INTERNATIONAL JOURNAL OF SOCIAL HUMANITIES SCIENCES RESEARCH (JSHSR)

Abstract


INDUSTRIAL PRODUCTION INDEX, GOLD, OIL PRICES AND TRADER INDEX: A PANEL ARDL ANALYSIS ON BRICS-T COUNTRIES

In this study, the effect of selected economic indicators for BRIC-T countries (Brazil, Russia, India, China and Turkey) on their stock market indices was tested with monthly data for the period 2010-2018 using panel data analysis. The model was estimated using industrial production index, gold, oil prices and stock market index series as variable.

According to the results of co-integration bound test-ARDL (autoregressive distributed lag)  empiric analysis, a 1% increase industrial production index will increase the stock market indices of THE BRICS-T countries by 0.45%, the same rate of increase in the oil price will reduce this index by 0.30% in the long-run. In the short-term analysis, the sign of the model's error correction terms is negative which means that the process shows gradually convergence process in the long run.



Keywords
: Gold Prices, Oil Prices, İndustrial Production İndex



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