Ekonomi ve Finans Politikaları Üzerine Çalışmalar
Studies on Economic and Financial Policies
Contributor(s): Demet Eroğlu Sevinç (Editor), Gönül Yüce Akıncı (Editor)
Subject(s): National Economy, Supranational / Global Economy, Energy and Environmental Studies, Public Administration, Economic policy, Environmental and Energy policy, International relations/trade, Economic development, Financial Markets, Public Finances, Fiscal Politics / Budgeting, Human Resources in Economy, ICT Information and Communications Technologies, Socio-Economic Research
Published by: Özgür Yayın Dağıtım Ltd. Şti.
Keywords: Economics; Financial Policies; Turkey; Economic development; energy; trade; international relations; National Economy; Global Economy;
Summary/Abstract: This book titled "Studies on Economics and Financial Policies" is an editorial work which examines the theoretical and practical issues related to various economic and financial policies that are currently carried out and will be carried out in the future in many developed and developing countries of today, and recommends various policy studies that may be applied in the future to researchers and policy makers. Undoubtedly, the literature of economics and finance includes a very comprehensive and broad body of theoretical infrastructure, the systematic foundations of which date back to the 15th Century. However, since it is not possible to cover all of the theoretical and applied economic and financial theories of the areas mentioned in this work, the areas that are mostly highlighted in the aforementioned literature are discussed in this work within the frameworks of specific subjects. These discussions are handled in a holistic and compatible way within the scope of the work, and this integrity is supported by theoretical and applied studies. In this respect, we would like to thank all our authors who contributed their valuable time for the preparation of this book, and, as editors, we are proud to put a stone, albeit a small one, to the ever developing economy and finance literature. We hope that this work will be beneficial to all interested readers. As always, the merit belongs to all contributing researchers, and to the best of our knowledge, there are no errors; however, if there are any, the responsibility is ours.
- E-ISBN-13: 978-975-447-604-0
- Print-ISBN-13: 978-975-447-604-0
- Page Count: 342
- Publication Year: 2023
- Language: Turkish, English
Döviz Kurlarının Yurtiçi Fiyatlara Geçiş Etkisi: Türkiye Ekonomisinin Son Yirmi Yılı Üzerine Uygulamalı Bir İnceleme
Döviz Kurlarının Yurtiçi Fiyatlara Geçiş Etkisi: Türkiye Ekonomisinin Son Yirmi Yılı Üzerine Uygulamalı Bir İnceleme
(The Pass-through Effect of Exchange Rates on Domestic Prices: An Applied Analysis of the Last Twenty Years of the Turkish Economy)
- Author(s):Merter Akinci, Haktan Sevinç, Ömer Yilmaz
- Language:Turkish
- Subject(s):National Economy, Economic policy, Financial Markets
- Page Range:1-24
- No. of Pages:24
- Keywords:Turkey; economy; Turkish Economy; Exchange rates;
- Summary/Abstract:Bir birim ulusal paranın yabancı paralar karşısındaki fiyatı olarak ifade edilen döviz kurları, belirli bir dönemde fiyatlar genel düzeyinin nasıl değişim göstereceğini belirleyen temel determinantlardan biridir. Finans kapitalizminin gelişmesi ile birlikte temel görevi fiyat istikrarını sağlamak şeklinde belirlenen merkez bankaları, kur değişmelerini yakından takip ederek fiyatlara olan yansımalarını izlemekte ve kur hareketleri ile kur şoklarını dikkate alarak bu şokların fiyatlar üzerindeki kalıcılığına göre politika uygulamalarını düzenlemektedirler.
Büyüme, Cari Açık ve Enflasyon İlişkisi: Türkiye Üzerine Bir İnceleme
Büyüme, Cari Açık ve Enflasyon İlişkisi: Türkiye Üzerine Bir İnceleme
(The Relationship of Growth, Current Deficit and Inflation: A Review on Turkey)
- Author(s):Serhat Alpağut
- Language:Turkish
- Subject(s):National Economy, Economic history, Post-War period (1950 - 1989), Transformation Period (1990 - 2010), Present Times (2010 - today), Financial Markets
- Page Range:24-41
- No. of Pages:17
- Keywords:Turkey; national economy; economic growth; current account deficit; inflation ;
- Summary/Abstract:This research examines the relationship between growth, current account deficit and inflation with the annual data of 1974-2021. In the research, impulse-response and variance decomposition analysis based on VAR (Vector Autoregressive) model was applied. The findings show that economic growth reacts in a short-term (1-2 years) negative and decreasing way in the event of a shock in the current account deficit. In addition, the current account deficit reacts negatively to the economic growth shock. The next important determinant after the forecast error variance in the current account deficit shock is economic growth. Although the current account deficit affects the growth negatively in Turkey, it has been concluded that economic growth brings the current account deficit together. The effects of inflation are statistically insignificant. The results are in line with theory and literature. In this case, growth-oriented foreign trade policies should be implemented meticulously. Considering the fact that Turkey grows with the support of imports, it should be taken into account that every growth has a current account deficit cost.
Beşeri Sermaye, Kamu Harcaması ve Ekonomik Karmaşıklık İlişkisi: Nedensellik Analizi
Beşeri Sermaye, Kamu Harcaması ve Ekonomik Karmaşıklık İlişkisi: Nedensellik Analizi
(The Relationships of Human Capital, Government Expenditure and Economic Complexity: A Causality Analysis)
- Author(s):Ayşe Arı
- Language:Turkish
- Subject(s):Economy, Economic policy, Government/Political systems, Political economy, Human Resources in Economy
- Page Range:43-58
- No. of Pages:16
- Keywords:Human Capital; Government Expenditure; Economic Complexity;
- Summary/Abstract:In this study, we investigated the impacts of human capital and public expenditures on economic complexity. For this aim, Dumitrescu and Hurlin (2012) causality test was used. We used the data of 6 countries (Denmark, Finland, Austria, Italy, Sweden, England) among 15 European Union countries and the years from 2000 to 2015. In the study, 2 variables were preferred as the human capital indicator. Considering the secondary school enrollment rate to represent human capital, a bidirectional causality relationship was found between economic complexity and human capital. When the he ratio of highly educated labor force was applied to represent human capital, one-way causality from educated labor force to economic complexity was determined. Similarly, two variables were used to analyze the effect of government expenditures on economic complexity. The first one is the sum of government education and health expenditures. The second variable is total government expenditure. Results of the analysis showed that there is a one-way causality running from government expenditure to economic complexity for both variables. As a conclusion, it is seen that knowledge and education are important in exporting complex products. In addition, it can also be stated that authorities can contribute to economic complexity by increasing public expenditures. In sum, policies implemented in order to encourage human capital and increase public expenditures may positively affect the production and export of technology and knowledge-intensive products.
Sabit Etkiler Modeli ve Panel Kantil Regresyon Karşılaştırması: BRICS-T Ülkelerinde Ekonomik Büyüme Üzerinde Yenilenebilir Enerji Tüketimi Etkisinin İncelenmesi
Sabit Etkiler Modeli ve Panel Kantil Regresyon Karşılaştırması: BRICS-T Ülkelerinde Ekonomik Büyüme Üzerinde Yenilenebilir Enerji Tüketimi Etkisinin İncelenmesi
(Comparison of Fixed Effects Model and Panel Quantile Regression: Investigation of the Effect of Renewable Energy Consumption on Economic Growth in BRICS-T Countries)
- Author(s):Hayriye Esra Akyüz
- Language:Turkish
- Subject(s):Energy and Environmental Studies, Environmental and Energy policy, Economic development
- Page Range:59-83
- No. of Pages:25
- Keywords:Energy Consumption; Economic Growth; BRICS-T Countries;
- Summary/Abstract:In this study, it is aimed to examine and model the effect of renewable energy consumption (% of total final energy consumption) with the inflation rate and population growth on economic growth in BRICS-T countries between 1990-2021. For this purpose; two-way fixed effects model, which includes unit and time effects, which cannot be observed but are characterized as constant, was used. The parameter estimates of the panel quantile regression model and two-way fixed effects model were compared in order to reveal in detail the relationship between the quantiles of the distribution of economic growth in BRICS-T countries and renewable energy consumption, inflation rate, and population growth. According to the results; it has been obtained that there are heteroskedasticity and first-order autocorrelation problems in the fixed effects model. When the results based on the Driscoll-Kraay standard error estimation method were examined, it was determined that the rate of independent variables to explain GDP per capita was approximately 73%. While other variables are constant, a statistically significant negative correlation was obtained between renewable energy consumption, inflation rate, population growth, and GDP per capita in BRICS-T countries. On the other hand, it was determined that the closest results to the Driscoll-Kraay robust estimation results were observed at 0.25 quantiles, where GDP per capita was low. Also; in the 0.50 - 0.75 quantile values, while the effect of population growth on GDP per capita was not statistically significant, it was found to be significant when estimated with robust standard errors.
Döviz Kuru Dış Ticaret İlişkisi (2013-2023) Türkiye Örneği
Döviz Kuru Dış Ticaret İlişkisi (2013-2023) Türkiye Örneği
(The Relationship between Exchange Rates and International Trade (2013-2023) the Case of Turkey)
- Author(s):İsmail Hakkı Kofoğlu, Behçet Doğan Oktaş
- Language:Turkish
- Subject(s):Economic history, International relations/trade, Present Times (2010 - today), Financial Markets
- Page Range:85-103
- No. of Pages:19
- Keywords:Exchange Rates; International Trade; Turkey;
- Summary/Abstract:The subject of this research is the relation between real exchange rate, US Dollar, exports and imports for the period 2013M01-2022M12 in Turkey. The aim of the research is to reveal the relationships between variables with time series econometrics methods and to determine the most effective variable in the relationships between variables related to foreign trade. For this purpose, Extended Dickey-Füller and Phillips-Perron stationarity analyses were performed on our related variables. According to the stationarity analysis, all the variables were not stationary and were found to be stationary at their first difference. According to the econometric procedure, cointegration analysis was performed with the series that were stationary at their first difference. The bilateral cointegration relationship between the variables was investigated with the Engle-Granger cointegration method. According to the results of cointegration analysis: the real effective exchange rate with exports (1), export with real effective exchange rate (2), USD by Export (3), imports at the real effective exchange rate (4) and a long-term cointegration relationship (5) was determined between exports and imports. Error correction models are estimated to reveal short-term relationships for models with cointegration relationship. Based on error correction estimates; imports affect the real effective exchange rate and exports (1), the real effective exchange rate affects exports (2), exports affect the real effective exchange rate (3) and the US dollar affects exports (4). According to the results of all the analyses made to determine the relations between foreign trade variables of exchange rate, import emerge are the most effective variable. This research reveals the necessity of focusing on the import variable in determining the policies related to Turkey's foreign trade deficit.
Sektörel Düzeyde Doğrudan Yabancı Yatırımlar ile Belirsizlik İlişkisi: Türkiye Örneği
Sektörel Düzeyde Doğrudan Yabancı Yatırımlar ile Belirsizlik İlişkisi: Türkiye Örneği
(The Relationship between Foreign Direct Investments and Uncertainty at the Sectoral Level: The Case of Türkiye)
- Author(s):Adem Türkmen, İkram Yusuf Yarbaşı
- Language:Turkish
- Subject(s):Economy, Economic policy, International relations/trade, Economic development
- Page Range:105-129
- No. of Pages:25
- Keywords:Foreign Direct Investments; Turkey; FDI;
- Summary/Abstract:Investors, who make their investment decisions by considering many economic and institutional factors, are faced with many risks, including uncertainty, in terms of their investments abroad. Although knowing the relationship between uncertainty and FDI is important at this point, there are very few studies in the literature investigating this relationship at the sectoral level. For this reason, the question of how FDI inflows in the industry and service sector in Turkey are affected by internal and external uncertainty has been tried to be determined with quarterly data between the years 2005-2022. After testing the stationary of the series, the results were obtained by making predictions with ARDL models. According to the results of the analysis, while significant relations were determined for the industry sector, a statistically significant model for the service sector could not be estimated. In the long run, it has been found that FDI in the industrial sector is positively related to economic growth, internal uncertainty, and external uncertainty, but negatively related to real effective exchange rate and inflation. According to the short-term results; the internal uncertainty result is parallel to the long-term and it is seen that the risk is accepted as an opportunity for foreign investors. On the other hand, it was also found that the relationship between global uncertainty and FDI inflows is negative even at different lags.
2008 İktisadi Krizinin Ardından Türkiye Ekonomisinin Kaldor Yasası Bağlamında İncelenmesi: Kalıntılarla Genişletilmiş (RALS) Eşbütünleşme Yaklaşımı
2008 İktisadi Krizinin Ardından Türkiye Ekonomisinin Kaldor Yasası Bağlamında İncelenmesi: Kalıntılarla Genişletilmiş (RALS) Eşbütünleşme Yaklaşımı
(An Examination of the Turkish Economy After the 2008 Economic Crisis within the Context of Kaldor's Law: Residual Augmented Least Squares (RALS) Cointegration Approach)
- Author(s):Ali Çelik
- Language:Turkish
- Subject(s):National Economy, Business Economy / Management, Economic history, Economic development, Transformation Period (1990 - 2010)
- Page Range:131-149
- No. of Pages:19
- Keywords:Turkish Economy; economic growth; industrial production index;
- Summary/Abstract:This study aimed to investigate the nexus between economic growth and industrial production index within the framework of Kaldor's law. For this purpose, the analysis was carried out for Turkey by using the quarterly data between 2010Q1-2022Q3. Current techniques were used in the analysis process. In this context, RALS-ADL and RALS-EG2 methods from cointegration tests were used, while Fourier ADF, Residuals Extended RALS-ADF, and RALS-LM unit root tests were used as unit root tests, which are among the current techniques. According to the results of the research, the existence of a cointegration relationship between the variables has been proven. While FMOLS results revealed that a 1% increase in industrial production increased GDP by 3.23%, DOLS results showed that a 1% increase in industrial production boosted GDP by 3.18%. VECM-based linear Granger causality test results and Dicks and Panchenko's (2006) non-linear causality analysis results are compatible with each other. From both causality tests, it was found that there is a one-way causality relationship from industrial production to GDP. As a result, it has been determined that Kaldor's law is valid in the Turkish economy for the examined period.
Küresel Piyasalarda Yaşanan Resesyon ve Gelişmiş Ülke Merkez Bankalarının Uyguladıkları Faiz Politikaları
Küresel Piyasalarda Yaşanan Resesyon ve Gelişmiş Ülke Merkez Bankalarının Uyguladıkları Faiz Politikaları
(Interest Policies Implemented by Central Banks of Developed Countries and the Recession in the Global Market)
- Author(s):Nermin Güney, Sertaç Hopoğlu
- Language:Turkish
- Subject(s):National Economy, Supranational / Global Economy, Economic policy, International relations/trade, Financial Markets, Russian Aggression against Ukraine
- Page Range:151-165
- No. of Pages:15
- Keywords:Interest Policies; Central Banks; Global Market; national economies;
- Summary/Abstract:The developments around the world in the last few years have brought the global economy face to face with recession-like conditions. The slowdown in production in the world as a result of the slowdown in the Chinese economy, the new wave of protectionism experienced by raising mutual tariffs, which is called "trade wars", the pause experienced with the Covid-19 crisis, the disruptions in the supply chain and the precautionary policies implemented by the United States, the energy bottleneck created by the war between Russia and Ukraine caused a global slowdown and created an environment with a high risk of crisis. The deterioration in the national economies for two consecutive quarters is defined as recession, and as a result, a worldwide increase in unemployment and decrease in national incomes are observed. While Central Banks are looking for ways to get out of the crisis with the least damage by using monetary policy tools in times of crisis, they can directly determine interest rates by changing the money supply in the market. The most important reason for this is to take practical measures to prevent the crisis from spreading to the real sector. Policies implemented in such an environment are important in terms of determining the possible consequences of crises and the best examples that can be taken. The aim of this study is to investigate the recession in global markets and the interest policies implemented by central banks.
Türkiye’de CDS Primlerinin Belirleyicilerinin Ekonometrik Analizi
Türkiye’de CDS Primlerinin Belirleyicilerinin Ekonometrik Analizi
(Determinants of CDS Spreads: An Empirical Investigation on Turkey)
- Author(s):Sefa Özbek
- Language:Turkish
- Subject(s):National Economy, Economic history, Present Times (2010 - today)
- Page Range:167-185
- No. of Pages:19
- Keywords:Turkey; Turkish economy; CDS Spreads;
- Summary/Abstract:There are two main goals in this study. The first one determines the short- and long-term macroeconomic determinants of Credit Default Swap (CDS) premiums in the Turkish economy in the sample period of 2010:Q2-2020:Q3. The second goal is to test the relevant determinants with FMOLS, DOLS and CCR estimators, as well as ARDL bounds test, and compare the results. In line with these objectives, in this study, econometric analyzes of the Turkish economy's CDS premiums, real effective exchange rate, interest rate, international investment position, foreign exchange reserves, consumer price index, current account deficit and growth rate variables were made. According to the results of the empirical analysis, the variables are statistically significant at the 5% level of significance in the short and long term. On the other hand, it was concluded that both ARDL and FMOLS, DOLS, CCR estimator results were generally compatible with each other.
Dış Ticaret ve Enflasyon Arasındaki İlişkinin OECD Ülkeleri için Ekonometrik Analizi
Dış Ticaret ve Enflasyon Arasındaki İlişkinin OECD Ülkeleri için Ekonometrik Analizi
(The Econometric Analysis of the Relationship Between Foreign Trade and Inflation for OECD Countries)
- Author(s):Hasan Alpago, Tuğba Dayıoğlu
- Language:Turkish
- Subject(s):Supranational / Global Economy, Economic policy, International relations/trade, Economic development
- Page Range:187-197
- No. of Pages:11
- Keywords:Trade; foreign trade policies; macroeconomic policies;
- Summary/Abstract:The main objective of a country's macroeconomic policies is to maintain high and stable growth while keeping the inflation rate as low as possible. However, in order to achieve this goal, establishing a balance between macroeconomic data emerges as a fundamental problem. In this respect, it is important to analyze the relationship between macroeconomic variables correctly. This study examines the factors taken into account for foreign trade for 28 OECD countries and examines whether economic growth affects inflation. The analysis was made by taking into account the macroeconomic data based on the years 2000-2020. In the study, the effects of variables such as economic growth, exports, imports, foreign direct investment and fixed asset accumulation on inflation were examined. Panel data analysis techniques were used to determine the relationship between variables. The data obtained show that exports, economic growth and foreign direct investment reduce inflation, while imports increase inflation in these countries, that is, in the OECD member countries examined. Selecting the data from OECD member countries in the study is important for a better understanding of Turkey's macroeconomic policies and for the relevant countries to follow similar macroeconomic policies. The validity of the results and the usefulness of the data obtained are therefore of particular importance. As a matter of fact, the fact that Turkey is a candidate country for the EU and has closer geographical and economic relations with OECD member countries has been effective in its selection in this way. In this respect, this study aims to contribute to the correct design of the fight against inflation and foreign trade policies.
Dış Göç ve Konut Fiyat Dinamikleri: Türkiye’den Kanıtlar
Dış Göç ve Konut Fiyat Dinamikleri: Türkiye’den Kanıtlar
(International Migration Housing Price Dynamics: Evidence from Turkey)
- Author(s):İlkay Badurlar
- Language:Turkish
- Subject(s):Micro-Economics, Migration Studies, Socio-Economic Research, Asylum, Refugees, Migration as Policy-fields
- Page Range:199-221
- No. of Pages:23
- Keywords:Migration; Turkey; migration policies; socio-economic effects;
- Summary/Abstract:The aim of this study is to empirically analyze the effect of international migration on housing price dynamics in Turkey for the period 2010-2022. The number of foreigners with a residence permit in Turkey has been used to represent the number (stock) of immigrants resulting from international migration. Real House Price Index has been used to represent house prices. Short- and long-term relationships between the recent intense immigrant flows to Turkey and housing prices were investigated using the Johansen Cointegration Test and Vector Error Correction Method (VECM). The cointegration test results indicate the existence of a cointegration between housing prices and the number of immigrants. The cointegration vector of the long-run relationship shows that every 1% increase in the number of immigrants increases the housing prices by 0.1885%. VECM causality results show that housing prices are affected by the past and present values of the immigrant stock resulting from international migration to Turkey. The change in the number of immigrants as a result of external migration is the reason for the change in housing prices. There was no causal relationship from housing prices to the number of immigrants. It is thought that the results of the study will be beneficial in terms of considering the socio-economic effects of migration while determining Turkey's external migration policies.
Konaklama Vergisinin Belediyelere Tahsisi: Türkiye İçin Bir Değerlendirme
Konaklama Vergisinin Belediyelere Tahsisi: Türkiye İçin Bir Değerlendirme
(Allocation of Accommodation Tax to Municipalities: An Evaluation for Turkey)
- Author(s):Mehmet Öksüz
- Language:Turkish
- Subject(s):National Economy, Public Administration, Public Finances, Fiscal Politics / Budgeting
- Page Range:223-238
- No. of Pages:16
- Keywords:Local administrations; public services; Turkey; accommodation tax;
- Summary/Abstract:Local administrations are in the position of administrations that provide various public services of critical importance that can directly or indirectly affect the lives of individuals. Therefore, these administrations should be provided with income sources commensurate with their duties. It is clear that the income sources of local administrations in Turkey are insufficient, which makes them dependent on transfers from the central government. In this context, in this study, the necessity of allocating the accommodation tax, which was put into practice in 2023 in Turkey and collected by the central government, to municipalities, which is the most important local administration unit, was discussed. In the study in which the literature review method was adopted; It has been concluded that accommodation taxes should be allocated to municipalities because the financial autonomy of municipalities can be increased, they are taken according to the principle of benefit, the majority of environmental protection services are offered by municipalities and municipalities are the implementers in many countries.
Hisse Senedi Piyasasında Spekülatif Balonlar: BİST-100 Üzerine Genelleştirilmiş Yinelemeli Sağ-Kuyruk ADF (GSADF) Analizi
Hisse Senedi Piyasasında Spekülatif Balonlar: BİST-100 Üzerine Genelleştirilmiş Yinelemeli Sağ-Kuyruk ADF (GSADF) Analizi
(Speculative Bubbles in the Stock Market: Generalized Iterative Right-Tailed ADF (GSADF) Analysis on BIST-100)
- Author(s):Gönül Yüce Akıncı, Demet Eroğlu Sevinç, Fatma Mumcu Küçükçaylı
- Language:Turkish
- Subject(s):Economy, Economic policy, Financial Markets
- Page Range:239-254
- No. of Pages:16
- Keywords:Speculative bubbles; Economic bubble; Stock Market;
- Summary/Abstract:Kuramcıların sıklıkla üzerinde durduğu konuların başında gelen spekülatif balonlar, ekonomik veya finansal bir varlığın değerinde meydana gelen aşırı sapmalar olarak ifade edilebilir. Bu aşırı sapmalar, finansal varlığın öz değerindeki bir yükselişle birlikte artış gösterebilir. Finansal varlığın öz değerinde bir yükseliş olmamasına karşın ortaya çıkacak olan ve piyasa mekanizması ile bağlantılı olmayan bir artış spekülatif davranışlar olarak değerlendirilebilir. Spekülatif davranışlar arz veya talep dengesizliklerinden de oluşabilir. Bu dengesizlikler ortadan kaldırıldığında ise spekülatif balon oluşumu sona erecektir. Söz konusu bu durum hem balonun patlama safhasını gündeme getirmekte hem de ilgili süreci izleyen finansal ya da ekonomik kriz olgusunun yaşanmasına yol açmaktadır.
The Finance-Growth Nexus for Turkey over the Period 1960-2020: A Markov-Switching Regime Shift Model
The Finance-Growth Nexus for Turkey over the Period 1960-2020: A Markov-Switching Regime Shift Model
(The Finance-Growth Nexus for Turkey over the Period 1960-2020: A Markov-Switching Regime Shift Model)
- Author(s):Ahmet Gökçe Akpolat, Hasan Tansoy
- Language:English
- Subject(s):National Economy, Economic history, Economic development, Post-War period (1950 - 1989), Transformation Period (1990 - 2010), Present Times (2010 - today)
- Page Range:255-277
- No. of Pages:23
- Keywords:GDP; Turkey; Finance-Growth Nexus; 1960; 2020;
- Summary/Abstract:This paper addresses the finance-growth relationship employing Markov-switching regime shift model for Turkey over the period 1960-2020. Growth rate of real GDP is employed as a measure of economic growth while the change in ratio of broad money to GDP and the change in the ratio of domestic credits to GDP are used as two indicators of financial development. Findings show that a positive change in the ratio of broad money to GDP reduces the economic growth rate both before and after the global crisis. On the other hand, a positive change in the ratio of domestic credits to GDP increases the rate of economic growth in both of these two periods. Moreover, an increase in the ratio of broad money to GDP reduces the economic growth rate less before the global crisis than after the global crisis. Similarly, an increase in the ratio of domestic credits to GDP increases the economic growth rate more before the global crisis than after the global crisis. As a general assessment, it is seen that the positive effect of finance on the Turkish economy has weakened after the global crisis. In addition, it is considered that an increase in the money supply more than the economic growth rate can decrease the potential growth rate of the country.
Bankacılık Sektöründe Açık Bankacılık Faaliyetlerinin Önemi: Türkiye ve Dünyadaki Uygulama Örnekleri
Bankacılık Sektöründe Açık Bankacılık Faaliyetlerinin Önemi: Türkiye ve Dünyadaki Uygulama Örnekleri
(The Importance of Open Banking Activities in the Banking Sector: Application Examples in Türkiye and the World)
- Author(s):Güven Güney
- Language:Turkish
- Subject(s):National Economy, Financial Markets, ICT Information and Communications Technologies
- Page Range:279-297
- No. of Pages:19
- Keywords:banking systems; Turkey; banking sector; technology;
- Summary/Abstract:Son 20 yıldaki gelişmelerle beraber geleneksel bankacılık sistemi çok hızlı bir şekilde dönüşüme uğramıştır. Baş döndürücü bir şekilde meydana gelen teknolojik yenilikler, bankacılık sektörünün dinamik ve yenilikçi yapısıyla beraber; banka müşterilerinin ihtiyaçları, bankaların müşterilerine sunduğu sınırsız hizmetler tamamen değişmiştir. Akıllı teknolojik cihazların hayatımıza girmesi ile bankacılık mekânlardan bağımsız hale gelmiş, birkaç istisnai bankacılık işlemi haricinde tüm bankacılık faaliyetleri, bankalara gitmeden gerçekleştirilebilmeye başlanmıştır. Öyle ki bugün mevcut koşullarda teknoloji olmadan bankacılık yapılması imkânsız bir hale gelmiştir. Teknolojik gelişmelerin bankacılık sistemine sunduğu son imkân ise açık bankacılık faaliyetidir
Türkiye’de Yabancı Portföy Yatırımları ve Döviz Kuru Volatilitesi Arasındaki Simetrik ve Asimetrik Nedensellik İlişkisi
Türkiye’de Yabancı Portföy Yatırımları ve Döviz Kuru Volatilitesi Arasındaki Simetrik ve Asimetrik Nedensellik İlişkisi
(Symmetrical and Asymmetrical Causality Relationship between Foreign Portfolio Investments and Exchange Rate Volatility in Türkiye)
- Author(s):Deniz Sevinc, Aylin Koca
- Language:Turkish
- Subject(s):Economy, National Economy, Economic policy, Economic development
- Page Range:299-315
- No. of Pages:17
- Keywords:Turkey; Foreign Portfolio Investments; Exchange Rate Volatility;
- Summary/Abstract:The primary objective of this study is to empirically examine the causal relationship between foreign portfolio investments and exchange rate volatility in the Turkish economy. This study uses quarterly data covering the period from 1994Q1 to 2021Q2. To determine exchange rate volatility, the study employs the GARCH(1,1) model and estimates the conditional variance series using the real effective exchange rate series. The results of the bootstrap Toda-Yamamoto analysis indicate a causality relationship from foreign portfolio investments to exchange rate volatility. The Hatemi-J method is utilized to conduct asymmetric causality analysis between the variables, and the findings suggest no asymmetric causality relationship between exchange rate volatility and foreign portfolio investments. Based on the empirical evidence, this study concludes that foreign portfolio investments significantly impact exchange rate volatility. Therefore, appropriate policies concerning portfolio investments are necessary to reduce the volatility in the exchange rate.
Finansal Varlıkların Temiz Enerji Piyasasına Etkisi
Finansal Varlıkların Temiz Enerji Piyasasına Etkisi
(The Effect of Financial Assets on the Clean Energy Market)
- Author(s):Arife Özdemir Höl
- Language:Turkish
- Subject(s):Energy and Environmental Studies, Economic policy, Environmental and Energy policy, Financial Markets
- Page Range:317-342
- No. of Pages:26
- Keywords:Energy; clean energy companies; Clean Energy Market;
- Summary/Abstract:Recently, increasing global warming and experiencing climate changes have led to an increased interest in clean energy. This increase in interest has led to an increase in the number of companies using and producing clean energy, the trading of stock of clean energy companies to be traded on stock exchanges, and the emergence of new financial instruments based on clean energy. For those who are environmentally sensitive, these new financial products are a way to both capitalize on their savings and support clean energy companies. For those who want to evaluate their savings in clean energy markets, it is very important to investigate the relationship between the stocks of clean energy companies and other financial assets and markets. Therefore, in this paper, the relationships between S&P Global Clean Energy Index and Brent oil, ounce gold, Bitcoin, S&P 500 Index were investigated by Maki (2012) Multiple Structural Break Co-integration test and Hacker and Hatemi-J (2012) Boostrap Causality test. As a result of the cointegration test, it has been determined that the variables act together in the long run. As a result of the causality test, it was determined that there is a bidirectional causality relationship between the S&P Global Clean Energy Index and the S&P 500 index. It has been determined that there is a one-way causality relationship from Brent oil and ounce gold prices to the S&P Global Clean Energy index, and there is no causality relationship between Bitcoin and the S&P Global Clean Energy Index. Based on these results, it can be said that Brent oil, ounce gold and S&P 500 index do not have the properties of a safe haven for the S&P Global Clean Energy Index, while Bitcoin can be used for hedging purposes for the S&P Global Clean Energy Index. It is thought that the results obtained from the paper will guide those who want to evaluate their savings by investing in the stocks of clean energy companies, those who want to create hedging strategies, and portfolio managers.