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An Empirical Analysis of Grams of Gold Funds and Macroeconomic Dynamics in the Context of Turkey's Private Pension System

Author

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  • Mehmet Mert TÃœRK
  • Mahmut Åženol AKGÃœL

Abstract

This research investigates the long-term correlation between macroeconomic variables and the growth of private pension system (PPS) grams of gold funds in Turkey, employing Fourier ADL and FMOLS methodologies. The results indicate that grams of gold prices exert a substantial and considerable influence on the size of the PPS grams of gold fund. A 1% rise in grams of gold prices results in a 0.9% increase in the size of PPS grams of gold funds. Conversely, fluctuations in the BIST 100 index and exchange rates exert minimal influence on PPS grams of gold funds. The Fourier ADL test results demonstrate a long-term cointegration link between the series, notwithstanding structural breakdowns. This indicates that investors seek grams of gold as a refuge during financial instability and that grams of gold prices significantly influence PPS grams of gold funds. The results highlight the vulnerability of grams of gold investments in Turkey and the increasing significance of PPS grams of gold funds.

Suggested Citation

  • Mehmet Mert TÃœRK & Mahmut Åženol AKGÃœL, 2025. "An Empirical Analysis of Grams of Gold Funds and Macroeconomic Dynamics in the Context of Turkey's Private Pension System," Fiscaoeconomia, Tubitak Ulakbim JournalPark (Dergipark), issue 2.
    • Handle: RePEc:fis:journl:250224
    DOI: 10.25295/fsecon.1596825
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    JEL classification:

    • C58 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Financial Econometrics
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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