Central banks can achieve their objectives through a host of measures. Monetary policy decisions affect the economy in general and the price level in particular. The transmission mechanism can be characterised by parameters such as long maturity, economic variables and uncertain time lags. Therefore, it is difficult to predict the precise effect of monetary policy actions on economy and price level. Monetary policy is currently in the center of discussions about how to promote sustainable growth and low inflation. This study provides an overview of the transmission mechanisms of monetary policy, starting with the traditional interest rate channels, and it explains the operating principles of other asset pricing which are so-called credit channels.Monetary policies of central banks will be analyzed throughout this paper. Theoretical principles of monetary transmission channels are examined by investigating the effectiveness of these channels in terms of the relationships between monetary policies and economic realities. This is done in order to identify which monetary channels are actively working by utilizing vector auto regression model. This paper provides an overview of transmission mechanisms of monetary policy. The results of the vector auto regression model revealed that the traditional interest rate channels of the monetary transmission mechanism work actively in Turkey. It also indicates that the exchange rate channel does not play a decisive role at this level of production even though a significant effect on the general prices can be expressed through exchange rate channels. Observations suggested that stock quotes and credit channels are not working effectively.

Gold is always a precious metal for many hundred years. Semi flexible gold demand and supply chain determines international gold prices in the long term. USA is ranked the world's largest gold producer. This study mainly aims to investigate the dynamic factors which affect the price of gold and determine the essential macro-economic variable that has the most important role during the process. This paper examines USA over 13 years applying a formal test for time series, which interrogate cointegration relationships, what is the affiliation between gold price and other factors, which are explained in detail below. The present study has used the monthly data from January, Through the time series, an analysis has been carried out on Dow Jones Index, the US exchange rate, silver price, interest rate, oil price and inflation rate which are thought to influence the price of gold in the most significant way.The data analysis includes the determination of the conditional heteroscedastic model to estimate volatility. Therefore, the best fitting model to the data set, which is the exponential GARCH model, is preferred. In accordance with the results of the empirical analyses in the USA, the highest negative correlation is found between gold prices and US exchange rate. Secondly, a positive correlation is found among gold prices, silver prices, and oil prices.Another point which takes attention as a result of the study is that economic and political structural breaks weighed heavily, traders and hedgers from all over the world were able to drive prices up to incredible highs. The added value of our study arises from the inclusion in the analysis of macro economic variables, which has proved to have crucial relevance for the price of gold in the context of the recent economic structure.

Bu makale, en az iki hakem tarafından incelenmiş ve intihal içermediği teyit edilmiştir. / This article has been reviewed by at least two referees and confirmed to include no plagiarism.

In the 21st century, while the scope of banking activities has been expanding every day, collecting deposits and providing credit remain as their main and most important functions. They transfer the collected funds thanks to the market confidence they create back to the market in terms of the credits they give. For the organizations operating in the banking sector, crediting is the highest revenue earning source. However, uncollected loans may disrupt the activities of banks and may reduce their effectiveness. Therefore, the control of bank credits has a particular importance in the bank balance sheets. In this study, the relationship between bank balance sheets and non-performing loans (NPL) will be analyzed using Granger causality test and vector autoregressive (VAR) method. This study aims to discuss the impact of NPL on balance sheets and contribute to making correct credit decisions. It also intends to assist to reduce the NPL ratios of banks and minimize the level of negativity in their financial statements.

testiyle asimetrik nedensellik ilişkisi açılarından incelenmiştir. Yapılan testler sonucunda edinilen bulgulara göre; Türkiye'de sektörel güven endeksleri ile ilgili Borsa İstanbul (BİST) sektör endeksleri arasında simetrik bir nedensellik ilişkinin varlığı tespit edilememiştir. Buna karşın, bu değişkenler arasında asimetrik bir nedensellik ilişkisi saptanmıştır. Diğer bir ifadeyle, sektörel güven endeksleri ile borsa sektör endeksleri arasında doğrudan bir nedensellik ilişkisi bulunmazken, bu değişkenlerin bileşenleri üzerinden bir nedensellik ilişkisi bulunmaktadır.