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Analysis of The Sensitivity of Business Cycles to International Energy Markets: The Case of Turkey

Year 2021, Volume: 6 Issue: 3, 382 - 396, 22.09.2021
https://doi.org/10.23834/isrjournal.981299

Abstract

In this study, the relationship between oil prices and business cycles was examined. For this purpose, Turkey's period between 2006Q1-2019Q3 was analyzed using the VAR analysis method. The results of the VAR model have shown that increases from the challenge in oil prices have a positive and significant impact on Business Cycles. Accordingly, as oil prices increase, the severity of cyclical fluctuations expressed as business cycles in Turkey will increase more. This finding is very important in that it shows the strong relationship of the macroeconomic structure in Turkey with the International Energy Markets. Accordingly, business cycles will be extremely sensitive to oil shocks, especially those that cause sudden price increases. Other explanatory variables used in the study of real interest rates, business cycles, the impact is negative on-way, and meaningful, while reflecting changes in global asset markets, the S&P 500 index positive impact on Business Cycles-way and meaningful. Broad money supply changes in M2 have not had any effect on Business Cycles.
Keywords: Business Cycles, Oil Prices, International Energy Markets.

References

  • Acaravcı, A. (2006). Reel İş Çevrimleri Kuramı. Yayınlamış Doktora Tezi. Adana: Çukurova Üniversitesi Sosyal Bilimler Enstitüsü.
  • Agarwal , S., Amromin, G., & Chomsisengphet , S. (2015). Mortagage Refinancing Consumer Spending And Competition: Evidence From The Home Affordaable Refinancing Program. NBER. Https://Www.Nber.Org/System/Files Adresinden Alındı
  • Ağırkaya, M. (2020). Türkiye'nin Önemli Ticaret Ortağı Ülkelerdeki Ekonomik Gelişmelerin Türkiye Ekonomik Büyümesi Üzerine Etkileri. Erzurum: Atatürk Üniversitesi Sosyal Bilimler Enstitisü.
  • Alacahan, N. (2012). Türkiye Ekonomisinde İş Çevrimleri Kuramı (1998-2011): Hodrick-Prescott Filtresi. Yönetim Bilimleri Dergisi, 10 (20), 7-28. Https://Dergipark.Org.Tr/Tr/Pub/Comuybd/İssue/4103/54050 Adresinden Alındı
  • Borio , C., Disyatat , P., & Juselius, M. (2013). Rethinking Potential Output: Embedding İnformation About The Financial Cycle. Ank For International Settlements (BIS).
  • Dornbusch , R., & Fıscher, S. (1990). Macroeconomics . Mcgraw-Hill Publishing Comp.
  • Jorda , O., Schularick , M., & Taylor, A. (2014). The Great Mortgaging: Housing Finance, Crises, And Business Cycles. NBER.
  • Pönkäa , H., & Zheng, Y. (2019). The Role Of Oil Prices On The Russian Business Cycle. Research İn International Business And Finance, 50, 70-78.
  • Stephen , P., Yücel , M., & Thompson, J. (Research Department). Business Cycles: The Role Of Energy Prices. Dallas: Federal Reserve Bank Of Dallas.
  • Stijn , C., Kose , M., & Terron, M. (2011). Finasal Dö Financial Cycles: What? How? When? İnrenational Monetary Fund.
  • Aruoba, S., & Sarıkaya, C. (2013). A real economic ctivity indicator for Turkey. Türkiye Cumhuriyeti Merkez Bankası Dergisi (13), 16-28.
  • Aydın, H. İ. ve Yılmaz, G. (2019). Türk Bankacılık Sektörü için Kredi Açığı Göstergeleri. Türkiye Cumhuriyeti Merkez Bankası, Ekonomi Notları, 2019-02, 1-9. (date of access): https://www.tcmb.gov.tr/wps/wcm/connect/587383af-799f-44fd-9c8d-0c6942a7270a/en1902.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-587383af-799f-44fd-9c8d-0c6942a7270a-mERbYyJ
  • Ağırkaya, M. Batu. (2020). Türkiye’nin Önemli Ticaret Ortağı Ülkelerdeki Ekonomik Gelişmelerin Türkiye Ekonomik Büyümesi Üzerine Etkileri. Yayınlanmamış Doktora Tezi. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü. Erzurum
  • Burbidge, J. & Harrison, A. (1984). Testing for the effects of oil-price rises using vector autoregressions. International Economic Review, 25(2). 476-481.
  • Bergholt, D. Vegard, H. Larsen, Seneca, M. (2019). Business cycles in an oil economy. Journal of İnternational Money and Finace. 96. 283-303.
  • Borio,C., Disyatat, P., & Juselius, M. (2013). Rethinking potential output: Embedding information about the financial cycle. Bank for İnternational Settlements (BIS). (date of access): https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.359.9497&rep=rep1&type=pdf
  • Berthoud, R., & Kempson, E. (1990). Credit debt in Britain. London: Policy Studies Institute.
  • Borgan, A., & Sarıkaya, Ç. (2013). A real economic activity indicator for Turkey. Central Bank Review (13), 5-29. Erişim adersi: http://econweb.umd.edu/~webspace/aruoba/research/paper25/Aruoba_Sarikaya_2013.pdf
  • Chen, C., & Chivakul, M. (2008). What drives household borrowing and credit constraints? Evidence from Bosnia and Herzegovina. International Monetary Fund. (date of access): https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1266535
  • Chien, Y., & De Vaney, S. (2001). The effects of credit attitude and socioeconomic factors on credit card and installment debt. The Journal of Consumer Affairs, 35(1), 162-179
  • Cologni, A. & Manera, M. (2008). Oil prices, inflation and interest rates in a structural cointegrated VAR model for the G-7 countries, Energy Economics. 30(5). 882-886
  • Choudhry, M. (2006). The credit default swap basis. New York: Bloomberg Press.
  • Correa, A. D. S., Marinsy, J. T. M., Nevesz, M. B. E. D ve Da Silva, A. C. M. (2014). Credit default and business cycles: An empirical investigation of Brazilian retail. Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), 68(3), 337-362.
  • Davis, M., & Heathocte, J. (2005). Housing and business cycle. İnternatıonal Economic Review, 46(3), 752-784.
  • Dornbusch, R., & Fıscher, S. (1990). Macroeconomics. McGraw-Hill Publishing Comp.
  • Fisher, I. (1933). The debt-deflation theory of great depressions. Econometrica, 1(4), 337-357
  • Fisher, J. (2007). Why does household investment lead business investment over the business cycle. Journal of Political Economy, 115(1), 141-168
  • Fernández, A. Schmitt-Grohé, S. Uribe, M. (2017). World shocks, word prices and business cyles: An Emprical İnvestigation. Journal of İnternational Economics. 10(8). 2-14
  • Gomme, P., Rogerson, R., Rıpert, P., & Wright, R. (2004). The Business Cycle and The Life Cycle. Pennsylvania: NEBER. (date of access): https://www.journals.uchicago.edu/doi/pdf/10.1086/ma.19.3585347
  • Greenwood, J., & Hercowitz, Z. (1991). The allocation of capital and time over the business cycle source. Journal of Political Economy, 99(6), 1188-1214.
  • Harding, D., & Pagan, A. (2002). Dissecting the cycle: A methodological investigation. Journal of Monetary Economics, 49(2), 365-381.
  • Jiménez-Rodríguez., R & Sánchez., M. (2005) Oil price shocks and business cycles in major OECD economies. Applied Economics. 37(2). 2-7
  • Karabulut, K., Akyol, H. ve Karakuş, K. (2019). Türkiye’de hanehalkı borçlanması ve iş çevrimleri arasindaki asimetrik ilişki. Hoca Ahmet Yesevi 2. Uluslararası Bilimsel Araştırmalar Kongresi, 6-8 Aralık Erzurum. (date of access) : https://www.yesevikongresi.org/conference-books
  • Kamaruddin, R. ve Jusoff, K. (2009). An ARDL approach in food and beverages industry growth process. International Business Research, 2(3), 98-107.
  • Kask, J. (2003). Household debt and financial stability. Kroon & Economy, 4, 35-42
  • Kristie M. Engemann , Kevin L. Kliesen ve Michael T. Owyang. (2010). Do Oil Shocks Drive Business Cycles? Some U.S. and International Evidence. Federal Reserve Bank Working Paper Series 2010-007A. (date of access): https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.211.815&rep=rep1&type=pdf.
  • Kablamacı, B. (2008 ). Dünya Ham Petrol Fiyat Değişimlerinin Makroekonomik Etkileri: Türkiye Örneği. Yayınlanmış Doktora Tezi . İstanbul Üniversitesi Sosyal Bilimler Enstitüsü. İstanbul
  • Lacoviello, M., & Neri, S. (2010). Housing market spillovers: Evidence from an estimated DSGE model. American Economic Journal: Macroeconomics, 2(2), 125-164.
  • Lunt, R., & Livingstone, S. (1991). Everyday explanations for personal debt: A Network Approach. British Journal of Social Psychology, 30(4), 309-323.
  • Mendoza, O., &Vera, D. (2010). The asymmetric effects of oil shocks on an oil-exporting economy. Cuadernos De Economía, 47. 3-13. Nas, Y., & Özkoç, H. (2017). Borçlanmayı etkileyen faktörlerin belirlenmesi: Fethiye Örneği. Uluslararası Yönetim İktisat ve İşletme Dergisi, 13(2), 311-330. Hunt, B. & Isard, P. & Douglas Laxton, D. (2002). The macroeconomic effects of higher oil prices. National Institute Economic Review, 179(87). 87-103 c. Research in international Business and Finance. 50. 70-78.
  • Ongan, H. (2003). Türkiye’de imalat sanayi ve iş çevrimleri. Sosyal Siyaset Konferansları Dergisi 46. 129 – 144. Ottavianni, C., & Vandone, D. (2011). Impulsivity and household indebtedness: Evidence from Real Life. Journal of Economic Psychology, 32(5), 754-761.
  • Özcan, G. (2016). Finansal Derinleşme ve İş Çevrimi İlişkisi: Yükselen Piyasa Ekonomileri Üzerine Ampirik Bir Analiz. (Yayınlanmamış Doktora Tezi). Necmettin Erbakan Üniversitesi Sosyal Bilimler Enstitüsü. Konya
  • Stadler, G. W. (1994). Reel business cycles. Journal of Economic Literature, 32(4), 1750-178.
  • Scott, A. Oziengbe. (2018). Oil price volatılity and business cycles in Nigeria. Studies in Business and Economics, 13(2), 31-40. DOI 10.2478/sbe-2018-0018
  • Schwark, F. (2014). Energy price shocks and medium-term business cycles. Journal of Monetary Economics 64. 112–121. Stephen , P., Yücel , M., & Thompson, J. (Research Department). Business Cycles: The Role of Energy Prices. Dallas: Federal Reserve Bank of Dallas.
  • Stijn , C., Kose , M., & Terron, M. (2011). Finasal dö financial cycles: What? How? When? İnrenational Monetary Fund.
  • Sodeyfi, S & Katircioglu, S. (2016). Interactions between business conditions, economic growth and crude oil prices. Economic Research-Ekonomska Istraživanja, 29(1). 980-990.
  • James D. Hamilton, (1983). Oil and the macroeconomy since World War II. The Journal of Political Economy, 91(2). 240-244.
  • Turinetti, E., & Zhuang, H. (2011). Exploring determinants of household debt. Journal of Applied Business Research, 27(6), 85-92.
  • Türkiye İstatistik Kurumu (2021). Erişim adresi: https://www.tuik.gov.tr/.
  • Türkiye Cumhuriyeti Merkez Bankası (2019). İstatsitikleri. Erişim adresi: https://evds2.tcmb.gov.tr/
  • Pönkäa , H., & Zheng, Y. (2019). The role of oil prices on the Russian business cycle. Research in International Business and Finance, 50, 70-78.
  • Yilmazkuday, H. (2011). Oil shocks through international transport costs: Evidence from U.S. Business Cycles. Working Paper. Erişim adresi: https://digitalcommons.fiu.edu/cgi/viewcontent.cgi?article=1015&context=economics_wps

İş Çevrimlerinin Uluslararası Enerji Piyasalarına Duyarlılığının İncelenmesi: Türkiye Örneği

Year 2021, Volume: 6 Issue: 3, 382 - 396, 22.09.2021
https://doi.org/10.23834/isrjournal.981299

Abstract

Bu araştırmada petrol fiyatları ve iş çevrimleri arasındaki ilişki incelenmiştir. Bu amaç doğrultusunda Türkiye’nin 2006Q1-2019Q3 arasındaki dönemi VAR analizi yöntemi kullanılarak analiz edilmiştir. VAR modeli sonuçları petrol fiyatlarında meydan gelen artışların iş çevrimlerini pozitif yönlü ve anlamlı etkilediğini göstermiştir. Buna göre, petrol fiyatları arttıkça Türkiye’de iş çevrimleri olarak ifade edilen konjonktürel dalgalanmaların şiddeti daha fazla yükselecektir. Bu bulgu Türkiye’deki makroekonomik yapının uluslararası enerji piyasaları ile olan güçlü ilişkisini göstermesi bakımından son derece önemlidir. Buna göre özellikle ani fiyat artışlarına neden olan petrol şoklarına karşı iş çevrimleri son derece duyarlı olacaktır. Araştırmada kullanılan diğer açıklayıcı değişkenlerden reel faiz oranlarının iş çevrimleri üzerindeki etkisi negatif yönlü ve anlamlı iken, küresel varlık piyasalarındaki değişimleri yansıtan S&P 500 endeksinin iş çevrimleri üzerindeki etkisi pozitif yönlü ve anlamlıdır. Geniş para arzı M2’deki değişimlerin ise iş çevrimleri üzerinde herhangi bir etkisi olmadığı görülmüştür. Değişkenler arasındaki dinamik ilişki etki-tepki analizleri kullanılarak gösterilirken, varyans ayrıştırma analizi sonuçlarına göre iş çevrimlerinde meydana gelen dönemsel değişimlerin önemli bir oranı petrol fiyatlarındaki değişimlerden kaynaklanmaktadır.

References

  • Acaravcı, A. (2006). Reel İş Çevrimleri Kuramı. Yayınlamış Doktora Tezi. Adana: Çukurova Üniversitesi Sosyal Bilimler Enstitüsü.
  • Agarwal , S., Amromin, G., & Chomsisengphet , S. (2015). Mortagage Refinancing Consumer Spending And Competition: Evidence From The Home Affordaable Refinancing Program. NBER. Https://Www.Nber.Org/System/Files Adresinden Alındı
  • Ağırkaya, M. (2020). Türkiye'nin Önemli Ticaret Ortağı Ülkelerdeki Ekonomik Gelişmelerin Türkiye Ekonomik Büyümesi Üzerine Etkileri. Erzurum: Atatürk Üniversitesi Sosyal Bilimler Enstitisü.
  • Alacahan, N. (2012). Türkiye Ekonomisinde İş Çevrimleri Kuramı (1998-2011): Hodrick-Prescott Filtresi. Yönetim Bilimleri Dergisi, 10 (20), 7-28. Https://Dergipark.Org.Tr/Tr/Pub/Comuybd/İssue/4103/54050 Adresinden Alındı
  • Borio , C., Disyatat , P., & Juselius, M. (2013). Rethinking Potential Output: Embedding İnformation About The Financial Cycle. Ank For International Settlements (BIS).
  • Dornbusch , R., & Fıscher, S. (1990). Macroeconomics . Mcgraw-Hill Publishing Comp.
  • Jorda , O., Schularick , M., & Taylor, A. (2014). The Great Mortgaging: Housing Finance, Crises, And Business Cycles. NBER.
  • Pönkäa , H., & Zheng, Y. (2019). The Role Of Oil Prices On The Russian Business Cycle. Research İn International Business And Finance, 50, 70-78.
  • Stephen , P., Yücel , M., & Thompson, J. (Research Department). Business Cycles: The Role Of Energy Prices. Dallas: Federal Reserve Bank Of Dallas.
  • Stijn , C., Kose , M., & Terron, M. (2011). Finasal Dö Financial Cycles: What? How? When? İnrenational Monetary Fund.
  • Aruoba, S., & Sarıkaya, C. (2013). A real economic ctivity indicator for Turkey. Türkiye Cumhuriyeti Merkez Bankası Dergisi (13), 16-28.
  • Aydın, H. İ. ve Yılmaz, G. (2019). Türk Bankacılık Sektörü için Kredi Açığı Göstergeleri. Türkiye Cumhuriyeti Merkez Bankası, Ekonomi Notları, 2019-02, 1-9. (date of access): https://www.tcmb.gov.tr/wps/wcm/connect/587383af-799f-44fd-9c8d-0c6942a7270a/en1902.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-587383af-799f-44fd-9c8d-0c6942a7270a-mERbYyJ
  • Ağırkaya, M. Batu. (2020). Türkiye’nin Önemli Ticaret Ortağı Ülkelerdeki Ekonomik Gelişmelerin Türkiye Ekonomik Büyümesi Üzerine Etkileri. Yayınlanmamış Doktora Tezi. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü. Erzurum
  • Burbidge, J. & Harrison, A. (1984). Testing for the effects of oil-price rises using vector autoregressions. International Economic Review, 25(2). 476-481.
  • Bergholt, D. Vegard, H. Larsen, Seneca, M. (2019). Business cycles in an oil economy. Journal of İnternational Money and Finace. 96. 283-303.
  • Borio,C., Disyatat, P., & Juselius, M. (2013). Rethinking potential output: Embedding information about the financial cycle. Bank for İnternational Settlements (BIS). (date of access): https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.359.9497&rep=rep1&type=pdf
  • Berthoud, R., & Kempson, E. (1990). Credit debt in Britain. London: Policy Studies Institute.
  • Borgan, A., & Sarıkaya, Ç. (2013). A real economic activity indicator for Turkey. Central Bank Review (13), 5-29. Erişim adersi: http://econweb.umd.edu/~webspace/aruoba/research/paper25/Aruoba_Sarikaya_2013.pdf
  • Chen, C., & Chivakul, M. (2008). What drives household borrowing and credit constraints? Evidence from Bosnia and Herzegovina. International Monetary Fund. (date of access): https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1266535
  • Chien, Y., & De Vaney, S. (2001). The effects of credit attitude and socioeconomic factors on credit card and installment debt. The Journal of Consumer Affairs, 35(1), 162-179
  • Cologni, A. & Manera, M. (2008). Oil prices, inflation and interest rates in a structural cointegrated VAR model for the G-7 countries, Energy Economics. 30(5). 882-886
  • Choudhry, M. (2006). The credit default swap basis. New York: Bloomberg Press.
  • Correa, A. D. S., Marinsy, J. T. M., Nevesz, M. B. E. D ve Da Silva, A. C. M. (2014). Credit default and business cycles: An empirical investigation of Brazilian retail. Revista Brasileira de Economia - RBE, EPGE Brazilian School of Economics and Finance - FGV EPGE (Brazil), 68(3), 337-362.
  • Davis, M., & Heathocte, J. (2005). Housing and business cycle. İnternatıonal Economic Review, 46(3), 752-784.
  • Dornbusch, R., & Fıscher, S. (1990). Macroeconomics. McGraw-Hill Publishing Comp.
  • Fisher, I. (1933). The debt-deflation theory of great depressions. Econometrica, 1(4), 337-357
  • Fisher, J. (2007). Why does household investment lead business investment over the business cycle. Journal of Political Economy, 115(1), 141-168
  • Fernández, A. Schmitt-Grohé, S. Uribe, M. (2017). World shocks, word prices and business cyles: An Emprical İnvestigation. Journal of İnternational Economics. 10(8). 2-14
  • Gomme, P., Rogerson, R., Rıpert, P., & Wright, R. (2004). The Business Cycle and The Life Cycle. Pennsylvania: NEBER. (date of access): https://www.journals.uchicago.edu/doi/pdf/10.1086/ma.19.3585347
  • Greenwood, J., & Hercowitz, Z. (1991). The allocation of capital and time over the business cycle source. Journal of Political Economy, 99(6), 1188-1214.
  • Harding, D., & Pagan, A. (2002). Dissecting the cycle: A methodological investigation. Journal of Monetary Economics, 49(2), 365-381.
  • Jiménez-Rodríguez., R & Sánchez., M. (2005) Oil price shocks and business cycles in major OECD economies. Applied Economics. 37(2). 2-7
  • Karabulut, K., Akyol, H. ve Karakuş, K. (2019). Türkiye’de hanehalkı borçlanması ve iş çevrimleri arasindaki asimetrik ilişki. Hoca Ahmet Yesevi 2. Uluslararası Bilimsel Araştırmalar Kongresi, 6-8 Aralık Erzurum. (date of access) : https://www.yesevikongresi.org/conference-books
  • Kamaruddin, R. ve Jusoff, K. (2009). An ARDL approach in food and beverages industry growth process. International Business Research, 2(3), 98-107.
  • Kask, J. (2003). Household debt and financial stability. Kroon & Economy, 4, 35-42
  • Kristie M. Engemann , Kevin L. Kliesen ve Michael T. Owyang. (2010). Do Oil Shocks Drive Business Cycles? Some U.S. and International Evidence. Federal Reserve Bank Working Paper Series 2010-007A. (date of access): https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.211.815&rep=rep1&type=pdf.
  • Kablamacı, B. (2008 ). Dünya Ham Petrol Fiyat Değişimlerinin Makroekonomik Etkileri: Türkiye Örneği. Yayınlanmış Doktora Tezi . İstanbul Üniversitesi Sosyal Bilimler Enstitüsü. İstanbul
  • Lacoviello, M., & Neri, S. (2010). Housing market spillovers: Evidence from an estimated DSGE model. American Economic Journal: Macroeconomics, 2(2), 125-164.
  • Lunt, R., & Livingstone, S. (1991). Everyday explanations for personal debt: A Network Approach. British Journal of Social Psychology, 30(4), 309-323.
  • Mendoza, O., &Vera, D. (2010). The asymmetric effects of oil shocks on an oil-exporting economy. Cuadernos De Economía, 47. 3-13. Nas, Y., & Özkoç, H. (2017). Borçlanmayı etkileyen faktörlerin belirlenmesi: Fethiye Örneği. Uluslararası Yönetim İktisat ve İşletme Dergisi, 13(2), 311-330. Hunt, B. & Isard, P. & Douglas Laxton, D. (2002). The macroeconomic effects of higher oil prices. National Institute Economic Review, 179(87). 87-103 c. Research in international Business and Finance. 50. 70-78.
  • Ongan, H. (2003). Türkiye’de imalat sanayi ve iş çevrimleri. Sosyal Siyaset Konferansları Dergisi 46. 129 – 144. Ottavianni, C., & Vandone, D. (2011). Impulsivity and household indebtedness: Evidence from Real Life. Journal of Economic Psychology, 32(5), 754-761.
  • Özcan, G. (2016). Finansal Derinleşme ve İş Çevrimi İlişkisi: Yükselen Piyasa Ekonomileri Üzerine Ampirik Bir Analiz. (Yayınlanmamış Doktora Tezi). Necmettin Erbakan Üniversitesi Sosyal Bilimler Enstitüsü. Konya
  • Stadler, G. W. (1994). Reel business cycles. Journal of Economic Literature, 32(4), 1750-178.
  • Scott, A. Oziengbe. (2018). Oil price volatılity and business cycles in Nigeria. Studies in Business and Economics, 13(2), 31-40. DOI 10.2478/sbe-2018-0018
  • Schwark, F. (2014). Energy price shocks and medium-term business cycles. Journal of Monetary Economics 64. 112–121. Stephen , P., Yücel , M., & Thompson, J. (Research Department). Business Cycles: The Role of Energy Prices. Dallas: Federal Reserve Bank of Dallas.
  • Stijn , C., Kose , M., & Terron, M. (2011). Finasal dö financial cycles: What? How? When? İnrenational Monetary Fund.
  • Sodeyfi, S & Katircioglu, S. (2016). Interactions between business conditions, economic growth and crude oil prices. Economic Research-Ekonomska Istraživanja, 29(1). 980-990.
  • James D. Hamilton, (1983). Oil and the macroeconomy since World War II. The Journal of Political Economy, 91(2). 240-244.
  • Turinetti, E., & Zhuang, H. (2011). Exploring determinants of household debt. Journal of Applied Business Research, 27(6), 85-92.
  • Türkiye İstatistik Kurumu (2021). Erişim adresi: https://www.tuik.gov.tr/.
  • Türkiye Cumhuriyeti Merkez Bankası (2019). İstatsitikleri. Erişim adresi: https://evds2.tcmb.gov.tr/
  • Pönkäa , H., & Zheng, Y. (2019). The role of oil prices on the Russian business cycle. Research in International Business and Finance, 50, 70-78.
  • Yilmazkuday, H. (2011). Oil shocks through international transport costs: Evidence from U.S. Business Cycles. Working Paper. Erişim adresi: https://digitalcommons.fiu.edu/cgi/viewcontent.cgi?article=1015&context=economics_wps
There are 53 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Hikmet Akyol 0000-0001-9119-7416

Melahat Batu Ağırkaya 0000-0002-8703-5622

Publication Date September 22, 2021
Submission Date August 10, 2021
Published in Issue Year 2021 Volume: 6 Issue: 3

Cite

APA Akyol, H., & Batu Ağırkaya, M. (2021). İş Çevrimlerinin Uluslararası Enerji Piyasalarına Duyarlılığının İncelenmesi: Türkiye Örneği. The Journal of International Scientific Researches, 6(3), 382-396. https://doi.org/10.23834/isrjournal.981299