Seyfettin ERDOĞAN, Ayfer GEDİKLİ, Emrah İsmail ÇEVİK

Türkiye’de covid-19 pandemisinin geleneksel ve islami borsalar üzerindeki etkileri

Covid -19 pandemisinin makro ekonomik etkilerinin ortaya konması açısından reel sektörün yanısıra finansal piyasaların da takip edilmesi gerekmektedir. Pandeminin finansal piyasalar üzerindeki etkisi araştırılırken özellikle borsada meydana gelen değişikliklerin ortaya konması gerekmektedir. Söz konusu araştırmalar ülke gurubu için yapılabileceği gibi tek ülke için de gerçekleştirilebilir. Tek ülke verileri kullanılarak gerçekleştirilecek çalışmalar sorunun daha derinlemesine analiz edilmesine imkan sağlamaktadır. Pandeminin borsa üzerindeki etkisi araştırılırken geleneksel ve İslami endeksleri birlikte dikkate almak finansal piyasalara ilişkin politikaların belirlenmesinde daha gerçekçi verilerin elde edilmesini mümkün kılacaktır. Bu çalışmanın amacı, Covid -19 pandemisine geleneksel ve İslami borsanın bulaşma ve ayrışma açısından gösterdiği tepkiyi incelemektir. Çalışmada 10 Şubat 2011 – 02 Eylül 2020 dönemine ilişkin günlük veriler kullanılmış ve DCC-GARCH yönteminden yararlanılmıştır. Elde edilen sonuçlara göre, Türkiye’de küresel Covid -19 pandemisi şoku karşısında İslami borsa, geleneksel borsadan daha istikrarlıdır. Bu sonuca göre Türkiye’de İslami finansal sistemin geliştirilmesine yönelik adımlar güçlendirilmelidir.

The effects of the covid-19 pandemic on conventional and islamic stock markets in Turkey

In order to reveal the macroeconomic effects of the Covid-19 pandemic, financial markets should also be handled in addition to the real sector. Investigating the changes in the stock market may give clues to analyze the effects of the pandemic on financial markets. The researches in question can be carried out for a country group or a single country. Studies that are conducted for a single country allow researchers to analyze problems more precisely and put forward more specific and convenient policy suggestions. Furthermore, while investigating the effect of the pandemic on stock markets, handling conventional and Islamic stock markets together can provide more comparative and realistic data in determining the policies regarding financial markets. The aim of the study is to examine the reaction of conventional and Islamic stock markets to the Covid-19 outbreak in Turkey. In the study, the DCC-GARCH method was applied by using the daily data from Feb 10, 2011 to Sep 02, 2020. The empirical results indicated that Islamic stock markets are more stable to the global Covid-19 outbreak shock than the conventional stock market in Turkey. Based on these findings it can be suggested that Turkey should take steps to support the development of the Islamic financial system to have a sounder financial system.

Keywords:

Covid-19 Participation Index, ISE 100 Index, Financial Markets,

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