Financial market efficiency in Turkey: Empirical evidence from Toda Yamamoto Causality Test

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Atıf İçin Kopyala

Yalama A., Çelik S.

European Journal of Economics, Finance and Administrative Sciences, sa.13, ss.88-93, 2008 (Scopus)

• Yayın Türü: Makale / Tam Makale
• Cilt numarası: Sayı: 13
• Basım Tarihi: 2008
• Dergi Adı: European Journal of Economics, Finance and Administrative Sciences
• Derginin Tarandığı İndeksler: Scopus, Index Islamicus
• Sayfa Sayıları: ss.88-93
• Eskişehir Osmangazi Üniversitesi Adresli: Evet

Özet

The purpose of study is to investigate semi strong form efficiency in Istanbul Stock Exchange Market, Foreign Exchange Market and Interbank Money Market in respect to changes in Currency in Circulation by using Toda Yamamoto Causality Test. As a result, there is a causality relationship running from Currency in Circulation to Foreign Exchange Market and Currency in Circulation to Interbank Money Market; however there is no causality relationship running from Currency in Circulation to Istanbul Stock Exchange Market. This result implies that while money markets are semi strong form efficient, capital market is not in Turkey. © EuroJournals, Inc. 2008.