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The Effect of Oil Price Shocks on the Stock Market: Evidence from Turkey
Energy is an important input in production process. In this context, energy contributes to the economic and social development of coun-tries and the demand for the energy has been increased. Oil that is one of fossil energy resources is an important macroeconomic factor that affects global economy. Oil prices have an impact on the macroe-conomic variables of countries as well as on financial markets. Tur-key that is oil importing country has been affected from the global oil price. In this context, we examine the effects of oil price shocks on stock market by using monthly data for the periods of 1988-2018. We decompose the oil prices shocks as demand and supply oil shocks and the effects of demand and supply oil price shocks on the stock market are examined by using structural VAR. Empirical results suggest that ISE 100 index is significantly affected from oil price shocks.

Oil Price Shocks, Stock Market, Structural VAR

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