The Impact of the Interaction of Financial Investment Instruments on Financial Market

Öz

Since there are many factors influencing financial markets, investors and finance professionals need a broad perspective and careful monitoring of market trends. This study aims to examine the causality relationships among gold, oil, exchange rate, interest rate, and the volatility index known as the Fear Index (VIX). For this purpose, data from January 2012 to January 2022 were analyzed for gold prices, US crude oil (WTI) prices, EUR/USD parity, 10-year US Treasury bond interest rates, and VIX index variables. A logarithmic transformation was applied to the data. Unit root tests and Granger causality tests were performed in the study. According to the results, it was observed that oil prices cause gold prices. Additionally, it was concluded that gold prices, oil prices, and volatility are the causes of the exchange rate. This study makes a significant contribution to understanding the interaction among financial investment instruments and their potential effects on financial markets.

Anahtar Kelimeler

• Gold
• Oil
• Exchange Rate
• 10-year US Treasury Bond Interest Rate
• VIX Volatility Index

Etik Beyan

During the writing process of the study titled “The Impact of the Interaction of Financial Investment Instruments on Financial Markets,” scientific rules, ethical guidelines, and citation standards have been adhered to. No manipulation has been made on the collected data, and this study has not been submitted for evaluation to any other academic publication. The study does not require ethical approval.

Finansal Yatırım Araçlarının Etkileşiminin Finansal Piyasalara Etkisi

Öz

Finansal piyasalara etki eden birçok faktör olduğundan, yatırımcılar ve finans profesyonelleri geniş bir bakış açısına ve piyasa trendlerini dikkatlice takip etmeye ihtiyaç duymaktadırlar. Bu çalışmanın amacı, altın, petrol, döviz kuru, faiz ve korku endeksi olarak anılan volatilite endeksi (VIX) arasındaki nedensellik ilişkilerinin incelenmesidir. Bu amaçla çalışmada, altın fiyatları, Amerikan ham petrol (WTI) fiyatları, EUR/USD paritesi, Amerikan hazine 10 yıllık gösterge tahvil faiz oranları ve VIX endeksi değişkenlerine ait Ocak 2012-Ocak 2022 dönemi verileri analiz edilmiştir. Verilere logaritmik dönüşüm uygulanmıştır. Çalışmada birim kök testleri ve nedensellik testi yapılmıştır. Analiz sonuçlarına göre petrol fiyatlarının altın fiyatlarının nedeni olduğu görülmüştür. Ayrıca, altın fiyatlarının, petrol fiyatlarının ve volatilitenin; döviz kurunun nedeni olduğu sonucuna ulaşılmıştır. Bu çalışma, finansal yatırım araçları arasındaki etkileşimin ve bu etkileşimin finansal piyasalara olan muhtemel etkilerinin anlaşılmasına yönelik önemli bir katkı sağlamaktadır.

Anahtar Kelimeler

• Altın
• Petrol
• Döviz Kuru
• 10 Yıllık ABD Hazine Bonosu Faiz Oranı
• VIX Volatilite Endeksi

Etik Beyan

During the writing process of the study titled “The Impact of the Interaction of Financial Investment Instruments on Financial Markets,” scientific rules, ethical guidelines, and citation standards have been adhered to. No manipulation has been made on the collected data, and this study has not been submitted for evaluation to any other academic publication. The study does not require ethical approval.

Kaynakça

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