Year 2019, Volume , Issue 22, Pages 225 - 234 2019-01-01

BITCOIN: IS IT AN ALTERNATIVE FOR THE STOCK EXCHANGES? A COMPARATIVE PANEL DATA ANALYSIS FOR THE FAR EAST ASIAN COUNTRIES AND TURKEY UNDER THE CROSS-SECTIONAL DEPENDENCE
BITCOIN: IS IT AN ALTERNATIVE FOR THE STOCK EXCHANGES? A COMPARATIVE PANEL DATA ANALYSIS FOR THE FAR EAST ASIAN COUNTRIES AND TURKEY UNDER THE CROSS-SECTIONAL DEPENDENCE

Mustafa ÇIKRIKÇI [1] , Mustafa ÖZYEŞİL [2]

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Bu çalışmada bitcoin kripto paranın bir yatırım aracı olarak borsalara alternatif olup olmadığı incelenmeye çalışılmıştır. Bu amaçla çalışmada bitcoin getirisi ve likiditesi ile borsaların getirisi ve likiditesi arasındaki ilişki incelenmiştir. Analizde 22.02.2012-15.08.2018 dönemine ait dokuz Uzakdoğu ülkesi ve Türkiye’nin borsa endekslerinin günlük getirileri ile Bitcoin günlük getiri verileri kullanılmıştır. Modelin sonuçlarına bakıldığında bitcoin getirisinin artış göstermesi Türkiye ve Uzakdoğu ülkelerinin getirilerini azaltmıştır. Buradan hareketle bitcoin kripto para biriminin örneklemdeki ülke borsalarının ikamesi olduğu görülmektedir. Bitcoin borsalara olan etkisinin en fazla olduğu ülkeler Türkiye ve Endonezya iken etkinin en az olduğu ülkeler Malezya, Singapur ve Kore olarak tespit edilmiştir. 

In this study, we investigated whether bitcoin crypto money is an alternative to the stock exchange as an investment tool. For this purpose, the relationship between bitcoin and the stock market was examined in terms of the returns and liquidity. In the analysis, daily returns of the 9 Far East countries and Turkey's stock markets and daily returns of the bitcoin were used for the period of 22.02.2012-15.08.2018. According to the results of the model, an increase of the Bitcoin's returns has reduced the return on the stock market in Turkey and Far East countries. From point of this, it can be seen that the as an investment tool, bitcoin cryptocurrency has been becoming the substitute for the country stock exchanges included in the sample. The highest impact of bitcoin on the stock exchange was observed in Turkey and Indonesia while the least effect was seen on the Malaysia, Singapore and Korea respectively. 

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Primary Language en
Subjects Social
Journal Section Articles
Authors

Orcid: 0000-0002-2805-6079
Author: Mustafa ÇIKRIKÇI (Primary Author)
Institution: İSTANBUL AYDIN ÜNİVERSİTESİ
Country: Turkey


Orcid: 0000-0002-4442-7087
Author: Mustafa ÖZYEŞİL
Institution: İSTANBUL AYDIN ÜNİVERSİTESİ
Country: Turkey


Bibtex @research article { ulikidince458864, journal = {Uluslararası İktisadi ve İdari İncelemeler Dergisi}, issn = {1307-9832}, eissn = {1307-9859}, address = {Kenan ÇELİK}, year = {2019}, volume = {}, pages = {225 - 234}, doi = {10.18092/ulikidince.458864}, title = {BITCOIN: IS IT AN ALTERNATIVE FOR THE STOCK EXCHANGES? A COMPARATIVE PANEL DATA ANALYSIS FOR THE FAR EAST ASIAN COUNTRIES AND TURKEY UNDER THE CROSS-SECTIONAL DEPENDENCE}, key = {cite}, author = {ÇIKRIKÇI, Mustafa and ÖZYEŞİL, Mustafa} }
APA ÇIKRIKÇI, M , ÖZYEŞİL, M . (2019). BITCOIN: IS IT AN ALTERNATIVE FOR THE STOCK EXCHANGES? A COMPARATIVE PANEL DATA ANALYSIS FOR THE FAR EAST ASIAN COUNTRIES AND TURKEY UNDER THE CROSS-SECTIONAL DEPENDENCE. Uluslararası İktisadi ve İdari İncelemeler Dergisi, (22), 225-234. DOI: 10.18092/ulikidince.458864
MLA ÇIKRIKÇI, M , ÖZYEŞİL, M . "BITCOIN: IS IT AN ALTERNATIVE FOR THE STOCK EXCHANGES? A COMPARATIVE PANEL DATA ANALYSIS FOR THE FAR EAST ASIAN COUNTRIES AND TURKEY UNDER THE CROSS-SECTIONAL DEPENDENCE". Uluslararası İktisadi ve İdari İncelemeler Dergisi (2019): 225-234 <http://dergipark.gov.tr/ulikidince/issue/38199/458864>
Chicago ÇIKRIKÇI, M , ÖZYEŞİL, M . "BITCOIN: IS IT AN ALTERNATIVE FOR THE STOCK EXCHANGES? A COMPARATIVE PANEL DATA ANALYSIS FOR THE FAR EAST ASIAN COUNTRIES AND TURKEY UNDER THE CROSS-SECTIONAL DEPENDENCE". Uluslararası İktisadi ve İdari İncelemeler Dergisi (2019): 225-234
RIS TY - JOUR T1 - BITCOIN: IS IT AN ALTERNATIVE FOR THE STOCK EXCHANGES? A COMPARATIVE PANEL DATA ANALYSIS FOR THE FAR EAST ASIAN COUNTRIES AND TURKEY UNDER THE CROSS-SECTIONAL DEPENDENCE AU - Mustafa ÇIKRIKÇI , Mustafa ÖZYEŞİL Y1 - 2019 PY - 2019 N1 - doi: 10.18092/ulikidince.458864 DO - 10.18092/ulikidince.458864 T2 - Uluslararası İktisadi ve İdari İncelemeler Dergisi JF - Journal JO - JOR SP - 225 EP - 234 VL - IS - 22 SN - 1307-9832-1307-9859 M3 - doi: 10.18092/ulikidince.458864 UR - https://doi.org/10.18092/ulikidince.458864 Y2 - 2018 ER -
EndNote %0 International Journal of Economics and Administrative Studies BITCOIN: IS IT AN ALTERNATIVE FOR THE STOCK EXCHANGES? A COMPARATIVE PANEL DATA ANALYSIS FOR THE FAR EAST ASIAN COUNTRIES AND TURKEY UNDER THE CROSS-SECTIONAL DEPENDENCE %A Mustafa ÇIKRIKÇI , Mustafa ÖZYEŞİL %T BITCOIN: IS IT AN ALTERNATIVE FOR THE STOCK EXCHANGES? A COMPARATIVE PANEL DATA ANALYSIS FOR THE FAR EAST ASIAN COUNTRIES AND TURKEY UNDER THE CROSS-SECTIONAL DEPENDENCE %D 2019 %J Uluslararası İktisadi ve İdari İncelemeler Dergisi %P 1307-9832-1307-9859 %V %N 22 %R doi: 10.18092/ulikidince.458864 %U 10.18092/ulikidince.458864
ISNAD ÇIKRIKÇI, Mustafa , ÖZYEŞİL, Mustafa . "BITCOIN: IS IT AN ALTERNATIVE FOR THE STOCK EXCHANGES? A COMPARATIVE PANEL DATA ANALYSIS FOR THE FAR EAST ASIAN COUNTRIES AND TURKEY UNDER THE CROSS-SECTIONAL DEPENDENCE". Uluslararası İktisadi ve İdari İncelemeler Dergisi / 22 (January 2019): 225-234. https://doi.org/10.18092/ulikidince.458864