Özet:

Financial stress, defined as a situation where the financial system is under pressure and disruptions occur in the normal functioning of financial markets, adversely affects markets through various channels, leading to the emergence of uncertainty and a slowdown in economic activity. This study investigates the impact of financial stress on the Istanbul Stock Exchange sector stock market. As part of the research, the Financial Stress Index has been considered as the indicator of financial stress, while the Istanbul Stock Exchange sector stock market includes the Istanbul Stock Exchange Banks, Electricity, Financials, Service, Holdings&Investments, Chemical, Petroleum&Plastic, Leasing and Factoring, Securities Investment Trusts, Primary Metal, Non-Metallic Minerals, Metal Products&Machinery, Wood, Paper&Printing, Industrial, Insurance, Textile&Leather, Wholesale&Retail Trade, Tourism, Transportation, Food&Beverage indices, in addition to the Istanbul Stock Exchange 100 Index. The dataset consists of monthly/closing data for the period March 1997-September 2022. According to the causality test results of Fourier Toda-Yamamoto (2016), a causality relationship has been found from financial stress towards the Istanbul Stock Exchange 100, Banks, Financials, Holdings&Investments, Chemical, Petroleum&Plastic, Securities Investment Trusts, Primary Metals, Non-Metallic Minerals, Metal Products&Machinery, Wood, Paper&Printing, Insurance, Textile&Leather, Wholesale&Retail Trade, and Tourism indices.

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