Central Bank Review最新文献_第5页

Liquidity transformation, collateral assets and counterparties 流动性转化，抵押资产和交易对手

IF 2.8

Central Bank Review Pub Date : 2021-12-01 DOI: 10.1016/j.cbrev.2021.09.001

Calebe de Roure , Nick McLaren

引用次数: 0

Covid 19 and the Turkish labor market: Heterogeneous effects across demographic groups 2019冠状病毒病与土耳其劳动力市场:不同人口群体的异质性影响

IF 2.8

Central Bank Review Pub Date : 2021-12-01 DOI: 10.1016/j.cbrev.2021.12.003

Altan Aldan, Muhammet Enes Çıraklı, Huzeyfe Torun

引用次数: 5

The impacts of international capital flows on household credits 国际资本流动对家庭信贷的影响

IF 2.8

Central Bank Review Pub Date : 2021-12-01 DOI: 10.1016/j.cbrev.2021.12.001

Bilal Çayır

{"title":"The impacts of international capital flows on household credits","authors":"Bilal Çayır","doi":"10.1016/j.cbrev.2021.12.001","DOIUrl":"10.1016/j.cbrev.2021.12.001","url":null,"abstract":"<div><p>This paper investigates the association between international capital flows (foreign direct investment and portfolio investments) and household credits using quarterly data for Turkey from 2005 to 2020. The Turkish financial market is a suitable sample due to Turkey's highly open economic structure to global markets and because of the country's strong demand dynamics. This study also employs a set of control variables in line with the existing literature and country-specific dynamics that might be related with household credit growth. Empirical findings show that (1) there is a unidirectional causal linkage from FDI and interest rates to household credits, (2) FDI and portfolio investments positively affect household credits in the long-run, (3) short-term results suggest a negative relationship between FDI and credit growth and (4), based on the results from the error correction model, a deviation in the household credit market is stabilized by 23.6% each quarter in order to achieve long-run equilibrium. The overall results of this study suggest that encouraging FDI inflows and thus accelerating the technological transformation of domestic markets may contribute to the development of the household credit market and indirectly to the welfare of households in Turkey.</p></div>","PeriodicalId":43998,"journal":{"name":"Central Bank Review","volume":null,"pages":null},"PeriodicalIF":2.8,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1303070121000317/pdfft?md5=2d710c66191bed4810042ee27a4aeed4&pid=1-s2.0-S1303070121000317-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79654793","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Heterogeneous provincial prices and monetary policy in South Africa: A wavelet-based quantile regression analysis 南非异质性省级价格与货币政策:基于小波的分位数回归分析

IF 2.8

Central Bank Review Pub Date : 2021-09-01 DOI: 10.1016/j.cbrev.2021.06.001

Abdul-Aziz Iddrisu , Imhotep Paul Alagidede

引用次数: 2

Domestic demand and exports: Evidence from Turkish firms 国内需求和出口:来自土耳其公司的证据

IF 2.8

Central Bank Review Pub Date : 2021-09-01 DOI: 10.1016/j.cbrev.2021.07.001

Selçuk Gül

引用次数: 0

Card spending dynamics in Turkey during the COVID-19 pandemic 2019冠状病毒病大流行期间土耳其的信用卡消费动态

IF 2.8

Central Bank Review Pub Date : 2021-09-01 DOI: 10.1016/j.cbrev.2021.07.002

Zeynep Kantur , Gülserim Özcan

引用次数: 4

Okun’s law under the demographic dynamics of the Turkish labor market 奥肯定律在土耳其劳动力市场的人口动态下

IF 2.8

Central Bank Review Pub Date : 2021-06-01 DOI: 10.1016/j.cbrev.2021.03.002

Evren Erdoğan Coşar, Ayşe Arzu Yavuz

{"title":"Okun’s law under the demographic dynamics of the Turkish labor market","authors":"Evren Erdoğan Coşar, Ayşe Arzu Yavuz","doi":"10.1016/j.cbrev.2021.03.002","DOIUrl":"10.1016/j.cbrev.2021.03.002","url":null,"abstract":"<div><p>This study examines the asymmetric relationships between demographic characteristics of labor market variables and Gross Domestic Product (GDP) in the Turkish economy. Both expansions and recessions are considered in a Markov Switching (MS) model, using quarterly data between 1989 and 2019. Okun’s coefficients are estimated for the different age groups, genders and education levels. The results reveal that men are more likely to lose their jobs during recessions in Turkey whereas unemployment rates for 25-39 year-olds and those with at least university degrees are the least affected groups. There is also asymmetry within and between states across the demographic groups due to GDP phases. The study also investigates the gender dynamics of labor force participation rates (LFPR) as a fundamental determinant of unemployment rate. According to the MS models, LFPR responds significantly and positively to GDP expansions for men whereas it is significant and negative for women. That is, as economic activity begins to recover after a recession, Turkish women leave the labor force as secondary income earners.</p></div>","PeriodicalId":43998,"journal":{"name":"Central Bank Review","volume":null,"pages":null},"PeriodicalIF":2.8,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.cbrev.2021.03.002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74376106","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Hidden reserves as an alternative channel of firm finance 隐性储备作为企业融资的另一种渠道

IF 2.8

Central Bank Review Pub Date : 2021-06-01 DOI: 10.1016/j.cbrev.2021.04.001

İbrahim Yarba

引用次数: 0

A measure of Turkey's sovereign and banking sector credit risk: Asset swap spreads 衡量土耳其主权和银行业信用风险的指标:资产互换价差

IF 2.8

Central Bank Review Pub Date : 2021-06-01 DOI: 10.1016/j.cbrev.2021.05.001

Doruk Küçüksaraç, Abdullah Kazdal, Halil İbrahim Korkmaz, Yiğit Onay

{"title":"A measure of Turkey's sovereign and banking sector credit risk: Asset swap spreads","authors":"Doruk Küçüksaraç, Abdullah Kazdal, Halil İbrahim Korkmaz, Yiğit Onay","doi":"10.1016/j.cbrev.2021.05.001","DOIUrl":"10.1016/j.cbrev.2021.05.001","url":null,"abstract":"<div><p>The existence of the credit derivatives written on the eurobonds such as credit default swaps or asset swaps allows policymakers and investors to monitor the evolvement of credit risk. However, these instruments are mostly available in advanced economies, whereas the market for credit derivatives in emerging market countries, including Turkey, is limited in terms of liquidity and maturity. In this regard, this study aims to construct a proxy for the credit risk of the Turkish Treasury and banking sector in international markets by calculating asset swap spread for US dollar-denominated fixed coupon eurobonds, which requires a robust estimation of the relevant yield curves. The study firstly presents the estimation of the sovereign and banking sector yield curves and then constructs a synthetic asset swap structure to obtain embedded credit risk premia in the eurobond curves. Our findings show that the proposed credit risk indicator is vastly correlated with credit default swap premium. In addition to this, estimated eurobond curves are also useful for monitoring borrowing cost dynamics of the Turkish Treasury and banking sector in international markets.</p></div>","PeriodicalId":43998,"journal":{"name":"Central Bank Review","volume":null,"pages":null},"PeriodicalIF":2.8,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.cbrev.2021.05.001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132726547","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

The asymmetric J-curve phenomenon: Kenya versus her trading partners 不对称j曲线现象:肯尼亚与其贸易伙伴

IF 2.8

Central Bank Review Pub Date : 2021-03-01 DOI: 10.1016/j.cbrev.2020.09.001

Moses Mutharime Mwito, Beatrice K. Mkenda, Eliab Luvanda

{"title":"The asymmetric J-curve phenomenon: Kenya versus her trading partners","authors":"Moses Mutharime Mwito, Beatrice K. Mkenda, Eliab Luvanda","doi":"10.1016/j.cbrev.2020.09.001","DOIUrl":"10.1016/j.cbrev.2020.09.001","url":null,"abstract":"<div><p>This paper examines asymmetries in the J-curve effects of real exchange rate on Kenya’s trade balance by using panel data for bilateral trade with 30 trading partners. The data covers the period from 2006q1 to 2018q4 and the Pooled Mean Group (PMG) estimation technique, under both the linear and nonlinear ARDL frameworks, is applied. This paper departs from previous studies by using a modified version of the standard trade balance model, which is more suited for bilateral trade analyses, and by incorporating nonlinearities. The findings of the PMG estimation based on the assumption of symmetric exchange rate effects reveal J-curve effects in only 7 bilateral trade relations. However, when the estimation is performed assuming asymmetric effects, the J-curve effects are evident in 13 cases. Long-run and short-run asymmetries are also confirmed and it is established that a simultaneous bilateral real depreciation of the exchange rate boosts the long-run trade balance. The implication of these findings is that a devaluation policy can be used to raise competitiveness of Kenya’s exports in the long-run.</p></div>","PeriodicalId":43998,"journal":{"name":"Central Bank Review","volume":null,"pages":null},"PeriodicalIF":2.8,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.cbrev.2020.09.001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82547180","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 7