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Türkiye’de Finans Piyasası Profesyonellerinin Altına Yönelik Algısı Üzerine Bir Çalışma

Year 2021, Volume: 20 Issue: 3, 1324 - 1337, 29.07.2021
https://doi.org/10.21547/jss.865371

Abstract

Türkiye’de geleneksel bir yatırım aracı olarak kabul gören altın son yıllarda önemli bir merkez bankası rezervi haline de gelmiş, finans sektörünün artan ilgisiyle altın tasarruf hesapları, altın yatırım fonları yaygınlaşmaya başlamıştır. Hem Türkiye’de hem de uluslararası piyasalarda altına yönelik yatırım iştahında artış görülmekte, finans sektöründe altının bir finansal enstrüman olarak önemi daha da artmaktadır. Bu çerçevede, bu çalışmanın amacı; Türk finans piyasasında çalışan profesyonellerin bir merkez bankası rezervi, ödeme ve yatırım aracı olarak altın algısını analiz etmektir. Analiz, Türk finans sektöründe yer alan; banka, aracı kurum ve portföy yönetim şirketi çalışanlarından, özellikle hazine/fon/portföy yöneticileri ve çalışanları arasında anket yöntemiyle yapılmış, elde edilen istatistiksel verilerden algı skoru hesaplanmıştır.

References

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  • Aksoy, M. and Topcu, N. (2013). Altın hisse senedi ve enflasyon arasındaki ilişki. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, Cilt: 27, Sayı: 1, 2013.
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  • Baur, D. G. and Mcdermott T. K. (2010). Is gold a safe haven? international evidence. Journal of Banking & Finance, 34, p. 1886–1898.
  • Bordo, M. D. Dittmar, R. T. and Gavin, W. T. (2003). Gold, fiat money and price stability. NBER Working Paper, no. 10171, US National Bureau of Economic Research.
  • Capie, F. Terence C. M. and Geoffrey, W. (2005). gold as a hedge against the dollar. Journal of International Financial Markets, Institutions and Money 15, p. 343–352.
  • Cooper, N. R. (1982). The gold standard: historical facts and future prospects. Brookings Papers on Economic Activity, 1:1982, p. 1- 56.
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  • Jaffe, J. F. (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal 45, p. 53–59.
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  • O'connor, F. Lucey, B. Baur, D. and Batten, J. (2015). The financial economics of gold - a survey. International Review of Financial Analysis, no: 41, p. 186-205.
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  • Sjaastad, L. (2008). The price of gold and the exchange rates: once again. Resources Policy no. 33, p. 118–124.
  • Schwartz, A. J. (1987). Alternative monetary regimes: the gold standard. Money in Historical Perspective p. 364-390, Schwartz, A. J. and Bordo M. D. (Ed), University of Chicago Press.
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  • Timberlake, N. R. (1981). Monetization practices and the political structure of the federal reserve system. Policy Analysis, Cato Institute, Washington DC.
  • Tully, E. and Lucey B. M. (2007). a power GARCH examination of the gold market. Research in International Business and Finance, 21, p. 316–325.

A Study on Perception of Financial Market Professionals in Turkey Towards Gold

Year 2021, Volume: 20 Issue: 3, 1324 - 1337, 29.07.2021
https://doi.org/10.21547/jss.865371

Abstract

Gold becomes an important central bank reserve in Turkey, gold savings accounts and gold investment funds begun to increase with the increasing interest of the financial sector in last years. The risk appetite for gold is increasing both in Turkish and international financial markets. The importance of gold as a financial instrument is growing. Within this framework, the aim of this study is to analyze the perception of gold among the professionals in the Turkish financial market as a central bank reserve, a mean of payment and an investment instrument. The analysis was done by a survey made among the employees of the banks, broker firms and portfolio management companies in the Turkish financial sector, mainly among treasury departments, fund and portfolio managers. A perception score was calculated from the statistical data.

References

  • Aizenman, J. and Inoue, K. (2012). Central bank and gold puzzles. NBER Working Paper, no. 17894, National Bureau of Economic Research, March 2012.
  • Aksoy, M. and Topcu, N. (2013). Altın hisse senedi ve enflasyon arasındaki ilişki. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, Cilt: 27, Sayı: 1, 2013.
  • Baur, D. G. (2016). Central banks and gold. University of Western Australia - Business School; Financial Research Network (FIRN), FIRN Research Paper.
  • Baur, D. G. and Mcdermott T. K. (2010). Is gold a safe haven? international evidence. Journal of Banking & Finance, 34, p. 1886–1898.
  • Bordo, M. D. Dittmar, R. T. and Gavin, W. T. (2003). Gold, fiat money and price stability. NBER Working Paper, no. 10171, US National Bureau of Economic Research.
  • Capie, F. Terence C. M. and Geoffrey, W. (2005). gold as a hedge against the dollar. Journal of International Financial Markets, Institutions and Money 15, p. 343–352.
  • Cooper, N. R. (1982). The gold standard: historical facts and future prospects. Brookings Papers on Economic Activity, 1:1982, p. 1- 56.
  • Flash Eurobarometer. (2001). Attitudes on the euro (4) - EU out. Report No. 98/4.
  • Flood, R. P. and Garber, P. M. (1984). Gold monetization and gold discipline. Journal of Political Economy, 92, No. 1, p. 90-107.
  • George, D. and Mallery, P. (2003). SPSS for windows step by step: a simple guide and reference. 11.0 update (4th ed.), Boston: Allyn & Bacon.
  • Gurgun, G. and Unalmis, I. (2014). Is gold a safe heaven against equity market investment in emerging and developing countries. Research and Monetary Policy Department Working Paper, no: 14/22, Central Bank of Republic of Turkey.
  • Jaffe, J. F. (1989). Gold and gold stocks as investments for institutional portfolios. Financial Analysts Journal 45, p. 53–59.
  • Kitchenham, B. and Pfleeger, S. L. (2002). “Principles of Survey Research Part 5: Populations and Samples”, Software Engineering Notes, Vol. 27, no. 5, p. 17-20.
  • Laffer, Arthur B. (1980). Reinstatement of the dollar: the blueprint. Economic Study, A.B. Laffer Associates.
  • Mundell, A. R. (1997). The international monetary system in the 21st century: could gold make a comeback? International Economic Association Conference in Trento, 4-7 September 1997.
  • O'connor, F. Lucey, B. Baur, D. and Batten, J. (2015). The financial economics of gold - a survey. International Review of Financial Analysis, no: 41, p. 186-205.
  • Refinitiv, (2019). Why choose eikon messenger? https://www.refinitiv.com/en/products/ refinitiv-messenger
  • Rothbard, M. N. (1985). The case for a genuine gold dollar. The Gold Standard Perspectives in the Austrian School p.1-17, The Ludwig von Mises Institute, Auburne University, Alabama, ABD.
  • Salerno, J. T. (1982). The gold standard: an analysis of some recent proposals. Policy Analysis, no. 16, Cato Institute.
  • Santhi, M. (2013). A study on perception of investors towards gold as an investment avenue in madurai city. PRiMa: Practices and Research in Marketing, Volume 4, Issue 1, October 2013.
  • Sjaastad, L. (2008). The price of gold and the exchange rates: once again. Resources Policy no. 33, p. 118–124.
  • Schwartz, A. J. (1987). Alternative monetary regimes: the gold standard. Money in Historical Perspective p. 364-390, Schwartz, A. J. and Bordo M. D. (Ed), University of Chicago Press.
  • Tagtekin, O. (2016). The position of turkey in the gold market and a research on turkish gold investors behavior. Working Paper, WPS no. 17/2016-01. Istanbul Commerce University, Foreign Trade Institute.
  • Timberlake, N. R. (1981). Monetization practices and the political structure of the federal reserve system. Policy Analysis, Cato Institute, Washington DC.
  • Tully, E. and Lucey B. M. (2007). a power GARCH examination of the gold market. Research in International Business and Finance, 21, p. 316–325.
There are 25 citations in total.

Details

Primary Language English
Subjects Finance
Journal Section Business
Authors

Yakup Alper Yakupoğlu 0000-0002-6839-2755

Mustafa Okur 0000-0003-3121-8603

Publication Date July 29, 2021
Submission Date January 24, 2021
Acceptance Date June 17, 2021
Published in Issue Year 2021 Volume: 20 Issue: 3

Cite

APA Yakupoğlu, Y. A., & Okur, M. (2021). A Study on Perception of Financial Market Professionals in Turkey Towards Gold. Gaziantep University Journal of Social Sciences, 20(3), 1324-1337. https://doi.org/10.21547/jss.865371