Using an event study method, we examine how stock markets respond to the policies of the European Central Bank during 1999-2015. We use market prices of futures (government bonds) to identify surprises in (un)conventional monetary policy. Our results suggest that especially unconventional...

[TR] Son donemde yasanan krizlerin etkisiyle finansal bulasicilik ekonomi ve finans yazininda en cok tartisilan konulardan birisi olmustur. Bu calismada, gelismekte olan ulkelere iliskin 2002 : 01-2011 : 10 donemi verileri kullanilarak kriz donemlerinde Turkiye’nin ortak soklara goreli...

The procyclical behavior of credit supply amplifies the business cycles. One of the aims of the traditional macro-prudential policies is to smooth the business cycle fluctuations by mitigating the excessive volatility in the risk appetite of financial intermediaries. This study shows that...

[TR] Turkiye’de para politikasi aktarim mekanizmasinda Borsa Istanbul Repo/Ters Repo Pazari’nda olusan gecelik faiz (BIST gecelik faizi) kritik onem tasimaktadir. Geleneksel enflasyon hedeflemesi uygulanan donemde BIST gecelik faizi politika faizini oldukca yakindan takip ederken, 2010...

[TR] Bu calismada gecmise donuk olarak derlenen Reuters beklenti anketi verileri ve gercek zamanli veriler kullanilarak Turkiye’de makroekonomik degiskenlere iliskin surprizlerin doviz kurlari uzerindeki etkileri 5 Ocak 2004- 18 Temmuz 2012 donemi icin incelenmistir. Bulgular, Turk lirasinin...

Since the end of 2010, Central Bank of the Republic of Turkey has adopted a new policy strategy which jointly uses liquidity, credit, and interest rate policies. The new framework has increased the need to develop and monitor a broad measure of “financial conditions” index that would...

Recently, massive global liquidity has compelled many emerging market economies to change their monetary policy frameworks in order to address the financial stability challenges posed by volatile capital flows. In this respect, as of the second half of 2010, the Central Bank of the Republic of...

This study investigates whether the response of Turkey to the common shocks during financial crises has changed or not (i.e. tests for shift-contagion) relative to a wide group of other emerging countries for the period 2002:01-2011:10. The shift contagion tests indicate that the adverse effects...