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Journals / Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi / 2026 / Sayı: 61

STRESS EFFECT ON FINANCIAL MARKETS: AN APPLICATION ON SECTOR STOCKS

FİNANSAL PİYASALARDA STRES ETKİSİ: SEKTÖR PAY SENETLERİ ÜZERİNE BİR UYGULAMA

Nazlıgül Gülcan(BURDUR MEHMET AKİF ERSOY ÜNİVERSİTESİ)0000-0002-1390-0820
Namıka Boyacıoğlu(BURDUR MEHMET AKİF ERSOY ÜNİVERSİTESİ)0000-0002-8338-3574
Arife Özdemir Höl(BURDUR MEHMET AKİF ERSOY ÜNİVERSİTESİ)0000-0002-9902-9174
Pages
257–268
Publication Date
2024-03-22
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AI Summary & Key Takeaways

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

According to the causality test results of Fourier Toda-Yamamoto (2016), a causality relationship has been found from financial stress towards the Istanbul Stock Exchange 100, Banks, Financials, Holdings&Investments, Chemical, Petroleum&Plastic, Securities Investment Trusts, Primary Metals, Non-Metallic Minerals, Metal Products&Machinery, Wood, Paper&Printing, Insurance, Textile&Leather, Wholesale&Retail Trade, and Tourism indices.

📌 3 Key Takeaways

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Objective & Hypothesis:Financial stress, defined as a situation where the financial system is under pressure and disruptions occur in the normal functioning of financial markets, adversely affects markets through various channels, leading to the emergence of uncertainty and a slowdown in economic activity.
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Key Findings & Data:As part of the research, the Financial Stress Index has been considered as the indicator of financial stress, while the Istanbul Stock Exchange sector stock market includes the Istanbul Stock Exchange Banks, Electricity, Financials, Service, Holdings&Investments, Chemical, Petroleum&Plastic, Leasing and Factoring, Securities Investment Trusts, Primary Metal, Non-Metallic Minerals, Metal Products&Machinery, Wood, Paper&Printing, Industrial, Insurance, Textile&Leather, Wholesale&Retail Trade, Tourism, Transportation, Food&Beverage indices, in addition to the Istanbul Stock Exchange 100 Index.
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Conclusion & Impact:According to the causality test results of Fourier Toda-Yamamoto (2016), a causality relationship has been found from financial stress towards the Istanbul Stock Exchange 100, Banks, Financials, Holdings&Investments, Chemical, Petroleum&Plastic, Securities Investment Trusts, Primary Metals, Non-Metallic Minerals, Metal Products&Machinery, Wood, Paper&Printing, Insurance, Textile&Leather, Wholesale&Retail Trade, and Tourism indices.
🔬Design:Araştırma Makalesi
📍Scope:2022 Verileri
⚙️Variables:Finansal Stres · Sektör Pay Fiyatları · Fourier Toda-Yamamoto

Abstract

Financial stress, defined as a situation where the financial system is under pressure and disruptions occur in the normal functioning of financial markets, adversely affects markets through various channels, leading to the emergence of uncertainty and a slowdown in economic activity. This study investigates the impact of financial stress on the Istanbul Stock Exchange sector stock market. As part of the research, the Financial Stress Index has been considered as the indicator of financial stress, while the Istanbul Stock Exchange sector stock market includes the Istanbul Stock Exchange Banks, Electricity, Financials, Service, Holdings&Investments, Chemical, Petroleum&Plastic, Leasing and Factoring, Securities Investment Trusts, Primary Metal, Non-Metallic Minerals, Metal Products&Machinery, Wood, Paper&Printing, Industrial, Insurance, Textile&Leather, Wholesale&Retail Trade, Tourism, Transportation, Food&Beverage indices, in addition to the Istanbul Stock Exchange 100 Index. The dataset consists of monthly/closing data for the period March 1997-September 2022. According to the causality test results of Fourier Toda-Yamamoto (2016), a causality relationship has been found from financial stress towards the Istanbul Stock Exchange 100, Banks, Financials, Holdings&Investments, Chemical, Petroleum&Plastic, Securities Investment Trusts, Primary Metals, Non-Metallic Minerals, Metal Products&Machinery, Wood, Paper&Printing, Insurance, Textile&Leather, Wholesale&Retail Trade, and Tourism indices.

Özet

Finansal sistemin baskı altında olduğu ve finansal piyasaların normal işleyişinde kesintilerin yaşandığı durum olarak tanımlanan finansal stres, piyasaları çeşitli kanallar vasıtasıyla olumsuz etkileyerek belirsizlik ortamının oluşmasına ve ekonomik aktivitenin yavaşlamasına neden olmaktadır. Bu çalışmada finansal stresin Borsa İstanbul sektör pay senetleri piyasasına etkisi araştırılmıştır. Araştırma kapsamında finansal stres göstergesi olarak Finansal Stres Endeksi, Borsa İstanbul sektör pay senetleri olarak Borsa İstanbul Bankalar, Elektrik, Finansallar, Hizmet, Holding&Yatırımlar, Kimyasal, Petrol&Plastik, Leasing ve Factoring, Menkul Kıymet Yatırım Ortaklığı, Metal Ana, Metal Harici Mineral Ürünleri, Metal Ürünleri&Makineler, Odun, Kağıt&Baskı, Sınai, Sigorta, Tekstil&Deri, Toptan Satış&Perakende Ticaret, Turizm, Ulaştırma, Yiyecek&İçecek endeksleri ve ayrıca Borsa İstanbul 100 Endeksi dikkate alınmıştır. Veri seti Mart 1997-Eylül 2022 dönemi aylık/kapanış verilerinden oluşmaktadır. Fourier Toda-Yamamoto (2016) nedensellik testi sonucuna göre finansal stresten Borsa İstanbul 100, Bankalar, Finansallar, Holding&Yatırımlar, Kimyasal, Petrol&Plastik, Menkul Kıymet Yatırım Ortaklığı, Metal Ana, Metal Harici Mineral Ürünleri, Metal Ürünleri&Makineler, Odun, Kağıt&Baskı, Sigorta, Tekstil&Deri, Toptan Satış&Perakende Ticaret ve Turizm endekslerine doğru nedensellik ilişkisine ulaşılmıştır.

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Cite This Article

Gülcan, N., Boyacıoğlu, N., Höl, A. Ö. (2024). STRESS EFFECT ON FINANCIAL MARKETS: AN APPLICATION ON SECTOR STOCKS. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Sayı: 61, 257–268. https://doi.org/10.30794/pausbed.1384474

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