Küresel Enerji ve Metal Emtia Piyasaları ile Pay Senedi Piyasaları Arasındaki Dinamik İlişkilerin İncelenmesi: Türkiye Örneği
Analysing the Dynamic Relationship between Global Energy, Metal Commodity, and Equity Markets: The Case of Türkiye

Summary/Abstract: In recent years, fluctuations in commodity prices have had serious effects on both the global economy and national economies. Increases in commodity prices have become a factor that increases the impact of economic and political crises and, in some cases, even leads to crises. The critical role of stock markets on economic growth leads us to analyse the impact of commodity prices on stock prices. The aim of this study is to examine the causality relationships between international commodity prices such as Brent crude oil, gold, silver, lead, aluminium, copper, nickel, gold, silver, lead, aluminium, copper and nickel and BIST 100 and BIST Industrial Index in Türkiye using weekly frequency data between 13.10.2013-02.06.2024. Using Toda-Yamamoto and Fourier Toda-Yamamoto causality analyses, the results show that there is a bidirectional causality relationship between BIST Industrials and Brent oil, a unidirectional causality relationship from BIST Industrials to lead, and a unidirectional causality relationship from BIST 100 to lead. According to these empirical findings, it can be suggested that investors can manage risk more effectively by creating more balanced and diversified strategies in their portfolios. These approaches may allow investors to maximise their returns while minimising their risks. This information may be important for strategic planning to minimise the negative effects of market fluctuations, especially in times of crisis.

• Details
• Contents