The Eurozone debt crisis is an ongoing financial crisis that has made it difficult or impossible for some countries in the euro area to rollover their government debt without the help of third parties. The reasons for the Eurozone debt crisis can be summarized in three groups: (i) Errors on the...

The last decade witnessed an unprecedented economic growth in Emerging Market Economies (EMEs). EMEs have also been the main drivers of growth in the recovery following the global financial crisis. Nevertheless, EMEs continue to face a number of institutional and structural challenges that may...

This paper examines Turkey’s international cost competitiveness in manufacturing with respect to the Slovak Republic, and quantitatively investigates the relationship between Turkish cost competitiveness and the exports of manufactured goods at an industry level. The Relative Unit Labor Cost...

By using data from 8 depository institutions in Turkey we evaluate the drivers of securitization between 2004 and 2009. Our analysis shows that previous period securitization as well as bank equity, level of profits and asset size are important factors in a bank’s decision to securitize its...

Motivated by the increased importance of foreign bank entry, this paper takes a look at the issue from the perspective of both foreign entrants and the host country. What are the conditions that make the host country market attractive to foreign entrants? What changes in the home country...

This paper provides a model to account for the empirical evidence that volatility reduces growth. In the model, greater volatility increases the cost associated with capital market imperfections and induces the financial intermediaries to charge higher interest rates. The model is based on one...

This study attempts to give an insight about the trend in the performance of the Turkish banking sector by conducting a panel data fixed effects regression analysis. The results reveal that efficiency change is negatively related to the number of branches. We find a positive relationship between...

The high credit card interest rates in Turkey attracted considerable attention in recent years to regulate the Turkish credit card industry. Before any regulation decision taken, there needs to be better conceptualization and analysis of the Turkish credit card market. First, we highlight the...

This paper investigates the causes of Turkish export-boom after 2000 in the manufacturing sector. We mainly concentrate on cost and productivity aspects of the production in the manufacturing sector. Effects of productivity, wage and exchange rate are analyzed in the framework of the augmented...

The failure of competition and the consequent high and sticky interest rates in credit card markets have been the subject of a considerable amount of debate and research lately. This paper presents the first regression testing for the existence of price competition in a credit card market to be...