Yazar "Yazgan, M.E." seçeneğine göre listele

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    Detecting capital market convergence clubs
    (Walter de Gruyter GmbH, 2017) Beylunioglu, F.C.; Stengos, T.; Yazgan, M.E.
    In this study, we propose a new method to find convergence clubs that combine pairwise method of testing convergence with maximal clique algorithm. Unlike many o those already developed in the literature, this new method aims to find convergence clubs endogenously without depending on priori classifications. We use our method to study convergence among different capital markets as captured by their respective indices. Stock market convergence would indicate the absence of arbitrage opportunities in moving between the different markets as they would all present investors with similar risks. Furthermore, stock market convergence would be a precursor to GDP convergence as these economies would be bound by similar (possibly unobservable) common factors that affect long run macroeconomic performance. © 2017 Walter de Gruyter GmbH, Berlin/Boston.
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    Financial cycles of the Turkish economy: How will it end this time?
    (World Scientific Publishing Co., 2020) Yazgan, M.E.
    [No abstract available]
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    Has 'inflation targeting' increased the predictive power of term structure about future inflation: Evidence from Turkish experience?
    (2011) Kaya, H.; Yazgan, M.E.
    This article contributes to the vast literature on the predictive power of term structure on future inflation by focusing on an emerging market case: Turkey. The most important result emerging in our article is the following: Monetary policy change is an important determinant of the relationship between term structure and inflation to the extent that even the existence of the relationship critically depends on the nature of the monetary policy regime. In our case, the change in monetary policy is associated with the beginning of the implementation of an Inflation Targeting (IT) regime. While, before IT, the information in term structure does not provide any predictive power for future inflation; this phenomenon seems to be completely reversed after IT. Since the implementation of IT, the term structures of interest rates seem to have gained considerable forecasting power for future inflation. © 2011 Taylor & Francis.
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    Monetary policy rules in practice: Evidence from Turkey and Israel
    (2007) Yazgan, M.E.; Yilmazkuday, H.
    Forward looking monetary policy rules are estimated for Israel and Turkey. When variable inflation targets are taken into consideration, as opposed to the fixed targets used in prior research that use data from developed countries, forward looking Taylor rules seem to provide reasonable description of Central Bank behaviour in both countries. In general, it can be said that monetary policy appears to be quite strong in these countries, and especially so in Turkey, when compared with developed countries.
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    Nowcasting Turkish Food Inflation Using Daily Online Prices
    (Springer Science and Business Media Deutschland GmbH, 2023) Soybilgen, B.; Yazgan, M.E.; Kaya, H.
    This study uses a sample of daily food prices scraped from retail chains’ websites for the period from July 2018 to December 2020, comprising over 5.9 million data points. Using these food prices, we construct 132 food price subindexes compatible with official data published by the Turkish Statistical Institute (Turkstat), which are published only once a month. We then use the online food price subindexes to calculate the primary food inflation rate. We find that changes in our online food price index and the Turkstat data are closely related. The daily online food price index is then used to nowcast official food and headline inflation. Our results show that the online index successfully nowcasts the official inflation rates, providing results considerably earlier than the official rate is announced. We also observe that the implementation of the first coronavirus restrictions in Turkey in early 2020 caused online food prices to jump, whereas official food prices did not experience the same spike. © 2023, The Author(s), under exclusive licence to Springer Nature Switzerland AG.