Enerji Arz Güvenliği, Petrol Fiyatları ve Pay Piyasalarında Nedensellik İlişkisi: BRICS-T Örneği

The aim of the study is to examine the dynamic relations between energy markets and financial markets in the center of the concept of energy supply security. In this direction, the stock market index, oil price and international energy security risk index score covering the annual data for the 1994-2018 period for the BRICS-T countries (Brazil, Russia, India, China, S. Africa and Turkey) were used and Toda & Yamamoto to investigate the aforementioned relationship. (TY) and Fourier Toda & Yamamoto (FTY) causality methods were used to analyze the variables. While empirical findings show (i) causality from stock market to energy security risk in all countries except Brazil, and from energy security risk to stock market only in Turkey, (ii) mutual causality between energy security risk and oil price in China and Turkey, however, in Brazil, it shows that there is causality from oil price to