Abstract:

This study aims to identify the long-term and short-term relationships between BIST-100, BIST-50 and BIST-30 indicators before and during the Covid-19 pandemic period. The study used the Johansen Integration Test to analyze the long-term relationship between indicators and the Vector Error Correction Model (VECM) to determine the short-term relationships. The Granger Causal Test also analyzed the causal relationship between the variables. According to the conclusions of the integration test, the relationship of integration between BST-100, BST-50 and BST-30 has been determined both before and during the pandemic period. According to the findings of the Vector Error Correction Model, the result is that the deviations from the average that occurred in one of the indicators included in the pre-pandemic period are not corrected by others, while the deviations from the average that occurred in the BIST-100 and BIST-50 indicators are corrected by the other indicators included in the analysis and have been found that the deviations from the average that occurred in the BIST-100 and BIST-50 indicators are re-balanced in the long term. According to the findings obtained from the Granger Causability Test, there is no causal relationship between the BIST indices in the pre-pandemic period, while in the pandemic period there is a causal relationship between the indices.

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