THE ASYMMETRIC RELATIONSHIP BETWEEN ALTERNATIVE FINANCIAL INSTRUMENTS: EVIDENCE FROM TÜRKİYE

Mehmet Dinç; Yusuf Demir

doi:10.53443/anadoluibfd.1706451

THE ASYMMETRIC RELATIONSHIP BETWEEN ALTERNATIVE FINANCIAL INSTRUMENTS: EVIDENCE FROM TÜRKİYE

Abstract

This study examines the asymmetric dynamic relationships between gold prices, Borsa Istanbul (BIST) index, US dollar (USD), Euro (EUR) and deposit interest rates in Turkey between January 2002 and February 2023. The asymmetric causality approach is used to analyze the substitution-complementarity relationships between these assets. The empirical findings reveal three main results. First, with an average monthly return of 2.18%, gold outperformed equities (BIST: 1.94%), exchange rates (EUR: 1.33%; USD: 1.27%) and interest-bearing deposits (0.23%). Second, the highest single-month increase (78.55%) and decrease (25.47%) in deposit interest rates, which is indicative of the macroeconomic instability and volatility of the interest rate market in Turkey. Third, asymmetric causality tests show that positive shocks to gold returns generate significant spillover effects to the BIST index, exchange rates (USD/EUR) and interest rates. This result suggests that gold plays a role not only as a hedging instrument but also as a speculative investment asset. The findings have important policy and portfolio management implications for the dynamic relationship between gold and financial markets in emerging economies with high exchange rate volatility and inflationary pressures.

Keywords

References

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Details

Primary Language

English

Subjects

International Finance

Journal Section

Research Article

Authors

Mehmet Dinç
0000-0002-9864-8117
Türkiye

Yusuf Demir ^*
0000-0001-5677-8709
Türkiye

Publication Date

December 29, 2025

Submission Date

May 27, 2025

Acceptance Date

September 16, 2025

Published in Issue

Year 2025 Volume: 26 Number: 4

DOI

https://doi.org/10.53443/anadoluibfd.1706451

IZ

https://izlik.org/JA35TB34LX

Cite

RIS / Bibtex

APA

Dinç, M., & Demir, Y. (2025). THE ASYMMETRIC RELATIONSHIP BETWEEN ALTERNATIVE FINANCIAL INSTRUMENTS: EVIDENCE FROM TÜRKİYE. Anadolu Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 26(4), 485-499. https://doi.org/10.53443/anadoluibfd.1706451

AMA

1.Dinç M, Demir Y. THE ASYMMETRIC RELATIONSHIP BETWEEN ALTERNATIVE FINANCIAL INSTRUMENTS: EVIDENCE FROM TÜRKİYE. AUİİBFD. 2025;26(4):485-499. doi:10.53443/anadoluibfd.1706451

Chicago

Dinç, Mehmet, and Yusuf Demir. 2025. “THE ASYMMETRIC RELATIONSHIP BETWEEN ALTERNATIVE FINANCIAL INSTRUMENTS: EVIDENCE FROM TÜRKİYE”. Anadolu Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 26 (4): 485-99. https://doi.org/10.53443/anadoluibfd.1706451.

EndNote

Dinç M, Demir Y (December 1, 2025) THE ASYMMETRIC RELATIONSHIP BETWEEN ALTERNATIVE FINANCIAL INSTRUMENTS: EVIDENCE FROM TÜRKİYE. Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 26 4 485–499.

IEEE

[1]M. Dinç and Y. Demir, “THE ASYMMETRIC RELATIONSHIP BETWEEN ALTERNATIVE FINANCIAL INSTRUMENTS: EVIDENCE FROM TÜRKİYE”, AUİİBFD, vol. 26, no. 4, pp. 485–499, Dec. 2025, doi: 10.53443/anadoluibfd.1706451.

ISNAD

Dinç, Mehmet - Demir, Yusuf. “THE ASYMMETRIC RELATIONSHIP BETWEEN ALTERNATIVE FINANCIAL INSTRUMENTS: EVIDENCE FROM TÜRKİYE”. Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 26/4 (December 1, 2025): 485-499. https://doi.org/10.53443/anadoluibfd.1706451.

JAMA

1.Dinç M, Demir Y. THE ASYMMETRIC RELATIONSHIP BETWEEN ALTERNATIVE FINANCIAL INSTRUMENTS: EVIDENCE FROM TÜRKİYE. AUİİBFD. 2025;26:485–499.

MLA

Dinç, Mehmet, and Yusuf Demir. “THE ASYMMETRIC RELATIONSHIP BETWEEN ALTERNATIVE FINANCIAL INSTRUMENTS: EVIDENCE FROM TÜRKİYE”. Anadolu Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, vol. 26, no. 4, Dec. 2025, pp. 485-99, doi:10.53443/anadoluibfd.1706451.

Vancouver

1.Mehmet Dinç, Yusuf Demir. THE ASYMMETRIC RELATIONSHIP BETWEEN ALTERNATIVE FINANCIAL INSTRUMENTS: EVIDENCE FROM TÜRKİYE. AUİİBFD. 2025 Dec. 1;26(4):485-99. doi:10.53443/anadoluibfd.1706451