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This paper investigates the role of oil prices in explaining the dynamics of selected emerging countries' exchange rates. Using daily data series, the study concludes that a rise in oil prices leads to significant appreciation of emerging economies' currencies against the U.S. dollar. The authors divide daily returns from January 3, 2003, to June 2, 2010, into three subsamples and test the impact of changes in oil prices on exchange rate movements, generalizing impulse response functions to track the dynamic response of each exchange rate in three different time periods. Their findings suggest that oil price dynamics changed significantly in the sample period and the relationship between oil prices and exchange rates became more obvious after the 2008 financial crisis.KEY WORDS: emerging market exchange rates, financial crisis, oil prices.Ibrahim Turhan (ibrahim.turhan@imkb.gov.tr) is chairman and CEO, Østanbul Stock Exchange, Ankara. Erk Hacihasanoglu (erk.hacihasanoglu@imkb.gov.tr) is director of the Research Department, Østanbul Stock Exchange, Ankara. Ugur Soytas (soytas@metu.edu.tr) is a professor in the

We look at market discipline in the Islamic deposit market of Turkey for the period after the 2000 crisis. We find support for quantity based disciplining of Islamic banks through the capital ratio. The evidence for price disciplining is, however, less convincing. In addition, we also look at the effect of the deposit insurance reform in which the dual deposit insurance was revised and all banks were put under the same deposit insurance company in December 2005. We observe that the reform increased quantity based disciplining in the Turkish Islamic deposit market.

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