Abstract:The target of monetary policy is generally set as to create an environment of manageable employment and affordable long-term interest rates. However, priorities of central banks may differ depending on economic and financial circumstances of individual countries. Modern approaches to monetary policy transmission can be grouped under two headings, Money View and Credit View. The money view concentrates on interest rates to explain the effects of monetary policy on aggregate spending by creating an interest rate channel. The credit channel transmission approach focuses on the supply of credits by banks following a monetary policy shift in interest rates. In 2010, the Central Bank of Turkey (CBT) developed an interest rate corridor shaped by one-week and overnight repo lending to the financial banks to absorb excessive volatility caused by short-term capital inflows. Under this framework, the CBT implements its monetary policy in two ways; firstly it can alter the interest rates of weekly repo as well as O/N lending rate. Secondly, it can configure the funding structure it provides to the financial intermediaries. In such a framework, the interest rate transmission mechanism has been operated by two benchmark interest rates, one of which is the weighted average of the cost of funds provided by the CBT and the other is the interest rate in Borsa Istanbul (BIST) money market transactions at an overnight maturity. There is a strong co-movement between the interest rates and they are affected by the movements in the CBT lending rate in both directions. Interest rates applied to deposits and loans by banks are affected by the policy rate (CBT Average Funding Rate) and the market rate (BIST O/N Repo Rate).

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Çevre kirliliğinin yaygınlaşması, endüstriyelleşmenin çevresel etkileri ve iklim değişikliğine ilişkin gelişmelerin derinleşmesi ile birlikte "hayatın sürdürülebilirliği"nin sağlanması hususu büyük önem kazanmıştır. Bu kapsamda, gerçekleştirilen 21. Birleşmiş Milletler (BM) İklim Değişikliği Taraflar Konferansı sonucunda, 196 ülke tarafından onaylanan Paris Anlaşması çerçevesinde küresel ısı artışı 1.5-2C olarak hedeflenmiştir. Yeşil projelerin finansmanı son beş yılda büyük ölçüde yeşil tahvil ihraçları ile gerçekleştirilmiştir. Bu kapsamda ilk Türk yeşil tahvil ihracı da bir Türk yatırım bankası tarafından 2016 yılı Mayıs ayında gerçekleştirilmiştir. Bu ihraç, ihraca hedeflenen tutarın 14 katı kadar teklif gelmesi ve bunun sonucunda hedeflenen fiyatta 62.5bps düşüş sağlanması sebebi ile çok başarılı bir sermaye piyasası işlemi nitelendirilmektedir. Bu ihracın başarısı yeşil tahvil ihracının diğer Türk finansal kuruluşları için de bir yeşil kaynak olacağını ortaya koymaktadır.

In this study, we investigate market efficiency considering nonlinearities by testing the weak-form market efficiency of the stock markets of Brazil, China, Russia, Turkey, and South Africa using recently proposed nonlinear panel unit root tests. The stock markets of these emerging countries are deliberately selected for their market capitalization to form a homogenous panel. The results of nonlinear models indicate that the stock market indexes are stationary and weak-form inefficient. This finding contributes to the contradictory results of the prior research using linear and nonlinear models about the efficiency of emerging stock markets in favor of nonlinear ones. Furthermore, we propose that studies using financial variables consider such nonlinearity in order to achieve more accuracy in findings related to such studies.

In this paper, it is aimed to fill a gap in the literature by providing empirical evidence on the influence of monetary policy of Central Bank of Turkey on bank lending in Turkish financial system. In the analysis, the bank level data consisting of 20 banks and monthly market interest rates are used for the period 2001-2017. The findings of the study address three different perspectives of transmission of monetary policy rates. Firstly, the effect of the policy rate on bank lending rates is evaluated and it is confirmed that a change in the policy rate has been reflected in banks' lending rate with 3 months lag. The second group of findings report that the monetary policy affects banks' lending rate in Turkey mainly through its effects on the deposit rates with a lag of 2 months. The third perspective focuses on the balance sheet channel of monetary policy transmission. The results indicate that mainly the policy rate of central bank and liquidity level affect the supply of bank loans. Each of the variables of the adequacy of bank capital and ROA affects the bank's supply of the loans. Amongst the economic variables, the GDP growth has a positive and significant and stock exchange index has negative and significant relation with the supply of bank loans.

Mainly two aims are set for this study, the firstly to give insight about the theories of geographic economics and the second is to identify the benefits of the establishment of a logistics center to economy by using a case of setting of a trailer park in the border of East Turkey. It is thought that the first aim is realized, however the lack of statistical data of Turkey on the basis of cities, even regions, constituted a very critical constraint to the analysis for the second aim. The analysis is realized by employing the available substitute data and the results of the analysis did not indicate any significant improvement in the economic indicators of the region. The reasoning of the finding may be the type of logistics establishment. A more comprehensive infrastructural investment is required for considerable decline in transportation costs.

For decades Turkey has strived for increasing tourism revenues with the ultimate aim to reduce the current account deficit. Turkish governments have offered several incentives such as reduced utility prices, funding alternatives for tourism investments and reduced tax rates, while pursuing policies aimed at eliminating any bureaucratic barriers that may hinder growth in the tourism sector. An official document which incorporates an ambitious and extremely detailed plan to achieve 50 million tourist arrivals and revenues of USD 50 billion by 2023 is on the agenda. This paper is prepared for contributing to the literature on tourism economics based on Turkey which is rare. The aim of this study is twofold; firstly the debut analysis of the funding structure of Turkish tourism sector is realized by using the aggregate balance sheet of 555 tourism companies. The data represents the general structure of the tourism sector as capital intensive and the major source of funding is mainly borrowing from the financial institutions. Then, a model is proposed by using the linear regression by which the effects of the variables of public incentive disbursements, terrorism index, real effective foreign exchange rate, share of loans to tourism sector in total loans provided by financial system, average expenditure incurred by tourist and the tourism receipt level of major and geographically more substitute competitor of Greece on Tourism revenue level is examined.

In mid 2000s, a new Fintech era has commenced which is known as "Crowd lending" or "FinTech Credit" whereby credit activities are realized online through internet platforms that match borrowers with lenders (investors). Those kinds of lending activities are named Peer to Peer Lending (P2P). The purpose of this study to elaborate the functioning and regulatory framework of P2P lending in US and China. Those two countries can be considered as two conspicuous example of the application of P2P lending especially in terms of regulation. China transformed its P2P market in 2015 after a long loose regulation period and US from the very beginning applied a strict regulation on the market. By that way, a set of terms of regulation is aimed to be proposed especially for the emerging market countries. It is thought that P2P lending can contribute to the economic development of the emerging market countries if it is applied properly. The contribution of this study to newly developing literature is to provide a comparison and also a set of terms of regulation to be applied in the emerging market countries.