Bu çalışmada 1990 yılından itibaren kredi notu “yatırım yapılabilir” seviyeye yükseltilen ülkelerde finansal ve makroekonomik göstergelerin not artırımının öncesi ve sonrasındaki eğilimleri incelenmektedir. Analiz sonuçları, kredi notu yatırım yapılabilir seviyeye...

The purpose of this paper is to empirically analyze the role of the banking sector in monetary policy transmission in Turkey covering the period 1988-2009. By exploiting dynamic panel data modeling approaches, the heterogeneity in banks’ lending response to changes in policy interest rates is...

2001 krizi Türkiye iktisat tarihinde önemli bir milattır. Bu makalede kriz sonrası dönemi 2002-2006 ve 2007-2012 alt dönemlerinde inceliyoruz. 2002-2006 güçlü bir stabilizasyon programının başarıyla uygulandığı, ekonominin normalleştiği bir dönemdir. Daha yakın döneme...

We provide a detailed classification of core and non-core liabilities for the Turkish banking system à laShin and Shin (2010). We further carry out a two-stage liquidity stress test similar to Van Den End (2010) where we simulate inflow and outflow factors as well as the network topology of...

Türkiye Cumhuriyet Merkez Bankası (TCMB) 2010 yılının sonlarından itibaren yeni bir para politikası çerçevesi tasarlayarak uygulamaya koymuştur. Bu makalede, yeni politikanın ortaya çıkış nedenleri, uygulaması ve sonuçları özetlenmekte; söz konusu politika çerçevesinin, orta...

Based on a vector autoregressive model, this paper shows that time variation in monthly excess returns on Swiss government bonds and stocks is predominantly driven by news of inflation and dividends, respectively. This finding is in marked contrast to US evidence which points to a more prominent...

Although the effects of economic news announcements on asset prices are well established, these relationships are unlikely to be stable. This paper documents the time variation in the responses of yield curves and exchange rates using high frequency data from January 2000 through August 2011....

This paper describes the Australian experience of domestic financial deregulation, capital account liberalisation and the float of the exchange rate, and provides a comparison to China's current efforts to reform its own financial system. In doing so, it considers similarities and differences in...

We estimate the response of Asian stock market prices to exogenous monetary policy shocks using a vector error correction model. In our paper, monetary policy transmits to stock market price through three routes: money by itself, exchange rate, and inflation. Our result points to the fact that...

The mainstay of the paper is formed by an analysis of the effects of China asset rate changes on Asian financial markets, China’s decision-making process, the impact of China’s economic development on global trade and production connections, and China’s ability to maintain a sustainable...