THE RELATIONSHIP BETWEEN THE TRADER INDEX AND THE INDUSTRIAL PRODUCTION INDEX IN BRICS-T COUNTRIES: PANEL FISHER CAUSALITY TEST

Abstract

In this study, the relationship between the stock market index and industrial production index was investigated by using the
Panel Fisher causality test developed by Emirmahmutoğlu and Köse (2011) in BRICS-T countries. According to the findings,
the Panel Fisher causality test (29.139) from the industrial production index to the stock market index (29.139) was found to
be significant at the 5% level, whereas the causality test (10.56) from the stock market index to the industrial production index
was not significant. Therefore, a one-way causality relationship was determined from the industrial production index to the
stock exchange index only. In terms of countries; While India and causality said the stock market index, the industrial
production index in Turkey is only a causality to the industrial production index rose from stock market indices in Russia.