Journal of Current Research on Social Sciences (JoCReSS) - ISSN: 2547-9644

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The Effects of Industrial Production, Gold Prices and Oil Prices on Turkish Stock Market
(The Effects of Industrial Production, Gold Prices and Oil Prices on Turkish Stock Market )

Yazar : Namık Kemal ERDOĞAN    
Türü :
Baskı Yılı : 2018
Sayı : 8 (4)
Sayfa : 297-308
DOI Number: :
Cite : Namık Kemal ERDOĞAN , (2018). The Effects of Industrial Production, Gold Prices and Oil Prices on Turkish Stock Market . Journal of Current Researches on Social Sciences, 8 (4), p. 297-308. Doi: .
    


Özet

This paper aims to investigate the asymmetric effects of industrial production, gold prices and oil prices on Turkish stock market returns by employing nonlinear Autoregressive Distributed Lag (NARDL) model. The monthly data are used for the period from 2003:01 to 2018:08. The empirical findings indicate that the industrial production and gold prices have asymmetrical effects on Turkish stock returns. However, the findings of this study imply that oil prices doesn’t have any asymmetrical effects on Turkish stock returns. The empirical results support the evidence of the significant relation between industrial production, gold prices and stock returns in Turkey. Empirical findings suggest that gold plays important role for portfolio decisions for investors.



Anahtar Kelimeler
Stock market, Oil prices, Gold prices, Non-linear ARDL.

Abstract

This paper aims to investigate the asymmetric effects of industrial production, gold prices and oil prices on Turkish stock market returns by employing nonlinear Autoregressive Distributed Lag (NARDL) model. The monthly data are used for the period from 2003:01 to 2018:08. The empirical findings indicate that the industrial production and gold prices have asymmetrical effects on Turkish stock returns. However, the findings of this study imply that oil prices doesn’t have any asymmetrical effects on Turkish stock returns. The empirical results support the evidence of the significant relation between industrial production, gold prices and stock returns in Turkey. Empirical findings suggest that gold plays important role for portfolio decisions for investors.



Keywords
Stock market, Oil prices, Gold prices, Non-linear ARDL.

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