Monetary transmission mechanism is the mechanism which shows in what ways and what extent interaction between the real economy-monetary policy, impacts aggregate demand and production. While transmission channels or mechanisms traditionally classified they divided into three categories; interest rates, Exchange rates and other asset prices.In this study to test the existence of the European debt crisis by the monetary transmission mechanism, 15 members of European Union country by using annual (2002)(2003)(2004)(2005)(2006)(2007)(2008)(2009)(2010)(2011)(2012)(2013)(2014)
This article examines informational efficiency in the Corporate Governance Index comprising of firms having corporate governance ratings in Turkish equity markets. By using ARFIMA FIGARCH model, it is empirically showed that Corporate Governance Index does not display long-memory effect, thus is in weak-form efficiency. The article has originality in that it examines Corporate Governance Index in Turkey in terms of market efficiency by employing ARFIMA-FIGARCH model that consider coexistence of long-term memory in return and volatility.
This article aims to explain the effect of foreign exchange on the stock returns. In this respect, the effect of the exchange rate on the performance of selected companies representing the financial sector in the Borsa Istanbul (BIST) 100 index has been comparatively examined in the COVID-19 pre-pandemic period (15/09/2019-10/03/2020) and the post-pandemic period (11/03/2020-09/10/2020). In the study, the relationship between the variables was estimated with three different regression models (Adler and Dumas Model, Jorion Model, Choi and Prasad Model). According to the findings, the increase in the exchange rate in the pre-pandemic period caused a decrease in the average return of stocks in the financial sector. According to the findings, the relationship between the variables in the pre-pandemic period is compatible with the traditional approach. The relationship between the variables was statistically insignificant during the postpandemic period. The fact that exchange rate had no effect on the return of stocks during the post-pandemic period pointed out that the return of stocks affected by different factors during the post-pandemic period.
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