Although it is assumed that investors who are traded in financial markets are rational, it is tri... more Although it is assumed that investors who are traded in financial markets are rational, it is tried to be explained by anomalies in behavioral finance theory that this condition does not always obtained. Weather anomaly, which is one of the financial market anomalies, suggests that weather conditions have an effect on the psychology of individuals and thus on investment decisions. In this study, panel data analysis was carried out by using the weather data of 6 countries (Turkey, Italy, the United States, Canada, China, Russia) and the main stock indexes (Bist100, FTSE MIB, Dow Jones Industrial Average, S&P_TSX, Shanghai Composite, MOEX Russia) of the countries in order to test the weather anomaly located in the behavioral finance theory. Daily data were included in the study between 04.01.2010 and 31.07.2019. First of all, the stability of the series was investigated with panel unit root tests and then panel co-integration tests were applied. As a result of Johansen cointegration test, cointegration relationship was found only for Russia and Canada.
Bu çalışmada petrol fiyatlarındaki düşüşün ülkemiz ekonomisine uzun dönem etkisini analiz etmek a... more Bu çalışmada petrol fiyatlarındaki düşüşün ülkemiz ekonomisine uzun dönem etkisini analiz etmek amacıyla ham petrol fiyatları ve dış ticaret haddi, tüfe ve cari açık arasındaki uzun dönem ilişki incelenmiştir. Çalışmada 2005 Ocak-2014 Kasım dönemleri arasında aylık serilerle çalışılmıştır. Bu doğrultuda değişkenler arasındaki nedensellik ilişkisi incelenerek VAR analizi yapılmıştır. Öncelikle değişkenler arasında eşbütünleşmenin varlığı Johansen Eşbütünleşme testi ile araştırılmıştır. Granger nedensellik testi ile değişkenlerin dışsallığı belirlenmiş ve aralarındaki nedensellik ilişkisinin yönü tespit edilmiştir. VAR analizi sonrasında etki-tepki analizi yapılmış ve değişkenlerin birinde meydana gelen şokun diğer değişkenler üzerinde etkisi ortaya konmuştur. Çalışmanın sonucunda petrol fiyatlarında meydana gelen bir şokun en fazla etkisi dış ticaret haddinde gözlenmiştir. Şokların cari açık üzerindeki etkisinin ise dış ticaret haddine göre daha sınırlı ve kısa süreli olduğu sonucuna ulaşılmıştır.
İktisadi İdari Bilimler Fakültesi dergisi, Dec 25, 2016
Islamic index in general is the stock exchange index that includes stocks traded in the national ... more Islamic index in general is the stock exchange index that includes stocks traded in the national and international market, the companies operating in accordance with Islamic law. First in 1990, it was introduced in the US Wall Street Stock Exchange. Islamic indices have a great importance to be able to measure the stock performance of companies operating in accordance with Islamic principles. In this study Standard and Poor's, Dow Jones, Morgan Stanley, and the Financial Times Stock Exchange Islamic Indices have been included in the study on a monthly frequency and to compare the performance beta values are estimated by creating the index single index model. In the study using the Capital Asset Pricing Models (CAPM), expected return for indices were estimated. In addition, to compare portfolio performance Sharpe Ratio, Treynor Ratio, Jensen Performance Ratio is calculated.
This study examines the performance of green bonds, utilizing the Standard and Poor's (S&P) Green... more This study examines the performance of green bonds, utilizing the Standard and Poor's (S&P) Green Bond Index, Bloomberg Green Bond Index, S&P US Aggregate Bond Index, and Bloomberg Barclays US Aggregate Bond Index as benchmarks. Monthly data spanning from July 2014 to February 2023 is analyzed. Key performance ratios including the Sharpe Ratio, Treynor Ratio, and Jensen Performance Ratio are computed for portfolio comparison. Our findings indicate that the S&P Green Bond Index outperformed compared to the Bloomberg Green Bond Index. Furthermore, we calculate and regress the S&P and Bloomberg Barclay's greenium series against the consumer price index, Federal Reserve interest rates, and S&P 500 market returns. The study's findings indicate that higher Federal Reserve interest rates and increased market returns cause a decrease in the yield gap between conventional and green bonds. Moreover, a rise in the Consumer Price Index is caused by a widening of the yield disparity between these two types of bonds. The results highlight an average investor loss of 2% when investing in green bonds, in contrast to conventional bonds.
Finansın temel teorilerinden olan etkin piyasa teorisi, hisse fiyatlarına piyasadaki tüm bilginin... more Finansın temel teorilerinden olan etkin piyasa teorisi, hisse fiyatlarına piyasadaki tüm bilginin yansıdığını ve piyasada ortalamanın üzerinde getiri elde etmenin mümkün olmadığını varsayar. Buna karşın uygulamada bu varsayım gerçekleşmeyebilir. Bazı yatırımcılar bazı hisselerde diğer yatırımcılardan daha yüksek getiriler elde edebilir. Bu durum anomali olarak isimlendirilir. Anomalinin kaynaklandığı duruma göre çok sayıda çeşidi vardır. Bu çalışmada, Borsa İstanbul'da temettü anomalisi test edilmiştir. Çalışmanın amacı Borsa İstanbul'da temettü anomalisinin varlığının araştırmaktır. Performans kriterleriyle sonuçlar incelendiğinde hem Temettü endeksi hem de Temettü25 endeksi için temettü anomalisinin var olduğu sonucuna ulaşılmıştır.
In 2013 the Brazilian real, the Indonesian rupiah, the South African rand, the Indian rupee, and ... more In 2013 the Brazilian real, the Indonesian rupiah, the South African rand, the Indian rupee, and the Turkish lira declared by Morgan Stanley as the "Fragile Five". In other words they are the troubled emerging market currencies under the most pressure against the United States dollar. This definition also draws attention to some common ground: High inflation, weakening growth, large external deficits, and in some cases exposure to the China slowdown, and high dependence on fixed income inflows. The importance of emerging markets has a growing importance for the investors in stock markets. Because of high interest rates they attract foreign indirect investments. Each economy has different dynamics and although differentiation in some ways they have some common features. Fragile five F5 countries are depend on foreign investment to finance the current account deficit, which makes these countries more fragile. On the other hand with FED’s reduction of quantitative easing, the...
Petrol Fiyatlarındaki Düşüşün Türkiye Ekonomisine Etkisinin Analizi
Bu calismada petrol fiyatlarindaki dususun ulkemiz ekonomisine uzun donem etkisini analiz etmek a... more Bu calismada petrol fiyatlarindaki dususun ulkemiz ekonomisine uzun donem etkisini analiz etmek amaciyla ham petrol fiyatlari ve dis ticaret haddi, tufe ve cari acik arasindaki uzun donem iliski incelenmistir. Calismada 2005 Ocak-2014 Kasim donemleri arasinda aylik serilerle calisilmistir. Bu dogrultuda degiskenler arasindaki nedensellik iliskisi incelenerek VAR analizi yapilmistir. Oncelikle degiskenler arasinda esbutunlesmenin varligi Johansen Esbutunlesme testi ile arastirilmistir. Granger nedensellik testi ile degiskenlerin dissalligi belirlenmis ve aralarindaki nedensellik iliskisinin yonu tespit edilmistir. VAR analizi sonrasinda etki-tepki analizi yapilmis ve degiskenlerin birinde meydana gelen sokun diger degiskenler uzerinde etkisi ortaya konmustur. Calismanin sonucunda petrol fiyatlarinda meydana gelen bir sokun en fazla etkisi dis ticaret haddinde gozlenmistir. Şoklarin cari acik uzerindeki etkisinin ise dis ticaret haddine gore daha sinirli ve kisa sureli oldugu sonucuna...
Turkish Experience in Bank Shareholders' Fraud and Bank Failure: Imar Bank and Ihlas Finans Case
In the last two decades, Turkish economy experience d a number of financial intermediaries’ failu... more In the last two decades, Turkish economy experience d a number of financial intermediaries’ failures due to bad governance, shareholders’ fraud and limited regulative structure. These financial intermediaries include not only the banks but also the financial institutions such as special finance houses which were excluded from the regulative field. The failures of these financial intermediaries were costly enough to damage Turkish economy. Thus, it was then an obligation to take proper actions, such as making new regulations and reconstructing entire financial system. It was inevitable to establish a new regulatory body t o create a stronger and more resilient banking system, while solving problematic banks and special finance houses. For these purposes, Banking Regulation and Supervision Agency (BRSA) was establ ished in 2000 as a fully independent government authority in order to obtain financial sand recover safety and robustness of the system. The main purpose of this research is...
Islamic index in general is the stock exchange index that includes stocks traded in the national ... more Islamic index in general is the stock exchange index that includes stocks traded in the national and international market, the companies operating in accordance with Islamic law. First in 1990, it was introduced in the US Wall Street Stock Exchange. Islamic indices have a great importance to be able to measure the stock performance of companies operating in accordance with Islamic principles. In this study Standard and Poor's, Dow Jones, Morgan Stanley, and the Financial Times Stock Exchange Islamic Indices have been included in the study on a monthly frequency and to compare the performance beta values are estimated by creating the index single index model. In the study using the Capital Asset Pricing Models (CAPM), expected return for indices were estimated. In addition, to compare portfolio performance Sharpe Ratio, Treynor Ratio, Jensen Performance Ratio is calculated.
Panel Data Analysis of Monetary Transmission Mechanism for European Union Countries
Journal of Social Science Studies
Monetary transmission mechanism is the mechanism which shows in what ways and what extent intera... more Monetary transmission mechanism is the mechanism which shows in what ways and what extent interaction between the real economy-monetary policy, impacts aggregate demand and production. While transmission channels or mechanisms traditionally classified they divided into three categories; interest rates, Exchange rates and other asset prices.In this study to test the existence of the European debt crisis by the monetary transmission mechanism, 15 members of European Union country by using annual (2002-2014) data set were included into study. We use panel unit root tests to analyze whether the variables in the model are stationary or not. For the countries included in the study, panel causality tests developed by Granger is applied. Panel Vector Autoregressive Model has been estimated and results of Impulse-Response Analysis and Variance Decomposition have been interpreted.
Panel Data Analysis of Monetary Transmission Mechanism for European Union Countries
Journal of Social Science Studies
Monetary transmission mechanism is the mechanism which shows in what ways and what extent intera... more Monetary transmission mechanism is the mechanism which shows in what ways and what extent interaction between the real economy-monetary policy, impacts aggregate demand and production. While transmission channels or mechanisms traditionally classified they divided into three categories; interest rates, Exchange rates and other asset prices.In this study to test the existence of the European debt crisis by the monetary transmission mechanism, 15 members of European Union country by using annual (2002-2014) data set were included into study. We use panel unit root tests to analyze whether the variables in the model are stationary or not. For the countries included in the study, panel causality tests developed by Granger is applied. Panel Vector Autoregressive Model has been estimated and results of Impulse-Response Analysis and Variance Decomposition have been interpreted.
In 2013 the Brazilian real, the Indonesian rupiah, the South African rand, the Indian rupee, and ... more In 2013 the Brazilian real, the Indonesian rupiah, the South African rand, the Indian rupee, and the Turkish lira declared by Morgan Stanley as the "Fragile Five". In other words they are the troubled emerging market currencies under the most pressure against the United States dollar. This definition also draws attention to some common ground: High inflation, weakening growth, large external deficits, and in some cases exposure to the China slowdown, and high dependence on fixed income inflows. The importance of emerging markets has a growing importance for the investors in stock markets. Because of high interest rates they attract foreign indirect investments. Each economy has different dynamics and although differentiation in some ways they have some common features. Fragile five F5 countries are depend on foreign investment to finance the current account deficit, which makes these countries more fragile. On the other hand with FED's reduction of quantitative easing, there is a problem like balance of payments positions, which become more difficult to finance and should be improved. According to Mishkin (2007) exchange rate is the price of one currency in terms of another, which affects an economy in different ways and its standard of living. Exchange rates are important because they affect the relative price of domestic and foreign goods. In order to maintain stable growth, countries should make more industrial production. In this case countries prefer worthless local currency to boost exports. In the study it's aimed to identify the determinants the fragile five economies' GDP Growth rate with panel data analysis. Between the terms of December 2005 –January 2014 the five countries gross domestic product (GDP) growth rate analyzed with eight explanatory variables.
The integration of financial markets has caused the country's economy and stock markets to intera... more The integration of financial markets has caused the country's economy and stock markets to interact more and more. The global crisis, which started in 2008 and whose effects are still unavailable, has also affected other countries' stock exchanges due to the fact that it originated in developed countries. Negative indicators created by the contagion effect on financial markets negatively affected the economies with the decrease of portfolio investments and the decrease of trade volumes. In this process, many studies have been carried out to investigate how integrated the markets are. The effects of the crisis in US and the dollar exchange rate on developing country currencies are still under investigation. In the study in order to reveal the relationship between financial markets, Turkey and between BRICS countries stock indexes, short-and long-run equilibrium relationship was examined. For this purpose, between January 2003 and March 2016, index values of country stock exchanges were examined by Engle Granger, Johansen and Gregory Hansen cointegration test.
Although it is assumed that investors who are traded in financial markets are rational, it is tri... more Although it is assumed that investors who are traded in financial markets are rational, it is tried to be explained by anomalies in behavioral finance theory that this condition does not always obtained. Weather anomaly, which is one of the financial market anomalies, suggests that weather conditions have an effect on the psychology of individuals and thus on investment decisions. In this study, panel data analysis was carried out by using the weather data of 6 countries (Turkey, Italy, the United States, Canada, China, Russia) and the main stock indexes (Bist100, FTSE MIB, Dow Jones Industrial Average, S&P_TSX, Shanghai Composite, MOEX Russia) of the countries in order to test the weather anomaly located in the behavioral finance theory. Daily data were included in the study between 04.01.2010 and 31.07.2019. First of all, the stability of the series was investigated with panel unit root tests and then panel co-integration tests were applied. As a result of Johansen cointegration test, cointegration relationship was found only for Russia and Canada.
Bu çalışmada petrol fiyatlarındaki düşüşün ülkemiz ekonomisine uzun dönem etkisini analiz etmek a... more Bu çalışmada petrol fiyatlarındaki düşüşün ülkemiz ekonomisine uzun dönem etkisini analiz etmek amacıyla ham petrol fiyatları ve dış ticaret haddi, tüfe ve cari açık arasındaki uzun dönem ilişki incelenmiştir. Çalışmada 2005 Ocak-2014 Kasım dönemleri arasında aylık serilerle çalışılmıştır. Bu doğrultuda değişkenler arasındaki nedensellik ilişkisi incelenerek VAR analizi yapılmıştır. Öncelikle değişkenler arasında eşbütünleşmenin varlığı Johansen Eşbütünleşme testi ile araştırılmıştır. Granger nedensellik testi ile değişkenlerin dışsallığı belirlenmiş ve aralarındaki nedensellik ilişkisinin yönü tespit edilmiştir. VAR analizi sonrasında etki-tepki analizi yapılmış ve değişkenlerin birinde meydana gelen şokun diğer değişkenler üzerinde etkisi ortaya konmuştur. Çalışmanın sonucunda petrol fiyatlarında meydana gelen bir şokun en fazla etkisi dış ticaret haddinde gözlenmiştir. Şokların cari açık üzerindeki etkisinin ise dış ticaret haddine göre daha sınırlı ve kısa süreli olduğu sonucuna ulaşılmıştır.
İktisadi İdari Bilimler Fakültesi dergisi, Dec 25, 2016
Islamic index in general is the stock exchange index that includes stocks traded in the national ... more Islamic index in general is the stock exchange index that includes stocks traded in the national and international market, the companies operating in accordance with Islamic law. First in 1990, it was introduced in the US Wall Street Stock Exchange. Islamic indices have a great importance to be able to measure the stock performance of companies operating in accordance with Islamic principles. In this study Standard and Poor's, Dow Jones, Morgan Stanley, and the Financial Times Stock Exchange Islamic Indices have been included in the study on a monthly frequency and to compare the performance beta values are estimated by creating the index single index model. In the study using the Capital Asset Pricing Models (CAPM), expected return for indices were estimated. In addition, to compare portfolio performance Sharpe Ratio, Treynor Ratio, Jensen Performance Ratio is calculated.
This study examines the performance of green bonds, utilizing the Standard and Poor's (S&P) Green... more This study examines the performance of green bonds, utilizing the Standard and Poor's (S&P) Green Bond Index, Bloomberg Green Bond Index, S&P US Aggregate Bond Index, and Bloomberg Barclays US Aggregate Bond Index as benchmarks. Monthly data spanning from July 2014 to February 2023 is analyzed. Key performance ratios including the Sharpe Ratio, Treynor Ratio, and Jensen Performance Ratio are computed for portfolio comparison. Our findings indicate that the S&P Green Bond Index outperformed compared to the Bloomberg Green Bond Index. Furthermore, we calculate and regress the S&P and Bloomberg Barclay's greenium series against the consumer price index, Federal Reserve interest rates, and S&P 500 market returns. The study's findings indicate that higher Federal Reserve interest rates and increased market returns cause a decrease in the yield gap between conventional and green bonds. Moreover, a rise in the Consumer Price Index is caused by a widening of the yield disparity between these two types of bonds. The results highlight an average investor loss of 2% when investing in green bonds, in contrast to conventional bonds.
Finansın temel teorilerinden olan etkin piyasa teorisi, hisse fiyatlarına piyasadaki tüm bilginin... more Finansın temel teorilerinden olan etkin piyasa teorisi, hisse fiyatlarına piyasadaki tüm bilginin yansıdığını ve piyasada ortalamanın üzerinde getiri elde etmenin mümkün olmadığını varsayar. Buna karşın uygulamada bu varsayım gerçekleşmeyebilir. Bazı yatırımcılar bazı hisselerde diğer yatırımcılardan daha yüksek getiriler elde edebilir. Bu durum anomali olarak isimlendirilir. Anomalinin kaynaklandığı duruma göre çok sayıda çeşidi vardır. Bu çalışmada, Borsa İstanbul'da temettü anomalisi test edilmiştir. Çalışmanın amacı Borsa İstanbul'da temettü anomalisinin varlığının araştırmaktır. Performans kriterleriyle sonuçlar incelendiğinde hem Temettü endeksi hem de Temettü25 endeksi için temettü anomalisinin var olduğu sonucuna ulaşılmıştır.
In 2013 the Brazilian real, the Indonesian rupiah, the South African rand, the Indian rupee, and ... more In 2013 the Brazilian real, the Indonesian rupiah, the South African rand, the Indian rupee, and the Turkish lira declared by Morgan Stanley as the "Fragile Five". In other words they are the troubled emerging market currencies under the most pressure against the United States dollar. This definition also draws attention to some common ground: High inflation, weakening growth, large external deficits, and in some cases exposure to the China slowdown, and high dependence on fixed income inflows. The importance of emerging markets has a growing importance for the investors in stock markets. Because of high interest rates they attract foreign indirect investments. Each economy has different dynamics and although differentiation in some ways they have some common features. Fragile five F5 countries are depend on foreign investment to finance the current account deficit, which makes these countries more fragile. On the other hand with FED’s reduction of quantitative easing, the...
Petrol Fiyatlarındaki Düşüşün Türkiye Ekonomisine Etkisinin Analizi
Bu calismada petrol fiyatlarindaki dususun ulkemiz ekonomisine uzun donem etkisini analiz etmek a... more Bu calismada petrol fiyatlarindaki dususun ulkemiz ekonomisine uzun donem etkisini analiz etmek amaciyla ham petrol fiyatlari ve dis ticaret haddi, tufe ve cari acik arasindaki uzun donem iliski incelenmistir. Calismada 2005 Ocak-2014 Kasim donemleri arasinda aylik serilerle calisilmistir. Bu dogrultuda degiskenler arasindaki nedensellik iliskisi incelenerek VAR analizi yapilmistir. Oncelikle degiskenler arasinda esbutunlesmenin varligi Johansen Esbutunlesme testi ile arastirilmistir. Granger nedensellik testi ile degiskenlerin dissalligi belirlenmis ve aralarindaki nedensellik iliskisinin yonu tespit edilmistir. VAR analizi sonrasinda etki-tepki analizi yapilmis ve degiskenlerin birinde meydana gelen sokun diger degiskenler uzerinde etkisi ortaya konmustur. Calismanin sonucunda petrol fiyatlarinda meydana gelen bir sokun en fazla etkisi dis ticaret haddinde gozlenmistir. Şoklarin cari acik uzerindeki etkisinin ise dis ticaret haddine gore daha sinirli ve kisa sureli oldugu sonucuna...
Turkish Experience in Bank Shareholders' Fraud and Bank Failure: Imar Bank and Ihlas Finans Case
In the last two decades, Turkish economy experience d a number of financial intermediaries’ failu... more In the last two decades, Turkish economy experience d a number of financial intermediaries’ failures due to bad governance, shareholders’ fraud and limited regulative structure. These financial intermediaries include not only the banks but also the financial institutions such as special finance houses which were excluded from the regulative field. The failures of these financial intermediaries were costly enough to damage Turkish economy. Thus, it was then an obligation to take proper actions, such as making new regulations and reconstructing entire financial system. It was inevitable to establish a new regulatory body t o create a stronger and more resilient banking system, while solving problematic banks and special finance houses. For these purposes, Banking Regulation and Supervision Agency (BRSA) was establ ished in 2000 as a fully independent government authority in order to obtain financial sand recover safety and robustness of the system. The main purpose of this research is...
Islamic index in general is the stock exchange index that includes stocks traded in the national ... more Islamic index in general is the stock exchange index that includes stocks traded in the national and international market, the companies operating in accordance with Islamic law. First in 1990, it was introduced in the US Wall Street Stock Exchange. Islamic indices have a great importance to be able to measure the stock performance of companies operating in accordance with Islamic principles. In this study Standard and Poor's, Dow Jones, Morgan Stanley, and the Financial Times Stock Exchange Islamic Indices have been included in the study on a monthly frequency and to compare the performance beta values are estimated by creating the index single index model. In the study using the Capital Asset Pricing Models (CAPM), expected return for indices were estimated. In addition, to compare portfolio performance Sharpe Ratio, Treynor Ratio, Jensen Performance Ratio is calculated.
Panel Data Analysis of Monetary Transmission Mechanism for European Union Countries
Journal of Social Science Studies
Monetary transmission mechanism is the mechanism which shows in what ways and what extent intera... more Monetary transmission mechanism is the mechanism which shows in what ways and what extent interaction between the real economy-monetary policy, impacts aggregate demand and production. While transmission channels or mechanisms traditionally classified they divided into three categories; interest rates, Exchange rates and other asset prices.In this study to test the existence of the European debt crisis by the monetary transmission mechanism, 15 members of European Union country by using annual (2002-2014) data set were included into study. We use panel unit root tests to analyze whether the variables in the model are stationary or not. For the countries included in the study, panel causality tests developed by Granger is applied. Panel Vector Autoregressive Model has been estimated and results of Impulse-Response Analysis and Variance Decomposition have been interpreted.
Panel Data Analysis of Monetary Transmission Mechanism for European Union Countries
Journal of Social Science Studies
Monetary transmission mechanism is the mechanism which shows in what ways and what extent intera... more Monetary transmission mechanism is the mechanism which shows in what ways and what extent interaction between the real economy-monetary policy, impacts aggregate demand and production. While transmission channels or mechanisms traditionally classified they divided into three categories; interest rates, Exchange rates and other asset prices.In this study to test the existence of the European debt crisis by the monetary transmission mechanism, 15 members of European Union country by using annual (2002-2014) data set were included into study. We use panel unit root tests to analyze whether the variables in the model are stationary or not. For the countries included in the study, panel causality tests developed by Granger is applied. Panel Vector Autoregressive Model has been estimated and results of Impulse-Response Analysis and Variance Decomposition have been interpreted.
In 2013 the Brazilian real, the Indonesian rupiah, the South African rand, the Indian rupee, and ... more In 2013 the Brazilian real, the Indonesian rupiah, the South African rand, the Indian rupee, and the Turkish lira declared by Morgan Stanley as the "Fragile Five". In other words they are the troubled emerging market currencies under the most pressure against the United States dollar. This definition also draws attention to some common ground: High inflation, weakening growth, large external deficits, and in some cases exposure to the China slowdown, and high dependence on fixed income inflows. The importance of emerging markets has a growing importance for the investors in stock markets. Because of high interest rates they attract foreign indirect investments. Each economy has different dynamics and although differentiation in some ways they have some common features. Fragile five F5 countries are depend on foreign investment to finance the current account deficit, which makes these countries more fragile. On the other hand with FED's reduction of quantitative easing, there is a problem like balance of payments positions, which become more difficult to finance and should be improved. According to Mishkin (2007) exchange rate is the price of one currency in terms of another, which affects an economy in different ways and its standard of living. Exchange rates are important because they affect the relative price of domestic and foreign goods. In order to maintain stable growth, countries should make more industrial production. In this case countries prefer worthless local currency to boost exports. In the study it's aimed to identify the determinants the fragile five economies' GDP Growth rate with panel data analysis. Between the terms of December 2005 –January 2014 the five countries gross domestic product (GDP) growth rate analyzed with eight explanatory variables.
The integration of financial markets has caused the country's economy and stock markets to intera... more The integration of financial markets has caused the country's economy and stock markets to interact more and more. The global crisis, which started in 2008 and whose effects are still unavailable, has also affected other countries' stock exchanges due to the fact that it originated in developed countries. Negative indicators created by the contagion effect on financial markets negatively affected the economies with the decrease of portfolio investments and the decrease of trade volumes. In this process, many studies have been carried out to investigate how integrated the markets are. The effects of the crisis in US and the dollar exchange rate on developing country currencies are still under investigation. In the study in order to reveal the relationship between financial markets, Turkey and between BRICS countries stock indexes, short-and long-run equilibrium relationship was examined. For this purpose, between January 2003 and March 2016, index values of country stock exchanges were examined by Engle Granger, Johansen and Gregory Hansen cointegration test.
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