Does Energy Inflation Affect the BIST Electricity Index? Evidence from the BIST

Abstract

The stock market and energy inflation are affected by various economic factors. Therefore, the relationship between the stock market and energy inflation is complex and multifaceted. The impact of energy inflation on the stock market varies across regions, time periods and countries' level of development. Many studies investigate the relationship between the stock market and energy prices for the period between 2000 and 2022. However, a review of the literature reveals that there is a limited number of studies examining the relationship between energy prices and stock market electricity prices. Therefore, in this study, the impact of energy inflation on BIST electricity prices is tested using the ARDL bounds test approach in order to reveal the nature of the capital market. According to the results of the analysis, energy inflation, economic growth, foreign direct investment and capital investments have statistically significant effects on BIST electricity prices. Key Words: BIST electricity prices, energy inflation, economic growth, capital markets, ARDL JEL Classification: G0, E31, 043

Keywords

• BIST electricity prices
• energy inflation
• economic growth
• capital markets
• Panel ARDL

Enerji Enflasyonu BIST Elektrik Endeksini Etkiler Mi? BIST’ten Kanıtlar

Abstract

Borsa ile enerji enflasyonu çeşitli ekonomik faktörlerden etkilenmektedir. Bu nedenle borsa ile enerji enflasyonu arasındaki ilişki karmaşık ve çok yönlü olmaktadır. Enerji enflasyonunun borsa üzerindeki etkisi bölgeler, zamanlar arası ve ülkelerin gelişmişlik düzeyine göre farklılık göstermektedir. Birçok çalışma borsa ile enerji fiyatları arasındaki ilişkiyi 2000 – 2022 dönemleri kapsamında araştırmaktadır. Ancak literatür incelendiğinde enerji fiyatları ile borsa elektrik fiyatları arasındaki ilişkiyi inceleyen sınırlı sayıda çalışmanın olduğu görülmektedir. Bu nedenle bu çalışmada sermaye piyasasının niteliğini ortaya koymak amacıyla enerji enflasyonunun BIST elektrik fiyatları üzerindeki etkisi ARDL sınır testi yaklaşımı kullanılarak test edilmiştir. Analiz sonuçlarına göre, enerji enflasyonu, ekonomik büyüme, doğrudan yabancı yatırım ve sermaye yatırımlarının BIST elektrik fiyatları üzerinde istatistiksel olarak anlamlı etkisi olduğu tespit edilmiştir. Anahtar Kelimeler: BIST elektrik fiyatları, enerji enflasyonu, ekonomik büyüme, sermaye piyasası, ARDL JEL Sınıflandırması: G0, E31, 043

Keywords

• BIST elektrik fiyatları
• enerji enflasyonu
• ekonomik büyüme
• sermaye piyasası
• Panel ARDL

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