This paper estimates country risk using an alternative method to commonly used country risk models by the rating agencies. The paper builds on earlier work and tries to identify empirically the important factors affecting debt service capacity of borrowing countries. In this study we assess the...

This study investigates whether the response of Turkey to the common shocks during financial crises has changed or not (i.e. tests for shift-contagion) relative to a wide group of other emerging countries for the period 2002:01-2011:10. The shift contagion tests indicate that the adverse effects...

In this study we attempt to shed some light on the theoretical and empirical discussions regarding the role of monetary aggregates in monetary policy formulations. We also assess the developments in the aftermath of the global financial crisis and emphasize the role of monetary aggregates in...