Author/Authors
AKEL, Veli Erciyes Üniversitesi - İktisadi ve İdari Bilimler Fakültesi - İşletme Bölümü, Turkey , GAZEL, Sümeyra Bozok Üniversitesi - İktisadi ve İdari Bilimler Fakültesi - İşletme Bölümü, Turkey
Title Of Article
THE COINTEGRATION LINKAGES BETWEEN EXCHANGE RATES AND BIST INDUSTRIAL INDEX: AN ARDL BOUND TESTING APPROACH
شماره ركورد
16853
Abstract
In this paper, we investigate existence of long-run and short-run equilibrium relationships among the Borsa Istanbul Industrial Index (SINAI), real effective exchange rate (REER), Dollar Index (DXY) and Euro/Turkish Lira exchange rate in Turkey. Applying ARDL cointegration analysis on monthly data for the 2005:01–2013:12 period, we find that the SINAI Index is positively related to the Dollar Index and Euro/TL exchange rate. But, there is no meaningful relationship between real effective exchange rate and SINAI. The results of vector error correction model reveal that the SINAI is positively related to the real effective exchange rate while SINAI is negatively related to the Dollar Index and Euro/TL exchange rate in a statistically significant way.
From Page
23
NaturalLanguageKeyword
Exchange Rate , Real Effective Exchange Rate , Dollar Index , BIST Industrial Index
JournalTitle
Erciyes University Journal Of Economics and Administrative Sciences
To Page
41
JournalTitle
Erciyes University Journal Of Economics and Administrative Sciences
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