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THE DYNAMICAL RELATIONSHIP BETWEEN OIL PRICE SHOCKS AND SELECTED MACROECONOMIC VARIABLES IN TURKEY
MEHMET ERYIĞIT
Sažetak
In many empirical studies, the dynamic
relationship among energy sector
variables (such as, oil, electricity,
gasoline, coal, renewable energy, etc.) and
economic variables (such as; financial markets,
real economy and the overall economy) are
studied. Oil price changes may affect the
economic variables more of oil importer
countries then oil exporter countries especially
emerging markets. In addition to this, oil price
changes and shocks may be an important
device to explain stock market index return.
In this paper, Istanbul stock exchange market
index (ISE-100), interest rates, exchange rates
and oil price are analyzed by using a vector
autoregressive (VAR) approach for Turkey.
The results suggest that there is a dynamic
relationship among oil price shocks, Istanbul
stock market index, exchange rate and interest
rate.
Ključne riječi
Oil Price shocks; ISE-100; Interest rates; Exchange rates; Vector –autoregressive (VAR)
Hrčak ID:
86636
URI
Datum izdavanja:
15.6.2012.
Posjeta: 4.719 *