The Impact of the Interaction of Financial Investment Instruments on Financial Market

Authors : Nuray Yuzbaşıoğlu

Pages : 217-227

Doi:10.33206/mjss.1408240

View : 38 | Download : 56

Publication Date : 2025-01-15

Article Type : Research Paper

Abstract :Since there are many factors influencing financial markets, investors and finance professionals need a broad perspective and careful monitoring of market trends. This study aims to examine the causality relationships among gold, oil, exchange rate, interest rate, and the volatility index known as the Fear Index (VIX). For this purpose, data from January 2012 to January 2022 were analyzed for gold prices, US crude oil (WTI) prices, EUR/USD parity, 10-year US Treasury bond interest rates, and VIX index variables. A logarithmic transformation was applied to the data. Unit root tests and Granger causality tests were performed in the study. According to the results, it was observed that oil prices cause gold prices. Additionally, it was concluded that gold prices, oil prices, and volatility are the causes of the exchange rate. This study makes a significant contribution to understanding the interaction among financial investment instruments and their potential effects on financial markets.
Keywords : Altın, Petrol, Döviz Kuru, 10 Yıllık ABD Hazine Bonosu Faiz Oranı, VIX Volatilite Endeksi