Please use this identifier to cite or link to this item: https://hdl.handle.net/11499/6211
Title: Consumer confidence, stock prices and exchange rates: The case of Turkey
Authors: Görmüş, S.
Güneş, Sevcan
Keywords: Consumer confidence. Stock market
Exchange rate
Macroeconomic variables
Abstract: During the last few years a large number of economist and institutions have expressed increasing concerns regarding to importance of confidence on economic variables. They believe that increase in economic agents' confidence will affect economic variables positively. The main objective of this study is to investigate the effect of Consumer Confidence Index1 (CCI) on reel exchange rate and stock market in Turkey over the 2002:1 - 2008:12 periods by utilizing several econometric techniques. Most of the empirical studies have examined the effect of macroeconomics variables on confidence and ignored the effect of confidence on macroeconomics variables. In this study, we will try to fill up this gap by examining the effect of CNBC-e Consumer Confidence Index on reel exchange rate and stock market in Turkey. The results showed that Granger- causality run from stock price and real exchange rate to CCI but not vice versa. Also, the results from GARCH-M and OLS model showed that CCI affect reel exchange rate and stock price.
URI: https://hdl.handle.net/11499/6211
ISSN: 1578-4487
Appears in Collections:İktisadi ve İdari Bilimler Fakültesi Koleksiyonu
Scopus İndeksli Yayınlar Koleksiyonu / Scopus Indexed Publications Collection

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