Doğal Gaz ve Petrol Fiyatları ile BIST Sanayi Sektörü Endeksleri Arasındaki İlişkinin İncelenmesi.

The industry sector has major effect on the country’s economic development. Energy is one of most used input in this sector. Hence a fluctuation in energy prices may affect the sector companies. The aim of the study to analyze, whether the long-term relationship between sub-indexes of BIST-Industrial, natural gas and oil prices during the period 2005:10-2015:09. For this purpose TL-based prices of natural gas, oil and sector indexes Nonmetal Mineral Products, Basic Metal, Chemical Petroleum Plastic, Metal Products Machinery, Food Beverage, Textile Leather and Wood Paper Printing are used. Whether long term relationship have tested with Johansen Cointegration. Results show that there has been a long-term relationship between the sector indexes and natural gas and brent oil prices. Short-term dynamics among the variables examined with VECM and it is found that there are short term relationship between oil and BIST-Industrial, Nonmetal Mineral Products, Basic Metal, Chemical Petroleum Plastic and Wood Paper Printing indexes. Also Granger Causality test supports the direction of relationships running one way from oil price to indexes. [ABSTRACT FROM AUTHOR]