Purpose-Housing markets are linked to macroeconomic and financial stability. The creation of different financial instruments on residence, the presentation of residence as an assurance, the impact of residence prices on saving and consumption through the wealth effect are some of the housing market and general economic interactions. Developments in the residential sector must be carefully monitored for financial stability. The residential sector has usually played an important role in the global economy and financial sector bubbles. It has been observed that the wealth effect created by the housing bubble surpasses the effect of the stock bubble and that the housing bubble explosion causes more economic devastation compared to the other assets bubbles. While housing markets are increasingly buried in financial markets, the connections between them have strengthened. Such a situation can cause financial crises as a way of extinguishment of a housing bubble. In the case of housing bubbles, bank balance sheets are generally more affected by real estate and it is more likely that the decline in real estate prices are transmitted to the other sectors of the economy with the credit channel. When the housing price bubble burst, the collapse in the financial system is also reflected in the real sector. In this study, with reference to the real housing price index and the real rent price index, it has been investigated whether there is the housing bubble in Turkey. Methodology-Sup ADF and Generalized SADF (GSADF) tests were used to determine the asset of bubbles and to determine when the housing bubbles had occured. The data set obtained in the study extends from January 2010 to November 2017. Findings-The results reveal empirical evidence on the absence of speculative bubbles in the Turkish housing market. Conclusion-There is no data with reference to housing price to say that there is the housing bubble in Turkey during the period under study. Turkey blocked the creation of the housing bubble in the period under review with corrections through its internal dynamics.
Sermaye yeterliliği, bankaların maruz kaldıkları riskler nedeniyle oluşabilecek zararlara karşı yeterli özkaynak bulundurmalarıdır. Yasal sermaye düzenlemelerine ilişkin yükümlülükler, finansal sistemin büyük kısmını oluşturan bankalar için sermaye yapısını belirleyen en önemli faktörlerin başında gelmektedir. Bankaların finansal tabloları incelendiğinde, sermaye yeterlilik oranının belirlenmesinde Basel kriterlerinin tek faktör olmadığı görülmüştür. Bu çalışmada Türk bankacılık sektöründe sermaye yeterlilik oranının belirleyicileri 2002:4-2017:1 dönemleri için panel veri yöntemiyle test edilmiştir. Çalışmanın sonucunda sermaye yeterlilik oranını; kredi oranı, mevduat ve aktif büyüklük değişkenlerinin negatif yönde, aktif getirinin pozitif yönde etkilediği bulunmuştur.
Varlık fiyatlarındaki keskin artışların finansal piyasalarda oluşturduğu balonlar büyük ölçüde volatiliteden kaynaklanmaktadır. Günümüz küresel finans düzeninde, finansal varlıkların günden güne ön plana çıkması finansal varlıklıkların fiyatlarında aşırı şişkinlik yaratmakta ve reel ekonomiyi zorlamaktadır. Öte yandan aşırı şişkin fiyatlara sahip finansal varlıkların oluşturduğu balonların patlaması da ekonomik istikrarı tehdit eder hale gelmektedir. Bu bağlamda, finansal gidişatta günlük dalgalanmaların yansıması niteliğindeki döviz piyasalarında balonların varlığının analizi ve tespiti daha önemli hale gelmektedir. Bu çalışmada, 2005:01 ile 2018:11 dönemi için USD/TL ve EURO/TL döviz kuru verilerinden hareketle, Türkiye döviz piyasalarında balonunun var olup olmadığı araştırılmıştır. Bu amaçla, balonların varlığının tespit edilmesi için Genelleştirilmiş SADF (GSADF) testi kullanılmıştır. Elde edilen sonuçlar, Türkiye döviz piyasasında USD/TL ve EURO/TL döviz kurlarında spekülatif balonların oluştuğunu destekleyen güçlü ampirik kanıtlar olduğunu göstermektedir.
The purpose of this study it to investigate the impact of monetary policy announcements by Central Bank of the Turkish Republic (CBRT) on market interest rates via micro variables on interest rates. In this context, this study investigated the relationship between monetary policy announcements and market interest rates for 2011:01-2015:10 term using GARCH model. The estimates have indicated that monetary policy announcements have different impacts on interest rate volatilities when distinguished as decisions on increasing, decreasing or fixing interest rates. It was found that contractionary monetary policy announcements have different impacts on market interest rates volatilities analyzed in the present study, while expansionary monetary policy announcements decrease the volatility on market interest rates. On the other hand, the announcements towards fixing the monetary policy increases the interest rate ISSN 2162-4860 2017 http://ber.macrothink.org 300 volatility of market interest rates. The results of the analysis also indicated that deposit interest rate weighted up to one year are affected the least by the monetary policy changes. Business and Economic Research
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