Journal article
World oil prices, precious metal prices and macroeconomy in Turkey
Energy policy, v 37(12), pp 5557-5566
01 Dec 2009
Featured in Collection : UN Sustainable Development Goals @ Drexel
Abstract
We examine the long- and short-run transmissions of information between the world oil price, Turkish interest rate, Turkish lira-US dollar exchange rate, and domestic spot gold and silver price. We find that the world oil price has no predictive power of the precious metal prices, the interest rate or the exchange rate market in Turkey. The results also show that the Turkish spot precious metals, exchange rate and bond markets do not also provide information that would help improve the forecasts of world oil prices in the long run. The findings suggest that domestic gold is also considered a safe haven in Turkey during devaluation of the Turkish lira, as it is globally. It is interesting to note that there does not seem to be any significant influence of developments in the world oil markets on Turkish markets in the short run either. However, transitory positive initial impacts of innovations in oil prices on gold and silver markets are observed. The short-run price transmissions between the world oil market and the Turkish precious metal markets have implications for policy makers in emerging markets and both local and global investors in the precious metals market and the oil market. (C) 2009 Elsevier Ltd. All rights reserved.
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Details
- Title
- World oil prices, precious metal prices and macroeconomy in Turkey
- Creators
- Ugur Soytas - Middle East Technical UniversityRamazan Sari - Middle East Technical UniversityShawkat Hammoudeh - Drexel UniversityErk Hacihasanoglu - Central Bank of the Republic of Turkey
- Publication Details
- Energy policy, v 37(12), pp 5557-5566
- Publisher
- Elsevier
- Number of pages
- 10
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Economics (School of Economics)
- Web of Science ID
- WOS:000272426500056
- Scopus ID
- 2-s2.0-71549150871
- Other Identifier
- 991019167629204721
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- Collaboration types
- Domestic collaboration
- International collaboration
- Web of Science research areas
- Economics
- Energy & Fuels
- Environmental Sciences
- Environmental Studies