011
  • Suriani, S. , Kumar, M. D. , Jamil, F. & Muneer, S. (2015). Impact of Exchange Rate on Stock Market . International Journal of Economics and Financial Issues , 5 (1) , 385-388 . https://dergipark.org.tr/en/pub/ijefi/issue/31972/352308?publisher=http-www-cag-edu-tr-ilhan-ozturk
  • Tai, C. S. (2000). Time-varying market, interest rate, and exchange rate risk premia in the US commercial bank stock returns. Journal of Multinational Financial Management, 10(3-4), 397-420. https://doi.org/10.1016/S1042-444X(00)00031-1
  • Tsai, I. C. (2012). The relationship between stock price index and exchange rate in Asian markets: A quantile regression approach. Journal of International Financial Markets, Institutions and Money, 22(3), 609-621. https://doi.org/10.1016/j.intfin.2012.04.005
  • Tule, M., Dogo, M., & Uzonwanne, G. (2018). Volatility of stock market returns and the naira exchange rate. Global Finance Journal, 35, 97-105. https://doi.org/10.1016/j.gfj.2017.08.001
  • Uğur, A. & Bingöl, N. (2020). Hisse senedi ve döviz kuru ilişkisinin yönü: Türkiye üzerine bir araştırma. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13 (4) , 624-636. https://dergipark.org.tr/en/pub/ohuiibf/issue/57037/605362
  • Uğur, A. & Bingöl, N. (2020). Hisse senedi ve döviz kuru ilişkisinin yönü: Türkiye üzerine bir araştırma. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13 (4) , 624-636. https://dergipark.org.tr/en/pub/ohceylanuiibf/issue/57037/605362
  • Xie, Z., Chen, S. W., & Wu, A. C. (2020). The foreign exchange and stock market nexus: New international evidence. International Review of Economics & Finance, 67, 240-266. https://doi.org/10.1016/j.iref.2020.01.001
  • Yau, H. Y., & Nieh, C. C. (2006). Interrelationships among stock prices of Taiwan and Japan and NTD/Yen exchange rate. Journal of Asian Economics, 17(3), 535-552. https://doi.org/10.1016/j.asieco.2006.04.006
  • Yau, H. Y., & Nieh, C. C. (2009). Testing for cointegration with threshold effect between stock prices and exchange rates in Japan and Taiwan. Japan and the World Economy, 21(3), 292-300. https://doi.org/10.1016/j.japwor.2008.09.001
  • Yuce, A,. & Sımga-Mugan, C. (1996). An investigation of the short- and long-term relationships between Turkish financial markets. The European Journal of Finance, 2, pp. 305-317. https://doi.org/10.1080/13518479600000011
  • Zhao, H. (2010). Dynamic relationship between exchange rate and stock price: Evidence from China. Research in International Business and Finance, 24(2), 103-112. https://doi.org/10.1016/j.ribaf.2009.09.001
  • Zolfaghari, M., & Sahabi, B.(2017). Impact of foreign exchange rate on oil companies risk in stock market: A Markov-switching approach. Journal of Computational and Applied Mathematics, 317, 274-289. https://doi.org/10.1016/j.cam.2016.10.012
  • Zubair, A. (2013). Causal relationship between stock market index and exchange rate: Evidence from Nigeria. CBN journal of Applied Statistics, 4(2), 87-110. http://hdl.handle.net/10419/142080

EXCHANGE RATE AND SHARE PRICES PASSAGE: AN APPLICATION ON BIST100 AND SUB-INDICES

Yıl 2023, Cilt: 24 Sayı: 3, 302 - 316, 31.07.2023

İlyas Kays İmamoğlu , Rahman Aydın

https://doi.org/10.37880/cumuiibf.1235466
Cited By: 1

Öz

The relationship between the stock market and exchange rates is being investigated, especially for developing countries. Because these countries need foreign savings for their economic growth. In addition, foreign funds prefer to invest in different sectors to evaluate the opportunities available in these markets. One of these sectors is the stock market. The reason for the funds coming to the stock market is explained with the help of different theories in the literature. The validity of these theories, especially in emerging market markets, is examined. In this context, the relationship between the BIST100, BIST Financial, BIST Service, BIST Industrial and BIST Technology indices, which are among the stock markets in Turkey, and the exchange rate are investigated in this study. For this purpose, five different models were used in the research, and the ARDL method was preferred to estimate these models. According to the findings obtained from the ARDL method, it has been determined that traditional theories are valid in BIST100, BIST Financial and BIST Service indices. The existence of portfolio theory was selected in the BIST Technology index. Finally, it has been concluded that there is no relationship between the exchange rate and the stock in the BIST Industrial index.

Anahtar Kelimeler

ARDL Modeli Stock Market International Finance Exchange Rate

Kaynakça

  • Abdalla, I. S., & Murinde, V. (1997). Exchange rate and stock price interactions in emerging financial markets: evidence on India, Korea, Pakistan and the Philippines. Applied financial economics, 7(1), 25-35. https://doi.org/10.1080/096031097333826
  • Açıkalın, S., Aktaş, R., & Ünal, S. (2008). Hisse senedi piyasaları ile makroekonomik değişkenler arasındaki ilişkiler: İstanbul Menkul Kıymetler Borsası'nın ampirik bir analizi. Yatırım Yönetimi ve Finansal Yenilikler, 5 (1), 8-16.
  • Ajayi, R.A., Friedman, J., & Mehdian, A.M. (1998), On the relationship between Stock Returns and Exchange Rates: Test of Granger Causality. Global Finance Journal, 9(2), 241-251.
  • Akdağ, S., & Yıldırım H. (2019). Dolar kuru ile seçilmiş BİST sektör endeksleri arasındaki ilişki: asimetrik nedensellik analizi. Akademik Hassasiyetler, 6(12), 409- 425. https://dergipark.org.tr/tr/pub/akademik-hassasiyetler/issue/51005/549999
  • Altunöz, U. (2020). Türkiye’de hisse senedi getirileri ile döviz kuru arasındaki ilişkinin ampirik analizi. Bankacılar, 31(112), 84-104.
  • Andreou, E., Matsi, M., & Savvides, A. (2013). Stock and foreign exchange market linkages in emerging economies. Journal of International Financial Markets, Institutions and Money, 27, 248-268. https://doi.org/10.1016/j.intfin.2013.09.003
  • Aslam, W. (2014). Relationship between stock market volatility and exchange rate: a study of KSE. Journal of Public Administration, Finance and Law, (5), 62-72. https://www.ceeol.com/search/article-detail?id=512621
  • Aydemir, O. ve Demirhan, E. (2009). The relationship between stock prices and exchange rates evidence from Turkey. International Research Journal of Finance and Economics, 1(23), 207-215.
  • Ayvaz, Ö. (2006). Döviz kuru ve hisse senetleri fiyatları arasındaki nedensellik ilişkisi. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 8 (2), 1-14. https://dergipark.org.tr/en/pub/gaziuiibfd/issue/28335/301141
  • Baharumshah, A. Z., Mohd, S. H., & Masih, A. M. M. (2009). The stability of money demand in China: Evidence from the ARDL model. Economic systems, 33(3), 231-244.
  • Bartov, E., & Bodnar, G. M. (1994). Firm valuation, earnings expectations, and the exchange‐rate exposure effect. The journal of Finance, 49(5), 1755-1785. https://doi.org/10.1111/j.1540-6261.1994.tb04780.x
  • Belen, M. & Karamelikli, H. (2016). Türkiye’de hisse senedi getirileri ile döviz kuru arasındaki ilişkinin, incelenmesi: ARDL Yaklaşımı. İstanbul Üniversitesi İşletme Fakültesi Dergisi, 45(1), 34-42. https://dergipark.org.tr/tr/download/article-file/327556
  • Benli, Y. K. (2015). Döviz kuru ile borsa İstanbul 100 ve sektör endeksleri arasındaki ilişkinin amprik analizi. Uluslararası Hakemli Beşeri ve Akademik Bilimler Dergisi, 4, 55-72.
  • Berke, B. (2012). Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test. Maliye Dergisi, 163(1), 243-257.
  • Cambazoğlu, B. & Karaalp, H.S. (2012). Parasal aktarım mekanizması döviz kuru kanalı: Türkiye örneği. Yönetim ve Ekonomi Dergisi, 19 (2), 53-66. https://dergipark.org.tr/en/pub/yonveek/issue/13697/165773
  • Caporale, G. M., Hunter, J. and Ali, F. M. (2014). On the linkages between stock prices and exchange rates: Evidence from the banking crisis of 2007–2010. International Review of Financial Analysis, 33, 87-103. https://doi.org/10.1016/j.irfa.2013.12.005
  • Ceylan, S., & Şahin, B. Y. (2015). Hisse senedi fiyatları ve döviz kuru ilişkisi. The Journal of Academic Social Science Studies, 37, 399- 408. https://jasstudies.com/?mod=makale_tr_ozet&makale_id=27516
  • Chiang, T. C., Yang, S. Y., & Wang, T. S. (2000). Stock return and exchange rate risk: evidence from Asian stock markets based on a bivariate GARCH model. International Journal of Business, 5(2), 97-117. https://ijb.cyut.edu.tw/var/file/10/1010/img/846/V52-4.pdf
  • Chkili, W., & Nguyen, D. K. (2014). Exchange rate movements and stock market returns in a regime-switching environment: Evidence for BRICS countries. Research in International Business and Finance, 31, 46-56. https://doi.org/10.1016/j.ribaf.2013.11.007
  • Coşkun, M., Kiracı, K. & Muhammed, U. (2016). Seçilmiş makroekonomik değişkenlerle hisse senedi fiyatları arasındaki ilişki: Türkiye üzerine ampirik bir inceleme. Finans Politik ve Ekonomik Yorumlar, (616), 61-74. https://dergipark.org.tr/en/pub/fpeyd/issue/48028/607367
  • Doğru, B. & Recepoğlu, M. (2014). Türkiye’de hisse senedi fiyatları ve döviz kuru arasında doğrusal ve doğrusal olmayan eş bütünleşme ilişkisi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, Special Issue of XIV. International Symposium on Econometrics, Operations Research and Statistics, 17-34. https://dergipark.org.tr/en/pub/dpusbe/issue/31805/348814
  • Durgun, F. & Temurlenk, M. (2021). Türkiye’de döviz ve hisse senedi getirileri arasındaki ilişki: MS-VAR yaklaşımı. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 35 (2) , 551-576. https://dergipark.org.tr/en/pub/atauniiibd/issue/61404/789496
  • Erdem, C., Arslan, C. K., & Erdem, M. S. (2005). Effects of macroeconomic variables on Istanbul Stock Exchange Indexes, Applied Financial Economics, 15, 987–994. https://doi.org/10.1080/09603100500120365
  • Erdoğan, S., Gedikli, A., & Çevik, E. İ. (2020). Volatility spillover effects between Islamic stock markets and exchange rates: Evidence from three emerging countries. Borsa Istanbul Review, 20(4), 322-333. https://doi.org/10.1016/j.bir.2020.04.003
  • Eyüboğlu, S., & Eyüboğlu, K. (2018). Borsa İstanbul sektör endeksleri ile döviz kurları arasındaki ilişkilerin incelenmesi: ARDL modeli. Ömer Halis Demir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 11(1), 8- 28. https://doi.org/10.25287/ohuiibf.332352
  • Frankel, J. A. (1983). Monetary and portfolio-balance models of exchange rate determination J.S. Bhandari, B.H. Putnam (Eds.), Economic Interdependence and Flexible Exchange Rates, MIT Press, Cambridge
  • Frimpong Magnus, J., & Oteng-Abayie, E. F. (2006). Bounds testing approach: an examination of foreign direct investment, trade, and growth relationships. American Journal of Applied Sciences, Forthcoming.
  • Gavin, M. (1989). The stock market and exchange rate dynamics. Journal of international money and finance, 8(2), 181-200. https://doi.org/10.1016/0261-5606(89)90022-3
  • Genç, A. & Öztürk, C. (2021). Türkiye’de hisse senedi fiyatları ile döviz kuru arasındaki ilişki: Asimetrik nedensellik ve markov rejim değişim modeli yaklaşımı. Yaşar Üniversitesi E-Dergisi, 16(62), 601-617. https://dergipark.org.tr/en/pub/jyasar/article/816375
  • Granger, C. W., Huangb, B. N., & Yang, C. W. (2000). A bivariate causality between stock prices and exchange rates: evidence from recent Asianflu. The Quarterly Review of Economics and Finance, 40(3), 337-354. https://doi.org/10.1016/S1062-9769(00)00042-9
  • Gulati, D., & Kakhani, M. (2012). Relationship between stock market and foreign exchange market in India: An empirical study. Pacific Business Review International, 5(5), 66-71. http://www.pbr.co.in/2012/2012_month/Nov/7.pdf
  • Halaç, U., & Gümüş Kurt, G. (2010). Hisse senedi piyasası ve döviz kuru ilişkisinin eşbütünleşme analizi: yapısal kırılmaların önemi. Finans Politik ve Ekonomik Yorumlar Dergisi, 47(548), 65-75. http://www.ekonomikyorumlar.com.tr/files/articles/152820004772_5.pdf https://www.tcmb.gov.tr/
  • Huang, Q., Wang, X., & Zhang, S. (2021). The effects of exchange rate fluctuations on the stock market and the affecting mechanisms: Evidence from BRICS countries. The North American Journal of Economics and Finance, 56, 101340. https://doi.org/10.1016/j.najef.2020.101340
  • İşcan, E. (2011). Döviz kurları ve hisse senedi piyasası arasındaki etkileşim. Elektronik Sosyal Bilimler Dergisi, 10(35), 237-251. https://dergipark.org.tr/en/pub/esosder/issue/6149/82576
  • Jorion, P. (1990). The exchange-rate exposure of US multinationals. Journal of business, 63(3), 331-345. https://www.jstor.org/stable/2353153
  • Kapusuzoğlu, A. & İbicioğlu, M. (2010). Döviz kuru ile hisse senedi fiyatları arasındaki ilişkinin analizi: Türkiye uygulaması. Muhasebe Bilimi Dünyası, 12(4), 135-153.
  • Kasman, S. (2006). Hisse senedi getirileri ve makroekonomik değişkenler arasında bir ilişki var mı?. İktisat İşletme ve Finans Dergisi, 21(238), 88-99. http://www.iif.com.tr/index.php/iif/article/view/iif.2006.238.1296
  • Katechos, G. (2011). On the relationship between exchange rates and equity returns: A new approach. Journal of International Financial Markets, Institutions and Money, 21 (4), 550-559. https://doi.org/10.1016/j.intfin.2011.03.001
  • Kendirli, S. & Çankaya, M. (2016). Dolar kuru’nun borsa İstanbul-30 endeksi üzerindeki etkisi ve aralarındaki nedensellik ilişkisinin incelenmesi. Manisa Celal Bayar Üniversitesi Sosyal Bilimler Dergisi, 14 (2), 307-324. https://dergipark.org.tr/en/download/article-file/224582
  • Khan, R. E. A., & Ali, R. (2015). Causality analysis of volatility in exchange rate and stock market prices: A case study of Pakistan. Asian Economic and Financial Review, 5(5), 805-815. https://doi.org/10.18488/journal.aefr/2015.5.5/102.5.805.815
  • Kılıç, E. & Naimoğlu, M. (2022). Türkiye’de döviz kuru ve BIST 100 İlişkisi: Zamanlarda değişen asimetrik nedensellik analizi. Karamanoğlu Mehmetbey Üniversitesi Sosyal Ve Ekonomik Araştırmalar Dergisi, 24(42), 1-11. https://dergipark.org.tr/en/pub/kmusekad/issue/70427/1001827
  • Kılıç, E., & Uçaktürk, M. (2021). Alternatif yatırım araçlarının menkul kıymetler borsası ile etkileşimi. Bingöl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 21, 499-517. https://doi.org/10.29029/busbed.735972
  • Koulakiotis, A., Kiohos, A., & Babalos, V. (2015). Exploring the interaction between stock price index and exchange rates: an asymmetric threshold approach. Applied Economics, 47(13), 1273-1285. https://doi.org/10.1080/00036846.2014.990618
  • Kumeka, T. T., Uzoma-Nwosu, D. C., & David-Wayas, M. O. (2022). The effects of COVID-19 on the interrelationship among oil prices, stock prices and exchange rates in selected oil exporting economies. Resources Policy, 77, August 2022, 102744. https://doi.org/10.1016/j.resourpol.2022.102744
  • Lawal, M., & Ijirshar, V. U. (2013). Empirical analysis of exchange rate volatility and Nigeria stock market performance. International Journal of Scientific and Research, 4(4), 1592-1600.
  • Lean, H. H., Narayan, P., & Smyth, R. (2011). Exchange rate and stock price interaction in major Asian markets: Evidence for individual countries and panels allowing for structural breaks. The Singapore Economic Review, 56(2), 255-277. https://doi.org/10.1142/S0217590811004250
  • Li, W., Lu, X., Ren, Y., & Zhou, Y. (2018). Dynamic relationship between RMB exchange rate index and stock market liquidity: A new perspective based on MF-DCCA. Physica A: Statistical Mechanics and its Applications, 508, 726-739. https://doi.org/10.1016/j.physa.2018.05.097
  • Liang, C. C., Lin, J. B., & Hsu, H. C. (2013). Reexamining the relationships between stock prices and exchange rates in ASEAN-5 using panel Granger causality approach. Economic modelling, 32, 560-563. https://doi.org/10.1016/j.econmod.2013.03.001
  • Lim, S. Y., & Sek, S. K. (2014). Exploring the inter-relationship between the volatilities of exchange rate and stock return. Procedia Economics and Finance, 14, 367-376. https://doi.org/10.1016/S2212-5671(14)00725-4
  • Lin, C. H. (2012). The comovement between exchange rates and stock prices in the Asian emerging markets. International Review of Economics & Finance, 22(1), 161-172. https://doi.org/10.1016/j.iref.2011.09.006
  • Liu, L., & Wan, J. (2012). The relationships between Shanghai stock market and CNY/USD exchange rate: New evidence based on cross-correlation analysis, structural cointegration and nonlinear causality test. Physica A: Statistical Mechanics and its Applications, 391(23), 6051-6059. https://doi.org/10.1016/j.physa.2012.07.036
  • Malik, F. (2021). Volatility spillover between exchange rate and stock returns under volatility shifts. The Quarterly Review of Economics and Finance, 80, 605-613. https://doi.org/10.1016/j.qref.2021.04.011
  • Mishra, A. K. (2004). Stock market and foreign exchange market in India: are they related?. South Asia Economic Journal, 5(2), 209-232. https://doi.org/10.1177/139156140400500202
  • Mok, H. M. (1993). Causality of interest rate, exchange rate and stock prices at stock market open and close in Hong Kong. Asia Pacific Journal of Management, 10(2), 123-143. https://doi.org/10.1007/BF01734274
  • Mollicka, A. V., & Sakaki, H. (2019). Exchange rates, oil prices and world stock returns. Resources Policy, 61, 585-602. https://doi.org/10.1016/j.resourpol.2018.07.007
  • Morales-Zumaquero, A., &Sosvilla-Rivero, S. (2018). Volatility spillovers between foreign exchange and stock markets in industrialized countries. The Quarterly Review of Economics and Finance, 70,121-136. https://doi.org/10.1016/j.qref.2018.04.013
  • Mun, K. (2012). The joint response of stock and foreign exchange markets to macroeconomic surprises: Using US and Japanese data. Journal of Banking & Finance, 36, 383-394. https://doi.org/10.1016/j.jbankfin.2011.07.014
  • Narayan, P. K., Devpura, N., & Wang, H. (2020). Japanese currency and stock market-What happened during the COVID-19 pandemic?. Economic Analysis and Policy, 68, 191-198. https://doi.org/10.1016/j.eap.2020.09.014
  • Nusair, S. A., & Olson, D. (2022). Dynamic relationship between exchange rates and stock prices for the G7 countries: A nonlinear ARDL approach. Journal of International Financial Markets, Institutions and Money, 78, May 2022, 101541. https://doi.org/10.1016/j.intfin.2022.101541
  • Olugbenga, A. A. (2012). Exchange rate volatility and stock market behaviour: The Nigerian experience. European Journal of Business and Management, 4(5), 88-96. https://core.ac.uk/download/pdf/234629265.pdf
  • Özçiçek, Ö. (2007). Türkiye’de döviz kuru getirisi ile hisse senedi getirileri oynaklıkları arası simetrik ve asimetrik ilişki, İMKB Dergisi, 10(37), 1-11. https://search.trdizin.gov.tr/yayin/detay/75049/
  • Özmen, M. (2007). Farklı döviz kuru rejimleri altında hisse senetleri fiyatları ile döviz kurları arasındaki ilişkinin ekonometrik analizi. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 16(1), 519-538. https://dergipark.org.tr/en/pub/cusosbil/issue/4376/59962
  • Özmen, M., Karlılar, S. & Karlılar, G. (2017). Türkiye için döviz kuru, faiz ve enflasyonun hisse senedi getirileri üzerine etkileri. Çukurova Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 21 (1), 107-120. https://dergipark.org.tr/en/pub/cuiibfd/issue/34826/387702
  • Pan, M. S., Fok, R. C. W., & Liu, Y. A. (2007). Dynamic linkages between exchange rates and stock prices: Evidence from East Asian markets. International Review of Economics & Finance, 16(4), 503-520. https://doi.org/10.1016/j.iref.2005.09.003
  • Pekkaya, M. & Bayramoğlu, M. F. (2008). Hisse senedi fiyatları ve döviz kuru arasındaki nedensellik ilişkisi: YTL/USD, İMKB 100 ve S&P 500 üzerine bir uygulama. Muhasebe ve Finansman Dergisi, (38), 163-176. https://dergipark.org.tr/en/pub/mufad/issue/35612/395707
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326.
  • Phylaktis, K., & Ravazzolo, F. (2005). Stock prices and exchange rate dynamics. Journal of international Money and Finance, 24(7), 1031-1053. https://doi.org/10.1016/j.jimonfin.2005.08.001
  • Rai, K. & Garg, B. (2022). Dynamic correlations and volatility spillovers between stock price and exchange rate in BRIICS economies: evidence from the COVID-19 outbreak period, Applied Economics Letters, 29(8), 738-745, https://doi.org/10.1080/13504851.2021.1884835
  • Salisu, A. A., & Ndako, U. B. (2018). Modelling stock price–exchange rate nexus in OECD countries: A new perspective. Economic Modelling, 74, 105-123. https://doi.org/10.1016/j.econmod.2018.05.010
  • Savaş, İ., & Can, İ. (2011). Euro- dolar paritesi ve reel döviz kurunun IMKB 100 endeksine etkisi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 6(1), 323- 339. https://dergipark.org.tr/tr/pub/oguiibf/issue/56488/785436
  • Sertkaya, B. & Songur, M. (2021). Türkiye’de hisse senedi fiyatları ile reel döviz kuru arasındaki ilişki: Simetrik ve asimetrik nedensellik analizi. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 14 (2), 396-412. https://doi.org/10.25287/ohuiibf.703751
  • Sichoongwe, K. (2016). Effects of exchange rate volatility on the stock market: The Zambian experience. Journal of Economics and Sustainable Development, 7(4), 114-119 https://core.ac.uk/download/pdf/234647415.pdf
  • Soenen, L. A., & Hennigar, E. S. (1988). An analysis of exchange-rates and stock-prices-the united-states experience between 1980 and 1986. Akron Business and Economic Review, 19(4), 7-16.
  • Sui, L., & Sun, L. (2016). Spillover effects between exchange rates and stock prices: Evidence from BRICS around the recent global financial crisis. Research in International Business and Finance, 36, 459-471. https://doi.org/10.1016/j.ribaf.2015.10.011
  • Suriani, S. , Kumar, M. D. , Jamil, F. & Muneer, S. (2015). Impact of Exchange Rate on Stock Market . International Journal of Economics and Financial Issues , 5 (1) , 385-388 . https://dergipark.org.tr/en/pub/ijefi/issue/31972/352308?publisher=http-www-cag-edu-tr-ilhan-ozturk
  • Tai, C. S. (2000). Time-varying market, interest rate, and exchange rate risk premia in the US commercial bank stock returns. Journal of Multinational Financial Management, 10(3-4), 397-420. https://doi.org/10.1016/S1042-444X(00)00031-1
  • Tsai, I. C. (2012). The relationship between stock price index and exchange rate in Asian markets: A quantile regression approach. Journal of International Financial Markets, Institutions and Money, 22(3), 609-621. https://doi.org/10.1016/j.intfin.2012.04.005
  • Tule, M., Dogo, M., & Uzonwanne, G. (2018). Volatility of stock market returns and the naira exchange rate. Global Finance Journal, 35, 97-105. https://doi.org/10.1016/j.gfj.2017.08.001
  • Uğur, A. & Bingöl, N. (2020). Hisse senedi ve döviz kuru ilişkisinin yönü: Türkiye üzerine bir araştırma. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13 (4) , 624-636. https://dergipark.org.tr/en/pub/ohuiibf/issue/57037/605362
  • Uğur, A. & Bingöl, N. (2020). Hisse senedi ve döviz kuru ilişkisinin yönü: Türkiye üzerine bir araştırma. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13 (4) , 624-636. https://dergipark.org.tr/en/pub/ohceylanuiibf/issue/57037/605362
  • Xie, Z., Chen, S. W., & Wu, A. C. (2020). The foreign exchange and stock market nexus: New international evidence. International Review of Economics & Finance, 67, 240-266. https://doi.org/10.1016/j.iref.2020.01.001
  • Yau, H. Y., & Nieh, C. C. (2006). Interrelationships among stock prices of Taiwan and Japan and NTD/Yen exchange rate. Journal of Asian Economics, 17(3), 535-552. https://doi.org/10.1016/j.asieco.2006.04.006
  • Yau, H. Y., & Nieh, C. C. (2009). Testing for cointegration with threshold effect between stock prices and exchange rates in Japan and Taiwan. Japan and the World Economy, 21(3), 292-300. https://doi.org/10.1016/j.japwor.2008.09.001
  • Yuce, A,. & Sımga-Mugan, C. (1996). An investigation of the short- and long-term relationships between Turkish financial markets. The European Journal of Finance, 2, pp. 305-317. https://doi.org/10.1080/13518479600000011
  • Zhao, H. (2010). Dynamic relationship between exchange rate and stock price: Evidence from China. Research in International Business and Finance, 24(2), 103-112. https://doi.org/10.1016/j.ribaf.2009.09.001
  • Zolfaghari, M., & Sahabi, B.(2017). Impact of foreign exchange rate on oil companies risk in stock market: A Markov-switching approach. Journal of Computational and Applied Mathematics, 317, 274-289. https://doi.org/10.1016/j.cam.2016.10.012
  • Zubair, A. (2013). Causal relationship between stock market index and exchange rate: Evidence from Nigeria. CBN journal of Applied Statistics, 4(2), 87-110. http://hdl.handle.net/10419/142080

Yıl 2023, Cilt: 24 Sayı: 3, 302 - 316, 31.07.2023

İlyas Kays İmamoğlu , Rahman Aydın

https://doi.org/10.37880/cumuiibf.1235466
Cited By: 1

Öz

Anahtar Kelimeler

Hisse Senedi Piyasası Uluslararası Finans Döviz Kuru ARDL Modeli Stock Market International Finance Exchange Rate ARDL Model

Kaynakça

  • Abdalla, I. S., & Murinde, V. (1997). Exchange rate and stock price interactions in emerging financial markets: evidence on India, Korea, Pakistan and the Philippines. Applied financial economics, 7(1), 25-35. https://doi.org/10.1080/096031097333826
  • Açıkalın, S., Aktaş, R., & Ünal, S. (2008). Hisse senedi piyasaları ile makroekonomik değişkenler arasındaki ilişkiler: İstanbul Menkul Kıymetler Borsası'nın ampirik bir analizi. Yatırım Yönetimi ve Finansal Yenilikler, 5 (1), 8-16.
  • Ajayi, R.A., Friedman, J., & Mehdian, A.M. (1998), On the relationship between Stock Returns and Exchange Rates: Test of Granger Causality. Global Finance Journal, 9(2), 241-251.
  • Akdağ, S., & Yıldırım H. (2019). Dolar kuru ile seçilmiş BİST sektör endeksleri arasındaki ilişki: asimetrik nedensellik analizi. Akademik Hassasiyetler, 6(12), 409- 425. https://dergipark.org.tr/tr/pub/akademik-hassasiyetler/issue/51005/549999
  • Altunöz, U. (2020). Türkiye’de hisse senedi getirileri ile döviz kuru arasındaki ilişkinin ampirik analizi. Bankacılar, 31(112), 84-104.
  • Andreou, E., Matsi, M., & Savvides, A. (2013). Stock and foreign exchange market linkages in emerging economies. Journal of International Financial Markets, Institutions and Money, 27, 248-268. https://doi.org/10.1016/j.intfin.2013.09.003
  • Aslam, W. (2014). Relationship between stock market volatility and exchange rate: a study of KSE. Journal of Public Administration, Finance and Law, (5), 62-72. https://www.ceeol.com/search/article-detail?id=512621
  • Aydemir, O. ve Demirhan, E. (2009). The relationship between stock prices and exchange rates evidence from Turkey. International Research Journal of Finance and Economics, 1(23), 207-215.
  • Ayvaz, Ö. (2006). Döviz kuru ve hisse senetleri fiyatları arasındaki nedensellik ilişkisi. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 8 (2), 1-14. https://dergipark.org.tr/en/pub/gaziuiibfd/issue/28335/301141
  • Baharumshah, A. Z., Mohd, S. H., & Masih, A. M. M. (2009). The stability of money demand in China: Evidence from the ARDL model. Economic systems, 33(3), 231-244.
  • Bartov, E., & Bodnar, G. M. (1994). Firm valuation, earnings expectations, and the exchange‐rate exposure effect. The journal of Finance, 49(5), 1755-1785. https://doi.org/10.1111/j.1540-6261.1994.tb04780.x
  • Belen, M. & Karamelikli, H. (2016). Türkiye’de hisse senedi getirileri ile döviz kuru arasındaki ilişkinin, incelenmesi: ARDL Yaklaşımı. İstanbul Üniversitesi İşletme Fakültesi Dergisi, 45(1), 34-42. https://dergipark.org.tr/tr/download/article-file/327556
  • Benli, Y. K. (2015). Döviz kuru ile borsa İstanbul 100 ve sektör endeksleri arasındaki ilişkinin amprik analizi. Uluslararası Hakemli Beşeri ve Akademik Bilimler Dergisi, 4, 55-72.
  • Berke, B. (2012). Döviz kuru ve İMKB100 endeksi ilişkisi: Yeni bir test. Maliye Dergisi, 163(1), 243-257.
  • Cambazoğlu, B. & Karaalp, H.S. (2012). Parasal aktarım mekanizması döviz kuru kanalı: Türkiye örneği. Yönetim ve Ekonomi Dergisi, 19 (2), 53-66. https://dergipark.org.tr/en/pub/yonveek/issue/13697/165773
  • Caporale, G. M., Hunter, J. and Ali, F. M. (2014). On the linkages between stock prices and exchange rates: Evidence from the banking crisis of 2007–2010. International Review of Financial Analysis, 33, 87-103. https://doi.org/10.1016/j.irfa.2013.12.005
  • Ceylan, S., & Şahin, B. Y. (2015). Hisse senedi fiyatları ve döviz kuru ilişkisi. The Journal of Academic Social Science Studies, 37, 399- 408. https://jasstudies.com/?mod=makale_tr_ozet&makale_id=27516
  • Chiang, T. C., Yang, S. Y., & Wang, T. S. (2000). Stock return and exchange rate risk: evidence from Asian stock markets based on a bivariate GARCH model. International Journal of Business, 5(2), 97-117. https://ijb.cyut.edu.tw/var/file/10/1010/img/846/V52-4.pdf
  • Chkili, W., & Nguyen, D. K. (2014). Exchange rate movements and stock market returns in a regime-switching environment: Evidence for BRICS countries. Research in International Business and Finance, 31, 46-56. https://doi.org/10.1016/j.ribaf.2013.11.007
  • Coşkun, M., Kiracı, K. & Muhammed, U. (2016). Seçilmiş makroekonomik değişkenlerle hisse senedi fiyatları arasındaki ilişki: Türkiye üzerine ampirik bir inceleme. Finans Politik ve Ekonomik Yorumlar, (616), 61-74. https://dergipark.org.tr/en/pub/fpeyd/issue/48028/607367
  • Doğru, B. & Recepoğlu, M. (2014). Türkiye’de hisse senedi fiyatları ve döviz kuru arasında doğrusal ve doğrusal olmayan eş bütünleşme ilişkisi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, Special Issue of XIV. International Symposium on Econometrics, Operations Research and Statistics, 17-34. https://dergipark.org.tr/en/pub/dpusbe/issue/31805/348814
  • Durgun, F. & Temurlenk, M. (2021). Türkiye’de döviz ve hisse senedi getirileri arasındaki ilişki: MS-VAR yaklaşımı. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 35 (2) , 551-576. https://dergipark.org.tr/en/pub/atauniiibd/issue/61404/789496
  • Erdem, C., Arslan, C. K., & Erdem, M. S. (2005). Effects of macroeconomic variables on Istanbul Stock Exchange Indexes, Applied Financial Economics, 15, 987–994. https://doi.org/10.1080/09603100500120365
  • Erdoğan, S., Gedikli, A., & Çevik, E. İ. (2020). Volatility spillover effects between Islamic stock markets and exchange rates: Evidence from three emerging countries. Borsa Istanbul Review, 20(4), 322-333. https://doi.org/10.1016/j.bir.2020.04.003
  • Eyüboğlu, S., & Eyüboğlu, K. (2018). Borsa İstanbul sektör endeksleri ile döviz kurları arasındaki ilişkilerin incelenmesi: ARDL modeli. Ömer Halis Demir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 11(1), 8- 28. https://doi.org/10.25287/ohuiibf.332352
  • Frankel, J. A. (1983). Monetary and portfolio-balance models of exchange rate determination J.S. Bhandari, B.H. Putnam (Eds.), Economic Interdependence and Flexible Exchange Rates, MIT Press, Cambridge
  • Frimpong Magnus, J., & Oteng-Abayie, E. F. (2006). Bounds testing approach: an examination of foreign direct investment, trade, and growth relationships. American Journal of Applied Sciences, Forthcoming.
  • Gavin, M. (1989). The stock market and exchange rate dynamics. Journal of international money and finance, 8(2), 181-200. https://doi.org/10.1016/0261-5606(89)90022-3
  • Genç, A. & Öztürk, C. (2021). Türkiye’de hisse senedi fiyatları ile döviz kuru arasındaki ilişki: Asimetrik nedensellik ve markov rejim değişim modeli yaklaşımı. Yaşar Üniversitesi E-Dergisi, 16(62), 601-617. https://dergipark.org.tr/en/pub/jyasar/article/816375
  • Granger, C. W., Huangb, B. N., & Yang, C. W. (2000). A bivariate causality between stock prices and exchange rates: evidence from recent Asianflu. The Quarterly Review of Economics and Finance, 40(3), 337-354. https://doi.org/10.1016/S1062-9769(00)00042-9
  • Gulati, D., & Kakhani, M. (2012). Relationship between stock market and foreign exchange market in India: An empirical study. Pacific Business Review International, 5(5), 66-71. http://www.pbr.co.in/2012/2012_month/Nov/7.pdf
  • Halaç, U., & Gümüş Kurt, G. (2010). Hisse senedi piyasası ve döviz kuru ilişkisinin eşbütünleşme analizi: yapısal kırılmaların önemi. Finans Politik ve Ekonomik Yorumlar Dergisi, 47(548), 65-75. http://www.ekonomikyorumlar.com.tr/files/articles/152820004772_5.pdf https://www.tcmb.gov.tr/
  • Huang, Q., Wang, X., & Zhang, S. (2021). The effects of exchange rate fluctuations on the stock market and the affecting mechanisms: Evidence from BRICS countries. The North American Journal of Economics and Finance, 56, 101340. https://doi.org/10.1016/j.najef.2020.101340
  • İşcan, E. (2011). Döviz kurları ve hisse senedi piyasası arasındaki etkileşim. Elektronik Sosyal Bilimler Dergisi, 10(35), 237-251. https://dergipark.org.tr/en/pub/esosder/issue/6149/82576
  • Jorion, P. (1990). The exchange-rate exposure of US multinationals. Journal of business, 63(3), 331-345. https://www.jstor.org/stable/2353153
  • Kapusuzoğlu, A. & İbicioğlu, M. (2010). Döviz kuru ile hisse senedi fiyatları arasındaki ilişkinin analizi: Türkiye uygulaması. Muhasebe Bilimi Dünyası, 12(4), 135-153.
  • Kasman, S. (2006). Hisse senedi getirileri ve makroekonomik değişkenler arasında bir ilişki var mı?. İktisat İşletme ve Finans Dergisi, 21(238), 88-99. http://www.iif.com.tr/index.php/iif/article/view/iif.2006.238.1296
  • Katechos, G. (2011). On the relationship between exchange rates and equity returns: A new approach. Journal of International Financial Markets, Institutions and Money, 21 (4), 550-559. https://doi.org/10.1016/j.intfin.2011.03.001
  • Kendirli, S. & Çankaya, M. (2016). Dolar kuru’nun borsa İstanbul-30 endeksi üzerindeki etkisi ve aralarındaki nedensellik ilişkisinin incelenmesi. Manisa Celal Bayar Üniversitesi Sosyal Bilimler Dergisi, 14 (2), 307-324. https://dergipark.org.tr/en/download/article-file/224582
  • Khan, R. E. A., & Ali, R. (2015). Causality analysis of volatility in exchange rate and stock market prices: A case study of Pakistan. Asian Economic and Financial Review, 5(5), 805-815. https://doi.org/10.18488/journal.aefr/2015.5.5/102.5.805.815
  • Kılıç, E. & Naimoğlu, M. (2022). Türkiye’de döviz kuru ve BIST 100 İlişkisi: Zamanlarda değişen asimetrik nedensellik analizi. Karamanoğlu Mehmetbey Üniversitesi Sosyal Ve Ekonomik Araştırmalar Dergisi, 24(42), 1-11. https://dergipark.org.tr/en/pub/kmusekad/issue/70427/1001827
  • Kılıç, E., & Uçaktürk, M. (2021). Alternatif yatırım araçlarının menkul kıymetler borsası ile etkileşimi. Bingöl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 21, 499-517. https://doi.org/10.29029/busbed.735972
  • Koulakiotis, A., Kiohos, A., & Babalos, V. (2015). Exploring the interaction between stock price index and exchange rates: an asymmetric threshold approach. Applied Economics, 47(13), 1273-1285. https://doi.org/10.1080/00036846.2014.990618
  • Kumeka, T. T., Uzoma-Nwosu, D. C., & David-Wayas, M. O. (2022). The effects of COVID-19 on the interrelationship among oil prices, stock prices and exchange rates in selected oil exporting economies. Resources Policy, 77, August 2022, 102744. https://doi.org/10.1016/j.resourpol.2022.102744
  • Lawal, M., & Ijirshar, V. U. (2013). Empirical analysis of exchange rate volatility and Nigeria stock market performance. International Journal of Scientific and Research, 4(4), 1592-1600.
  • Lean, H. H., Narayan, P., & Smyth, R. (2011). Exchange rate and stock price interaction in major Asian markets: Evidence for individual countries and panels allowing for structural breaks. The Singapore Economic Review, 56(2), 255-277. https://doi.org/10.1142/S0217590811004250
  • Li, W., Lu, X., Ren, Y., & Zhou, Y. (2018). Dynamic relationship between RMB exchange rate index and stock market liquidity: A new perspective based on MF-DCCA. Physica A: Statistical Mechanics and its Applications, 508, 726-739. https://doi.org/10.1016/j.physa.2018.05.097
  • Liang, C. C., Lin, J. B., & Hsu, H. C. (2013). Reexamining the relationships between stock prices and exchange rates in ASEAN-5 using panel Granger causality approach. Economic modelling, 32, 560-563. https://doi.org/10.1016/j.econmod.2013.03.001
  • Lim, S. Y., & Sek, S. K. (2014). Exploring the inter-relationship between the volatilities of exchange rate and stock return. Procedia Economics and Finance, 14, 367-376. https://doi.org/10.1016/S2212-5671(14)00725-4
  • Lin, C. H. (2012). The comovement between exchange rates and stock prices in the Asian emerging markets. International Review of Economics & Finance, 22(1), 161-172. https://doi.org/10.1016/j.iref.2011.09.006
  • Liu, L., & Wan, J. (2012). The relationships between Shanghai stock market and CNY/USD exchange rate: New evidence based on cross-correlation analysis, structural cointegration and nonlinear causality test. Physica A: Statistical Mechanics and its Applications, 391(23), 6051-6059. https://doi.org/10.1016/j.physa.2012.07.036
  • Malik, F. (2021). Volatility spillover between exchange rate and stock returns under volatility shifts. The Quarterly Review of Economics and Finance, 80, 605-613. https://doi.org/10.1016/j.qref.2021.04.011
  • Mishra, A. K. (2004). Stock market and foreign exchange market in India: are they related?. South Asia Economic Journal, 5(2), 209-232. https://doi.org/10.1177/139156140400500202
  • Mok, H. M. (1993). Causality of interest rate, exchange rate and stock prices at stock market open and close in Hong Kong. Asia Pacific Journal of Management, 10(2), 123-143. https://doi.org/10.1007/BF01734274
  • Mollicka, A. V., & Sakaki, H. (2019). Exchange rates, oil prices and world stock returns. Resources Policy, 61, 585-602. https://doi.org/10.1016/j.resourpol.2018.07.007
  • Morales-Zumaquero, A., &Sosvilla-Rivero, S. (2018). Volatility spillovers between foreign exchange and stock markets in industrialized countries. The Quarterly Review of Economics and Finance, 70,121-136. https://doi.org/10.1016/j.qref.2018.04.013
  • Mun, K. (2012). The joint response of stock and foreign exchange markets to macroeconomic surprises: Using US and Japanese data. Journal of Banking & Finance, 36, 383-394. https://doi.org/10.1016/j.jbankfin.2011.07.014
  • Narayan, P. K., Devpura, N., & Wang, H. (2020). Japanese currency and stock market-What happened during the COVID-19 pandemic?. Economic Analysis and Policy, 68, 191-198. https://doi.org/10.1016/j.eap.2020.09.014
  • Nusair, S. A., & Olson, D. (2022). Dynamic relationship between exchange rates and stock prices for the G7 countries: A nonlinear ARDL approach. Journal of International Financial Markets, Institutions and Money, 78, May 2022, 101541. https://doi.org/10.1016/j.intfin.2022.101541
  • Olugbenga, A. A. (2012). Exchange rate volatility and stock market behaviour: The Nigerian experience. European Journal of Business and Management, 4(5), 88-96. https://core.ac.uk/download/pdf/234629265.pdf
  • Özçiçek, Ö. (2007). Türkiye’de döviz kuru getirisi ile hisse senedi getirileri oynaklıkları arası simetrik ve asimetrik ilişki, İMKB Dergisi, 10(37), 1-11. https://search.trdizin.gov.tr/yayin/detay/75049/
  • Özmen, M. (2007). Farklı döviz kuru rejimleri altında hisse senetleri fiyatları ile döviz kurları arasındaki ilişkinin ekonometrik analizi. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 16(1), 519-538. https://dergipark.org.tr/en/pub/cusosbil/issue/4376/59962
  • Özmen, M., Karlılar, S. & Karlılar, G. (2017). Türkiye için döviz kuru, faiz ve enflasyonun hisse senedi getirileri üzerine etkileri. Çukurova Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 21 (1), 107-120. https://dergipark.org.tr/en/pub/cuiibfd/issue/34826/387702
  • Pan, M. S., Fok, R. C. W., & Liu, Y. A. (2007). Dynamic linkages between exchange rates and stock prices: Evidence from East Asian markets. International Review of Economics & Finance, 16(4), 503-520. https://doi.org/10.1016/j.iref.2005.09.003
  • Pekkaya, M. & Bayramoğlu, M. F. (2008). Hisse senedi fiyatları ve döviz kuru arasındaki nedensellik ilişkisi: YTL/USD, İMKB 100 ve S&P 500 üzerine bir uygulama. Muhasebe ve Finansman Dergisi, (38), 163-176. https://dergipark.org.tr/en/pub/mufad/issue/35612/395707
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289-326.
  • Phylaktis, K., & Ravazzolo, F. (2005). Stock prices and exchange rate dynamics. Journal of international Money and Finance, 24(7), 1031-1053. https://doi.org/10.1016/j.jimonfin.2005.08.001
  • Rai, K. & Garg, B. (2022). Dynamic correlations and volatility spillovers between stock price and exchange rate in BRIICS economies: evidence from the COVID-19 outbreak period, Applied Economics Letters, 29(8), 738-745, https://doi.org/10.1080/13504851.2021.1884835
  • Salisu, A. A., & Ndako, U. B. (2018). Modelling stock price–exchange rate nexus in OECD countries: A new perspective. Economic Modelling, 74, 105-123. https://doi.org/10.1016/j.econmod.2018.05.010
  • Savaş, İ., & Can, İ. (2011). Euro- dolar paritesi ve reel döviz kurunun IMKB 100 endeksine etkisi. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 6(1), 323- 339. https://dergipark.org.tr/tr/pub/oguiibf/issue/56488/785436
  • Sertkaya, B. & Songur, M. (2021). Türkiye’de hisse senedi fiyatları ile reel döviz kuru arasındaki ilişki: Simetrik ve asimetrik nedensellik analizi. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 14 (2), 396-412. https://doi.org/10.25287/ohuiibf.703751
  • Sichoongwe, K. (2016). Effects of exchange rate volatility on the stock market: The Zambian experience. Journal of Economics and Sustainable Development, 7(4), 114-119 https://core.ac.uk/download/pdf/234647415.pdf
  • Soenen, L. A., & Hennigar, E. S. (1988). An analysis of exchange-rates and stock-prices-the united-states experience between 1980 and 1986. Akron Business and Economic Review, 19(4), 7-16.
  • Sui, L., & Sun, L. (2016). Spillover effects between exchange rates and stock prices: Evidence from BRICS around the recent global financial crisis. Research in International Business and Finance, 36, 459-471. https://doi.org/10.1016/j.ribaf.2015.10.011
  • Suriani, S. , Kumar, M. D. , Jamil, F. & Muneer, S. (2015). Impact of Exchange Rate on Stock Market . International Journal of Economics and Financial Issues , 5 (1) , 385-388 . https://dergipark.org.tr/en/pub/ijefi/issue/31972/352308?publisher=http-www-cag-edu-tr-ilhan-ozturk
  • Tai, C. S. (2000). Time-varying market, interest rate, and exchange rate risk premia in the US commercial bank stock returns. Journal of Multinational Financial Management, 10(3-4), 397-420. https://doi.org/10.1016/S1042-444X(00)00031-1
  • Tsai, I. C. (2012). The relationship between stock price index and exchange rate in Asian markets: A quantile regression approach. Journal of International Financial Markets, Institutions and Money, 22(3), 609-621. https://doi.org/10.1016/j.intfin.2012.04.005
  • Tule, M., Dogo, M., & Uzonwanne, G. (2018). Volatility of stock market returns and the naira exchange rate. Global Finance Journal, 35, 97-105. https://doi.org/10.1016/j.gfj.2017.08.001
  • Uğur, A. & Bingöl, N. (2020). Hisse senedi ve döviz kuru ilişkisinin yönü: Türkiye üzerine bir araştırma. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13 (4) , 624-636. https://dergipark.org.tr/en/pub/ohuiibf/issue/57037/605362
  • Uğur, A. & Bingöl, N. (2020). Hisse senedi ve döviz kuru ilişkisinin yönü: Türkiye üzerine bir araştırma. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 13 (4) , 624-636. https://dergipark.org.tr/en/pub/ohceylanuiibf/issue/57037/605362
  • Xie, Z., Chen, S. W., & Wu, A. C. (2020). The foreign exchange and stock market nexus: New international evidence. International Review of Economics & Finance, 67, 240-266. https://doi.org/10.1016/j.iref.2020.01.001
  • Yau, H. Y., & Nieh, C. C. (2006). Interrelationships among stock prices of Taiwan and Japan and NTD/Yen exchange rate. Journal of Asian Economics, 17(3), 535-552. https://doi.org/10.1016/j.asieco.2006.04.006
  • Yau, H. Y., & Nieh, C. C. (2009). Testing for cointegration with threshold effect between stock prices and exchange rates in Japan and Taiwan. Japan and the World Economy, 21(3), 292-300. https://doi.org/10.1016/j.japwor.2008.09.001
  • Yuce, A,. & Sımga-Mugan, C. (1996). An investigation of the short- and long-term relationships between Turkish financial markets. The European Journal of Finance, 2, pp. 305-317. https://doi.org/10.1080/13518479600000011
  • Zhao, H. (2010). Dynamic relationship between exchange rate and stock price: Evidence from China. Research in International Business and Finance, 24(2), 103-112. https://doi.org/10.1016/j.ribaf.2009.09.001
  • Zolfaghari, M., & Sahabi, B.(2017). Impact of foreign exchange rate on oil companies risk in stock market: A Markov-switching approach. Journal of Computational and Applied Mathematics, 317, 274-289. https://doi.org/10.1016/j.cam.2016.10.012
  • Zubair, A. (2013). Causal relationship between stock market index and exchange rate: Evidence from Nigeria. CBN journal of Applied Statistics, 4(2), 87-110. http://hdl.handle.net/10419/142080
Toplam 87 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Ekonomi
Bölüm Makaleler
Yazarlar

İlyas Kays İmamoğlu 0000-0002-7732-4148

Rahman Aydın 0000-0003-0440-7468

Erken Görünüm Tarihi 28 Temmuz 2023
Yayımlanma Tarihi 31 Temmuz 2023
Gönderilme Tarihi 15 Ocak 2023
Yayımlandığı Sayı Yıl 2023Cilt: 24 Sayı: 3

Kaynak Göster

APA İmamoğlu, İ. K., & Aydın, R. (2023). DÖVİZ KURU VE HİSSE SENEDİ FİYATLARI GEÇİŞKENLİĞİ: BİST100 VE ALT ENDEKSLER ÜZERİNE BİR UYGULAMA. Cumhuriyet Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 24(3), 302-316. https://doi.org/10.37880/cumuiibf.1235466

Cited By

BIST 100 ve Katılım 50 Endekslerinin Döviz Kuru, CDS Risk Primi, CBOE Oynaklık Endeksi (VIX) ve Petrol Fiyatları Arasındaki İlişkinin İncelenmesi
Kahramanmaraş Sütçü İmam Üniversitesi Sosyal Bilimler Dergisi
https://doi.org/10.33437/ksusbd.1400787
 Kapak Resmi İndir

Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi Creative Commons Atıf-GayriTicari 4.0 Uluslararası Lisansı (CC BY NC) ile lisanslanmıştır.