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Journals / Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi / 2026 / Cilt: 19 Sayı: 1

Testing Safe Haven Assets for Türkiye in the Covid-19 Period

Güvenli Liman Varlıkların Covid-19 Döneminde Türkiye İçin Test Edilmesi

Erhan Daştan(KARADENİZ TEKNİK ÜNİVERSİTESİ, SOSYAL BİLİMLER ENSTİTÜSÜ, İŞLETME (DR))0000-0001-7498-8910
Hüseyin Dagli(KARADENİZ TEKNİK ÜNİVERSİTESİ, İKTİSADİ VE İDARİ BİLİMLER FAKÜLTESİ, İŞLETME BÖLÜMÜ)0000-0002-2416-9340
Pages
181–198
Publication Date
2024-04-01
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

According to the results obtained under the assumption of GJR-GARCH (1,1) error terms, no asset has shown safe-haven characteristics against the stock market.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:The aim of this study is to examine whether the assets known as safe-haven assets during crises fulfill these qualities for equity investors in Turkey during the Covid-19 pandemic.
📊
Key Findings & Data:According to the results obtained under the assumption of GJR-GARCH (1,1) error terms, no asset has shown safe-haven characteristics against the stock market.
💡
Conclusion & Impact:If BIST100 depreciates by 1%, gold and Government Bonds show strong safe-haven characteristics, and Bitcoin, Ethereum, Silver, the US dollar and Euro show weak safe-haven characteristics.
🔬Design:Araştırma Makalesi
📍Scope:Comprehensive Sample
⚙️Variables:Güvenli Liman Varlıklar · Covid-19 · BİST100 Endeksi

Abstract

The aim of this study is to examine whether the assets known as safe-haven assets during crises fulfill these qualities for equity investors in Turkey during the Covid-19 pandemic. According to the results obtained under the assumption of GJR-GARCH (1,1) error terms, no asset has shown safe-haven characteristics against the stock market. However, when the BIST100 index depreciates by 5%, Ethereum, silver and Government Bonds show strong safe-haven characteristics, US dollar and Euro show weak safe-haven characteristics. When the BIST100 index depreciates by 2.5%, Bitcoin, gold and DJIMTR show weak safe haven asset characteristics. If BIST100 depreciates by 1%, gold and Government Bonds show strong safe-haven characteristics, and Bitcoin, Ethereum, Silver, the US dollar and Euro show weak safe-haven characteristics.

Özet

Bu çalışmanın amacı krizler döneminde güvenli liman olarak bilinen varlıkların hisse senedi yatırımcıları açısından Covid-19 pandemi döneminde Türkiye’de bu vasıflarını yerine getirip getirmediklerini incelemektir. GJR-GARCH (1,1) hata terimleri varsayımı altında elde edilen sonuçlara göre hiçbir varlık, hisse senedi piyasası karşısında güvenli liman özelliği gösterememiştir. Fakat BİST100 endeksi %5 değer kaybettiği dönemlerde Ethereum, gümüş ve devlet tahvili güçlü düzeyde, ABD doları ve Euro ise zayıf düzeyde güvenli liman özelliği göstermiştir. Yine BİST100 %2,5 değer kaybettiğinde Bitcoin, altın ve DJIMTR zayıf düzeyde bu özelliği gösterirken, %1’lik değer kayıplarında ise altın ve devlet tahvili güçlü düzeyde, Bitcoin, Ethereum, gümüş, ABD doları ve Euro zayıf düzeyde güvenli liman özelliği göstermişlerdir.

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Cite This Article

Daştan, E., Dagli, H. (2024). Testing Safe Haven Assets for Türkiye in the Covid-19 Period. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, Cilt: 19 Sayı: 1, 181–198. https://doi.org/10.17153/oguiibf.1336982

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