In this paper, the dynamic determinants of money demand function and the long-run and short-run relationships between money demand, real product and nominal interest rates are examined in Turkey for the time period 1980-2012. In particular we estimate a dynamic specification of a long money demand function based on Keynesian liquidity preference theory to ascertain the relevant elasticity of money demand using DOLS and FMOLS methods. The empirical results of the study show that in Turkey inflation, exchange rates and money demand are co-integrated, i.e., they converge to a long run equilibrium point. In this regard, correction procedure corrects nearly 31 percent of the biases from long run equilibrium in one year. Therefore, the real money demand in Turkey is positively related with income and negatively related with nominal interest rates.
The goal of this study is to test the implication of Mankiv's (1987) optimal seigniorage theory suggesting that in the long run higher tax rates are associated with higher inflation rates and higher nominal interest rates for Turkish Economy using time series dataset for the time period 1980-2011.We examine the long run relationship between nominal interest rates, inflation and tax revenue. For this purpose, we estimate the Mankiw'soptimal seigniorage model for Turkish Economy with the cointegration and vector error correction methods (VECM) techniques. According to econometric result, in long run there is a causality relationship from inflation and tax revenue to nominal interest rates. However, in short run we could not find any evidence that support the causality from inflation and tax revenue to nominal interest rates.
ÖZET: Hızlı, etkin ve düşük maliyetli sistemlere sahip borsaların rekabette bir adım önde olduğu günümüzde Hisse Senetleri Piyasası'nda sürekli müzayede sistemi ve piyasa yapıcılığı sistemi birlikte uygulanmaktadır. Borsa İstanbul için elde edilen sonuçlara göre piyasa yapıcılığı sisteminin uygulandığı piyasalarda piyasa likiditesi, derinliği ile genişliğinde iyileşmeler gözlenmekte olup, işlemlerde süreklilik ve fiyatlarda etkinliğin sağlanmasında piyasa yapıcılığı sisteminin kullanılabileceği düşünülmektedir.ABSTRACT: Stock markets having fast, efficient and low cost systems are one step ahead of others; at these markets auction method and market making system are in operation. The empirical results suggest for Borsa Istanbul (formerly İMKB), with adoption of market making system, improvements are observed in the liquidity, depth, and spread of stocks. That market making system could be useful in increasing continuity of transactions and efficiency of price mechanism in exchanges is being considered.
Bu çalışmada Avrupa ülkelerinde 1956 yılından bu yana her yıl düzenlenen Eurovision Şarkı Yarışması'nda (ESC) bir şarkının başarısına coğrafik ve kültürel komşuluğun etki edip etmediği araştırılmaktadır. Özellikle Eurovision'un oylama sisteminin 1998 yılında değiştirilerek halkın da internet veya telefonla oy kullanmasına imkan veren tele-oylama sisteminin getirtilmesi ile ülkeler arasında taraf tutma eğiliminin giderek arttığı gözlenmiştir. Elde edilen sonuçlara göre, hem kültürel hem de coğrafi komşuluk bir şarkının başarısını etkileyen temel unsurlardandır.
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