BIST 100, Döviz Kuru, Altın ve Petrol Fiyatları Arasındaki Etkileşimlerin Zaman ve Frekans Boyutunda Analizi

Öz

Bu çalışmada, Türkiye’nin BIST 100 endeksi, döviz kuru, altın ve petrol fiyatları arasındaki kısa, orta ve uzun vadeli etkileşimlerin zaman ve frekans boyutunda incelenmesi amaçlanmıştır. 01.01.2013 - 31.10.2024 tarihleri arasındaki günlük açılış verileri dalgacık dönüşümü tekniği kullanılarak analiz edilmiştir. Çalışma sonuçları, altın fiyatları ile döviz kuru arasında hem kısa hem orta hem de uzun vadede güçlü bir ilişki olduğunu göstermektedir. Döviz kuru ile petrol fiyatları ve BIST 100 endeksi arasındaki etkileşim kısa vadede zayıf, orta vadede artan, uzun vadede ise oldukça güçlü bir hale gelmiştir. Benzer şekilde, altın ile BIST 100 endeksi ve petrol fiyatları arasındaki ilişkiler de kısa vadede düşük olmakla beraber orta ve uzun vadelerde belirgin şekilde güçlenmiştir. Döviz kuru ve petrol fiyatları arasındaki korelasyon, kısa vadede düşük, orta vadede artan ve uzun vadede güçlü bir ilişki olarak saptanmıştır. Çalışma, Türkiye'nin finansal piyasasında döviz kuru, altın fiyatları, petrol fiyatları ve BIST 100 endeksi arasındaki dinamiklerin zaman içinde nasıl değiştiğini ve ekonomik krizler ile küresel olaylardan (COVİD-19) nasıl etkilendiğini göstermektedir. Bu bilgiler yatırımcıların risk yönetimi ve portföy çeşitlendirmesi stratejilerini belirlerken faydalı olacaktır.

Anahtar Kelimeler

• BIST 100 endeksi
• Döviz kuru
• Altın fiyatları
• Petrol fiyatları
• Dalgacık Dönüşümü

Analysis of Interactions Between BIST 100, Exchange Rates, Gold, and Oil Prices in Time and Frequency Dimensions

Abstract

This study aims to examine the short-, medium-, and long-term interactions between Türkiye BIST 100 index, exchange rates, gold, and oil prices within the time and frequency domains. The daily opening data between 01.01.2013 and 31.10.2024 have been analyzed using the wavelet transform technique. The results of the study indicated a strong relationship between gold prices and the exchange rate in the short, medium, and long term. The interaction between the exchange rate, oil prices, and the BIST 100 index was weak in the short term, increased in the medium term, and became strong in the long term. Similarly, the relationships between gold and the BIST 100 index, as well as oil prices, were weak in the short term, but significantly strengthened in the medium and long terms. The correlation between the exchange rate and oil prices was found to be low in the short term, increasing in the medium term, and strong in the long term. The study shows how the dynamics between the exchange rate, gold prices, oil prices, and the BIST 100 index in Turkey's financial market have changed over time and how they were influenced by economic crises and global events (COVID-19). This information is expected to provide valuable insights for investors in determining risk management and portfolio diversification strategies.

Keywords

• BIST 100 Index
• Exchange Rate
• Gold Prices
• Oil Prices
• Wavelet Transform

Kaynakça

1. Aggarwal, R. ve Lucey, B. M. (2007). Psychological barriers in gold prices?. Review of Financial Economics, 16(2), 217-230. https://doi.org/10.1016/j.rfe.2006.04.001
2. Ahmed, F., Kashif, M. ve Feroz, F. (2017). Dynamic relationship between gold prices, oil prices, exchange rate and stock returns: Empirical evidence from Pakistan. NUML International Journal of Business ve Management, 12(1), 109-126. https://tinyurl.com/ybfjnb76
3. Akbar, M., Iqbal, F. ve Noor, F. (2019). Bayesian analysis of dynamic linkages among gold price, stock prices, exchange rate and interest rate in Pakistan. Resources Policy, 62, 154-164. https://doi.org/10.1016/j.resourpol.2019.03.003
4. Alshammari, A. A., Altarturi, B. Saiti, B. ve Munassar, L. (2019). The impact of exchange rate, oil price and gold price on the Kuwaiti stock market: A wavelet analysis. The European Journal of Comparative Economics, 17(1), 31-54. http://dx.doi.org/10.25428/1824-2979/202001-31-54
5. Altarturi, B. H., Alshammari, A. A. Saiti, B. ve Erol, T. (2018). A three-way analysis of the relationship between the USD value and the prices of oil and gold: A wavelet analysis. AIMS Energy, 6(3), 487-504. http://dx.doi.org/10.3934/energy.2018.3.487
6. Anser, M. K., Yousaf, Z. Nassani, A. A. Abro, M. M. Q. ve Zaman, K. (2020). The role of carbon pricing in the relationship between air freight and environmental resource depletion: a case study of Saudi Arabia. Clean Technologies and Environmental Policy, 25, 1-12. https://doi.org/10.1007/s10098-020-01844-9
7. Arfaoui, M. ve Ben Rejeb, A. (2017). Oil, gold, US dollar and stock market interdependencies: a global analytical insight. European Journal of Management and Business Economics, 26(3), 278-293. https://doi.org/10.1108/EJMBE-10-2017-016
8. Arouri, M. E. H. ve Rault, C. (2012). Oil prices and stock markets in GCC countries: empirical evidence from panel analysis. International Journal of Finance ve Economics, 17(3), 242-253. https://doi.org/10.1002/ijfe.443

9. Asaad, Z. A. (2021). Oil price, gold price, exchange rate, and stock market in Iraq pre-during COVID-19 outbreak: An ARDL approach. International Journal of Energy Economics and Policy, 11(5), 562-671. https://ssrn.com/abstract=3909143
10. Aziz, G., Sarwar, S. Yuan, Q. Waheed, R. ve Morales, L. (2024). Reinvestigating the role of oil and gold for portfolio optimization in view of COVID-19 and structural breaks: Empirical evidence of BEKK, DCC and wavelet quantile based estimations. Resources Policy, 92, 104957. https://doi.org/10.1016/j.resourpol.2024.104957
11. Babar, M., Ahmad, H. ve Yousaf, I. (2024). Information transmission between energy commodities and emerging Asian stock markets during crises: an analysis of oil importing countries. Asia-Pacific Journal of Business Administration, 16(2), 331-351. https://doi.org/10.1108/APJBA-02-2022-0061
12. Barunik, J., Kocenda, E. ve Vacha, L. (2013). Gold, oil, and stocks. ArXiv preprint arXiv:1308.0210. https://doi.org/10.48550/arXiv.1308.0210
13. Baruník, J., Kočenda, E. ve Vácha, L. (2016). Asymmetric connectedness on the US stock market: Bad and good volatility spillovers. Journal of Financial Markets, 27, 55-78. https://doi.org/10.1016/j.finmar.2015.09.003
14. Batondo, M., & Uwilingiye, J. (2022). Comovement across BRICS and the US stock markets: A multitime scale wavelet analysis. International Journal of Financial Studies, 10(2), 27. https://doi.org/10.3390/ijfs10020027
15. Bibi, M., Khan, M. K. Shujaat, S. Godil, D. I. Sharif, A. ve Anser, M. K. (2022). How precious metal and energy resources interact with clean energy stocks? Fresh insight from the novel ARDL technique. Environmental Science and Pollution Research, 29(5), 7424-7437. https://doi.org/10.1007/s11356-021-16262-7
16. Bilal, B. M. F., Benghoul, M. Numan, U. Shakoor, A. Komal, B. ve Tan, D. (2020). Environmental pollution and COVID-19 outbreak: Insights from Germany. Air Quality, Atmosphere ve Health, 13, 1385-1394. https://doi.org/10.1007/s11869-020-00893-9
17. Billio, M., Donadelli, M. Paradiso, A. ve Riedel, M. (2017). Which market integration measure?. Journal of Banking ve Finance, 76, 150-174. https://doi.org/10.1016/j.jbankfin.2016.12.002
18. Breitung, J. ve Candelon, B. (2006). Testing for short-and long-run causality: A frequency-domain approach. Journal of Econometrics, 132(2), 363-378. https://doi.org/10.1016/j.jeconom.2005.02.004
19. Capie, F., Mills, T. C. ve Wood, G. (2005). Gold as a hedge against the dollar. Journal of International Financial Markets, Institutions and Money, 15(4), 343-352. https://doi.org/10.1016/j.intfin.2004.07.002
20. Churchill, S. A., Inekwe, J. Ivanovski, K. ve Smyth, R. (2019). Dynamics of oil price, precious metal prices and the exchange rate in the long-run. Energy Economics, 84, 104508. https://doi.org/10.1016/j.eneco.2019.1045
21. Cui, J. (2023). The Relationship between the Gold Price, Crude Oil Price, Exchange Rate and Chinese Stock Market Indexes. Highlights in Business, Economics and Management, 10, 180-188. https://doi.org/10.54097/hbem.v10i.8037
22. Dai, X., Wang, Q. Zha, D. ve Zhou, D. (2020). Multi-scale dependence structure and risk contagion between oil, gold, and US exchange rate: A wavelet-based vine-copula approach. Energy Economics, 88, 104774. https://doi.org/10.1016/j.eneco.2020.104774
23. Dar, A. B. ve Maitra, D. (2017). Is gold a weak or strong hedge and safe haven against stocks? Robust evidences from three major gold-consuming countries. Applied Economics, 49(53), 5491-5503. https://doi.org/10.1080/00036846.2017.1310998
24. Ding, Q., Huang, J. ve Chen, J. (2021). Dynamic and frequency-domain risk spillovers among oil, gold, and foreign exchange markets: Evidence from implied volatility. Energy Economics, 102, 105514. https://doi.org/10.1016/j.eneco.2021.105514
25. El-Sharif, I., Brown, D. Burton, B. Nixon, B. ve Russell, A. (2005). Evidence on the nature and extent of the relationship between oil prices and equity values in the UK. Energy economics, 27(6), 819-830. https://doi.org/10.1016/j.eneco.2005.09.002
26. Elyasiani, E., Mansur, I. ve Odusami, B. (2011). Oil price shocks and industry stock returns. Energy Economics, 33(5), 966-974. https://doi.org/10.1016/j.eneco.2011.03.013
27. Farid, S., Kayani, G. M. Naeem, M. A. ve Shahzad, S. J. H. (2021). Intraday volatility transmission among precious metals, energy and stocks during the COVID-19 pandemic. Resources Policy, 72, 102101. https://doi.org/10.1016/j.resourpol.2021.102101
28. Forbes, K. (2012). The" Big C": identifying contagion. Natıonal Bureau Of Economıc Research. http://www.nber.org/papers/w18465
29. Forbes, K. ve Rigobon, R. (2001). Measuring contagion: conceptual and empirical issues. In International financial contagion (pp. 43-66). Boston, MA: Springer US. https://doi.org/10.1007/978-1-4757-3314-3_3
30. Foroutan, P. ve Lahmiri, S. (2024). Deep learning-based spatial-temporal graph neural networks for price movement classification in crude oil and precious metal markets. Machine Learning with Applications, 16, 100552. https://doi.org/10.1016/j.mlwa.2024.100552
31. Gaur, A. ve Bansal, M. (2010). A comparative study of gold price movements in Indian and global markets, Indian Journal of Finance, 4(2), 32-37
32. Ghanbari, H., Fooeik, A. Eskorouchi, A. ve Mohammadi, E. (2022). Investigating the effect of US dollar, gold and oil prices on the stock market. Journal of future sustainability, 2(3), 97-104. http://dx.doi.org/10.5267/j.jfs.2022.9.009
33. Ghosh D., Levin E. J. Macmillan P. ve Wright, R. E. (2004), Gold as an inflation hedge?, Studies in Economics and Finance, 22(1), 1-25. https://doi.org/10.1108/eb043380
34. Godil, D. I., Sarwat, S. Sharif, A. ve Jermsittiparsert, K. (2020). How oil prices, gold prices, uncertainty and risk impact Islamic and conventional stocks? Empirical evidence from QARDL technique. Resources Policy, 66, 101638. https://doi.org/10.1016/j.resourpol.2020.101638
35. Hammoudeh, S. ve Choi, K. (2006). Behavior of GCC stock markets and impacts of US oil and financial markets. Research in International Business and Finance, 20(1), 22-44. https://doi.org/10.1016/j.ribaf.2005.05.008
36. Haque, M. A., Topal, E. ve Lilford, E. (2015). Relationship between the gold price and the Australian dollar-US dollar exchange rate. Mineral Economics, 28, 65-78. https://doi.org/10.1007/s13563-015-0067-y
37. Hu, Z., Zhao, Y. ve Khushi, M. (2021). A survey of forex and stock price prediction using deep learning. Applied System Innovation, 4(1), 9. https://doi.org/10.3390/asi4010009
38. Huang, S., An, H. Gao, X. ve Huang, X. (2016). Time–frequency featured co-movement between the stock and prices of crude oil and gold. Physica A: Statistical Mechanics and its Applications, 444, 985-995. https://doi.org/10.1016/j.physa.2015.10.080
39. Jain, A. ve Biswal, P. C. (2016). Dynamic linkages among oil price, gold price, exchange rate, and stock market in India. Resources Policy, 49, 179-185. https://doi.org/10.1016/j.resourpol.2016.06.001
40. Khan, M. A., Khan, F. Sharif, A. ve Suleman, M. T. (2023). Dynamic linkages between Islamic equity indices, oil prices, gold prices, and news-based uncertainty: New insights from partial and multiple wavelet coherence. Resources Policy, 80, 103213. https://doi.org/10.1016/j.resourpol.2022.103213
41. Kiong, W. V., Aralas, S. ve Pinjaman, S. (2023). Islamic Stock Price and Exchange Rate: A Wavelet Analysis for ASEAN-5. Global Business and Management Research: An International Journal, 15(1), 142-148. https://gbmrjournal.com/pdf/v15n1/V15N1_11.pdf
42. Kisi, O. ve Cimen, M. (2011). A wavelet-support vector machine conjunction model for monthly streamflow forecasting. Journal of Hydrology, 399(1-2), 132-140. https://doi.org/10.1016/j.jhydrol.2010.12.041
43. Lei, L., Aziz, G. Sarwar, S. Waheed, R. ve Tiwari, A. K. (2023). Spillover and portfolio analysis for oil and stock market: A new insight across financial crisis, COVID-19 and Russian-Ukraine war. Resources Policy, 85, 103645. https://doi.org/10.1016/j.resourpol.2023.103645
44. Lin, L., Kuang, Y. Jiang, Y. ve Su, X. (2019). Assessing risk contagion among the Brent crude oil market, London gold market and stock markets: Evidence based on a new wavelet decomposition approach. The North American Journal of Economics and Finance, 50, 101035. https://doi.org/10.1016/j.najef.2019.101035
45. Mahdavi, S. ve Zhou, S. (1997). Gold and commodity prices as leading indicators of inflation: Tests of long-run relationship and predictive performance. Journal of Economics and Business, 49(5), 475-489. https://doi.org/10.1016/S0148-6195(97)00034-9
46. Malhotra, A. ve Chintanpalli, A. (2020). A real time wavelet filtering for ECG baseline wandering removal. In 2020 International Conference on Artificial Intelligence and Signal Processing (AISP) (pp. 1-5). IEEE. https://doi.org/10.1109/AISP48273.2020.9073007
47. Mariani, M. C., Tweneboah, O. K., Bhuiyan, M. A. M., Beccar-Varela, M. P., & Florescu, I. (2023). Classification of Financial Events and Its Effects on Other Financial Data. Axioms, 12(4), 372. https://doi.org/10.3390/axioms12040372
48. Mejri, S., Aloui, C. ve Khan, N. (2024). The gold stock nexus: Assessing the causality dynamics based on advanced multiscale approaches. Resources Policy, 88, 104395. https://doi.org/10.1016/j.resourpol.2023.104395
49. Mensi, W., Yousaf, I. Vo, X. V. ve Kang, S. H. (2023). Multifractality during upside/downside trends in the MENA stock markets: the effects of the global financial crisis, oil crash and COVID-19 pandemic. International Journal of Emerging Markets, 18(10), 4408-4435. https://doi.org/10.1108/IJOEM-08-2021-1177
50. Mittal, P. (2023). Wavelet transformation and predictability of Gold Price Index Series with ARMA model. Int. J. Exp. Res. Rev, 30, 127-133. https://doi.org/10.52756/ijerr.2023.v30.014
51. Mohammadzadeh, S., Shahiki Tash, M. N. ve Zinati, K. (2021). Investigation Time–frequency co-movement between the Tehran Stock Price Index and prices of oil and gold using Multiple Wavelet Coherence. Quarterly Journal of Quantitative Economics, 18(2), 57-70. https://doi.org/10.1108/JES-05-2022-0267
52. Mohiuddin, I., Alvi, J. Inam, S. G. ve Rehan, M. (2021). Impact of crude oil, exchange rate and gold price on KSE100 index: Before veduring Covid-19 Pandemic by using VAR model. The journal of contemporary issues in business and government, 27(6), 420-439. https://tinyurl.com/3cp6npbf
53. Mudiangombe, B. M. ve Mwamba, J. W. M. (2023). Dependence Structure and Time–Frequency Impact of Exchange Rates on Crude Oil and Stock Markets of BRICS Countries: Markov-Switching-Based Wavelet Analysis. Journal of Risk and Financial Management, 16(7), 319. https://doi.org/10.3390/jrfm16070319
54. Mustafa, G., Sarwar, B. ve Badar, S. (2020). Volatility transmission among stock prices, exchange rate, interest rate and gold prices of Pakistan. Paradigms, SI(1), 104-110. https://tinyurl.com/3zp9fhyt
55. Nekhili, R., Ziadat, S. A. ve Mensi, W. (2024). Frequency interdependence and portfolio management between gold, oil and sustainability stock markets. International Economics, 178, 100476. https://doi.org/10.1016/j.inteco.2023.100476
56. Nguyen, T. T. H., Naeem, M. A. Balli, F. Balli, H. O. ve Vo, X. V. (2021). Time-frequency comovement among green bonds, stocks, commodities, clean energy, and conventional bonds. Finance Research Letters, 40, 101739. https://doi.org/10.1016/j.pacfin.2022.101712
57. Nham, N. T. H. (2022). An application of a TVP-VAR extended joint connected approach to explore connectedness between WTI crude oil, gold, stock and cryptocurrencies during the COVID-19 health crisis. Technological Forecasting and Social Change, 183, 121909. https://doi.org/10.1016/j.techfore.2022.121909
58. Pandit, S. ve Luo, X. (2024). A novel prediction model to evaluate the dynamic interrelationship between gold and crude oil. International Journal of Data Science and Analytics, 1-22. https://doi.org/10.1007/s41060-024-00519-8
59. Pazoki, N., Hamidian, A. Mohammadi, S. ve Mahmoudi, V. (2013). Correlation analysis of stock exchange index, oil price, exchange rate and gold price: A wavelet decomposition method. Journal of Investment Knowledge, 2(Güz 1392), 131-148.‎ http://www.jik-ifea.ir/article_7513.html?lang=en
60. Rafiuddin, A., Daffodils, J. Gaytan, J. C. T. ve Sisodia, G. S. (2021). Trend of oil prices, gold, GCC stocks market during covid-19 pandemic: a wavelet approach. International Journal of Energy Economics And Policy, 11(4), 560-572. https://doi.org/10.32479/ijeep.11365
61. Rastogi, S. (2016). Gold price, crude oil, exchange rate and stock markets: cointegration and neural network analysis. International Journal of Corporate Finance and Accounting (IJCFA), 3(2), 1-13. https://doi.org/10.4018/IJCFA.2016070101
62. Raza Rabbani, M., Hassan, M. K. Jamil, S. A. Sahabuddin, M. ve Shaik, M. (2024). Revisiting the impact of geopolitical risk on Sukuk, stocks, oil and gold markets during the crises period: fresh evidence from wavelet-based approach. Managerial Finance, 50(3), 514-533. https://doi.org/10.1108/MF-12-2022-0587
63. Rua, A. ve Nunes, L. C. (2009). International comovement of stock market returns: A wavelet analysis. Journal of Empirical Finance, 16(4), 632-639. https://doi.org/10.1016/j.jempfin.2009.02.002
64. Sahadudheen, I. ve Kumar, P. K. (2024). The Volatility Spillover Between Global Crude Oil and Gold Market: Evidence from Wavelet Coherence and Cross-power Spectrum Models. Computational Economics, 1-18. https://doi.org/10.1007/s10614-024-10819-7
65. Sharif, A., Aloui, C. ve Yarovaya, L. (2020). COVID-19 pandemic, oil prices, stock market, geopolitical risk and policy uncertainty nexus in the US economy: Fresh evidence from the wavelet-based approach. International Review of Financial Analysis, 70, 101496. https://doi.org/10.1016/j.irfa.2020.101496
66. Sheikh, U. A., Asad, M. Ahmed, Z. ve Mukhtar, U. (2020). Asymmetrical relationship between oil prices, gold prices, exchange rate, and stock prices during global financial crisis 2008: Evidence from Pakistan. Cogent Economics ve Finance, 8(1), 1757802. https://doi.org/10.1080/23322039.2020.1757802
67. Singhal, S., Choudhary, S. ve Biswal, P. C. (2019). Return and volatility linkages among International crude oil price, gold price, exchange rate and stock markets: Evidence from Mexico. Resources policy, 60, 255-261. https://doi.org/10.1016/j.resourpol.2019.01.004
68. Sizer, L. (2024). Asymmetric causalty relationship between alternative investment instruments and stock prices: The Türkiye sample. Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi, 14(1), 219-234. https://doi.org/10.30783/nevsosbilen.1413676
69. Smith, G. (2002). London gold prices and stock price indices in Europe and Japan. World Gold Council, 9(2), 1-30. https://tinyurl.com/8abzj3ry
70. Soni, R. K., Nandan, T. ve Chatnani, N. N. (2023). Dynamic association of economic policy uncertainty with oil, stock and gold: A wavelet-based approach. Journal of Economic Studies, 50(7), 1501-1525. https://doi.org/10.1108/JES-05-2022-0267
71. Sujit, K. S. ve Kumar, B. R. (2011). Study on dynamic relationship among gold price, oil price, exchange rate and stock market returns. International Journal of Applied Business and Economic Research, 9(2), 145-165.
72. Sumner, S., Johnson, R. ve Soenen, L. (2010). Spillover effects among gold, stocks, and bonds. Journal of centrum Cathedra, 3(2), 106-120. https://ssrn.com/abstract=1806036
73. Thakolsri, S. (2021). Modeling the relationships among gold price, oil price, foreign exchange, and the stock market index in Thailand. Investment Management and Financial Innovations, 18(2), 261-272. http://dx.doi.org/10.21511/imfi.18(2).2021.21
74. Tiwari, A. K. ve Sahadudheen, I. (2015). Understanding the nexus between oil and gold. Resources Policy, 46, 85-91. https://doi.org/10.1016/j.resourpol.2015.09.003
75. Torrence, C. ve Compo, G. P. (1998). A practical guide to wavelet analysis. Bulletin of the American Meteorological Society, 79(1), 61-78. https://tinyurl.com/4szfhxyn
76. Torrence, C. ve Webster, P. J. (1999). Interdecadal changes in the ENSO–monsoon system. Journal of Climate, 12(8), 2679-2690. https://tinyurl.com/4bstuedz
77. Tsen, W. H. ve Yun, S. X. (2024). The asymmetric impact of real effective exchange rate, real oil prıce and real gold price on real stock prices in selected east asian economies. Labuan e-Journal of Muamalat and Society (LJMS), 18(2), 11-22. https://doi.org/10.51200/ljms.v18i2.5069
78. Tursoy, T. ve Faisal, F. (2018). The impact of gold and crude oil prices on stock market in Turkey: Empirical evidences from ARDL bounds test and combined cointegration. Resources Policy, 55, 49-54. https://doi.org/10.1016/j.resourpol.2017.10.014
79. Umar, M., Riaz, Y. ve Yousaf, I. (2022). Impact of Russian-Ukraine war on clean energy, conventional energy, and metal markets: Evidence from event study approach. Resources Policy, 79, 102966. https://doi.org/10.1016/j.resourpol.2022.102966
80. Wang, X., Lucey, B. ve Huang, S. (2022). Can gold hedge against oil price movements: Evidence from GARCH-EVT wavelet modeling. Journal of Commodity Markets, 27, 100226. https://doi.org/10.1016/j.jcomm.2021.100226
81. Wen, D., Zhao, T. Fang, L. Zhang, C. ve Li, X. (2024). MWDINet: A multilevel wavelet decomposition interaction network for stock price prediction. Expert Systems with Applications, 238, 122091. https://doi.org/10.1016/j.eswa.2023.122091
82. Worthington, A. C. ve Pahlavani, M. (2007). Gold investment as an inflationary hedge: Cointegration evidence with allowance for endogenous structural breaks. Applied Financial Economics Letters, 3(4), 259-262. https://doi.org/10.1080/17446540601118301
83. Wu, T., An, F., Gao, X. ve Wang, Z. (2023). Hidden causality between oil prices and exchange rates. Resources Policy, 82, 103512. https://doi.org/10.1016/j.resourpol.2023.103512
84. Younis, I., Shah, W. U. ve Yousaf, I. (2023). Static and dynamic linkages between oil, gold and global equity markets in various crisis episodes: Evidence from the Wavelet TVP-VAR. Resources Policy, 80, 103199. https://doi.org/10.1016/j.resourpol.2022.103199
85. Yousaf, I. (2021). Risk transmission from the COVID-19 to metals and energy markets. Resources Policy, 73, 102156. https://doi.org/10.1016/j.resourpol.2021.102156
86. Yousaf, I. ve Yarovaya, L. (2022). Static and dynamic connectedness between NFTs, Defi and other assets: Portfolio implication. Global Finance Journal, 53, 100719. https://doi.org/10.1016/j.gfj.2022.100719
87. Yousuf, A. ve Nilsson, F. (2013). Impact of exchange rates on Swedish stock performances: Empirical study on USD and EUR exchange rates on the Swedish stock market. https://tinyurl.com/4rue2n8z
88. Zhang, Y. J. ve Wei, Y. M. (2010). The crude oil market and the gold market: Evidence for cointegration, causality and price discovery. Resources Policy, 35(3), 168-177. https://doi.org/10.1016/j.resourpol.2010.05.003
89. Zhao, W. ve Wang, Y. D. (2022). On the time-varying correlations between oil-, gold-, and stock markets: The heterogeneous roles of policy uncertainty in the US and China. Petroleum Science, 19(3), 1420-1432. https://doi.org/10.1016/j.petsci.2021.11.015