Domestic stock markets, domestic bond markets, and currency exchange markets of three countries for the period between 1975 to 1996. My results show that price innovations in the three of the largest markets on the world are driven by a set of common factors, and that market prices conform to...

This paper applies multi-equation cointegration methodology to the short-term interest rate series of European Monetary System (EMS) member countries during the period from March 1979 to July 1998. The objective of the paper is to measure the degree to which the interest rates of EMS member...

We examine the link between financial development and economic growth in Turkey for the period 1991 to 2005 using quarterly data. We use relatively new time series techniques that are less prone to bias to examine this relationship. We also construct a comprehensive financial development index...

Different factors have been claimed to influence the foreign flows to a country. According to the push view, it is the international interest rates and the condition of the global economy that determines the capital flows to a country. On the other hand, the pull view states that domestic...

Observing that the Turkish Lira has appreciated against the US Dollar in the recent years in spite of the higher inflation rate in Turkey brings a question about the applicability of PPP to Turkish case. We provide Turkish Balance of Payments, an indicator of funds flow, as an explanatory factor...

We re-examine the link between financial development and economic growth in Russian Federation for the period 1994-2005. We use relatively new time series techniques to examine this relationship. When we control for the possible effects of monetary and fiscal policies on monetary aggregates and...

International trade has emerged as an important component of the developing economies of the world. In this setting, by supporting exports, export credit agencies play a unique role, as they complement the role of commercial banks as important financial institutions. At the same time, credit...