Özet:

Covid-19, which occurred in China’s Wuhan in December 2019 and has affected the world, was declared a pandemic on March 11, 2020 by the World Health Organization. The Covid-19 pandemic has negatively affected both the economic and financial systems in the countries where the Covid-19 pandemic began to spread. This study aims to examine the relationship between the Covid-19 pandemic and indicators such as gold, BIST 100 Index, Bitcoin, Dollar, Euro, interest rates, oil and VIX Index representing various financial markets from the Turkish perspective. Daily data from the period between 11 March 2020 and 31 July 2021 when the first Covid-19 case was observed in Turkey and analysed using Johansen's equalization and VECM-based causality tests. The results of gender integration analysis show that the variables move together over a long period of time. The long-term causality analysis found a long-term causality relationship in models where gold, bitcoin, interest and oil variables depend on variables. However, the short-term causality analysis resulted in the findings that it was one-way causality from Euro and interest to BIST; from Dollar and Euro to Bitcoin; from Gold, Dollar and Euro to interest; from Dollar, Euro, interest and case oil; from Gold, Bitcoin, Dollar and Euro to case; from interest to VIX. The causality analysis also shows that there is a bilateral causality relationship between BIST and the dollar.

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