MAKROEKONOMİK FAKTÖRLER VE KREDİ TEMERRÜT TAKASLARININ BIST-100 ENDEKSİ ÜZERİNDEKİ ETKİSİ: ARDL YAKLAŞIMI.

The aim of this study is to determine whether there is an impact of some macroeconomic variables and credit default swaps on BIST-100 Index by using monthly data of 2005:12-2014:03. Short and long term relationships of variables were analyzed by using ARDL approach. According to the results, it was found that credit default swaps and foreign trade equilibrium affected positively on stock prices in the long term, however, they have negative effects on the stock prices in short term. While the effects of industrial production index on stock prices was negative in long term, it was positive in short term. [ABSTRACT FROM AUTHOR]