Özet:

The sharp increase in commodity prices since 2000s has important effects on many economic variables. Especially the upward trend in commodity prices had substantial effects on stock prices. The literature has continuing and growing interest to the dynamics of commodity price and their significant impact on economic and financial developments. There is growing evidence that commodity prices, stock prices moved together, and that the correlations between them have increased. Many studies investigated the interaction between stock prices and real and commodity prices and find strong interaction for developed countries. However, the effect of the commodity prices on stock markets in relatively less investigated for ECA countries. The purpose of this study is to investigate the long-run relationship between commodity prices and stock prices in ECA countries can by using a panel cointegration test.

Anahtar Kelimeler: