Finansal Piyasaların Evrimi- II
Evoluation of Financial Markets- II
Contributor(s): Cengizhan Karaca (Editor), Mehmet Fatih Buğan (Editor)
Subject(s): National Economy, Energy and Environmental Studies, Economic history, Economic policy, Economic development, Environmental interactions, Financial Markets, Accounting - Business Administration, ICT Information and Communications Technologies, Socio-Economic Research
Published by: Özgür Yayın Dağıtım Ltd. Şti.
Keywords: financial markets; banking; risk management; markets; financial institutions;
Summary/Abstract: Given the importance and complexity of financial markets, it is necessary for everyone working in this field to keep up with current knowledge and theories. Sources such as "The Evolution of Financial Markets " can provide a deeper understanding of financial markets and offer readers current trends and practices. This book covers topics such as the evolution of financial markets, banking, risk management, markets, and institutions. The chapters in the book examine the functioning of financial markets worldwide and the tools used in these markets, the role of risk management and financial institutions, and the history and future of markets.
- E-ISBN-13: 978-975-447-647-7
- Print-ISBN-13: 978-975-447-647-7
- Page Count: 304
- Publication Year: 2023
- Language: Turkish, English
The FinTech Industry in Iraq: Challenges and Opportunities
The FinTech Industry in Iraq: Challenges and Opportunities
(The FinTech Industry in Iraq: Challenges and Opportunities)
- Author(s):Mustafa Hasan Hamad Ameen, Aslı Afşar
- Language:English
- Subject(s):National Economy, Financial Markets, ICT Information and Communications Technologies
- Page Range:1-18
- No. of Pages:18
- Keywords:financial technology; FinTech Industry; Iraq;
- Summary/Abstract:Although the financial technology (fintech) industry is relatively nascent in Iraq but has been experiencing a steady growth in recent years. Fintech, describes the use of technology to supply financial services and products in a modern shape. The growth of fintech in Iraq has been driven by various factors such as a young population, an increase in smartphone penteration and a desire for more easily available and effective financial services. However, this rapid growth in the fintech industry has not been without a number of challenges and obstacles Moreover, the absence of appropriate measures and regulations may led to negative impacts on the financial sector and fintech industry in general. Therefore, this study highlights the capabilities and advantages of financial technology (fintech) while emphasizing the need for an enabling environment, including appropriate regulatory rules, information security, and communication technology infrastructure. We emphasize the importance of reviewing legal and regulatory frameworks and managing risks associated with innovative financial and banking products. We also addresses the impact of fintech on money laundering, noting the speed and difficulty of detecting such operations in modern banking technology and highliting the role of the Central Bank of Iraq in granting licenses to fintech companies. The study suggests enhancing financial infrastructure, protection systems against cyberattacks, and improving the readiness of regulatory authorities to address potential threats. Furthermore, We stresse the importance of increasing financial knowledge and literacy among customers and Iraqi population in general, where financial services and fintech products are underutilized. Additionally, it concludes by acknowledging that while fintech presents opportunities, companies in this space must navigate complex regulations, address cybersecurity risks, build consumer trust, and compete with traditional financial institutions. Finally, We call for the increased availability of ATMs and POS machines across Iraq to enhance financial services and accessibility.
Financial Performance of the US Deposit Banks: The Entropy Based Paris Method
Financial Performance of the US Deposit Banks: The Entropy Based Paris Method
(Financial Performance of the US Deposit Banks: The Entropy Based Paris Method)
- Author(s):Naci Yılmaz
- Language:English
- Subject(s):Economy, Financial Markets, Accounting - Business Administration
- Page Range:19-31
- No. of Pages:13
- Keywords:financial performance; banks; US; financial markets;
- Summary/Abstract:The financial performance of banks can be regarded as one of the most significant topics in financial markets. It is very important by everyone. In this study, a comparison was made among the bank groups in FDIC system by evaluating their financial data. For this study, the PARIS (Preference Analysis for Reference Ideal Solution) method, one of the novel multi-criteria decision- making (MCDM) techniques was employed together with the ENTROPY method. PARİS was used as a ranking method and ENTROPY was applied as a weighting method. Five bank groups were classified regarding to their asset sizes were evaluated. The performance analysis is based on ten criteria. According to the ENTROPY weighting method, the most important criterion was Equity Capital to Assets. Net Interest Margin and Net Loans & Leases to Total Deposits ratios follow it respectively. The least important criterion was Return on Assets. According to the PARIS method, the bank group with the average asset of between $100 million - $1 billion performed the best between 2018-2022. The worst performing bank group was the one with assets over $250 billion.
Machine Learning-Based A Comparative Analysis for USA Dollar Index Prediction
Machine Learning-Based A Comparative Analysis for USA Dollar Index Prediction
(Machine Learning-Based A Comparative Analysis for USA Dollar Index Prediction)
- Author(s):Muhammed Fatih Yürük
- Language:English
- Subject(s):Supranational / Global Economy, Financial Markets, ICT Information and Communications Technologies
- Page Range:33-52
- No. of Pages:20
- Keywords:global economy; US Dollar Index; currencies;
- Summary/Abstract:The US Dollar Index is an important indicator of the global economy, as it measures the value of the US dollar against a basket of other currencies. The Dollar Index is used by investors, traders, and decision-makers to inform their investment and trading decisions, as well as to monitor the health of the global economy. In recent years, machine learning techniques have gained popularity in the field of finance for their ability to analyse large amounts of data and provide accurate predictions. This study explores the use of machine learning techniques for predicting the Dollar Index. The study compares the performance of different machine learning algorithms, including Random Forest, Support Vector Machines, and Artificial Neural Networks, in predicting the Dollar Index. The study uses daily data on the Dollar Index from January 2000 to December 2020, which is pre-processed and normalized before being used in the machine learning models. The study finds that machine learning models outperform traditional methods in predicting the Dollar Index. The Random Forest algorithm performs the best among the models tested, with an accuracy of 98.5%. The study also provides a detailed analysis of the feature importance of the input variables in the prediction models, which can help decision-makers understand the factors that affect the Dollar Index. The study concludes that machine learning techniques can provide decision-makers with valuable insights for their investment and trading decisions. The study suggests that future research can explore the use of other machine learning algorithms and input variables to improve the accuracy of the prediction models. The study also highlights the importance of using machine learning techniques in finance and economics, as they can help investors create strong portfolios with little risk.
The Comparative Performance Evaluation of Shari’ah-Compliant Asset Pricing Model and Alternative Fama-French Factor Models: Evidence from Turkey
The Comparative Performance Evaluation of Shari’ah-Compliant Asset Pricing Model and Alternative Fama-French Factor Models: Evidence from Turkey
(The Comparative Performance Evaluation of Shari’ah-Compliant Asset Pricing Model and Alternative Fama-French Factor Models: Evidence from Turkey)
- Author(s):Yunus Karaömer
- Language:English
- Subject(s):Economy, Islam studies, Financial Markets
- Page Range:53-70
- No. of Pages:18
- Keywords:Shari’ah-Compliant Asset Pricing Model (S-CAPM); Islamic finance; Fama-French Factor Models;
- Summary/Abstract:This study investigates the validity of the Shari’ah-Compliant Asset Pricing Model (S-CAPM) and alternative Fama-French Factor Models, as well as the comparative performance evaluations of these models, in explaining the variation in stock returns in the BIST Participation All Index. The validity and comparative performance of the S-CAPM and alternative Fama-French Factor Models are measured using adjusted R2, mean absolute intercept, GRS F-test statistic, and the probability value of the GRS-F test. The empirical findings of the study, based on the S-CAPM and alternative Fama-French Factor Models using the return mudharabah (RMDZ) instead of the risk-free rate as suggested by Faisol, Nidar, and Herwany (2022), indicate that the S-CAPM RMDZ, S-FF3F RMDZ, S-FF5F RMDZ, and S-FF6F RMDZ are valid for the BIST Participation All Index. Among these models, the S-FF6F RMDZ performs better in explaining the variation in stock returns. To test the robustness of the empirical findings for the S-CAPM and alternative Fama-French Factor Models with RMDZ, the study also employs S-CAPM and alternative Fama-French Factor Models created using the inflation rate instead of the risk-free rate, as proposed by Hanif (2011), in the BIST Participation All Index. The empirical findings confirm the results obtained from the S-CAPM and alternative Fama-French Factor Models with RMDZ. To the best of our knowledge, this is the first study to test the S-FF6F model. Additionally, the study presents an alternative asset pricing model for the S-CAPM. Besides, this study makes significant contributions to the field of finance, particularly in the context of Islamic finance.
Ar-Ge ile Finansal Başarısızlık Arasındaki İlişki: Bilişim Sektörü Üzerine Bir Analiz
Ar-Ge ile Finansal Başarısızlık Arasındaki İlişki: Bilişim Sektörü Üzerine Bir Analiz
(The Relationship Between R&D and Financial Failure: An Analysis on the IT Sector)
- Author(s):Adem Ruhan Sönmez
- Language:Turkish
- Subject(s):Financial Markets, ICT Information and Communications Technologies
- Page Range:71-79
- No. of Pages:9
- Keywords:R&D investments; Financial Failure; IT Sector;
- Summary/Abstract:21st Century One of the most important sectors of today's century is the informatics sector. The innovative activities of the companies in this sector are important in terms of financial investors and company policies. The aim of this study is to reveal whether the effect of R&D investments on financial failure is statistically significant. For this purpose, the data of companies operating in the IT Sector traded in Borsa Istanbul for the years 2018q1-2022q2 and the relationship between R&D investments and financial failure were examined. Panel Granger Causality method was used in the study. As a result of the analysis, it has been determined that there is a two-way relationship between R&D investments and Z-Score and between Z-Score and R&D investments.
Bankacılık Sektöründe Finansal Risklerin Finansal Performansa Etkisi: BIST Ticari Bankalar Üzerinde Bir Araştırma
Bankacılık Sektöründe Finansal Risklerin Finansal Performansa Etkisi: BIST Ticari Bankalar Üzerinde Bir Araştırma
(The Impact of Financial Risks on Financial Performance in the Banking Sector: An Investigation on BIST Commercial Banks)
- Author(s):Berna Ağbulut
- Language:Turkish
- Subject(s):Economy, National Economy, Supranational / Global Economy, Financial Markets
- Page Range:81-94
- No. of Pages:14
- Keywords:Financial Risks; Financial Performance; Banking sector; BIST banking sector;
- Summary/Abstract:Primarily for the economies of emerging economies, the financial performance of banks, that both conduct financial intermediation tasks in the national and global system, is crucial. The most noticeable shocks to financial performance, according to the literature, are caused by financial risks. This study's aim is to involve balanced panel data analysis to investigate data from commercial banks that operated in the BIST banking sector between 2010 and 2020 in order to determine how financial risks affected financial performance in the banking industry. The panel cross-section dependency, unit root, and panel cointegration tests will be used to acquire the findings in the context of the adequacy of the data set, the variables, and the long-term connections between the variables.
Çevresel Sürdürülebilirlik Performansının Bütünleşik Analizi: Zorlu Enerji Örneği
Çevresel Sürdürülebilirlik Performansının Bütünleşik Analizi: Zorlu Enerji Örneği
(Integrated Analysis of Environmental Sustainability Performance: Zorlu Energy Example)
- Author(s):Elçin Noyan
- Language:Turkish
- Subject(s):Energy and Environmental Studies, Economic development, Environmental interactions
- Page Range:95-104
- No. of Pages:10
- Keywords:Energy; Environmental Sustainability; environmental sustainability performance;
- Summary/Abstract:The concept of environmental sustainability, which is becoming increasingly important today, the determination and weighting of its criteria, the evaluation of the performance of the enterprises constitute the Multi-Criteria Decision Making (MCDM) problem. In this study, the three-year environmental sustainability performance data on the Zorlu Energy group's website were weighted with the Entropy method, one of the MCDM methods, and ranked with the CoCoSo (Combined Reconciliation Solution) method used in ranking and selection methods. The criteria that are effective in environmental sustainability performance are listed in order of importance. In the calculation, the 'energy consumption' criterion was calculated as the highest weighted criterion. In 2019, Zorlu Energy's environmental sustainability performance was the highest, while 2018 was the lowest.
Riske Göre Düzeltilmiş Getiri Metotları: BİST Uygulaması
Riske Göre Düzeltilmiş Getiri Metotları: BİST Uygulaması
(Risk-Adjusted Return Methods: an Application to the BIST)
- Author(s):Gökhan Berk Özbek
- Language:Turkish
- Subject(s):Methodology and research technology, Financial Markets, Accounting - Business Administration
- Page Range:105-118
- No. of Pages:14
- Keywords:modern finance theory; return factor; risk factor; Risk-Adjusted Return Methods;
- Summary/Abstract:In the scope of the modern finance theory, it is not possible to deal with the return factor from the risk factor independently. While rationalist investors would like to maximize their returns on their investments, they want to minimize their risks. They expect to be rewarded with a higher return for the extra risk they take. In this context, some indices calculated within the scope of BIST have been subjected to performance valuation with risk-adjusted return methods. In the study, BIST Sustainability (XUSRD), BIST Corporate Governance (XKURY), BIST Dividend (XTMTU) and BIST Participation 30 (XK030) indices were addressed and M2 Performance Ratio, T2 Performance Ratio, Jensen Alpha and Fama Decomposition methods were used to calculate the risk-adjusted returns of the indices. In the study, 251-day data set in the period of 03.01.2022-30.12.2022 was used. Data were obtained from Refinitiv Eikon. As a result of the research, it has been determined that the BIST Participation 30 index is the index with the best performance in terms of all methods. This is one of the findings that proves that Islamic indices, which have an important mission to transfer idle capital to financial markets and to create an effective real economy by spreading capital, do not have any disadvantage in terms of rationality when compared to their conventional counterparts. Although the BIST Dividend index has the lowest performance in terms of all methods, it should not be forgotten that the returns discussed in the research are capital returns, and the dividend income provided by the relevant companies should also be considered in addition to the capital return at the investment stage.
Muhasebe Uygulamalarının Dijitalleşmesi: Kil Tabletlerden Akıllı Muhasebe Uygulamalarına
Muhasebe Uygulamalarının Dijitalleşmesi: Kil Tabletlerden Akıllı Muhasebe Uygulamalarına
(Digitalization of Accounting Applications: From Clay Tablets to Smart Accounting Applications)
- Author(s):Halime Karaca
- Language:Turkish
- Subject(s):Accounting - Business Administration, ICT Information and Communications Technologies
- Page Range:119-138
- No. of Pages:20
- Keywords:Digitalization; accounting; accounting applications; computing systems;
- Summary/Abstract:In the historical process, accounting has changed and developed in order to adapt to technological developments. Accounting has shown a serious technological development from clay tablets to accounting with pen and paper and then with electronic tablet. Accountants using technology in accounting practices are the natural carriers of this process. Technological innovations such as blockchain, artificial intelligence and cloud technology, big data systems are changing, in other words, transforming the functions of accounting, the competencies and competencies of accountants. In this context, the aim of the study is to create a theoretical framework for the potential impact of technological developments in the form of blockchain, artificial intelligence, big data, cloud computing system, which are defined as smart accounting applications in the development process of accounting and the digital transformation of accounting.
Finansal Piyasalarda Risk Yönetimi Üzerine Bir Araştırma
Finansal Piyasalarda Risk Yönetimi Üzerine Bir Araştırma
(A Research on Risk Management in Financial Markets)
- Author(s):İsmet Bolat
- Language:Turkish
- Subject(s):National Economy, Financial Markets
- Page Range:139-159
- No. of Pages:21
- Keywords:Financial Markets; Risk Management; national economies;
- Summary/Abstract:Financial markets have a very important role in national economies. Money markets and capital markets, which are the components of this market, are important markets that direct capital in the country. These markets undertake important functions for both individual investors and institutional investors. For the development of the country's economy, it is desired to increase the number of investments and projects. However, companies will need new resources for a new investment here. It is more difficult to reach these needed resources in underdeveloped and developing countries. Insufficient savings and insufficient production can be cited among the reasons for this lack of resources. In addition, even if they reach sufficient resources in the markets, companies cannot reach the level of efficiency they want in some cases due to some risks. First of all, we can divide the risk types that cause the efficiency of the firms to decrease by negatively affecting the firm's activities as systematic risk and unsystematic risk. The type of risk that affects the whole economy and that companies cannot intervene alone means systematic risk, and the type of risk that companies can reduce by taking some measures refers to non-systematic risk. Of course, systematic risk and non-systematic risk are divided into a number of sub-branches and can affect companies in different dimensions. Firms should correctly identify the type of risk that causes failure in their own activities, which reduces their efficiency, and after this determination, they should take some measures to eliminate or minimize the effect of this risk type. Here, first of all, the risk should be defined correctly and the type of risk should be determined. After the identification of the risks, measures should be taken to minimize or eliminate the negative effects of this risk. Firms can benefit from a number of methods while struggling with risks. In finance, the Capital Asset Pricing Model is a model used to determine the theoretically appropriate required rate of return for an asset to make decisions about adding assets to a well-diversified portfolio, and since unsystematic risk can be eliminated, the return of a risky investment will be in return for the systematic risk taken.
Yeşil Portföy ve Türkiye Örnekleri
Yeşil Portföy ve Türkiye Örnekleri
(Green Portfolio and Examples from Türkiye)
- Author(s):Meltem Keskin
- Language:Turkish
- Subject(s):Energy and Environmental Studies, Environmental interactions, Financial Markets
- Page Range:161-179
- No. of Pages:19
- Keywords:Turkey; Green Portfolio; environmental impacts;
- Summary/Abstract:Portfolios that are the sum of movable assets such as share certificates held by financial institutions or individuals and on which they can perform transactions; they can be turned into a kind of modern portfolio model where resource consumption and environmental impact are fully taken into account. In addition to the sensitivity of the investors to the environment, the tendency to invest by evaluating various risks can be expressed as green portfolio investment. The green financial portfolio represents the total value of the green instruments held by legal or natural persons in order to earn a profit by investing. The main investment instruments used in this direction are; bonds, stocks, deposits, sustainable mutual funds and bonds. As the cost of environmental non-compliance increased, companies started to include environmental issues in their strategic planning processes and started to use green financial instruments. Corporate benefits from each sustainable portfolio, including economic and environmental benefits; cost, quality, time, service, resource consumption and environmental impact. In this study; green portfolios; in the context of companies and investors; Creating an ecologically oriented portfolio by evaluating in terms of economic attractiveness as well as environmental impacts has also been discussed in Turkey.
İstanbul Hisse Piyasasının Evrimi: Galata Bankerlerinden Borsa İstanbul’a Yolculuk
İstanbul Hisse Piyasasının Evrimi: Galata Bankerlerinden Borsa İstanbul’a Yolculuk
(Evolution of Istanbul Stock Market: A Journey from Galata Bankers to Borsa Istanbul)
- Author(s):Nuri Volkan Kayaçetin
- Language:Turkish
- Subject(s):Economic history, Recent History (1900 till today), International relations/trade, 19th Century, The Ottoman Empire, Financial Markets, Socio-Economic Research
- Page Range:181-197
- No. of Pages:17
- Keywords:Istanbul Stock Market; capital assets; trading;
- Summary/Abstract:The trading of capital assets in İstanbul, which has begun in the second half of the 19th century with the trading of debt securities among Galata merchants in the process of transitioning into a financial bourgeoisie, continues today under the roof of the modern Borsa İstanbul campus in Sarıyer, İstinye. This study discusses the evolution of capital asset trading activity in Istanbul from the late Ottoman period to the present day in the light of socioeconomic developments and events that have affected the economy. In this process, the exchange survived three moratoriums (1875, 1895 and 1958), two world wars (1914-1918 and 1939-1945), and more than a dozen economic crises and managed to emerge stronger from the bottlenecks experienced. Our modern stock exchange started its operations in its Cağaloğlu building with only 19 listed shares under the name of Istanbul Stock Exchange (ISE) on January 3, 1986, and merged with the Futures and Options Exchange and the Istanbul Gold Exchange on April 3, 2013, under the name of Borsa İstanbul (BIST). With 501 listed shares, a total market capitalization exceeding 1 trillion Turkish liras, and a monthly trading volume in excess of 100 million lots, BIST globally ranks thirty-seventh in terms of its market capitalization and first in terms of its average share turnover today.
Çalışma Sermayesi, Finansal Kaldıraç ve Net Faiz Getirisinin Banka Performansı Üzerindeki Etkisinin Panel Veri Analizi ile İncelenmesi
Çalışma Sermayesi, Finansal Kaldıraç ve Net Faiz Getirisinin Banka Performansı Üzerindeki Etkisinin Panel Veri Analizi ile İncelenmesi
(Investigation of the Effects of Working Capital, Financial Leverage and Net Interest Return on Bank Performance Using Panel Data Analysis)
- Author(s):Reyhan Öztürkmen
- Language:Turkish
- Subject(s):Business Economy / Management, Energy and Environmental Studies, Financial Markets, Accounting - Business Administration
- Page Range:199-212
- No. of Pages:14
- Keywords:working capital; financial leverage; financial performance; banks;
- Summary/Abstract:The purpose of this use is to reveal the variables that affect the financial performance of banks operating in Borsa Istanbul with an econometric model. For this purpose, quarterly data of 12 energy companies operating in the banking sector in Borsa Istanbul, the measure of which are 2005Q1 – 2021Q4, were gathered and panel data were collected. They are 2 model institutions that enable banks to reveal their working capital leverage values and net interest incomes between their financial performances. While return on assets is the dependent variable of Model 1, the main independent variables are working capital leverage ratios and net interest returns. While return on equity is the dependent variable of Model 2, the main independent variables are working capital leverage ratios and net interest returns. With the obtained business, it has been concluded that the variables of estimating the return on assets and return on equity of the banks and the positive perspective variables in both models are net interest returns. No transactional relationship was found on the return on assets and equity of working capital and financial leverage.
Borsa İstanbul A.Ş Perakende Ticaret Endeksinde Yer Alan Firmaların Faaliyet Etkinliklerinin Finansal Performansa Etkisinin VZA İle Ölçülmesi
Borsa İstanbul A.Ş Perakende Ticaret Endeksinde Yer Alan Firmaların Faaliyet Etkinliklerinin Finansal Performansa Etkisinin VZA İle Ölçülmesi
(Measuring the Impact of the Operational Efficiency of the Companies Listed in the Borsa Istanbul Retail Trade Index on Their Financial Performance Using DEA)
- Author(s):Mehmet Serkan Çalı, Salih Aydın
- Language:Turkish
- Subject(s):Business Economy / Management, International relations/trade, Financial Markets, Accounting - Business Administration
- Page Range:213-227
- No. of Pages:15
- Keywords:Financial analysis; Operational Efficiency; Borsa Istanbul Retail Trade Index;
- Summary/Abstract:Financial analysis is the determination of the liquidity, financial structure, activity and profitability of the enterprise by using the financial data contained in the financial statements of the enterprise, the statement of comprehensive income and others. Performance, on the other hand, is the success of businesses in achieving their goals and objectives. Accordingly, financial performance is expressed as the success of businesses in achieving their financial goals and objectives. Many methods are used to measure financial performance. These measurement results, on the other hand, contain some differences according to the type of analysis, the time of analysis and the analyzer. In this study, performance evaluation was made with the Data Envelopment Analysis method based on the financial data of the retail companies operating in Borsa Istanbul and indexed under the Wholesale and Retail Trade, Hotel and Restaurants sector in the period between 2015-2020. In this context, the data obtained from KAP were analyzed. As a result of the study, six companies were identified that proved to be effective in all five years and were able to maintain efficiency every year. The number of companies that could not provide efficiency in terms of the periods and companies discussed is 3. Other companies were able to provide efficiency in some periods and not in others. While the companies that can be taken as the most examples in the input-oriented DEA comparison table were Bim, Mavi and Mepet Metro companies in 2016, 2017 and 2018, Şok and Vakko companies were added to these in 2019 and 2020. The results obtained offer important implications for researchers, financial analysts and interested parties in comparing the companies in the retail trade index with each other.
Davranışsal Finans Çerçevesinde Yatırımcı Risk İştahı ve Pay Piyasası İlişkisi: Borsa İstanbul’da Sektörel Bir Araştırma
Davranışsal Finans Çerçevesinde Yatırımcı Risk İştahı ve Pay Piyasası İlişkisi: Borsa İstanbul’da Sektörel Bir Araştırma
(The Relationship between Investor Risk Appetite and Stock Market in the Framework of Behavioral Finance: A Sectoral Research in Borsa Istanbul)
- Author(s):Atilla Koçyiğit, Serdar Yaman
- Language:Turkish
- Subject(s):National Economy, Economic development, Financial Markets, ICT Information and Communications Technologies
- Page Range:229-257
- No. of Pages:29
- Keywords:Behavioral Finance; Investor Risk Appetite; Stock Market; Borsa Istanbul;
- Summary/Abstract:The speed of investors' access to information shows a parallel development with the increasing technological developments, and this situation is important for investors to direct their current savings. In addition, many psychological and sociological factors can affect investors' risk perceptions and investment decisions. In this study, the relations between risk appetite and the stock market are examined on a sectoral basis. BIST Industrial Index (XUSIN), BIST Services Index (XUHIZ), BIST Financial Index (XUMAL) and BIST Technology Index (XUTEK), respectively, representing the industry, services, financial and technology sectors, which are among the sectors that make up a significant size of the Turkish economy, are included in the scope of the study. In the study, the risk perceptions of capital market investors were represented by the Risk Appetite Index (RISE). In the study, monthly data for the period of January 2010-June 2022 were used. In the study, the relationships between BIST sector indices and risk appetite were investigated using cointegration analysis, causality analysis, impulse-response analysis and variance decomposition analysis. As a result of cointegration analysis, while no cointegration relationship was found between RISE and XUTEK, statistically significant cointegration relationships were found between other sectors indices and RISE. As a result of the causality tests, while bi-directional causality relationships were detected between RISE and, XUSIN and XUMAL indices, a one-way causality relationship was found between RISE and XUHIZ, which is from XUHIZ to RISE. As a result of the analysis, no causal relationship was found between RISE and XUTEK. Findings supporting the results of causality tests were obtained as a result of impulse-response analysis and variance decomposition analysis. As a result of the analysis, it has been determined that the changes in the stock values of the companies operating in the industrial, service and financial sectors shape the investor risk appetite, and the changes in the risk appetite cause changes in the stock values of the companies operating in the industrial and financial sectors. On the other hand, there is no significant relationship between the stock values of companies operating in the technology sector and investor risk appetite.
Türkiye’de Kripto Para Birimlerine Gösterilen İlginin Google Trends Verileriyle Analizi
Türkiye’de Kripto Para Birimlerine Gösterilen İlginin Google Trends Verileriyle Analizi
(Analysis of the Interest in Crypto Currency in Turkey with Google Trends Data)
- Author(s):Tahsin Galip Tekin
- Language:Turkish
- Subject(s):National Economy, Financial Markets, ICT Information and Communications Technologies
- Page Range:259-287
- No. of Pages:29
- Keywords:Cryptocurrency; Turkey; Google Trends Data; crypto money market;
- Summary/Abstract:The aim of this study is to reveal and analyze the interest shown in cryptocurrencies in Turkey and the internet researches made on the basis of Google Trends data for the three cryptocurrencies with the largest volume. The study consists of three chapters. The first chapter is about the concept of money and its historical development, Bitcoin, altcoins and Google Trends, where the conceptual framework is created based on the relevant literature. In the second chapter, summary information of some of the studies related to the subject obtained as a result of the literature review is given. The third chapter is the analysis chapter in which the data obtained are evaluated. In the analysis section, data for 2019, 2020 and 2021 were analyzed. All data used is taken from trends.google.com.tr. In the study, the data of searches made with the search terms “Kripto Para”, “Bitcoin”, “Ethereum”, “Binance Coin”, “btc”, “eth” and “bnb” were analyzed. Except for the search term “Cryptocurrency”, the search terms refer to the names and abbreviations of the three largest cryptocurrencies by volume, excluding stable cryptocurrencies. According to the results obtained, more interest has been shown in the crypto money market in Turkey in 2020 than in 2019 and in 2021 than in 2020. Eastern Anatolia and Southeastern Anatolia Regions have been the geographical regions that show the most intense interest in the crypto money market. Different usage habits have been identified in internet research on cryptocurrencies.
Dijital Çağın Finansı: Kripto Paralar
Dijital Çağın Finansı: Kripto Paralar
(Finance of the Digital Age: Cryptocurrencies)
- Author(s):Yunus Emre Kahraman
- Language:Turkish
- Subject(s):National Economy, Supranational / Global Economy, Financial Markets, ICT Information and Communications Technologies
- Page Range:289-304
- No. of Pages:16
- Keywords:Cryptocurrencies; Digital Age; global economy; national economy;
- Summary/Abstract:In this era, on the cusp of a new digital age characterized by rapidly accelerating technological advancements and novel challenges to traditional financial paradigms, cryptocurrencies and their inherent innovations hold substantial potential to markedly influence both the global economy and, notably, the financial landscape in Turkey. In this context, this comprehensive investigative study aims to thoroughly scrutinize the universe of cryptocurrencies, initiated with Bitcoin in 2008 and continually expanding with the development of numerous different cryptocurrency units ever since. It specifically aims to discuss the array of advantages, such as accelerating financial transactions, reducing transaction costs, enhancing traceability of financial operations, and diminishing restrictions in international payments, as well as the challenges, including volatility, illicit use, privacy, and regulatory uncertainties. The varied responses of governments and financial regulators to the increasing popularity of these new financial units, and their effects worldwide and specifically in Turkey, constitute a crucial part of this study's extensive examination. For a better understanding of the potential impacts of cryptocurrencies and the underlying blockchain technology, and how they may play a role in future financial systems, it is imperative for users to fully comprehend the benefits and risks offered by these novel technologies, as well as to closely observe technological progressions and societal adaptation processes to these innovative financial tools. In conclusion, this study seeks to provide a roadmap for identifying and analyzing the transformative potential of cryptocurrencies and their underlying technologies in how finance is operated and understood. While technological advancements and the growing popularity of cryptocurrencies present new opportunities and challenges for both the financial world and societies more broadly, understanding and properly guiding this domain is of paramount importance for the prosperity of future generations.