The purpose of this study is to examine the relationship between stocks, gold and foreign exchange. In this study, Istanbul Stock Exchange 100 Index (Bist100), gold (Gold) and Real Effective Exchange Rate (USD) variables are used. Data set consist of 2296 daily observations between the period January 2002 and November 2013. To determine the relationship between stock, gold and foreign exchange was created two separate models and two-stage Engle-Granger cointegration analysis has been applied. In addition to this analysis, Granger causality analysis has been applied. As a result of the analysis, real exchange rate and Gold was determined to be the Granger cause Borsa Istanbul 100 Index. Also, it was concluded that gold is Granger cause of real exchange.
Real Time Impact Factor:
1.33333
Author Name: Mehmet Akif Öncü, ?stemi Çömlekçi, Halil ?brahim Yazgan, Mehtap Bar
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Keywords: BIST100, Gold, Real Exchange Rate
ISSN: 1303-0035
EISSN: 2147-3064
EOI/DOI:
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