Abstract:

Capital markets and monetary markets are important financial markets that form a real part of the country’s economy with a financial part. These markets are the markets where the supply and demand of funds, bonds, stock assets, currency, gold, deposit certificates, financing bonds, financial assets are purchased and sold. In the financial markets, the transfer of funds takes place from economical units that have excessive savings to economical units that have a savings gap. Thus, the financial system provides fund transfers to those who want to evaluate opportunities in the markets, a diversified portfolio enables risk transfers and sharing, provides liquidity to financial assets, and ultimately reduces the cost of searching and obtaining information to provide the fund needed. Thus, the savings will be channeled to the real economy in order for the country’s economy to develop continuously and balancedly. In this study, the relationship between the yields of BIST Bank (XBANK) and BIST Financial (XUMAL) index located in Borsa Istanbul (BIST) and some macroeconomic variables has been studied. The study includes the average deposit interest rate applied by banks as macroeconomic variables, the dollar currency, the euro currency, the inflation rate and the gold prices. The data set consists of monthly data from the period 2006:05-2018:10. In the study of the relationship between index yields and macroeconomic variables, VAR (Vector Autoregressive) analysis was injured. According to the results obtained in the study, it has been observed that the index revenue rates of the macro-economic variables taken as independent variables and the positive and negative influence periods are generally the same.

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