Akademik Veri Yönetim Sistemi
Financial Frontiers in Energy Markets, AHMET AKUSTA,MUSA GÜN, Editör, Springer, London/Berlin , Zug, ss.1-15, 2026
This study provides a comprehensive perspective on energy markets, the process of financialization, and their interaction with financial markets. In this context, the financialization process of energy markets has been examined from a historical perspective, the increasing importance and role of energy in the global economy have been explored, and the structures and actors within energy markets have been elaborated. In addition to the theoretical framework, the relationship between energy markets and financial markets has been investigated in the context of volatility spillover dynamics. To this end, the MSCI World Index has been selected to represent global stock markets, and the S&P GSCI Energy Index to represent global energy markets. The three-year period between July 2022 and June 2025, during which significant global developments occurred both in macroeconomic and geopolitical terms, has been selected as the analysis window. As the econometric method, the Bivariate BEKK-GARCH model has been employed. According to the empirical findings, bidirectional contagion effects have been detected between stock markets and energy markets. Although sudden shocks in energy markets initially create a hedge effect on stock markets in the short term, persistent long-term volatility in energy markets has been found to increase volatility in stock markets. On the other hand, shocks originating from stock markets were found to intensify volatility in energy markets in the short run, yet this contagion transforms into a stabilizing role in the long term.