BITCOIN: IS IT AN ALTERNATIVE FOR THE STOCK EXCHANGES? A COMPARATIVE PANEL DATA ANALYSIS FOR THE FAR EAST ASIAN COUNTRIES AND TURKEY UNDER THE CROSS-SECTIONAL DEPENDENCE

Yıl 2019, Sayı: 22, 225 - 234, 01.01.2019

Mustafa Çıkrıkçı , Mustafa Özyeşil

https://doi.org/10.18092/ulikidince.458864

Cited By: 2

Öz

In this study, we investigated whether bitcoin crypto money is an
alternative to the stock exchange as an investment tool. For this purpose, the
relationship between bitcoin and the stock market was examined in terms of the
returns and liquidity. In the analysis, daily returns of the 9 Far East
countries and Turkey's stock markets and daily returns of the bitcoin were used
for the period of 22.02.2012-15.08.2018. According to the results of the model,
an increase of the Bitcoin's returns has reduced the return on the stock market
in Turkey and Far East countries. From point of this, it can be seen that the
as an investment tool, bitcoin cryptocurrency has been becoming the substitute
for the country stock exchanges included in the sample. The highest impact of
bitcoin on the stock exchange was observed in Turkey and Indonesia while the
least effect was seen on the Malaysia, Singapore and Korea respectively. 

Anahtar Kelimeler

Panel data, Cointergtation, Causality, Unit root, Crypto Money, Bitcoin

BITCOIN: IS IT AN ALTERNATIVE FOR THE STOCK EXCHANGES? A COMPARATIVE PANEL DATA ANALYSIS FOR THE FAR EAST ASIAN COUNTRIES AND TURKEY UNDER THE CROSS-SECTIONAL DEPENDENCE

Öz

Bu çalışmada bitcoin kripto paranın bir yatırım aracı olarak
borsalara alternatif olup olmadığı incelenmeye çalışılmıştır. Bu amaçla
çalışmada bitcoin getirisi ve likiditesi ile borsaların getirisi ve likiditesi
arasındaki ilişki incelenmiştir. Analizde 22.02.2012-15.08.2018 dönemine ait
dokuz Uzakdoğu ülkesi ve Türkiye’nin borsa endekslerinin günlük getirileri ile
Bitcoin günlük getiri verileri kullanılmıştır. Modelin sonuçlarına bakıldığında
bitcoin getirisinin artış göstermesi Türkiye ve Uzakdoğu ülkelerinin
getirilerini azaltmıştır. Buradan hareketle bitcoin kripto para biriminin
örneklemdeki ülke borsalarının ikamesi olduğu görülmektedir. Bitcoin borsalara
olan etkisinin en fazla olduğu ülkeler Türkiye ve Endonezya iken etkinin en az
olduğu ülkeler Malezya, Singapur ve Kore olarak tespit edilmiştir. 

Anahtar Kelimeler

Panel, Eş Bütünleşme, Nedensellik, Birim Kök, Kripto Para, Bitcoin

Kaynakça

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