This study examines whether bank shareholders bear the burden of required reserves tax by analyzing the reaction of banks’ stock returns to the changes in the required reserve ratio. Results show that increases in reserve requirements significantly lower bank returns implying that shareholders...

In this paper, we make a detailed spectral analysis of the comovement of cycles of Turkish economy with cycles of euro area and the US. Relation between cycles may change with frequency, hence correlation of cycles at short, medium and long run may differ. Also, the correlation in different...