Borsa İstanbul’da Kısa ve Uzun Dönemli Denge İlişkileri
SHORT AND LONG RUN EQULIBRIUM RELATIONS IN BORSA İSTANBUL

Summary/Abstract: It is aimed by this article to examine the short and long run equlibrium relations between Borsa İstanbul and some macroeconomic variables. The monthly BIST-100 Index is used to represent the stock market and (i) monthly weighted average interest rates for deposits, (ii)monthly money supply, (iii) monthly Dollar exchange rate, (iv) monthly Euro exchange rate, (v)monthly 1 ons gold London selling price, (vi) monthly interest rates on domestic borrowing, (vii) monthly SP-500 Stock Price Index Value.First, the stationarity of variables are examined; cointegtarion is found with I(1) variables. After the number of cointegration relations are determined with I(1) variables by Johansen technique based on VARs, short and long run equlibrium relations are found by Vector Error Correction Model (VECM) in Borsa İstanbul.While the BIST-100 Index rises (falls) in the long run when the monthly interest rates on domestic borrowing, monthly SP-500 Stock Price Index value and monthly money supply increase (decrease), the BIST-100 Index falls (rises) in the long-run when the monthly Dollar exchange rate, monthly Euro exchange rate, monthly 1 ons gold London selling price and monthly weighted average interest rates for deposits increase (decrease).

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