Impacts of global financial crisis on real exchange rate, inflation (CPI), deposit interest rates and IMKB-100 index and an application

In this study, the impact of global financial crisis on real exchange rates, inflation (CPI) rates, interest rates and IMKB-100 index have been examined in general. Within this framework, information has been given on the global financial crisis and macro-economic variables and average monthly changes between 2003 and 2010 have been studied and interpreted so that the impacts of the crisis could be seen more clearly.In addition, the interrelations between real exchange rate, inflation rates and interest rates, which affect IMKB-100 index, the most widely used indicator of financial markets, as well as the causality between them, have been analysed by using Regression Analysis and Granger Causality Test.According to the findings of regression analysis, a positive relation has been determined between real exchange rate and IMKB-100 index, whereas a negative relation has been found between deposit interests rates and CPI variable and IMKB-100 index.The results of Granger Causality Test indicated that real exchange rate and deposit interest rate affected IMKB-100 index; on the other hand, IMKB-100 index had an impact on real exchange rate and inflation (CPI).