Araştırma Makalesi
BibTex RIS Kaynak Göster

Yıl 2021, Cilt: 7 Sayı: 2, 169 - 193, 01.10.2021

Nurgün Komşuoğlu Yılmaz

Öz

Kaynakça

  • Aggarwal, R., & Lucey, B. M. (2007). Psychological barriers in gold prices? Review of Financial Economics. http://doi.org/10.1016/j.rfe.2006.04.001
  • Avdjiev, S., Du, W., Koch, C., & Shin, H. S. (2016). The dollar, bank leverage and the deviation from covered interest parity. BIS Working Papers.
  • Bahmani-Oskooee, M., & Sohrabian, A. (1992). Stock prices and the effective exchange rate of the dollar. Applied Economics. http://doi.org/10.1080/00036849200000020
  • Bailey, M. J., Muth, R. F., & Nourse, H. O. (1963). A Regression Method for Real Estate Price Index Construction. Journal of the American Statistical Association. http://doi.org/10.1080/01621459.1963.10480679
  • Barnett, L., & Seth, A. K. (2014). The MVGC multivariate Granger causality toolbox: A new approach to Granger-causal inference. Journal of Neuroscience Methods. http://doi.org/10.1016/j.jneumeth.2013.10.018
  • Baur, D. G., & Tran, D. T. (2014). The long-run relationship of gold and silver and the influence of bubbles and financial crises. Empirical Economics. http://doi.org/10.1007/s00181-013-0787-1
  • Bekiros, S. D., & Diks, C. G. H. (2008). The nonlinear dynamic relationship of exchange rates: Parametric and nonparametric causality testing. Journal of Macroeconomics. http://doi.org/10.1016/j.jmacro.2008.04.001
  • Benhmad, F. (2012). Modeling nonlinear Granger causality between the oil price and U.S. dollar: A wavelet based approach. Economic Modelling. http://doi.org/10.1016/j.econmod.2012.01.003
  • Bildirici, M. E., & Turkmen, C. (2015). Nonlinear causality between oil and precious metals. Resources Policy. http://doi.org/10.1016/j.resourpol.2015.09.002
  • Bildirici, M., & Türkmen, C. (2015). The Chaotic Relationship between Oil Return, Gold, Silver and Copper Returns in TURKEY: Non-Linear ARDL and Augmented Non-linear Granger Causality. Procedia - Social and Behavioral Sciences. http://doi.org/10.1016/j.sbspro.2015.11.387
  • Blose, L. E. (2010). Gold prices, cost of carry, and expected inflation. Journal of Economics and Business. http://doi.org/10.1016/j.jeconbus.2009.07.001
  • Bordo, Michael D., (2003). "Exchange Rate Regime Choice in Historical Perspective," NBER Working Paper No. 9654. Case, B., & Quigley, J. M. (2006). The Dynamics of Real Estate Prices. The Review of Economics and Statistics. http://doi.org/10.2307/2109686
  • Case, K. E., & Shiller, R. J. (1990). Forecasting Prices and Excess Returns in the Housing Market. Real Estate Economics. http://doi.org/10.1111/1540-6229.00521
  • Christie–David, R., Chaudhry, M., & Koch, T. W. (2002). Do macroeconomics news releases affect gold and silver prices? Journal of Economics and Business. http://doi.org/10.1016/s0148-6195(00)00029-1
  • Clarida, R. H., Chinn, M., & Frankel, J. A. (2013). Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency? In G7 Current Account Imbalances. http://doi.org/10.7208/chicago/9780226107288.003.0009
  • Din, A., Hoesli, M., Hoesli, M., & Bender, A. (2001). Environmental variables and real estate prices. Urban Studies. http://doi.org/10.1080/00420980120080899
  • Emmrich, O., & McGroarty, F. J. (2013). Should gold be included in institutional investment portfolios? Applied Financial Economics. http://doi.org/10.1080/09603107.2013.839858
  • Escribano, A., & Granger, C. W. J. (1998). Investigating the relationship between gold and silver prices. Journal of Forecasting. http://doi.org/10.1002/(SICI)1099-131X(199803)17:2<81::AID-FOR680>3.0.CO;2-B
  • Geltner, D., MacGregor, B. D., & Schwann, G. M. (2003). Appraisal smoothing and price discovery in real estate markets. Urban Studies. http://doi.org/10.1080/0042098032000074317
  • Granger, C. W. J. (1969). Investigating Causal Relations by Econometric Models and Cross-spectral Methods. Econometrica. http://doi.org/10.2307/1912791
  • Hanias, M. P. (2008). Time Series Prediction of Dollar \ Euro Exchange Rate Index. International Research Journal of Finance and Economics.
  • Henriques, I., & Sadorsky, P. (2008). Oil prices and the stock prices of alternative energy companies. Energy Economics. http://doi.org/10.1016/j.eneco.2007.11.001
  • Hooker, M. A. (1996). What happened to the oil price - Macroeconomy relationship? Journal of Monetary Economics. http://doi.org/10.1016/S0304-3932(96)01281-0
  • Hui, E. C. M., & Yue, S. (2006). Housing price bubbles in Hong Kong, Beijing and Shanghai: A comparative study. Journal of Real Estate Finance and Economics. http://doi.org/10.1007/s11146-006-0335-2
  • Hussin, M. Y. M., 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. Journal of Studies in Social Sciences.
  • Ibrahim, S. N., Kamaruddin, N. I., & Hasan, R. (2014). The Determinants of Gold Prices in Malaysia. Journal of Advanced Management Science. http://doi.org/10.12720/joams.2.1.38-41
  • Inagaki, K. (2007). Testing for volatility spillover between the British pound and the euro. Research in International Business and Finance. http://doi.org/10.1016/j.ribaf.2006.03.006
  • Islahi, Abdul. (2019). Was Mercantilism a Reaction Against Muslim Power? A Discussion on The Origin of Mercantilism. Jeddah, KSA: Islamic Economics Research Center, KAA.
  • Ivashina, V., Scharfstein, D. S., & Stein, J. C. (2015). Dollar funding and the lending behavior of global banks. Quarterly Journal of Economics. http://doi.org/10.1093/qje/qjv017
  • Koetter, M., & Poghosyan, T. (2010). Real estate prices and bank stability. Journal of Banking and Finance. http://doi.org/10.1016/j.jbankfin.2009.11.010
  • Krainer, R. E. (2014). Monetary policy and bank lending in the Euro area: Is there a stock market channel or an interest rate channel? Journal of International Money and Finance. http://doi.org/10.1016/j.jimonfin.2014.03.009
  • Küçükaksoy, İ , Yalçın, D . (2017). Altın Fiyatlarını Etkileyebilecek Faktörlerin İncelenmesi. Ekonomik ve Sosyal Araştırmalar Dergisi, 13 (2), 1-20. Retrieved from http://dergipark.gov.tr/esad/issue/38974/456284
  • Magiera, F. T. (2008). Why the Euro Will Not Rival the Dollar. CFA Digest. http://doi.org/10.2469/dig.v38.n4.32
  • Michis, A. A. (2014). Investing in gold: Individual asset risk in the long run. Finance Research Letters. http://doi.org/10.1016/j.frl.2014.07.008
  • Mikhed, V., & Zemčík, P. (2009). Testing for bubbles in housing markets: A panel data approach. Journal of Real Estate Finance and Economics. http://doi.org/10.1007/s11146-007-9090-2
  • Nair, G. K., Choudhary, N., & Purohit, H. (2015). The Relationship between Gold Prices and Exchange Value of US Dollar in India. EMAJ: Emerging Markets Journal. http://doi.org/10.5195/emaj.2015.66
  • Nazlioglu, S., & Soytas, U. (2012). Oil price, agricultural commodity prices, and the dollar: A panel cointegration and causality analysis. Energy Economics. http://doi.org/10.1016/j.eneco.2011.09.008
  • Öner, H. (2018) Altın, Petrol, Döviz Kuru, Faiz Ve Korku Endeksi Arasındaki İlişki Üzerine Bir Çalışma Akademik Araştırmalar ve Çalışmalar Dergisi Yıl: 2018, 10(19): 396-404
  • Özkurt, H. (2007) Türkiye Ekonomisinde Konut Sektörü: Gelişimi Ve Alternatif Finansman Modelleri, Sosyal Bilimler Dergisi 2007,(1), 159-173
  • Patel, S. a. (2013). Causal Relationship Between Stock Market Indices and Gold Price : Evidence from India. The IUP Journal of Applied Finance.
  • Pukthuanthong, K., & Roll, R. (2011). Gold and the Dollar (and the Euro, Pound, and Yen). Journal of Banking and Finance. http://doi.org/10.1016/j.jbankfin.2011.01.014
  • Quan, D. C., & Quigley, J. M. (1991). Price formation and the appraisal function in real estate markets. The Journal of Real Estate Finance and Economics. http://doi.org/10.1007/BF00173120
  • Ray, S. (2012). Testing Granger Causal Relationship between Macroeconomic Variables and Stock Price Behaviour : Evidence from India. Advances in Applied Economics and Finance, 3(1), 470–481.
  • Ridker, R.G. ve Henning, J.A. (1967) “The Determinants of Residential Property Values With Special Reference to Air Pollution” The Review of Economics and Statistics, 49:246-257.
  • Roebroeck, A. (2015). Granger Causality. In Brain Mapping: An Encyclopedic Reference. http://doi.org/10.1016/B978-0-12-397025-1.00337-7
  • Schweikert, K. (2018). Are gold and silver cointegrated? New evidence from quantile cointegrating regressions. Journal of Banking and Finance. http://doi.org/10.1016/j.jbankfin.2017.11.010
  • Sermpinis, G., Dunis, C., Laws, J., & Stasinakis, C. (2012). Forecasting and trading the EUR/USD exchange rate with stochastic Neural Network combination and time-varying leverage. Decision Support Systems. http://doi.org/10.1016/j.dss.2012.05.039 Shafiee, S., & Topal, E. (2010). An overview of global gold market and gold price forecasting. Resources Policy. http://doi.org/10.1016/j.resourpol.2010.05.004
  • Simakova, J. (1987). Analysis of the Relationship between Oil and Gold Prices. Otolaryngology-Head and Neck Surgery.
  • Smith, G. (2001). The Price of Gold and Stock Price Indices for the United States. Working Paper.
  • Sosvilla-Rivero, S., & del Carmen Ramos-Herrera, M. (2012). The US dollar-euro exchange rate and US-EMU bond yield differentials: A causality analysis. Cuadernos de Economia (Spain). http://doi.org/10.1016/S0210-0266(12)70028-6
  • Toraman, C., Başarır, Ç., & Bayramoğlu, M. F. (2011). Determination of Factors Affecting the Price of Gold: A Study of MGARCH Model. Business and Economics Research Journal. http://doi.org/10.2146/ajhp100061
  • Tursoy, T., & Faisal, F. (2018). The impact of gold and crude oil prices on stock market in Turkey: Empirical evidences from ARDL bounds test and combined cointegration. Resources Policy. http://doi.org/10.1016/j.resourpol.2017.10.014 Twite, G. (2002). Gold Prices, Exchange Rates, Gold Stocks and the Gold Premium. Australian Journal of Management. http://doi.org/10.1177/031289620202700202
  • Wang, Z., Yang, J., & Li, Q. (2007). Interest rate linkages in the Eurocurrency market: Contemporaneous and out-of-sample Granger causality tests. Journal of International Money and Finance. http://doi.org/10.1016/j.jimonfin.2006.10.005
  • Xu, X. E., & Chen, T. (2012). The effect of monetary policy on real estate price growth in China. Pacific Basin Finance Journal. http://doi.org/10.1016/j.pacfin.2011.08.001
  • Yavas, A., & Yildirim, Y. (2011). Price Discovery in Real Estate Markets: A Dynamic Analysis. Journal of Real Estate Finance and Economics. http://doi.org/10.1007/s11146-009-9172-4
  • Yurdakul, F., & Sefa, M. (2015). An Econometric Analysis of Gold Prices in Turkey. Procedia Economics and Finance. http://doi.org/10.1016/s2212-5671(15)00332-9
  • Yücel, T.F. (2015). Cumhuriyet Türkiyesinin Sanayileşme Öyküsü, TTGV:Ankara, S.49
  • Zhang, J., Wang, J., & Zhu, A. (2012). The relationship between real estate investment and economic growth in China: A threshold effect. Annals of Regional Science. http://doi.org/10.1007/s00168-010-0388-2
  • Zhang, Y. J., & Wei, Y. M. (2010). The crude oil market and the gold market: Evidence for cointegration, causality and price discovery

Investigation of The Relationship Between Gold, Dollars, Euro Exchange Rates And Housing Sales:A Study with Granger Causality Analysis

Yıl 2021, Cilt: 7 Sayı: 2, 169 - 193, 01.10.2021

Nurgün Komşuoğlu Yılmaz

Öz

As it is known, the currencies of the countries have first been linked to gold prices and dollars at certain rates, and then the free exchange rate system has started. However, the transition to free exchange rate system does not mean that there is no relationship between gold and currencies. In addition, real estate sales also constitute an investment alternative, and there seems to be a relationship between the number of housing sales, gold and the Dollar and the Euro.
The aim of this study is to investigate whether there is a causal relationship between investment instruments like gold prices, US dollar rate, Euro exchange rate, mortgage and other real estate sales. Within the scope of the study, monthly data including the value of Dollar and Euro in Turkish Lira were used with the gold ounce price of January 2013 - November 2018 period. The data of the variables were analyzed by Dickey Fuller (ADF) test. After the variables were stabilized, Granger causality test was used to test the existence of causality relationship between the variables. Firstly, as a result of the analysis, it was determined that Euro / TL was the Dollar / TL unilateral cause. Besides, the other home sales were the cause of the mortgage house sales and the Gold prices were the cause of the USD / TL dependent variable.

Anahtar Kelimeler

Investment Alternatives Real Estate Sales Granger Casualty Analysis Gold Dollar

Kaynakça

  • Aggarwal, R., & Lucey, B. M. (2007). Psychological barriers in gold prices? Review of Financial Economics. http://doi.org/10.1016/j.rfe.2006.04.001
  • Avdjiev, S., Du, W., Koch, C., & Shin, H. S. (2016). The dollar, bank leverage and the deviation from covered interest parity. BIS Working Papers.
  • Bahmani-Oskooee, M., & Sohrabian, A. (1992). Stock prices and the effective exchange rate of the dollar. Applied Economics. http://doi.org/10.1080/00036849200000020
  • Bailey, M. J., Muth, R. F., & Nourse, H. O. (1963). A Regression Method for Real Estate Price Index Construction. Journal of the American Statistical Association. http://doi.org/10.1080/01621459.1963.10480679
  • Barnett, L., & Seth, A. K. (2014). The MVGC multivariate Granger causality toolbox: A new approach to Granger-causal inference. Journal of Neuroscience Methods. http://doi.org/10.1016/j.jneumeth.2013.10.018
  • Baur, D. G., & Tran, D. T. (2014). The long-run relationship of gold and silver and the influence of bubbles and financial crises. Empirical Economics. http://doi.org/10.1007/s00181-013-0787-1
  • Bekiros, S. D., & Diks, C. G. H. (2008). The nonlinear dynamic relationship of exchange rates: Parametric and nonparametric causality testing. Journal of Macroeconomics. http://doi.org/10.1016/j.jmacro.2008.04.001
  • Benhmad, F. (2012). Modeling nonlinear Granger causality between the oil price and U.S. dollar: A wavelet based approach. Economic Modelling. http://doi.org/10.1016/j.econmod.2012.01.003
  • Bildirici, M. E., & Turkmen, C. (2015). Nonlinear causality between oil and precious metals. Resources Policy. http://doi.org/10.1016/j.resourpol.2015.09.002
  • Bildirici, M., & Türkmen, C. (2015). The Chaotic Relationship between Oil Return, Gold, Silver and Copper Returns in TURKEY: Non-Linear ARDL and Augmented Non-linear Granger Causality. Procedia - Social and Behavioral Sciences. http://doi.org/10.1016/j.sbspro.2015.11.387
  • Blose, L. E. (2010). Gold prices, cost of carry, and expected inflation. Journal of Economics and Business. http://doi.org/10.1016/j.jeconbus.2009.07.001
  • Bordo, Michael D., (2003). "Exchange Rate Regime Choice in Historical Perspective," NBER Working Paper No. 9654. Case, B., & Quigley, J. M. (2006). The Dynamics of Real Estate Prices. The Review of Economics and Statistics. http://doi.org/10.2307/2109686
  • Case, K. E., & Shiller, R. J. (1990). Forecasting Prices and Excess Returns in the Housing Market. Real Estate Economics. http://doi.org/10.1111/1540-6229.00521
  • Christie–David, R., Chaudhry, M., & Koch, T. W. (2002). Do macroeconomics news releases affect gold and silver prices? Journal of Economics and Business. http://doi.org/10.1016/s0148-6195(00)00029-1
  • Clarida, R. H., Chinn, M., & Frankel, J. A. (2013). Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency? In G7 Current Account Imbalances. http://doi.org/10.7208/chicago/9780226107288.003.0009
  • Din, A., Hoesli, M., Hoesli, M., & Bender, A. (2001). Environmental variables and real estate prices. Urban Studies. http://doi.org/10.1080/00420980120080899
  • Emmrich, O., & McGroarty, F. J. (2013). Should gold be included in institutional investment portfolios? Applied Financial Economics. http://doi.org/10.1080/09603107.2013.839858
  • Escribano, A., & Granger, C. W. J. (1998). Investigating the relationship between gold and silver prices. Journal of Forecasting. http://doi.org/10.1002/(SICI)1099-131X(199803)17:2<81::AID-FOR680>3.0.CO;2-B
  • Geltner, D., MacGregor, B. D., & Schwann, G. M. (2003). Appraisal smoothing and price discovery in real estate markets. Urban Studies. http://doi.org/10.1080/0042098032000074317
  • Granger, C. W. J. (1969). Investigating Causal Relations by Econometric Models and Cross-spectral Methods. Econometrica. http://doi.org/10.2307/1912791
  • Hanias, M. P. (2008). Time Series Prediction of Dollar \ Euro Exchange Rate Index. International Research Journal of Finance and Economics.
  • Henriques, I., & Sadorsky, P. (2008). Oil prices and the stock prices of alternative energy companies. Energy Economics. http://doi.org/10.1016/j.eneco.2007.11.001
  • Hooker, M. A. (1996). What happened to the oil price - Macroeconomy relationship? Journal of Monetary Economics. http://doi.org/10.1016/S0304-3932(96)01281-0
  • Hui, E. C. M., & Yue, S. (2006). Housing price bubbles in Hong Kong, Beijing and Shanghai: A comparative study. Journal of Real Estate Finance and Economics. http://doi.org/10.1007/s11146-006-0335-2
  • Hussin, M. Y. M., 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. Journal of Studies in Social Sciences.
  • Ibrahim, S. N., Kamaruddin, N. I., & Hasan, R. (2014). The Determinants of Gold Prices in Malaysia. Journal of Advanced Management Science. http://doi.org/10.12720/joams.2.1.38-41
  • Inagaki, K. (2007). Testing for volatility spillover between the British pound and the euro. Research in International Business and Finance. http://doi.org/10.1016/j.ribaf.2006.03.006
  • Islahi, Abdul. (2019). Was Mercantilism a Reaction Against Muslim Power? A Discussion on The Origin of Mercantilism. Jeddah, KSA: Islamic Economics Research Center, KAA.
  • Ivashina, V., Scharfstein, D. S., & Stein, J. C. (2015). Dollar funding and the lending behavior of global banks. Quarterly Journal of Economics. http://doi.org/10.1093/qje/qjv017
  • Koetter, M., & Poghosyan, T. (2010). Real estate prices and bank stability. Journal of Banking and Finance. http://doi.org/10.1016/j.jbankfin.2009.11.010
  • Krainer, R. E. (2014). Monetary policy and bank lending in the Euro area: Is there a stock market channel or an interest rate channel? Journal of International Money and Finance. http://doi.org/10.1016/j.jimonfin.2014.03.009
  • Küçükaksoy, İ , Yalçın, D . (2017). Altın Fiyatlarını Etkileyebilecek Faktörlerin İncelenmesi. Ekonomik ve Sosyal Araştırmalar Dergisi, 13 (2), 1-20. Retrieved from http://dergipark.gov.tr/esad/issue/38974/456284
  • Magiera, F. T. (2008). Why the Euro Will Not Rival the Dollar. CFA Digest. http://doi.org/10.2469/dig.v38.n4.32
  • Michis, A. A. (2014). Investing in gold: Individual asset risk in the long run. Finance Research Letters. http://doi.org/10.1016/j.frl.2014.07.008
  • Mikhed, V., & Zemčík, P. (2009). Testing for bubbles in housing markets: A panel data approach. Journal of Real Estate Finance and Economics. http://doi.org/10.1007/s11146-007-9090-2
  • Nair, G. K., Choudhary, N., & Purohit, H. (2015). The Relationship between Gold Prices and Exchange Value of US Dollar in India. EMAJ: Emerging Markets Journal. http://doi.org/10.5195/emaj.2015.66
  • Nazlioglu, S., & Soytas, U. (2012). Oil price, agricultural commodity prices, and the dollar: A panel cointegration and causality analysis. Energy Economics. http://doi.org/10.1016/j.eneco.2011.09.008
  • Öner, H. (2018) Altın, Petrol, Döviz Kuru, Faiz Ve Korku Endeksi Arasındaki İlişki Üzerine Bir Çalışma Akademik Araştırmalar ve Çalışmalar Dergisi Yıl: 2018, 10(19): 396-404
  • Özkurt, H. (2007) Türkiye Ekonomisinde Konut Sektörü: Gelişimi Ve Alternatif Finansman Modelleri, Sosyal Bilimler Dergisi 2007,(1), 159-173
  • Patel, S. a. (2013). Causal Relationship Between Stock Market Indices and Gold Price : Evidence from India. The IUP Journal of Applied Finance.
  • Pukthuanthong, K., & Roll, R. (2011). Gold and the Dollar (and the Euro, Pound, and Yen). Journal of Banking and Finance. http://doi.org/10.1016/j.jbankfin.2011.01.014
  • Quan, D. C., & Quigley, J. M. (1991). Price formation and the appraisal function in real estate markets. The Journal of Real Estate Finance and Economics. http://doi.org/10.1007/BF00173120
  • Ray, S. (2012). Testing Granger Causal Relationship between Macroeconomic Variables and Stock Price Behaviour : Evidence from India. Advances in Applied Economics and Finance, 3(1), 470–481.
  • Ridker, R.G. ve Henning, J.A. (1967) “The Determinants of Residential Property Values With Special Reference to Air Pollution” The Review of Economics and Statistics, 49:246-257.
  • Roebroeck, A. (2015). Granger Causality. In Brain Mapping: An Encyclopedic Reference. http://doi.org/10.1016/B978-0-12-397025-1.00337-7
  • Schweikert, K. (2018). Are gold and silver cointegrated? New evidence from quantile cointegrating regressions. Journal of Banking and Finance. http://doi.org/10.1016/j.jbankfin.2017.11.010
  • Sermpinis, G., Dunis, C., Laws, J., & Stasinakis, C. (2012). Forecasting and trading the EUR/USD exchange rate with stochastic Neural Network combination and time-varying leverage. Decision Support Systems. http://doi.org/10.1016/j.dss.2012.05.039 Shafiee, S., & Topal, E. (2010). An overview of global gold market and gold price forecasting. Resources Policy. http://doi.org/10.1016/j.resourpol.2010.05.004
  • Simakova, J. (1987). Analysis of the Relationship between Oil and Gold Prices. Otolaryngology-Head and Neck Surgery.
  • Smith, G. (2001). The Price of Gold and Stock Price Indices for the United States. Working Paper.
  • Sosvilla-Rivero, S., & del Carmen Ramos-Herrera, M. (2012). The US dollar-euro exchange rate and US-EMU bond yield differentials: A causality analysis. Cuadernos de Economia (Spain). http://doi.org/10.1016/S0210-0266(12)70028-6
  • Toraman, C., Başarır, Ç., & Bayramoğlu, M. F. (2011). Determination of Factors Affecting the Price of Gold: A Study of MGARCH Model. Business and Economics Research Journal. http://doi.org/10.2146/ajhp100061
  • Tursoy, T., & Faisal, F. (2018). The impact of gold and crude oil prices on stock market in Turkey: Empirical evidences from ARDL bounds test and combined cointegration. Resources Policy. http://doi.org/10.1016/j.resourpol.2017.10.014 Twite, G. (2002). Gold Prices, Exchange Rates, Gold Stocks and the Gold Premium. Australian Journal of Management. http://doi.org/10.1177/031289620202700202
  • Wang, Z., Yang, J., & Li, Q. (2007). Interest rate linkages in the Eurocurrency market: Contemporaneous and out-of-sample Granger causality tests. Journal of International Money and Finance. http://doi.org/10.1016/j.jimonfin.2006.10.005
  • Xu, X. E., & Chen, T. (2012). The effect of monetary policy on real estate price growth in China. Pacific Basin Finance Journal. http://doi.org/10.1016/j.pacfin.2011.08.001
  • Yavas, A., & Yildirim, Y. (2011). Price Discovery in Real Estate Markets: A Dynamic Analysis. Journal of Real Estate Finance and Economics. http://doi.org/10.1007/s11146-009-9172-4
  • Yurdakul, F., & Sefa, M. (2015). An Econometric Analysis of Gold Prices in Turkey. Procedia Economics and Finance. http://doi.org/10.1016/s2212-5671(15)00332-9
  • Yücel, T.F. (2015). Cumhuriyet Türkiyesinin Sanayileşme Öyküsü, TTGV:Ankara, S.49
  • Zhang, J., Wang, J., & Zhu, A. (2012). The relationship between real estate investment and economic growth in China: A threshold effect. Annals of Regional Science. http://doi.org/10.1007/s00168-010-0388-2
  • Zhang, Y. J., & Wei, Y. M. (2010). The crude oil market and the gold market: Evidence for cointegration, causality and price discovery
Toplam 59 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Ekonomi
Bölüm Araştırma Makalesi
Yazarlar

Nurgün Komşuoğlu Yılmaz 0000-0002-9050-9796

Yayımlanma Tarihi 1 Ekim 2021
Yayımlandığı Sayı Yıl 2021 Cilt: 7 Sayı: 2

Kaynak Göster

APA Komşuoğlu Yılmaz, N. (2021). Investigation of The Relationship Between Gold, Dollars, Euro Exchange Rates And Housing Sales:A Study with Granger Causality Analysis. Florya Chronicles of Political Economy, 7(2), 169-193.
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