Browsing by Author "Karabiyik, C"

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    (Exploring) the Impact of Turkey's Embassies on Trade with sub-Saharan Africa
    Tepeciklioglu, AO; Tepeciklioglu, EE; Karabiyik, C
    This paper empirically investigates the impact of Turkey's embassies on trade with sub-Saharan Africa (SSA). It uses a panel data set that covers 28 African countries for the period of 2002 to 2020 in order to measure if the opening of an embassy increases Turkey's exports to relevant countries. The study found a positive relationship between exports and diplomatic representation via embassies. More precisely, the empirical results indicate that the presence of an embassy in an African country increases Turkey's exports to this country by 108%. The study also found that the presence of business councils has the same positive effect on Turkey's export performance albeit at a moderate level.
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    ASYMMETRIC EFFECTS OF MONETARY POLICY ON STOCK RETURNS: CASE OF BIST100 BULL AND BEAR MARKETS
    Karabiyik, C
    Fluctuations in the stock market create significant effects on the macroeconomic structure. For this reason, the volatility in stock markets is considered as an important indicator of stability. The monetary policy, which has the advantages of fast and easy implementation, is primarily preferred economic policy tool in response to economic instabilities. Therefore, revealing the impact of monetary policy on stock markets is of vital importance for effective policy development. In this research, the effects of monetary actions on stock returns are discussed from both empirical and theoretical perspectives. For the empirical study, a quarterly data set covering the period 1998Q3-2020Q1 was used. On the other hand, it has been argued by economists since the Great Depression that the effects of monetary policy are not linear and differ according to the structure of the current economic regime. Therefore regime-dependent effects of monetary policy on stock returns were examined using Markov Regime Switching Model and it has obtained evidence that monetary actions of CBRT are more effective in the bull market.
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    International Business Cycle Spillover Effects and Counter-Cyclical Monetary Policy
    Karabiyik, C
    In the first phase of this study the international spillover of economic fluctuations is investigated by Diebold and Yilmaz (2009) Spillover Index method. In the second stage of the study, the state asymmetry of the monetary policy has been tested by Markov Regime Switching method. According to the Spillover Index findings, 48% of economic shocks affecting the Turkey caused by external shocks. The economic fluctuations that occurred in Turkey are originated 12,5% from South Korea, 8.4% from US, 6.4% from Japan, 4.5% from Greece and 3.2% from the Spanish Economy. According to these results, the economic conditions of these countries are leading indicators for the Turkish Economy. Markov Regime Switching model findings show that Turkish Economy grows 1.82% on an average in the expansion, shrinks 3.38% on an average in the contraction and an increase in the exchange rate slows the economic growth in Turkey. Finally obtained econometric evidence shows that CBRT can bring real effect in expansion regime but not create real impact in the fight against recession.