How does gold and oil price volatility affect Turkish financial markets?

Hakan Oner and Hande Kilic Satici
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Hakan Oner: Faculty of Economics, Administrative And Social Sciences, NisantasiUniversity, Istanbul, Turkiye
Hande Kilic Satici: Independent Researcher, Istanbul, Turkey

International Journal of Research in Business and Social Science (2147-4478), 2020, vol. 9, issue 4, 262-270

Abstract: Gold and oil price volatilities are thought to have an impact on financial markets. The main aim of this study is to examine the effects of changes in gold and oil prices on Turkish financial markets. For this purpose, the effects of gold and oil price volatilities on nominal US dollar/Turkish lira exchange rate, Borsa Istanbul 100 Index and Turkey 10-year bond interest rates are used to represent Turkish financial markets are analysed by Granger Casuality Test. The study comprises daily data over the period of June 1, 2010 - April 30, 2017. According to the results of the analysis, there is no causality relationship from gold and oil prices to Turkish financial markets. On the other hand, it is concluded that there is a one-way causality relationship from BIST100 index to Turkey 10-year bond interest rate and two-way causality relationship between BIST 100 index and nominal US dollar/Turkish lira exchange rate. Key Words: Gold Markets, Oil Markets, Turkish Financial Market, Granger Casuality Test.

Date: 2020
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