The relationship between stock returns crude oil prices interest rates and output evidence from a developing economy

Sarı, Ramazan
Soytaş, Uğur
In this paper we investigate the impact of oil price shocks on the macroeconomy of a developing country, Turkey. In the literature, a number of studies examine the affects of the innovations in oil prices in developed countries. Their results suggest that the oil price changes are important factors in explaining the variation in GDP, inflation, employment, and real stock returns. Only recently, the same effect has been investigated for developing countries. To the extent of our knowledge, no study has examined this relationship for Turkey. Our results seem to differ from the literature in that oil price shocks do not appear to have a significant impact on real stock returns in the Istanbul Stock Exchange.
Empirical Economics Letters


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Citation Formats
R. Sarı and U. Soytaş, “The relationship between stock returns crude oil prices interest rates and output evidence from a developing economy,” Empirical Economics Letters, pp. 205–220, 2006, Accessed: 00, 2021. [Online]. Available: