Para politikası ile hisse fiyatları arasındaki ilişki: Borsa İstanbul'dan bulgular

This paper examines the effect of monetary policy on the stock exchange prices in Türkiye using monthly data for eighteen years (2006:12-2024:2). Data are taken from the Central Bank of the Republic of Türkiye and Turkish Statistical Institute. The method of data analyses used are Ordinary Least Square (OLS), Johansen Cointegratin test, and Granger causality test. BIST100 Index is used as a indicator for stock exchange prices while the explonatory variables included the Central Bank the Republic of Türkiye monetary policy weekly repo rate, 3 months Treasury bill rate, M3 money supply, and USDTRY foreign exchange rate. The cointegration test result determines that there is a long run relationship between monetary policy and stock exchange prices in Türkiye. The OLS regression result reveals that monetary policy weekly rate significantly explains % 0.4 changes of stock exchange prices in Türkiye. 3 months Treasury bill rate insignificantly explains % 0.1 changes of stock exchange prices. M3 money supply significantly explains % 17 changes of stock exchange prices. USDTRY foreign exchange rate insignificantly explains % 5.3 changes of stock exchange prices. The Granger causality test reveals that BIST100 index has no casual relationship with monetary policy weekly repo rate, 3 months Treasury bill rate, M3 money supply, and USDTRY foreign exchange rate. Keywords: Monetary policy, stock price, Treasury bill rate, foreign exchange rate, money supply