Özet:

Energy sources are one of the major inputs to the industrial production. This study examines the effects of international crude oil and natural gas prices on the industrial corporations listed on the Borsa Istanbul during the period 1991:01-2013:11 by using Johansen-Juselius cointegration test, Granger causality test and regression analysis. We found that there was a long run relationship between Borsa Istanbul industrial index, international crude oil price index and natural gas price index. A unidirectional causality from crude oil price index to industrial index and a unidirectional causality from industrial index to natural gas price index were determined as a consequence of Granger causality test. However we also found that crude oil and natural gas prices affected industrial index positively as a consequence of regression analysis.

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