Example example example example example example example example example example example example example example In this study, the emergence of the global crisis and the response of emerging markets to the crisis environment are investigated. For this purpose, the countries defined as the ‘Fragile Five’ (Turkey, India, Brazil, Indonesia and South Africa) by Morgan Stanley have been selected as the subject of the study. In order to measure the impact of global negativity on the Fragile Five markets, the period between January 2, 2020 and July 21, 2022, when COVID-19 was effective, has been chosen. TARCH and EGARCH models are used for the estimation of the indices subject to the study. As a result of the TARCH model estimation, it is determined that the coefficient showing the asymmetric effect for the SNSX and FTSE indices is significant. As a result of the EGARCH model estimation, the coefficient showing the asymmetric effect in BIST100, BVSP and JKSE indices is negative and significant. According to these results, the study argues that a negative shock in global markets has a significant effect on volatility.

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.

The integration of stock markets is an essential issue for international investors who aim to make short and long term investments. This paper examines Turkey and developed stock markets co-movements during the pandemic. International portfolio diversification advantages are investigated for Turkish investors who have a portfolio in developed markets. For this purpose, the long-term relationship between stock markets is analyzed using the Autoregressive Distributed Lag (ARDL) bound test. The study covers January 2019 and April 2021, and this period is divided into two separate periods, pre-pandemic and pandemic. The results of ARDL bounds tests have not found a cointegration relationship between stock markets in both the pre-pandemic period and the pandemic period. Granger causality test results show that NIKKEI 225 (Japan), DAX (Germany), FTSE 100 (United Kingdom) and CAC 40 (France) are the cause of BIST 100 (Turkey) in the pre-pandemic period. However, Granger causality test results show that there is no causality relationship during the pandemic period. Turkish stock market investors investing in developed stock markets will benefit from portfolio diversification in the long term.

The concept of growth is used for countries with different income levels and shows the increase in national income. One of the factors that realize economic growth is human capital. Education and health are the essential elements that make up human capital. The negativities in education and health services make immigration attractive. The concept of migration, which is expressed as population movement, brings along socio-cultural and economic changes. One of the reasons for migration is the lack of health facilities. This is followed by the inadequacy of educational opportunities and social opportunities. In this study, the effect of migration on economic growth between 2010-2019 is investigated for France, Germany, England and the USA. In the study, education, health, number of immigrants and economic growth data were used to examine the effect of migration on economic growth. The relationship between the data used in the study was examined with the help of the SUR estimator, which is one of the Panel data methods. According to the results obtained from the SUR estimator, it is concluded that immigration has positive effects on economic growth in England. İn addition, it has been determined that immigration in Germany has a negative effect on the economy. Finally, according to the results of the study, it was determined that there is no relationship between immigration and economic growth in France and the USA.