TY  - JOUR
TI  - Farklı Döviz Kuru Rejimleri Altında Hisse Senetleri Fiyatları ile Döviz Kurları Arasındaki İlişkinin Ekonometrik Analizi
AB  - The Econometrics Analysis of the Relationship between Stock Prices and Exchange Rates under Different Exchange Rate Regimes : The purpose of this paper is to analyse the relationship between stock prices and exchange rates for Turkish Economy under alternative exchange rate regimes. The relationship between these two variables are analysed for the financial liberalisation period (1989-2006) by using daily observations. The unit root tests show that both variables are non-stationary in levels. Johansen cointegration test reveals a long run relationship between stock prices and exchange rates when the observations for the year 2000 is excluded from the analysis. Toda and Yamamoto causality test prove a bi-directional causality between stock prices and exchange rates except for the periods between 1989-1994 and 1994-1999. When the pre-crises period and the data for the year 2000 are excluded, the direction of causality from exchange rates to stock prices.
AU  - ÖZMEN, MEHMET
PY  - 2007
JO  - Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi
VL  - 16
IS  - 1
SN  - 1304-8880
SP  - 519
EP  - 538
DB  - TRDizin
UR  - http://search/yayin/detay/75831
ER  -