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Permanent URI for this collectionhttps://hdl.handle.net/20.500.12416/4380
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Article Is There a Financial Accelerator Mechanism in the Turkish Banking Industry(2018) Erenoğlu, Ekin Ayşe ÖzşucaThis paper empirically investigates the cyclical behavior of price-cost marginsfor Turkish banks over the 2002q1-2017q3 period by exploiting dynamic panel datamodeling approaches. The estimation results indicate that margins behavecountercyclically during economic fluctuations. It appears that Turkish banks’ price-costmargins tend to stay high acting countercyclical during economic downturns, which maylimit the supply of loans and thereby, cause a further reduction in production, deepeningthe contraction. Specifically, several bank-specific characteristics, that is; banks’liquidity, capitalization and size, together with the monetary policy and marketconcentration in the banking industry are found to be crucial in explaining thecountercyclical behavior of net interest margins in Turkey. Furthermore, the recentglobal financial crisis in the late 2008 seems to have a considerable effect on the banksmargins as well. Overall, these findings provide evidence for the existence of “financialaccelerator” at work in the Turkish economy during the period under investigation.Other Can Us Wage Increases Be Regarded as A\rleading Indicator for Bond Rates(2020) Acar, Elif Oznur; Özşuca, Ekin AyşeAfter the subprime meltdown, the Federal Reserve focused its attention on US non-\rfarm payroll data in order to pave the way for its fund rate hikes. As time went by,\rthe Federal Reserve deemed particularly one sub-component of this data, namely the\rincrements on average weekly wage growth as a proxy for in\ration and thus a plausible\rexplanation for raising the interest rates. In that aspect, we decide to elaborate on this\rissue further and examine whether this implemented strategy indeed had a re\rection in\rthe real market. For doing so, we intend to determine whether there is any causality\rrelation in either direction between US average weekly wage increases and 10-year\rTreasury Bond rates. We utilize the Toda-Yamamoto causality approach and come\rup with a statistically signicant result between wages and bond rates. For robustness,\rwe also consider the unemployment rate and consumption expenditures as independent\rvariables.