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Tests of Rationality in the Turkish Foreign Exchange Market
(Central Bank Republic Turkey, 2014) Topbas, Neslihan; International Trade and Logistics
The rationality of expectations has been tested in many foreign exchange markets using survey data. This study is aimed at gaining empirical insights about the expectations of market participants in the Turkish foreign exchange market. Using survey data provided by Central Bank of Turkey on the exchange rate of the Turkish lira against the US dollar, it is determined that the mean of expectations of market participants for one year and one month ahead were higher than the mean of actual depreciation. The analysis resulted in rejection of the popular test for forward exchange rate unbiasedness in predicting the future spot exchange rate. Another test of rationality has also been checked and the result has been rejection as well, which can be interpreted that the forward premium contains additional information for exchange rate forecasts.
Citation - WoS: 2
Citation - Scopus: 1
Measuring Dependence Between Electricity Consumption and Economic Indicators Via Copulas: Turkish Case
(Gazi Univ, 2018) Evkaya, O. Ozan; Yozgatligil, Ceylan; Selcuk-Kestel, A. Sevtap; Kestel, A. Sevtap Selçuk; Mathematics
This paper implements copulas to identify the dependence structure between electricity consumption and its cofounding indicators. To achieve this, Turkish electricity demand, its economic and sectoral indicators are taken into account. As a first step, bivariate copulas are used to identify the best fitting copula and the degree of the dependence. Thereafter, multivariate model is established using vine copulas using highly correlated variables. The empirical results confirm the added value of the proposed approach in determining numerous tail properties. We indicate that the copulas are useful to underline, especially, the tail properties of indicators in the market for decision makers.
Introduction: Marxifying IR, IRifying Marxism
(International Relations Council of Turkey, 2024-06-12) Yalvaç,F.; Joseph,J.
Although the neglect of Marxism has been a pervasive characteristic of IR theory, there has been a marked revival of interest in Marxism. Marx’s materialist insights into the general historical development of societies, as well as his critique of capitalism and political economy, have served as alternative starting points for different critical approaches to IR and offers a welcome alternative to neorealism, constructivism, and poststructuralism that have dominated IR for several decades. Marxism provides a redefinition of IR by focusing on changes in material circumstances, historical conditions, and society instead of assuming unchanging and fixed structures of anarchy or the state. Marx’s analysis and insights into the dynamics of international relations have become even more important given the ongoing crisis of neoliberal capitalism, the rise of authoritarianism, right-wing nationalist populisms, and the racial and gendered subordinations accompanying them pointing to the importance of Marxifying IR and IRifying Marxism. © 2024, International Relations Council of Turkey. All rights reserved.
Citation - WoS: 11
Citation - Scopus: 14
Card Spending Dynamics in Turkey During the Covid-19 Pandemic
(Central Bank Republic Turkey, 2021-09) Kantur, Zeynep; Özcan, Gülserim
This paper provides an extensive analysis of card spending during the COVID-19 pandemic in Turkey by using weekly aggregated and sectoral credit and debit card spending data from March 2014 to December 2020. At an aggregated level, we show that aggregate demand decreases significantly at the early stages of COVID-19 and seems to reinstate its pre-COVID trend. However, when we include the pre-existing conditions of Turkey, the 2018 currency crisis, we observe that the recovery in demand is not that strong. To highlight the underlying reasons for structural change in aggregate demand, we estimate the model with stringency index and unemployment-related search index. The estimated model indicates that containment measures and restrictions and fear of job/income loss mainly explain the overall impact of COVID-19 on aggregate demand. We also examined sectoral data to understand aggregate demand dynamics better. Only stable and delayable sector groups have reached a trend above their pre-pandemic trajectories. However, the social and work-related sectors are far from their respective pre-pandemic trend.

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