Dolar Kuru’nun Borsa İstanbul-30 Endeksi̇ Üzeri̇ndeki̇ Etki̇si̇ Ve Aralarindaki̇ Nedenselli̇k İli̇şki̇si̇ni̇n İncelenmesi̇

Kendirli, Selçuk; Çankaya, Muhammet

doi:10.18026/cbusos.48113

Cited by 18 publications

(8 citation statements)

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“…First, the relationship between the two variables, regardless of whether it is short or long term, has been determined. Among these studies; Dornbush and Fischer (1980), Aggarwal (1981), Frankel, (1983, Hatemi andIrandoust (2002), Ayvaz (2006), Büberkökü (2008), Rahman and Uddin (2008), Ghazali et al ( 2008), Pekkaya and Bayramoğlu (2008), Kutty (2010), Savaş and Can (2011), Berke (2012), Benli (2015), Ceylan and Şahin (2015), Belen and Karamelikli (2016), Kendirli andÇankaya ( 2016 Eyüboğlu andEyüboğlu (2018) ), Delgado et al (2018), Tachibana (2018) Kumar (2019), Kayral (2020), as well as Uğur andBingöl (2020). Asad, et al (2022) also compared energy sources and found a relationship between stock values and exchange rates.…”

Section: Literature Surveymentioning

confidence: 99%

Modeling of the Relationship Between BIST100 Index and Central Bank Interest Decisions by the Quantitative Decision Method

Keskin¹,

Yücel²

2023

ASRJOURNAL

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Central banks, which have the power to control and shape markets, apply various monetary policies to protect the monetary value of the country which they are affiliated with and to ensure financial stability. The monetary policy measures implemented have a direct or indirect effect on all market movements. Determining the most appropriate interest rates simultaneously with market conditions is one of the most important monetary policy measures. In this study, the impact of the decision of the Central Bank of the Republic of Turkey (TCMB) on the maximum interest rate applied to deposits between January 2010 and February 2022 in the BIST 100 Index, which is traded with the code XU100 on Borsa Istanbul (BIST), was investigated. For this purpose, an exponential composite variable was created based on interest rate and stock market index value change rates. Then, linear decision methods based on logarithmic transformation were applied and the relationship model was expressed mathematically. As a result, a statistically significant and 95% strong relationship was found between the interest rate decisions of TCBM and the movements of BIST 100 index.

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Section: Literature Surveymentioning

confidence: 99%

Modeling of the Relationship Between BIST100 Index and Central Bank Interest Decisions by the Quantitative Decision Method

Keskin¹,

Yücel²

2023

ASRJOURNAL

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“…The relationship between stock prices and exchange rates has been extensively studied by many researches. Some find positive association between the two [4,5] others discover negative relations [6,7] and even no relationship at all [8].…”

Section: Literature Reviewmentioning

confidence: 99%

“…The results suggest that there is positive bi-directional causal relationship from technology indices to exchange rate, but in terms of national 100, services, financials and industrials indices to exchange rate the paper does provide negative causality [15]. On the other hand, Kendirli and Çankaya (2016) analyze the causal relationship between the USD and Istanbul Stock Exchange National 30 Index from 2009:01 to 2014:12 monthly data and find no causal relationship between USD and BIST-30 index returns [8].…”

Section: Literature Reviewmentioning

confidence: 99%

The Impact of Exchange Rates on Stock Markets in Turkey: Evidence from Linear and Non-Linear ARDL Models

Çakır¹

2021

Linear and Non-Linear Financial Econometrics -Theory and Practice

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In this chapter we investigate the asymmetric impact of exchange rates on three major stock market indices in Turkey using four different ARDL models between 2003M1 and 2018M12. This chapter also attempts to differentiate the short-run and the long-run relationship between exchange rates and stock market indices namely BIST All shares, BIST National 100 index, and BIST National 30 index. Our motivating question is whether the relationship between exchange rates and three major stock market indices are symmetric or asymmetric in Turkey? To answer this, we first use the linear bivariate and multivariate models assuming the effects are symmetric. We then use the non-linear bivariate and multivariate models to examine whether exchange rate have symmetric or asymmetric effects on selected stock stock market indices in Turkey. The findings show that exchange rates have asymmetric effects on all three major stock market indices both in the short and long run. When we look at the long-run, the currency appreciation has positive and significant impact on selected stock markets but currency depreciation does not have an effect. This finding is in line with the understanding that Turkish sectors heavily depends on the import of raw and intermediate goods. The results also show that the economic activity has positive and significant effects on all stock markets implying that it is the main determinant in the long-run. Moreover, interest rates and volatility index were negative and significant in all markets. Thus, it has important implications for policy makers to provide stable prices and diverse investors.

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“…Döviz kuru ve hisse senedi ilişkisi konusunda; Qiao (1997), Bhattacharya & Mukharjee (2002), Fang & Miller (2002), Hatemi & Irandoust (2002), Nath & Samanta (2003), Misra (2004, Phylaktis & Ravazollo (2005), Tabak (2006), Ayaz (2006, Aydemir & Demirhan (2009), Kutty (2010), Kapusuzoğlu & İbicioğlu (2010), Zia & Rahman (2011), Savaş & Can (2011, Berke (2012), Ray (2012), Paramati & Gupta (2013), Büberkökü (2013), Şentürk & Dücan (2014), Ceylan & Şahin (2015), Kendirli & Çankaya (2015), Öncü, Çömlekçi, Yazgan & Bar (2015), Coşkun & Ümit (2016), Belen & Karamelikli (2016) gibi araştırmacılar, hisse senedi ve faiz oranları arasındaki ilişki konusunda ise Pearce & Roley (1985), Hardouvelis (1987), Flannery & James (1984), Cook & Hahn (1988), Bae (1990), Fung, Lie & Moreno (1990, Gjerde & Saettem (1999), Aras & Müslümov (2003), Davig & Gerlach (2006), Alam & Uddin (2009), Vejzagic & Zarafat (2013), Rana (2013), Sayılgan & Süslü (2011), Husain vd. (2014, Toraman & Başarır (2014) Bir zaman serisinde birden fazla kırılma olabileceğinden çoklu kırılmalı testler; tek kırılmalı veya kırılmasız testlerden daha güvenilir sonuçlar vermektedir.…”

Section: Alan Taramasiunclassified

“…Artan faiz oranları firma maliyetlerini etkileyecek maliyetler ise karlılığı etkileyecektir. Bu bağlamda artan faiz oranları karlılığı azaltacağından hisse senedi getirilerini azaltacak, diğer yandan yeni hisse senetlerinin alımını azaltacak ve hisse senedi fiyatının düşmesine neden olacaktır (Pearce & Roley, 1985;Bae, 1990;Husain, Zaman & Baloch, 2014;Toraman & Başarır, 2014 Döviz kuru ve hisse senedi ilişkisi konusunda; Qiao (1997), Bhattacharya & Mukharjee (2002), Fang & Miller (2002), Hatemi & Irandoust (2002), Nath & Samanta (2003), Misra (2004), Phylaktis & Ravazollo (2005), Tabak (2006), Ayaz (2006), Aydemir & Demirhan (2009), Kutty (2010), Kapusuzoğlu & İbicioğlu (2010), Zia & Rahman (2011), Savaş & Can (2011, Berke (2012), Ray (2012), Paramati & Gupta (2013), Büberkökü (2013), Şentürk & Dücan (2014), Ceylan & Şahin (2015), Kendirli & Çankaya (2015), Öncü, Çömlekçi, Yazgan & Bar (2015), Coşkun & Ümit (2016), Belen & Karamelikli (2016) gibi araştırmacılar, hisse senedi ve faiz oranları arasındaki ilişki konusunda ise Pearce & Roley (1985), Hardouvelis (1987), Flannery & James (1984), Cook & Hahn (1988), Bae (1990), Fung, Lie & Moreno (1990, Gjerde & Saettem (1999), Aras & Müslümov (2003), Davig & Gerlach (2006), Alam & Uddin (2009…”

Section: Introductionunclassified

Interest Rates - Exchange Rate and Bi̇st100 Interaction: Maki Cointegration Analysis

Barut¹,

Karaoğlan²,

Karabayir³

2017

Kafkas Univ Vet Fak Derg

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In this study, the effects of interest rate and exchange rate on BİST100 National Index have been studied for 2004: M1-2016: M10 periods for Turkey. For the analyses used in the study; Multiple Structural Breaks Unit Root Test developed by Carrion-i-Silvestre et al. ( 2009) for unit root tests, Multiple Structural Breaks Co-integration Test of Maki (2012) for long-term relationships and Dynamic Ordinary Least Squares (DOLS) Method for long-term error corrections were used. According to the empirical findings of the survey, it was determined that increases in interest rate influence BİST100 National Index negatively, and this result is supported by literature. On the other hand, roll-ups in exchange rate affect BİST100 National Index positively in Turkey.

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Dolar Kuru’nun Borsa İstanbul-30 Endeksi̇ Üzeri̇ndeki̇ Etki̇si̇ Ve Aralarindaki̇ Nedenselli̇k İli̇şki̇si̇ni̇n İncelenmesi̇

Abstract: ÖZ Bu çalışmada Dolar Kuru ile Borsa İstanbul Ulusal 30 Endeksi (BİST-30

Cited by 18 publications

References 0 publications

Modeling of the Relationship Between BIST100 Index and Central Bank Interest Decisions by the Quantitative Decision Method

Modeling of the Relationship Between BIST100 Index and Central Bank Interest Decisions by the Quantitative Decision Method

The Impact of Exchange Rates on Stock Markets in Turkey: Evidence from Linear and Non-Linear ARDL Models

Interest Rates - Exchange Rate and Bi̇st100 Interaction: Maki Cointegration Analysis

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