The aim of this work is to investigate the impact of the introduction of index futures on the volatility of the underlying Turkish spot market. For this purpose, symmetric and asymmetric conditional-volatility models have been employed by using the Istanbul Stock Exchange 30 Index (ISE30) daily returns. The evidences indicate that there have been significant changes in the structure of volatility in the ISE30 spot market, following the onset of futures trading. It has also been found that the asymmetric effect is relevant in the post-futures period.
This study uses a Mincerian earnings function to estimate the effect of education and experience on the wages of women working in developed business and trade center of Bishkek, Kyrgyztan. It employs a robust median regression and M Regression to estimate the functions for both public and private sectors. The paper also estimates the function using a least squared regression for comparison. Findings/Originality: The results show that returns to education for women employees in the private sector are higher than that of in the public sector. In contrast, the returns to experience for women employees in the public sector are higher than those in the private sector. The study reveals that schooling has strong causal effects on wages. Therefore, the government should give sufficient priority to education. Every Som spent in quality education generates strong positive returns for the whole economy. So that Kyrgyz government should put more efforts to enable individuals staying longer in education.
The purpose of this paper is to measure the systemic risk contributions of Turkish banks and to identify the systemically important banks of Turkey during the period from 2005 to 2016. We apply the conditional value-at-risk (CoVaR) method proposed by Adrian and Brunnermeier (2009) using quantile regression. The study includes thirteen major banks of Turkey, including both public and private banks, out of a total of 52 banks. The banks are ranked in terms of their systemic risk contribution to the Turkish financial system based on their asset returns, macroeconomic variables and individual bank variables. The study reveals that Akbank, Garanti, Yapi Kredi and Isbank have the highest systemic risk contribution to the financial system when adding macroeconomic variables to the model. This ranking is changed to Yapi Kredi, Garanti, TEB, Sekerbank and Akbank when taking into account bank-specific variables. One surprising result is that risk in isolation and the spillover risks of public banks are smaller than in large private banks. Furthermore, the marginal systemic risk contributions of public banks are smaller than those of private banks. In conclusion, authorities improve the regulatory framework according to the context of CoVaR in addition to monitor the idiosyncratic risks of banks.
Energy is one of the key factors of maintaining a quality life with economic and social development. Accordingly, measuring the development level of a given country can be possible by considering the development level of the energy sector of that country. The purpose of this study is to examine the relation between the consumption of several energy resources classified as fossil, renewable and nuclear resources with carbon dioxide emission. For this purpose, monthly data of the U.S.A. covering the period of 1990-2011 were used and Threshold Error Correction and Threshold Granger Causality analyses were carried out with the Hansen and Seo (2002) approach. Findings of the study indicate the presence of a causality relation between the consumption levels of the discussed energy resources and CO2 emission.
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