IDENTIFICATION OF MULTIPLE BUBBLES IN TURKISH FINANCIAL MARKETS: EVIDENCE FROM GSADF APPROACH

This study examines the explosive behavior in five local market prices of stock indices (in USD and TRY), 
 bond, CDS, gold, currency exchange rate USDTRY at weekly observations over sample period between 2005 2021. We find strong evidence bubble formations markets during crisis (financial pandemic, such as ongoing COVID-19 outbreak) non-crisis periods. The findings show both unidirectional bidirectional causal linkages under homoscedasticity heteroscedasticity assumptions. Additionally, causation is most pronounced homoscedastic model with markets.