THE IMPACT OF EXCHANGE RATES ON STOCK PRICES FOR TURKEY: AN ASYMMETRIC NON-LINEAR COINTEGRATION ANALYSIS

This study investigates the impact of exchange rates on stock indices for Turkey and examines whether these impacts are asymmetric. For this purpose, non-linear autoregressive distributed lag (NARDL) model is used as an asymmetric cointegration method. In covering period 2005-2020, BIST-100, BIST-100 All Shares four sector included in models representing. Thus, response firms different sectors to movements analyzed. The findings indicate that rate index service, industry, technology short-term asymmetrical, long-term asymmetrical.