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ALTIN BİR KORUNMA ARACI OLARAK DÜŞÜNÜLEBİLİR Mİ? TÜRKİYE'DEN AMPRİK BİR ÖRNEK

Year 2019, Volume: 3 Issue: 1, 41 - 56, 28.06.2019

Serdar Kuzu Mustafa Uysal

Abstract

Altının
bir varlık olarak koruma (hedge) enstrümanı olup olmadığı yatırımcılar arasında
tartışmalı bir konudur. Türkiye’de altının dolar karşısında, finansal kriz
dönemlerinde güvenli bir liman özelliğine sahip olup olmadığı bunun
yanında  iyi bir riskten korunma,
çeşitlendirme aracı olup olmadığı soruları çalışmanın temel noktasını
oluşturmaktadır. Bu çalışmanın amacı altını dolar ve
hisse sendi piyasası ile ilişkili olmayan bir varlık olarak güvenli bir yatırım
aracı özelliğine sahip olma anlamında incelemektir. Bu bağlamda söz konusu
inceleme için 2011-01 ile 2017-02 dönemleri arasındaki aylık veriler kullanılmıştır.
Bu duruma ek olarak incelemeyi gerçekleştirmek adına Augmented Dickey Fuller ve
Johansen eşbütünleşme analizlerinden yararlanılmıştır. Sonuç olarak altın ve
dolar’ın uzun vadede eşbütünleşik olmadığı sonucuna ulaşılmıştır. Başka bir
deyişle, altın dolar karşısında çeşitlendirme aracı olarak kullanılabilir;
yani, altın dolar karşısında bir dengeleme aracı olarak düşünülebilir. Bununla
birlikte, altın ile İslami fiyat endeksi arasında uzun süren bir ilişki olduğu
tespit edilmiştir. Granger Nedensellik analizinin sonucuna gore altının islami
endeksler üzerinde etkili olduğu sonucu ortaya çıkmıştır.

Keywords

Dengeleme Koruma Hedge Johansen Eşbütünleşme Testi

References

  • Dickey, D. A., & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Journal of the Econometric Society, 1057-1072.
  • Gürgün, G., & Ünalmış, İ. (2014). Is gold a safe haven against equity market investment in emerging and developing countries? Finance Research Letters, 11(4), 341-348.Hoang, T. H., Lahiani, A., & Heller, D. (2016). Is gold a hedge against inflation? New evidence from a nonlinear ARDL approach. Economic Modelling, 54, 54-66.
  • Iqbal, J. (2017). Does gold hedge stock market, inflation and exchange rate risks? An econometric investigation. International Review of Economics & Finance, 48, 1-17.Joy, M. (2011). Gold and the US dollar: Hedge or haven? Finance Research Letters, 8(3), 120-131.
  • Barisheff, N. (2006). Portfolio diversification with gold, silver and platinum bullion. AIMA Journa, 71.
  • Barisheff, N. (2006). Portfolio diversification with gold, silver and platinum bullion. AIMA Journa, 71.
  • Baur, D. G., & McDermott, T. K. (2010). Journal of Banking & Finance, 34(8), 1886-1898.
  • Baur, D. G., & McDermott, T. K. (2010). Journal of Banking & Finance, 34(8), 1886-1898.
  • Baur, D., & Lucey, B. (2010). Is gold a hedge or a safe haven? An analysis of stocks, bonds and gold. Financial Review, 45(2), 217-229.
  • Baur, D., & Lucey, B. (2010). Is gold a hedge or a safe haven? An analysis of stocks, bonds and gold. Financial Review, 45(2), 217-229.
  • Beckmann, J., Berger, T., & Czudaj, R. (2015). Does Gold Act as a Hedge or a Safe Haven forStocks? A smooth Transition Approach. Economic Modelling, 48, 16-24.
  • Beckmann, J., Berger, T., & Czudaj, R. (2015). Does Gold Act as a Hedge or a Safe Haven forStocks? A smooth Transition Approach. Economic Modelling, 48, 16-24.
  • Bredin, D., Conlon, T., & Potì, V. (2015). Does gold glitter in the long-run? Gold as a hedge and safe haven across time and investment horizon. International Review of Financial Analysis, 41, 320-328.
  • Bredin, D., Conlon, T., & Potì, V. (2015). Does gold glitter in the long-run? Gold as a hedge and safe haven across time and investment horizon. International Review of Financial Analysis, 41, 320-328.
  • Cai, J., Cheung, Y. L., & Wong, M. (2001). What moves the gold market? Journal of Futures Markets, 21(3), 257-278.
  • Cai, J., Cheung, Y. L., & Wong, M. (2001). What moves the gold market? Journal of Futures Markets, 21(3), 257-278.
  • Capie, F., Mills, T. C., & Wood, G. (2005). Gold as a hedge against the dollar. Journal of International Financial Markets. Institutions and Money, 15(4), 343-352.
  • Capie, F., Mills, T. C., & Wood, G. (2005). Gold as a hedge against the dollar. Journal of International Financial Markets. Institutions and Money, 15(4), 343-352.
  • Chan, K. F., Treepongkaruna, S., Brooks, R., & Gray, S. (2011). Asset market linkages: Evidence from financial, commodity and real estate assets. Journal of Banking & Finance, 35(6), 1415-1426.
  • Chan, K. F., Treepongkaruna, S., Brooks, R., & Gray, S. (2011). Asset market linkages: Evidence from financial, commodity and real estate assets. Journal of Banking & Finance, 35(6), 1415-1426.
  • Chen, A. S., & Lin, J. W. (2014). The relation between gold and stocks: an analysis of severe bear markets. Applied Economics Letters, 23(1), 158-170.
  • Chen, A. S., & Lin, J. W. (2014). The relation between gold and stocks: an analysis of severe bear markets. Applied Economics Letters, 23(1), 158-170.
  • Choudhry, T., Hassan, S. S., & Shabi, S. (2015). Relationship between gold and stock markets during the global financial crisis: Evidence from nonlinear causality tests. International Review of Financial Analysis, 41, 247-256.
  • Choudhry, T., Hassan, S. S., & Shabi, S. (2015). Relationship between gold and stock markets during the global financial crisis: Evidence from nonlinear causality tests. International Review of Financial Analysis, 41, 247-256.
  • Ciner, C., Gurdgiev, C., & Lucey, B. M. (2013). Hedges and safe havens: An examination of stocks, bonds, gold, oil and exchange rates. International Review of Financial Analysis, 202-211.
  • Ciner, C., Gurdgiev, C., & Lucey, B. M. (2013). Hedges and safe havens: An examination of stocks, bonds, gold, oil and exchange rates. International Review of Financial Analysis, 202-211.
  • Coudert, V., & Raymond, H. (2011). Gold and financial assets: are there any safe havens in bear market. Economics Bulletin, 31(2), 1613-1622.
  • Coudert, V., & Raymond, H. (2011). Gold and financial assets: are there any safe havens in bear market. Economics Bulletin, 31(2), 1613-1622.
  • Emmrich, O., & McGroarty, F. J. (2013). Should gold be included in institutional investment portfolios? Applied Financial Economics, 23(19), 1553-1565.
  • Emmrich, O., & McGroarty, F. J. (2013). Should gold be included in institutional investment portfolios? Applied Financial Economics, 23(19), 1553-1565.
  • Fortune, J. N. (1988). The inflation rate of the price of gold, expected prices and interest rates. Journal of Macroeconomics, 9(1), 71-82.
  • Fortune, J. N. (1988). The inflation rate of the price of gold, expected prices and interest rates. Journal of Macroeconomics, 9(1), 71-82.
  • Ghazali, M. F., Lean, H. H., & Bahari, Z. (2013). Is gold a hedge or a safe haven? An empirical evidence of gold and stocks in Malaysia. International Journal of Business and Society, 14(3), 428.
  • Ghazali, M. F., Lean, H. H., & Bahari, Z. (2013). Is gold a hedge or a safe haven? An empirical evidence of gold and stocks in Malaysia. International Journal of Business and Society, 14(3), 428.
  • Ghazali, M., Lean, H., & Bahari, Z. (2015). Is gold a good hedge against inflation? empirical evidence in Malaysia. J. Malays. Stud.(Kajian Malaysia), 33(1), 69-84.
  • Ghazali, M., Lean, H., & Bahari, Z. (2015). Is gold a good hedge against inflation? empirical evidence in Malaysia. J. Malays. Stud.(Kajian Malaysia), 33(1), 69-84.
  • Gürgün, G., & Ünalmış, İ. (2014). Is gold a safe haven against equity market investment in emerging and developing countries? Finance Research Letters, 11(4), 341-348.
  • Hoang, T. H., Lahiani, A., & Heller, D. (2016). Is gold a hedge against inflation? New evidence from a nonlinear ARDL approach. Economic Modelling, 54, 54-66.
  • Hood, M., & Malik, F. (2013). Is gold the best hedge and a safe haven under changing stock market volatility? Review of Financial Economics, 22(2), 47-52.
  • Hood, M., & Malik, F. (2013). Is gold the best hedge and a safe haven under changing stock market volatility? Review of Financial Economics, 22(2), 47-52.
  • Hussin, M. Y., Muhammad, F., Razak, A. A., Tha, G. P., & Marwan, N. (2013). The link between gold price, oil price and islamic stock market: experience from Malaysia. ournal of Studies in Social Sciences, 4(2).
  • Hussin, M. Y., Muhammad, F., Razak, A. A., Tha, G. P., & Marwan, N. (2013). The link between gold price, oil price and islamic stock market: experience from Malaysia. ournal of Studies in Social Sciences, 4(2).
  • Iqbal, J. (2017). Does gold hedge stock market, inflation and exchange rate risks? An econometric investigation. International Review of Economics & Finance, 48, 1-17.
  • Joy, M. (2011). Gold and the US dollar: Hedge or haven? Finance Research Letters, 8(3), 120-131.
  • Karagöl, E., Erbaykal, E., & Ertuğrul, H. M. (2007). Türkiye'de ekonomik büyüme ile elektrik tüketimi ilişkisi: sınır testi yaklaşımı. Doğuş Üniversitesi Degisi, 8(1), 72-80.
  • Karagöl, E., Erbaykal, E., & Ertuğrul, H. M. (2007). Türkiye'de ekonomik büyüme ile elektrik tüketimi ilişkisi: sınır testi yaklaşımı. Doğuş Üniversitesi Degisi, 8(1), 72-80.
  • Khan, A. P., Kabir, S. H., Bashar, O. K., & Masih, A. M. (2015). Time Varying Correlation Between Islamic Equity and Commodity Returns: Implications for Portfolio Diversification. The Journal of Developing Areas, 49(5), 115-128.
  • Khan, A. P., Kabir, S. H., Bashar, O. K., & Masih, A. M. (2015). Time Varying Correlation Between Islamic Equity and Commodity Returns: Implications for Portfolio Diversification. The Journal of Developing Areas, 49(5), 115-128.
  • Koutsoyiannis. (1983). A short-run pricing model for a speculative asset, tested with data from the gold bullion market. Applied Economics, 15(3), 563-581.
  • Koutsoyiannis. (1983). A short-run pricing model for a speculative asset, tested with data from the gold bullion market. Applied Economics, 15(3), 563-581.
  • Ming, L., Yang, S., & Li, J. (2017). Does Gold Hedge Stock Market in China? The Evidence from Time-Frequency Analysis.
  • Ming, L., Yang, S., & Li, J. (2017). Does Gold Hedge Stock Market in China? The Evidence from Time-Frequency Analysis.
  • Miyazaki, T., & Hamori, S. (2013). Testing for causality between the gold return and stock market performance: evidence for ‘gold investment in case of emergency’. Applied financial economics, 23(1), 27-40.
  • Miyazaki, T., & Hamori, S. (2013). Testing for causality between the gold return and stock market performance: evidence for ‘gold investment in case of emergency’. Applied financial economics, 23(1), 27-40.
  • Reboredo, C. J., & Castro, M. (2014). Can gold hedge and preserve value when the US dollar depreciates? Economic Modelling, 39, 168-173.
  • Reboredo, C. J., & Castro, M. (2014). Can gold hedge and preserve value when the US dollar depreciates? Economic Modelling, 39, 168-173.
  • Reboredo, J. C. (2013). Is gold a hedge or safe haven against oil price movements? Resources Policy, 38(2), 130-137.
  • Reboredo, J. C. (2013). Is gold a hedge or safe haven against oil price movements? Resources Policy, 38(2), 130-137.
  • Reboredo, J. C. (2013). Is gold a safe haven or a hedge for the US dollar? Implications for risk management. Journal of Banking & Finance, 37(8), 2665-2676.
  • Reboredo, J. C. (2013). Is gold a safe haven or a hedge for the US dollar? Implications for risk management. Journal of Banking & Finance, 37(8), 2665-2676.
  • Śmiech, S., & Papież, M. (2016). In search of hedges and safe havens: Revisiting the relations between gold and oil in the rolling regression framework. Finance Research Letters.
  • Śmiech, S., & Papież, M. (2016). In search of hedges and safe havens: Revisiting the relations between gold and oil in the rolling regression framework. Finance Research Letters.
  • Srinivasan, P., & Prakasam, K. (2015). Gold price, stock price and exchange rate nexus. The case of India.
  • Srinivasan, P., & Prakasam, K. (2015). Gold price, stock price and exchange rate nexus. The case of India.
  • Tully, E., & Lucey, B. M. (2007). A power GARCH examination of the gold market. Research in International Business and Finance, 21(2), 316-325.
  • Tully, E., & Lucey, B. M. (2007). A power GARCH examination of the gold market. Research in International Business and Finance, 21(2), 316-325.
  • Tuysuz, S. (2013). Conditional Correlations between Stock Index, Investment Grade Yield, High Yield and Commodities (Gold and Oil) during Stable and Crisis Periods. International Journal of Economics and Finance, 5(9), 28.
  • Tuysuz, S. (2013). Conditional Correlations between Stock Index, Investment Grade Yield, High Yield and Commodities (Gold and Oil) during Stable and Crisis Periods. International Journal of Economics and Finance, 5(9), 28.
  • Worthington, A. C., & Pahlavani, M. (2007). Gold investment as an inflationary hedge: Cointegration evidence with allowance for endogenous structural breaks. Applied Financial Economics Letters, 3(4), 259-262.
  • Worthington, A. C., & Pahlavani, M. (2007). Gold investment as an inflationary hedge: Cointegration evidence with allowance for endogenous structural breaks. Applied Financial Economics Letters, 3(4), 259-262.

Year 2019, Volume: 3 Issue: 1, 41 - 56, 28.06.2019

Serdar Kuzu Mustafa Uysal

Abstract

References

  • Dickey, D. A., & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Journal of the Econometric Society, 1057-1072.
  • Gürgün, G., & Ünalmış, İ. (2014). Is gold a safe haven against equity market investment in emerging and developing countries? Finance Research Letters, 11(4), 341-348.Hoang, T. H., Lahiani, A., & Heller, D. (2016). Is gold a hedge against inflation? New evidence from a nonlinear ARDL approach. Economic Modelling, 54, 54-66.
  • Iqbal, J. (2017). Does gold hedge stock market, inflation and exchange rate risks? An econometric investigation. International Review of Economics & Finance, 48, 1-17.Joy, M. (2011). Gold and the US dollar: Hedge or haven? Finance Research Letters, 8(3), 120-131.
  • Barisheff, N. (2006). Portfolio diversification with gold, silver and platinum bullion. AIMA Journa, 71.
  • Barisheff, N. (2006). Portfolio diversification with gold, silver and platinum bullion. AIMA Journa, 71.
  • Baur, D. G., & McDermott, T. K. (2010). Journal of Banking & Finance, 34(8), 1886-1898.
  • Baur, D. G., & McDermott, T. K. (2010). Journal of Banking & Finance, 34(8), 1886-1898.
  • Baur, D., & Lucey, B. (2010). Is gold a hedge or a safe haven? An analysis of stocks, bonds and gold. Financial Review, 45(2), 217-229.
  • Baur, D., & Lucey, B. (2010). Is gold a hedge or a safe haven? An analysis of stocks, bonds and gold. Financial Review, 45(2), 217-229.
  • Beckmann, J., Berger, T., & Czudaj, R. (2015). Does Gold Act as a Hedge or a Safe Haven forStocks? A smooth Transition Approach. Economic Modelling, 48, 16-24.
  • Beckmann, J., Berger, T., & Czudaj, R. (2015). Does Gold Act as a Hedge or a Safe Haven forStocks? A smooth Transition Approach. Economic Modelling, 48, 16-24.
  • Bredin, D., Conlon, T., & Potì, V. (2015). Does gold glitter in the long-run? Gold as a hedge and safe haven across time and investment horizon. International Review of Financial Analysis, 41, 320-328.
  • Bredin, D., Conlon, T., & Potì, V. (2015). Does gold glitter in the long-run? Gold as a hedge and safe haven across time and investment horizon. International Review of Financial Analysis, 41, 320-328.
  • Cai, J., Cheung, Y. L., & Wong, M. (2001). What moves the gold market? Journal of Futures Markets, 21(3), 257-278.
  • Cai, J., Cheung, Y. L., & Wong, M. (2001). What moves the gold market? Journal of Futures Markets, 21(3), 257-278.
  • Capie, F., Mills, T. C., & Wood, G. (2005). Gold as a hedge against the dollar. Journal of International Financial Markets. Institutions and Money, 15(4), 343-352.
  • Capie, F., Mills, T. C., & Wood, G. (2005). Gold as a hedge against the dollar. Journal of International Financial Markets. Institutions and Money, 15(4), 343-352.
  • Chan, K. F., Treepongkaruna, S., Brooks, R., & Gray, S. (2011). Asset market linkages: Evidence from financial, commodity and real estate assets. Journal of Banking & Finance, 35(6), 1415-1426.
  • Chan, K. F., Treepongkaruna, S., Brooks, R., & Gray, S. (2011). Asset market linkages: Evidence from financial, commodity and real estate assets. Journal of Banking & Finance, 35(6), 1415-1426.
  • Chen, A. S., & Lin, J. W. (2014). The relation between gold and stocks: an analysis of severe bear markets. Applied Economics Letters, 23(1), 158-170.
  • Chen, A. S., & Lin, J. W. (2014). The relation between gold and stocks: an analysis of severe bear markets. Applied Economics Letters, 23(1), 158-170.
  • Choudhry, T., Hassan, S. S., & Shabi, S. (2015). Relationship between gold and stock markets during the global financial crisis: Evidence from nonlinear causality tests. International Review of Financial Analysis, 41, 247-256.
  • Choudhry, T., Hassan, S. S., & Shabi, S. (2015). Relationship between gold and stock markets during the global financial crisis: Evidence from nonlinear causality tests. International Review of Financial Analysis, 41, 247-256.
  • Ciner, C., Gurdgiev, C., & Lucey, B. M. (2013). Hedges and safe havens: An examination of stocks, bonds, gold, oil and exchange rates. International Review of Financial Analysis, 202-211.
  • Ciner, C., Gurdgiev, C., & Lucey, B. M. (2013). Hedges and safe havens: An examination of stocks, bonds, gold, oil and exchange rates. International Review of Financial Analysis, 202-211.
  • Coudert, V., & Raymond, H. (2011). Gold and financial assets: are there any safe havens in bear market. Economics Bulletin, 31(2), 1613-1622.
  • Coudert, V., & Raymond, H. (2011). Gold and financial assets: are there any safe havens in bear market. Economics Bulletin, 31(2), 1613-1622.
  • Emmrich, O., & McGroarty, F. J. (2013). Should gold be included in institutional investment portfolios? Applied Financial Economics, 23(19), 1553-1565.
  • Emmrich, O., & McGroarty, F. J. (2013). Should gold be included in institutional investment portfolios? Applied Financial Economics, 23(19), 1553-1565.
  • Fortune, J. N. (1988). The inflation rate of the price of gold, expected prices and interest rates. Journal of Macroeconomics, 9(1), 71-82.
  • Fortune, J. N. (1988). The inflation rate of the price of gold, expected prices and interest rates. Journal of Macroeconomics, 9(1), 71-82.
  • Ghazali, M. F., Lean, H. H., & Bahari, Z. (2013). Is gold a hedge or a safe haven? An empirical evidence of gold and stocks in Malaysia. International Journal of Business and Society, 14(3), 428.
  • Ghazali, M. F., Lean, H. H., & Bahari, Z. (2013). Is gold a hedge or a safe haven? An empirical evidence of gold and stocks in Malaysia. International Journal of Business and Society, 14(3), 428.
  • Ghazali, M., Lean, H., & Bahari, Z. (2015). Is gold a good hedge against inflation? empirical evidence in Malaysia. J. Malays. Stud.(Kajian Malaysia), 33(1), 69-84.
  • Ghazali, M., Lean, H., & Bahari, Z. (2015). Is gold a good hedge against inflation? empirical evidence in Malaysia. J. Malays. Stud.(Kajian Malaysia), 33(1), 69-84.
  • Gürgün, G., & Ünalmış, İ. (2014). Is gold a safe haven against equity market investment in emerging and developing countries? Finance Research Letters, 11(4), 341-348.
  • Hoang, T. H., Lahiani, A., & Heller, D. (2016). Is gold a hedge against inflation? New evidence from a nonlinear ARDL approach. Economic Modelling, 54, 54-66.
  • Hood, M., & Malik, F. (2013). Is gold the best hedge and a safe haven under changing stock market volatility? Review of Financial Economics, 22(2), 47-52.
  • Hood, M., & Malik, F. (2013). Is gold the best hedge and a safe haven under changing stock market volatility? Review of Financial Economics, 22(2), 47-52.
  • Hussin, M. Y., Muhammad, F., Razak, A. A., Tha, G. P., & Marwan, N. (2013). The link between gold price, oil price and islamic stock market: experience from Malaysia. ournal of Studies in Social Sciences, 4(2).
  • Hussin, M. Y., Muhammad, F., Razak, A. A., Tha, G. P., & Marwan, N. (2013). The link between gold price, oil price and islamic stock market: experience from Malaysia. ournal of Studies in Social Sciences, 4(2).
  • Iqbal, J. (2017). Does gold hedge stock market, inflation and exchange rate risks? An econometric investigation. International Review of Economics & Finance, 48, 1-17.
  • Joy, M. (2011). Gold and the US dollar: Hedge or haven? Finance Research Letters, 8(3), 120-131.
  • Karagöl, E., Erbaykal, E., & Ertuğrul, H. M. (2007). Türkiye'de ekonomik büyüme ile elektrik tüketimi ilişkisi: sınır testi yaklaşımı. Doğuş Üniversitesi Degisi, 8(1), 72-80.
  • Karagöl, E., Erbaykal, E., & Ertuğrul, H. M. (2007). Türkiye'de ekonomik büyüme ile elektrik tüketimi ilişkisi: sınır testi yaklaşımı. Doğuş Üniversitesi Degisi, 8(1), 72-80.
  • Khan, A. P., Kabir, S. H., Bashar, O. K., & Masih, A. M. (2015). Time Varying Correlation Between Islamic Equity and Commodity Returns: Implications for Portfolio Diversification. The Journal of Developing Areas, 49(5), 115-128.
  • Khan, A. P., Kabir, S. H., Bashar, O. K., & Masih, A. M. (2015). Time Varying Correlation Between Islamic Equity and Commodity Returns: Implications for Portfolio Diversification. The Journal of Developing Areas, 49(5), 115-128.
  • Koutsoyiannis. (1983). A short-run pricing model for a speculative asset, tested with data from the gold bullion market. Applied Economics, 15(3), 563-581.
  • Koutsoyiannis. (1983). A short-run pricing model for a speculative asset, tested with data from the gold bullion market. Applied Economics, 15(3), 563-581.
  • Ming, L., Yang, S., & Li, J. (2017). Does Gold Hedge Stock Market in China? The Evidence from Time-Frequency Analysis.
  • Ming, L., Yang, S., & Li, J. (2017). Does Gold Hedge Stock Market in China? The Evidence from Time-Frequency Analysis.
  • Miyazaki, T., & Hamori, S. (2013). Testing for causality between the gold return and stock market performance: evidence for ‘gold investment in case of emergency’. Applied financial economics, 23(1), 27-40.
  • Miyazaki, T., & Hamori, S. (2013). Testing for causality between the gold return and stock market performance: evidence for ‘gold investment in case of emergency’. Applied financial economics, 23(1), 27-40.
  • Reboredo, C. J., & Castro, M. (2014). Can gold hedge and preserve value when the US dollar depreciates? Economic Modelling, 39, 168-173.
  • Reboredo, C. J., & Castro, M. (2014). Can gold hedge and preserve value when the US dollar depreciates? Economic Modelling, 39, 168-173.
  • Reboredo, J. C. (2013). Is gold a hedge or safe haven against oil price movements? Resources Policy, 38(2), 130-137.
  • Reboredo, J. C. (2013). Is gold a hedge or safe haven against oil price movements? Resources Policy, 38(2), 130-137.
  • Reboredo, J. C. (2013). Is gold a safe haven or a hedge for the US dollar? Implications for risk management. Journal of Banking & Finance, 37(8), 2665-2676.
  • Reboredo, J. C. (2013). Is gold a safe haven or a hedge for the US dollar? Implications for risk management. Journal of Banking & Finance, 37(8), 2665-2676.
  • Śmiech, S., & Papież, M. (2016). In search of hedges and safe havens: Revisiting the relations between gold and oil in the rolling regression framework. Finance Research Letters.
  • Śmiech, S., & Papież, M. (2016). In search of hedges and safe havens: Revisiting the relations between gold and oil in the rolling regression framework. Finance Research Letters.
  • Srinivasan, P., & Prakasam, K. (2015). Gold price, stock price and exchange rate nexus. The case of India.
  • Srinivasan, P., & Prakasam, K. (2015). Gold price, stock price and exchange rate nexus. The case of India.
  • Tully, E., & Lucey, B. M. (2007). A power GARCH examination of the gold market. Research in International Business and Finance, 21(2), 316-325.
  • Tully, E., & Lucey, B. M. (2007). A power GARCH examination of the gold market. Research in International Business and Finance, 21(2), 316-325.
  • Tuysuz, S. (2013). Conditional Correlations between Stock Index, Investment Grade Yield, High Yield and Commodities (Gold and Oil) during Stable and Crisis Periods. International Journal of Economics and Finance, 5(9), 28.
  • Tuysuz, S. (2013). Conditional Correlations between Stock Index, Investment Grade Yield, High Yield and Commodities (Gold and Oil) during Stable and Crisis Periods. International Journal of Economics and Finance, 5(9), 28.
  • Worthington, A. C., & Pahlavani, M. (2007). Gold investment as an inflationary hedge: Cointegration evidence with allowance for endogenous structural breaks. Applied Financial Economics Letters, 3(4), 259-262.
  • Worthington, A. C., & Pahlavani, M. (2007). Gold investment as an inflationary hedge: Cointegration evidence with allowance for endogenous structural breaks. Applied Financial Economics Letters, 3(4), 259-262.
There are 69 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Articles
Authors

Serdar Kuzu 0000-0001-8178-8749

Mustafa Uysal 0000-0002-6377-2644

Publication Date June 28, 2019
Submission Date December 17, 2018
Published in Issue Year 2019 Volume: 3 Issue: 1

Cite

APA Kuzu, S., & Uysal, M. (2019). ALTIN BİR KORUNMA ARACI OLARAK DÜŞÜNÜLEBİLİR Mİ? TÜRKİYE’DEN AMPRİK BİR ÖRNEK. Uygulamalı Sosyal Bilimler Dergisi, 3(1), 41-56.
AMA Kuzu S, Uysal M. ALTIN BİR KORUNMA ARACI OLARAK DÜŞÜNÜLEBİLİR Mİ? TÜRKİYE’DEN AMPRİK BİR ÖRNEK. Uygulamalı Sosyal Bilimler Dergisi. June 2019;3(1):41-56.
Chicago Kuzu, Serdar, and Mustafa Uysal. “ALTIN BİR KORUNMA ARACI OLARAK DÜŞÜNÜLEBİLİR Mİ? TÜRKİYE’DEN AMPRİK BİR ÖRNEK”. Uygulamalı Sosyal Bilimler Dergisi 3, no. 1 (June 2019): 41-56.
EndNote Kuzu S, Uysal M (June 1, 2019) ALTIN BİR KORUNMA ARACI OLARAK DÜŞÜNÜLEBİLİR Mİ? TÜRKİYE’DEN AMPRİK BİR ÖRNEK. Uygulamalı Sosyal Bilimler Dergisi 3 1 41–56.
IEEE S. Kuzu and M. Uysal, “ALTIN BİR KORUNMA ARACI OLARAK DÜŞÜNÜLEBİLİR Mİ? TÜRKİYE’DEN AMPRİK BİR ÖRNEK”, Uygulamalı Sosyal Bilimler Dergisi, vol. 3, no. 1, pp. 41–56, 2019.
ISNAD Kuzu, Serdar - Uysal, Mustafa. “ALTIN BİR KORUNMA ARACI OLARAK DÜŞÜNÜLEBİLİR Mİ? TÜRKİYE’DEN AMPRİK BİR ÖRNEK”. Uygulamalı Sosyal Bilimler Dergisi 3/1 (June 2019), 41-56.
JAMA Kuzu S, Uysal M. ALTIN BİR KORUNMA ARACI OLARAK DÜŞÜNÜLEBİLİR Mİ? TÜRKİYE’DEN AMPRİK BİR ÖRNEK. Uygulamalı Sosyal Bilimler Dergisi. 2019;3:41–56.
MLA Kuzu, Serdar and Mustafa Uysal. “ALTIN BİR KORUNMA ARACI OLARAK DÜŞÜNÜLEBİLİR Mİ? TÜRKİYE’DEN AMPRİK BİR ÖRNEK”. Uygulamalı Sosyal Bilimler Dergisi, vol. 3, no. 1, 2019, pp. 41-56.
Vancouver Kuzu S, Uysal M. ALTIN BİR KORUNMA ARACI OLARAK DÜŞÜNÜLEBİLİR Mİ? TÜRKİYE’DEN AMPRİK BİR ÖRNEK. Uygulamalı Sosyal Bilimler Dergisi. 2019;3(1):41-56.
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