Türkiye ve diğer CIVETS ülkeleri borsalarının etkileşimi: Dalgacık uyum analizi yaklaşımı

The study aims to investigate the interaction between the stock markets of Türkiye and other CIVETS countries (Colombia, Indonesia, Vietnam, Egypt, Türkiye and South Africa). In the study, the log-return values of the opening prices of the stock markets of CIVETS countries are utilised. The data consists of 1579-day opening prices of stock market indices covering 26.03.2014-24.01.2024. Wavelet Coherence Analysis, which can analyse time series in different time and frequency dimensions, was used in the analysis. The research seeks to answer how COVID-19 and inflation affect the relationship between Türkiye and the stock markets of countries with similar economic and financial characteristics. The study's findings show that the null hypothesis is rejected, and the alternative hypothesis is accepted. The study will contribute to the literature investigating the group of countries with similar economic characteristics, including Türkiye, in different time and frequency dimensions by using an extensive data set in the COVID-19 and inflation process. The results show that the interaction between the stock markets is inconsistent in the short run, more compatible in the long run and separate in the short run, but in the same direction in the long run. In addition, the COVID-19 pandemic and the inflationary effect did not disrupt the interaction between stock markets. By examining the relationship between countries at different maturities, the research strengthens the theory that the stock markets of countries with similar economic and financial characteristics have a high power to influence each other.