We establish that the Turkish economy underwent a remarkable transformation during the last decade. We identify the underpinnings of this successful transformation as well as the inadequate policies that enabled vulnerabilities to accumulate. Despite improvement in the economic fundamentals,...

In this paper, we investigate the interrelations among Turkish interest rates with different maturities by using a regime switching Vector Error Correction (VECM) model. We find a long run equilibrium relationship among interest rates with various maturities. Furthermore we conclude that term...

The financial stability's effects on the monetary policy transmission mechanisms are investigated. Specifically, the heteroskedasticity of the errors is exploited, in a MGARCH, to obtain endogenously estimated measures of uncertainty. A two steps estimator of a Multivariate GARCH-in-mean model...

The financial stability's effects on the monetary policy transmission mechanisms are investigated. Specifically, the heteroskedasticity of the errors is exploited, in a MGARCH, to obtain endogenously estimated measures of uncertainty. A two steps estimator of a Multivariate GARCH-in-mean model...

The financial stability's effects on the monetary policy transmission mechanisms are investigated. Specifically, the heteroskedasticity of the errors is exploited, in a MGARCH, to obtain endogenously estimated measures of uncertainty. A two steps estimator of a Multivariate GARCH-in-mean model...

We investigate whether trade has any effect on the price formation process in a specific electricity market, and identify interconnected markets that have higher impacts on prices in that market. In particular, we study Ontario wholesale electricity market and its trade with 12 interconnected...

Micro-level empirical research has begun to obtain important results on the effects of currency variations on firms' survival. To date, the literature has lacked detailed analysis of the effects of exchange rates on firms' survival behavior in emerging markets due to a scarcity of firm level...

The paper involves the analysis of the seeds of the recent debt crisis that occurred in the Eurozone area. For the analysis we use the model of Fleming and Stein (2004). This model has two risk drivers arising from uncertainties in the return on capital and the effective rate of return on net...

In this paper we use a long memory framework to examine the validity of the Purchasing Power Parity (PPP) hypothesis using both monthly and quarterly data for a panel of 47 countries over a fifty year period (1957 to 2009). The analysis focusses on the long memory parameter d that allows us to...