Enerji̇ Fi̇yatlari İle Borsa İstanbul Endeksleri̇ Arasindaki̇ İli̇şki̇leri̇n Test Edi̇lmesi̇

Abstract

Oil and natural gas, which are the most used energy sources, are consumed as raw materials in many fields. The development of technology and population increase makes these energy sources important for financial markets and the overall economy. Turkey, energy importing and developing country, maybe influenced intensely by changes in energy prices. In this study, long-term and short-term relationships between energy prices and Borsa Istanbul indices using daily data between 01.01.2007-31.10.2017 were examined by Johansen cointegration, vector autoregression (VAR), Granger causality tests, and impulse-response functions. The long-term relationship between energy prices and Borsa Istanbul indices was not found. On the other hand, it was concluded that energy prices positively impacted Borsa Istanbul indices in the short-term. Furthermore, oil prices Granger cause natural gas prices, Food Beverage, and Chemical Petrol Plastic Indices.

Empirical Analysis of the Relationship between Basic Energy Sources and the Tourism Sector Index

“…Shi and Kong (2021), in their study examining the impact of international crude oil prices on energy stock prices in China during the COVID-19 epidemic, found that COVID-19 significantly strengthened the correlation between the variables and the volatility between oil price returns and energy stock returns has been found to have a spreading effect. Temel and Eryiğit (2021), in their study investigating the relationships between energy prices and various BIST indices using daily data between January 1, 2007 and October 31, 2017, did not find a long-term relationship between energy prices and indices. In the short term, they determined that energy prices had a positive effect on BIST indices.…”