The Relationship Between Islamic Indices and Commodity Markets in Turkey: Evidence Fourier-Based Approaches
| Autor: | Şakir Sakarya, Feyyaz Zeren, Hilmi Tunahan Akkuş |
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| Jazyk: | English<br />Serbian |
| Rok vydání: | 2018 |
| Předmět: | |
| Zdroj: | Economic Horizons, Vol 20, Iss 3, Pp 235-247 (2018) |
| Druh dokumentu: | article |
| ISSN: | 1450-863X 2217-9232 |
| DOI: | 10.5937/ekonhor1803243S |
| Popis: | Affecting a significant portion of the world economy, the commodity market is the world’s largest “nonfinancial” market. In addition to the other macroeconomic variables, commodity prices have a special importance for Islamic stock indices, which have improved in recent years because Islamic finance is a financial system based on the profit/loss sharing principle and supports the real sector’s activities. In this study, cointegration and the causality relationship between commodity markets (the Gold ounce and Brent oil) and the Participation-30 Index established by taking Islamic criteria into account were investigated in Turkey. As a result of the analysis, no cointegration relation was found between the Participation-30 Index and the commodity markets. According to these results, an investor investing in gold or oil will, in addition to the Participation-30 Index, diversify its portfolio with this commodity investment and minimize its risk. The fact that there is no relation between the variables according to the causality results indicates that the Participation-30 Islamic Indices’ structure is independent of commodity markets and conventional stock markets. |
| Databáze: | Directory of Open Access Journals |
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