KÜRESEL VE ÜLKEYE ÖZGÜ JEOPOLİTİK RİSKLERİN HİSSE SENEDİ PİYASALARINA DOĞRUSAL OLMAYAN ETKİLERİ
NON-LINEAR IMPACTS OF GLOBAL AND COUNTRY-SPECIFIC GEOPOLITICAL RISKS ON STOCK MARKETS
Author(s): Selim Güngör, Elif ErerSubject(s): Economic history, Transformation Period (1990 - 2010), Present Times (2010 - today), Financial Markets, Geopolitics
Published by: Kafkas Üniversitesi Sağlık, Kültür ve Spor Daire Başkanlığı Dijital Baskı Merkezi
Keywords: Geopolitical risk; financial markets; non-parametric quantile causality;
Summary/Abstract: In this study, it is aimed to investigate the effects of countryspecific and global geopolitical risks on stock markets in European Union countries for the period January 1998-February 2022. In this context, global and country-specific news-based geopolitical risk indices and country stock indices are analyzed with Balcilar, Gupta and Wohar (2016)’s non-parametric quantile causality test. The findings revealed that country-specific and global geopolitical risks have a significant effect on stock returns and volatility for Finland, Germany and France. These findings highlight the importance of a strong financial sector that can help the market return to a stable structure that allows local investors to diversify country-specific risks in their portfolios.
Journal: Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi
- Issue Year: 13/2022
- Issue No: 26
- Page Range: 858-892
- Page Count: 35
- Language: Turkish