Araştırma Makalesi
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Altın ve kripto para piyasaları arasındaki ilişkilerin doğrusal olmayan modeller ile incelenmesi: Bitcoin ve Ethereum örneği

Yıl 2023, Cilt: 26 Sayı: 50, 617 - 636, 31.12.2023

Hilmi Tunahan Akkuş

https://doi.org/10.31795/baunsobed.1350805

Öz

Bu çalışmada altın ile kripto paralar arasındaki ilişkiler doğrusal olmayan modeller ile kapsamlı olarak araştırılmaktadır. Kripto paraları temsilen dijital altın olarak da adlandırılan en büyük kripto para Bitcoin ve en büyük akıllı kontrat platformu Ethereum çalışmada birlikte ele alınmaktadır. Hepsağ (2021) doğrusal olmayan eşbütünleşme testi bulgularına göre, ilgili değişkenler arasında çok zayıf düzeyde uzun dönemli ilişki, doğrusal olmayan Granger nedensellik testi sonuçlarına göre ise iki yönlü nedensellik ilişkisi tespit edilmiştir. Son olarak düzeltilmiş dinamik koşullu korelasyon (cDCC-GARCH) sonuçlarına göre altın ve kripto paralar arasında genellikle pozitif ve sıfıra yakın korelasyon bulunduğu, ancak COVID-19 salgınının görüldüğü 2020 yılı boyunca değişkenler arasındaki korelasyon ilişkisinin daha da arttığı belirlenmiştir. Elde edilen bulgular yatırımcılar için portföy çeşitlendirmesi, risk yönetimi ve piyasa öngörüsü açısından önemli bilgiler sunmaktadır.

Anahtar Kelimeler

Altın Kripto Paralar Bitcoin Ethereum Doğrusal Olmayan Modeller

Destekleyen Kurum

Balıkesir Üniversitesi Bilimsel Araştırma Projeleri (BAP) Koordinatörlüğü

Proje Numarası

Proje No: 2022/097

Kaynakça

  • Aielli, G. P. (2013). Dynamic conditional correlation: On properties and estimation. Journal of Business & Economic Statistics, 31(3), 282-299. https://doi.org/10.1080/07350015.2013.771027.
  • Akkuş, H. T. (2021). Kısa dönemli ilişki analizi. İ. Çelik ve S. Bozkuş Kahyaoğlu. (Ed.). Finansal zaman serisi analizi (Temel yaklaşımlar) (2. Bs.) içinde (253-298). Gazi Kitabevi.
  • Ammous, S. (2022). Bitcoin standardı: Merkez bankacılığına ademimerkeziyetçi alternatif (E. Serbest, Çev). Liberus Kitap.
  • Asteriou, D. ve Hall, S. G. (2016). Applied econometrics (3. Bs.). Palgrave Macmillan.
  • Baek, E. ve Brock, W. (1992). A general test for nonlinear Granger causality: Bivariate model. Working Paper, Iowa State University and University of Wisconsin, Madison.
  • Bampinas, G. ve Panagiotidis, T. (2015). On the relationship between oil and gold before and after financial crisis: Linear, nonlinear and time-varying causality testing. Studies in Nonlinear Dynamics and Econometrics, 19(5), 657-668. https://doi.org/10.1515/snde-2014-0060.
  • Baur, D. G. ve Hoang, L. (2021). The Bitcoin gold correlation puzzle. Journal of Behavioral and Experimental Finance, 32, 100561. https://doi.org/10.1016/j.jbef.2021.100561.
  • Baur, D. G., Dimpfl, T. ve Kuck, K. (2018). Bitcoin, gold and the us dollar - A replication and extension. Finance Research Letters, 25, 103-110. https://doi.org/10.1016/j.frl.2017.10.012.
  • Bouri, E., Jalkh, N., Molnár, P. ve Roubaud, D. (2017a). Bitcoin for energy commodities before and after the december 2013 crash: Diversifier, hedge or safe haven? Applied Economics, 49(50), 5063-5073. https://doi.org/10.1080/00036846.2017.1299102.
  • Bouri, E., Molnár, P., Azzi, G., Roubaud, D. ve Hagfors, L. I. (2017b) On the hedge and safe haven properties of Bitcoin: Is it really more than a diversifier? Finance Research Letters, 20, 192-198. https://doi.org/10.1016/j.frl.2016.09.025.
  • Brière, M., Oosterlinck, K. ve Szafarz, A. (2015). Virtual currency, tangible return: Portfolio diversification with Bitcoin. Journal of Asset Management, 16(6), 365-373. https://doi.org/10.1057/jam.2015.5.
  • Brock, W. A., Dechert, D., Scheinkman, H. ve LeBaron, B. (1996). A test for independence based on the correlation dimension. Econometric Reviews, 15(3), 197-235. https://doi.org/10.1080/07474939608800353.
  • Brooks, C. (2014). Introductory econometrics for finance (3. Bs.). Cambridge University Press.
  • Capie, F., Mills, T. C. ve Wood, G. (2005). Gold as a hedge against the dollar. Journal of International Financial Markets, Institutions and Money, 15, 343-352. https://doi.org/10.1016/j.intfin.2004.07.002.
  • Cappiello, L., Engle, R. F. ve Sheppard, K. (2006). Asymmetric dynamics in the correlations of global equity and bond returns. Journal of Financial Econometrics, 2006, 4(4), 537-572. https://doi.org/10.1093/jjfinec/nbl005.
  • Ciner, C., Gurdgiev, C. ve Lucey, B. M. (2013). Hedges and safe havens: An examination of stocks, bonds, gold, oil and exchange rates. International Review of Financial Analysis, 29, 202-211. https://doi.org/10.1016/j.irfa.2012.12.001.
  • Corbet, S., Meegan, A., Larkin, C., Lucey, B. ve Yarovaya, L. (2018). Exploring the dynamic relationships between cryptocurrencies and other financial assets. Economics Letters, 165, 28-34. https://doi.org/10.1016/j.econlet.2018.01.004.
  • Dickey, D. A. ve Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica, 49(4), 1057-1072. https://doi.org/10.2307/1912517.
  • Diks, C. ve Panchenko, V. (2006). A new statistic and practical guidelines for nonparametric Granger causality testing. Journal of Economic Dynamics & Control, 30(9-10), 1647-1669. https://doi.org/10.1016/j.jedc.2005.08.008.
  • Dyhrberg, A. H. (2016a). Hedging capabilities of Bitcoin. Is it the virtual gold? Finance Research Letters, 16, 139-144. https://doi.org/10.1016/j.frl.2015.10.025.
  • Dyhrberg, A. H. (2016b). Bitcoin, gold and the dollar: A GARCH volatility analysis. Finance Research Letters, 16, 85-92. https://doi.org/10.1016/j.frl.2015.10.008
  • Enders, W. (2014). Applied econometric time series (4. Bs.). John Wiley & Sons.
  • Engle, R. F. (2002). Dynamic conditional correlation: A simple class of multivariate generalized autoregressive conditional heteroskedasticity models. Journal of Business & Economics Statistics, 20(3), 339-350. https://doi.org/10.1198/073500102288618487.
  • Granger, C. W. J. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica, 37(3), 424-438. https://doi.org/10.2307/1912791.
  • Güriş, B. (2020). R uygulamalı doğrusal olmayan zaman serileri analizi. DER Yayınevi.
  • Harvey, D. I. ve Leybourne, S. J. (2007). Testing for time series linearity. Econometrics Journal, 10, 149-165. https://doi.org/10.1111/j.1368-423X.2007.00203.x.
  • Hepsağ, A. (2021). Testing for cointegration in nonlinear asymmetric smooth transition error correction models. Communications in Statistics - Simulation and Computation, 50(2), 400-412. https://doi.org/10.1080/03610918.2018.1559927.
  • Hepsağ, A. (2022). Ekonometrik zaman serileri analizlerinde güncel yöntemler (WinRATS uygulamalı). Der Yayınları.
  • Hiemstra, C. ve Jones, J. D. (1994). Testing for linear and nonlinear Granger causality in the stock price-volume relation. The Journal of Finance, 49(5), 1639-1664. https://doi.org/10.2307/2329266.
  • Kang, S. H., McIver, R. P. ve Hernandez, J. A. (2019). Co-movements between Bitcoin and gold: A wavelet coherence analysis. Physica A, 536, 120888. https://doi.org/10.1016/j.physa.2019.04.124.
  • Kapetanios, G., Shin, Y. ve Snell, A. (2003). Testing for a unit root in the nonlinear STAR framework. Journal of Econometrics, 112(2), 359-379. https://doi.org/10.1016/S0304-4076(02)00202-6.
  • Klein, T., Thu, H. P. ve Walther, T. (2018). Bitcoin is not the new gold - A comparison of volatility, correlation, and portfolio performance. International Review of Financial Analysis, 59, 105-116. https://doi.org/10.1016/j.irfa.2018.07.010.
  • Korkmaz, Ö. (2018). The relationship between Bitcoin, gold and foreign exchange returns: The case of Turkey. Turkish Economic Review, 5(4), 359-374. https://doi.org/10.1453/ter.v5i4.1807.
  • Kristoufek, L. ve Vosvrda, M. (2016). Gold, currencies and market efficiency. Physica A, 449, 27-34. https://doi.org/10.1016/j.physa.2015.12.075.
  • Kuzu, S., ve Çelik, İ. E. (2020). Bitcoin alternatif yatırım aracı ya da hedge enstrümanı olarak düşünülebilir mi? Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 8(2) 603-613. https://doi.org/10.18506/anemon.662937
  • MacKinnon, J. G. (1996). Numerical distribution functions for unit root and cointegration tests. Journal of Applied Econometrics, 11, 601-618. https://doi.org/10.1002/(SICI)1099-1255(199611)11:6<601::AID-JAE417>3.0.CO;2-T.
  • O’Connor, F. A., Lucey, B. M., Batten, J. A. ve Baur, D. G. (2015). The financial economics of gold - A survey. International Review of Financial Analysis, 41, 186-205. https://doi.org/10.1016/j.irfa.2015.07.005.
  • Pal, D. ve Mitra, S. K. (2019). Hedging Bitcoin with other financial assets. Finance Research Letters, 30, 30-36. https://doi.org/10.1016/j.frl.2019.03.034.
  • Schwert, G. W. (1989). Why does stock market volatility change over time? Journal of Finance, 44, 1115-1153. https://doi.org/10.1111/j.1540-6261.1989.tb02647.x.
  • Selmi, R., Mensi, W., Hammoudeh, S. ve Bouoiyour, J. (2018). Is Bitcoin a hedge, a safe haven or a diversifier for oil price movements? A Comparison with Gold. Energy Economics, 74, 787-801. https://doi.org/10.1016/j.eneco.2018.07.007.
  • Smales, L. A. (2019). Bitcoin as a safe haven: Is it even worth considering? Finance Research Letters, 30, 385-393. https://doi.org/10.1016/j.frl.2018.11.002.
  • Sollis, R. (2009). A simple unit root test against asymmetric STAR nonlinearity with an application to real exchange rates in Nordic countries. Economic Modelling, 26(1), 118-125. https://doi.org/10.1016/j.econmod.2008.06.002.
  • Symitsi, E. ve Chalvatzis, K. J. (2019). The economic value of Bitcoin: A portfolio analysis of currencies, gold, oil and stocks. Research in International Business and Finance, 48, 97-110. https://doi.org/10.1016/j.ribaf.2018.12.001.
  • Şarkaya İçellioğlu, C. ve Engin Öztürk, M. B. (2018). Bitcoin ile seçili döviz kurları arasındaki ilişkinin araştırılması: 2013-2017 dönemi için Johansen testi ve Granger nedensellik testi. Maliye ve Finans Yazıları, 109, 51-70. https://doi.org/10.33203/mfy.343217.
  • Telek, C. ve Şit, A. (2020). Kripto paraların altın ve dövizle ilişkisi: Bitcoin örneği. Turkish Studies - Economy, 15(2), 913-924. https://dx.doi.org/10.29228/TurkishStudies.42650.
  • Topaloğlu, E. E. (2019). Kripto para Bitcoin ve döviz kurları ilişkisi: Yapısal kırılmalı eşbütünleşme ve nedensellik analizi. Manisa Celal Bayar Üniversitesi Sosyal Bilimler Dergisi, 17(2), 367-382. https://doi.org/10.18026/cbayarsos.585306.
  • Youssef, M. (2020). What drives herding behavior in the cryptocurrency market? Journal of Behavioral Finance, 23(2), 230-239. https://doi.org/10.1080/15427560.2020.1867142.
  • Zagaglia, P. ve Marzo, M. (2013). Gold and the U.S. dollar: tales from the turmoil. Quantitative Finance, 13(4), 571- 582.
  • www.coinmarketcap.com adresinden 20.08.2023 tarihinde erişildi.
  • www.companiesmarketcap.com/gold/marketcap adresinden 20.08.2023 tarihinde erişildi.
  • www.finance.yahoo.com adresinden 09.06.2023 tarihinde erişildi.
  • www.gold.org/goldhub/data/how-much-gold adresinden 20.08.2023 tarihinde erişildi.

Examining the relationships between gold and cryptocurrency markets with non-linear models: The case of Bitcoin and Ethereum

Yıl 2023, Cilt: 26 Sayı: 50, 617 - 636, 31.12.2023

Hilmi Tunahan Akkuş

https://doi.org/10.31795/baunsobed.1350805

Öz

In this study, the relationships between gold and cryptocurrencies are investigated extensively with nonlinear models. The largest cryptocurrency Bitcoin, also called digital gold, and the largest smart contract platform Ethereum are discussed together in the study. According to the nonlinear cointegration test findings of Hepsağ (2021), a very weak level long-term relationship was found between the related variables, and a two-way causality relationship was determined according to the nonlinear Granger causality test results. Finally, according to the corrected dynamic conditional correlation (cDCC-GARCH) results, it was determined that there is generally a positive and close to zero correlation between gold and cryptocurrencies, but the correlation between the variables increased even more during the year 2020, when the COVID-19 epidemic was observed. The findings provide important information for investors in terms of portfolio diversification, risk management and market forecasting.

Anahtar Kelimeler

Gold Cryptocurrencies Bitcoin Ethereum Non-Linear Models

Proje Numarası

Proje No: 2022/097

Kaynakça

  • Aielli, G. P. (2013). Dynamic conditional correlation: On properties and estimation. Journal of Business & Economic Statistics, 31(3), 282-299. https://doi.org/10.1080/07350015.2013.771027.
  • Akkuş, H. T. (2021). Kısa dönemli ilişki analizi. İ. Çelik ve S. Bozkuş Kahyaoğlu. (Ed.). Finansal zaman serisi analizi (Temel yaklaşımlar) (2. Bs.) içinde (253-298). Gazi Kitabevi.
  • Ammous, S. (2022). Bitcoin standardı: Merkez bankacılığına ademimerkeziyetçi alternatif (E. Serbest, Çev). Liberus Kitap.
  • Asteriou, D. ve Hall, S. G. (2016). Applied econometrics (3. Bs.). Palgrave Macmillan.
  • Baek, E. ve Brock, W. (1992). A general test for nonlinear Granger causality: Bivariate model. Working Paper, Iowa State University and University of Wisconsin, Madison.
  • Bampinas, G. ve Panagiotidis, T. (2015). On the relationship between oil and gold before and after financial crisis: Linear, nonlinear and time-varying causality testing. Studies in Nonlinear Dynamics and Econometrics, 19(5), 657-668. https://doi.org/10.1515/snde-2014-0060.
  • Baur, D. G. ve Hoang, L. (2021). The Bitcoin gold correlation puzzle. Journal of Behavioral and Experimental Finance, 32, 100561. https://doi.org/10.1016/j.jbef.2021.100561.
  • Baur, D. G., Dimpfl, T. ve Kuck, K. (2018). Bitcoin, gold and the us dollar - A replication and extension. Finance Research Letters, 25, 103-110. https://doi.org/10.1016/j.frl.2017.10.012.
  • Bouri, E., Jalkh, N., Molnár, P. ve Roubaud, D. (2017a). Bitcoin for energy commodities before and after the december 2013 crash: Diversifier, hedge or safe haven? Applied Economics, 49(50), 5063-5073. https://doi.org/10.1080/00036846.2017.1299102.
  • Bouri, E., Molnár, P., Azzi, G., Roubaud, D. ve Hagfors, L. I. (2017b) On the hedge and safe haven properties of Bitcoin: Is it really more than a diversifier? Finance Research Letters, 20, 192-198. https://doi.org/10.1016/j.frl.2016.09.025.
  • Brière, M., Oosterlinck, K. ve Szafarz, A. (2015). Virtual currency, tangible return: Portfolio diversification with Bitcoin. Journal of Asset Management, 16(6), 365-373. https://doi.org/10.1057/jam.2015.5.
  • Brock, W. A., Dechert, D., Scheinkman, H. ve LeBaron, B. (1996). A test for independence based on the correlation dimension. Econometric Reviews, 15(3), 197-235. https://doi.org/10.1080/07474939608800353.
  • Brooks, C. (2014). Introductory econometrics for finance (3. Bs.). Cambridge University Press.
  • Capie, F., Mills, T. C. ve Wood, G. (2005). Gold as a hedge against the dollar. Journal of International Financial Markets, Institutions and Money, 15, 343-352. https://doi.org/10.1016/j.intfin.2004.07.002.
  • Cappiello, L., Engle, R. F. ve Sheppard, K. (2006). Asymmetric dynamics in the correlations of global equity and bond returns. Journal of Financial Econometrics, 2006, 4(4), 537-572. https://doi.org/10.1093/jjfinec/nbl005.
  • Ciner, C., Gurdgiev, C. ve Lucey, B. M. (2013). Hedges and safe havens: An examination of stocks, bonds, gold, oil and exchange rates. International Review of Financial Analysis, 29, 202-211. https://doi.org/10.1016/j.irfa.2012.12.001.
  • Corbet, S., Meegan, A., Larkin, C., Lucey, B. ve Yarovaya, L. (2018). Exploring the dynamic relationships between cryptocurrencies and other financial assets. Economics Letters, 165, 28-34. https://doi.org/10.1016/j.econlet.2018.01.004.
  • Dickey, D. A. ve Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica, 49(4), 1057-1072. https://doi.org/10.2307/1912517.
  • Diks, C. ve Panchenko, V. (2006). A new statistic and practical guidelines for nonparametric Granger causality testing. Journal of Economic Dynamics & Control, 30(9-10), 1647-1669. https://doi.org/10.1016/j.jedc.2005.08.008.
  • Dyhrberg, A. H. (2016a). Hedging capabilities of Bitcoin. Is it the virtual gold? Finance Research Letters, 16, 139-144. https://doi.org/10.1016/j.frl.2015.10.025.
  • Dyhrberg, A. H. (2016b). Bitcoin, gold and the dollar: A GARCH volatility analysis. Finance Research Letters, 16, 85-92. https://doi.org/10.1016/j.frl.2015.10.008
  • Enders, W. (2014). Applied econometric time series (4. Bs.). John Wiley & Sons.
  • Engle, R. F. (2002). Dynamic conditional correlation: A simple class of multivariate generalized autoregressive conditional heteroskedasticity models. Journal of Business & Economics Statistics, 20(3), 339-350. https://doi.org/10.1198/073500102288618487.
  • Granger, C. W. J. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica, 37(3), 424-438. https://doi.org/10.2307/1912791.
  • Güriş, B. (2020). R uygulamalı doğrusal olmayan zaman serileri analizi. DER Yayınevi.
  • Harvey, D. I. ve Leybourne, S. J. (2007). Testing for time series linearity. Econometrics Journal, 10, 149-165. https://doi.org/10.1111/j.1368-423X.2007.00203.x.
  • Hepsağ, A. (2021). Testing for cointegration in nonlinear asymmetric smooth transition error correction models. Communications in Statistics - Simulation and Computation, 50(2), 400-412. https://doi.org/10.1080/03610918.2018.1559927.
  • Hepsağ, A. (2022). Ekonometrik zaman serileri analizlerinde güncel yöntemler (WinRATS uygulamalı). Der Yayınları.
  • Hiemstra, C. ve Jones, J. D. (1994). Testing for linear and nonlinear Granger causality in the stock price-volume relation. The Journal of Finance, 49(5), 1639-1664. https://doi.org/10.2307/2329266.
  • Kang, S. H., McIver, R. P. ve Hernandez, J. A. (2019). Co-movements between Bitcoin and gold: A wavelet coherence analysis. Physica A, 536, 120888. https://doi.org/10.1016/j.physa.2019.04.124.
  • Kapetanios, G., Shin, Y. ve Snell, A. (2003). Testing for a unit root in the nonlinear STAR framework. Journal of Econometrics, 112(2), 359-379. https://doi.org/10.1016/S0304-4076(02)00202-6.
  • Klein, T., Thu, H. P. ve Walther, T. (2018). Bitcoin is not the new gold - A comparison of volatility, correlation, and portfolio performance. International Review of Financial Analysis, 59, 105-116. https://doi.org/10.1016/j.irfa.2018.07.010.
  • Korkmaz, Ö. (2018). The relationship between Bitcoin, gold and foreign exchange returns: The case of Turkey. Turkish Economic Review, 5(4), 359-374. https://doi.org/10.1453/ter.v5i4.1807.
  • Kristoufek, L. ve Vosvrda, M. (2016). Gold, currencies and market efficiency. Physica A, 449, 27-34. https://doi.org/10.1016/j.physa.2015.12.075.
  • Kuzu, S., ve Çelik, İ. E. (2020). Bitcoin alternatif yatırım aracı ya da hedge enstrümanı olarak düşünülebilir mi? Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 8(2) 603-613. https://doi.org/10.18506/anemon.662937
  • MacKinnon, J. G. (1996). Numerical distribution functions for unit root and cointegration tests. Journal of Applied Econometrics, 11, 601-618. https://doi.org/10.1002/(SICI)1099-1255(199611)11:6<601::AID-JAE417>3.0.CO;2-T.
  • O’Connor, F. A., Lucey, B. M., Batten, J. A. ve Baur, D. G. (2015). The financial economics of gold - A survey. International Review of Financial Analysis, 41, 186-205. https://doi.org/10.1016/j.irfa.2015.07.005.
  • Pal, D. ve Mitra, S. K. (2019). Hedging Bitcoin with other financial assets. Finance Research Letters, 30, 30-36. https://doi.org/10.1016/j.frl.2019.03.034.
  • Schwert, G. W. (1989). Why does stock market volatility change over time? Journal of Finance, 44, 1115-1153. https://doi.org/10.1111/j.1540-6261.1989.tb02647.x.
  • Selmi, R., Mensi, W., Hammoudeh, S. ve Bouoiyour, J. (2018). Is Bitcoin a hedge, a safe haven or a diversifier for oil price movements? A Comparison with Gold. Energy Economics, 74, 787-801. https://doi.org/10.1016/j.eneco.2018.07.007.
  • Smales, L. A. (2019). Bitcoin as a safe haven: Is it even worth considering? Finance Research Letters, 30, 385-393. https://doi.org/10.1016/j.frl.2018.11.002.
  • Sollis, R. (2009). A simple unit root test against asymmetric STAR nonlinearity with an application to real exchange rates in Nordic countries. Economic Modelling, 26(1), 118-125. https://doi.org/10.1016/j.econmod.2008.06.002.
  • Symitsi, E. ve Chalvatzis, K. J. (2019). The economic value of Bitcoin: A portfolio analysis of currencies, gold, oil and stocks. Research in International Business and Finance, 48, 97-110. https://doi.org/10.1016/j.ribaf.2018.12.001.
  • Şarkaya İçellioğlu, C. ve Engin Öztürk, M. B. (2018). Bitcoin ile seçili döviz kurları arasındaki ilişkinin araştırılması: 2013-2017 dönemi için Johansen testi ve Granger nedensellik testi. Maliye ve Finans Yazıları, 109, 51-70. https://doi.org/10.33203/mfy.343217.
  • Telek, C. ve Şit, A. (2020). Kripto paraların altın ve dövizle ilişkisi: Bitcoin örneği. Turkish Studies - Economy, 15(2), 913-924. https://dx.doi.org/10.29228/TurkishStudies.42650.
  • Topaloğlu, E. E. (2019). Kripto para Bitcoin ve döviz kurları ilişkisi: Yapısal kırılmalı eşbütünleşme ve nedensellik analizi. Manisa Celal Bayar Üniversitesi Sosyal Bilimler Dergisi, 17(2), 367-382. https://doi.org/10.18026/cbayarsos.585306.
  • Youssef, M. (2020). What drives herding behavior in the cryptocurrency market? Journal of Behavioral Finance, 23(2), 230-239. https://doi.org/10.1080/15427560.2020.1867142.
  • Zagaglia, P. ve Marzo, M. (2013). Gold and the U.S. dollar: tales from the turmoil. Quantitative Finance, 13(4), 571- 582.
  • www.coinmarketcap.com adresinden 20.08.2023 tarihinde erişildi.
  • www.companiesmarketcap.com/gold/marketcap adresinden 20.08.2023 tarihinde erişildi.
  • www.finance.yahoo.com adresinden 09.06.2023 tarihinde erişildi.
  • www.gold.org/goldhub/data/how-much-gold adresinden 20.08.2023 tarihinde erişildi.
Toplam 52 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Uluslararası Finans, Finansal Ekonomi
Bölüm İktisat
Yazarlar

Hilmi Tunahan Akkuş 0000-0002-8407-1580

Proje Numarası Proje No: 2022/097
Erken Görünüm Tarihi 28 Aralık 2023
Yayımlanma Tarihi 31 Aralık 2023
Gönderilme Tarihi 27 Ağustos 2023
Kabul Tarihi 1 Kasım 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 26 Sayı: 50

Kaynak Göster

APA Akkuş, H. T. (2023). Altın ve kripto para piyasaları arasındaki ilişkilerin doğrusal olmayan modeller ile incelenmesi: Bitcoin ve Ethereum örneği. Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 26(50), 617-636. https://doi.org/10.31795/baunsobed.1350805
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