CDS, Faiz ve Döviz Kuru Arasındaki Nedensellik İlişkisinin Analizi: Granger Coherence Metodundan Yeni Kanıtlar

Gök, Remzi; Kara, Erkan

doi:10.17153/oguiibf.854172

Cited by 9 publications

(1 citation statement)

References 46 publications

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“…While economic institutions can sometimes create policies on their own, with economic priorities, unfortunately, we cannot say that they provide continuity in creating independent policies. Annual income per capita is below 10,000 $, and the economy has faced economic and currency crises (Gök and Kara, 2021) in different periods. Turkish democracy has a history of more than 200 years.…”

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confidence: 99%

Perceived Organizational Democracy and Associated Factors: A Focused Systematic Review Based on Studies in Turkey

Geçkil

2022

Front. Psychol.

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This review study provides an opportunity to look at the level of organizational democracy (OD) that a large sample of private- and public-sector employees in an emerging market (Turkey) perceive. The focused systematic review includes empirical studies examining employees' level of OD and associated work and organizational psychological variables, using the Organizational Democracy Scale (ODS) in Turkey. This paper includes studies published between January 2014 and April 2021 in the Google Academic, Dergipark, and Ulakbim databases and on the Turkish National Thesis Center website. From a total of 1,778 records, 37 empirical studies meeting the inclusion criteria were included (with a total of N = 10,370 employees). Of these studies, 67.6% are published articles and manuscripts, 24% are unpublished dissertations, and 43.2% of the studies took place in the public sector. The results suggest that the level of employees' perceived OD was slightly above the medium level (mean: 3.30 ± 81), and the scores of the private-sector employees are higher than those of the public employees. Further, empirical associations between OD and 21 different outcome variables are reported and discussed. To varying extents, significant positive correlations were found between the level of employees' perceived OD and positive organizational variables, such as organizational citizenship behavior, organizational commitment, psychological capital, and job satisfaction. On the other hand, negative significant relationships occurred between OD and negatively evaluated organizational variables, such as job stress and organizational depression. The results of this study support the importance of organizational democracy as a management approach.

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Section: Introductionmentioning

confidence: 99%

Perceived Organizational Democracy and Associated Factors: A Focused Systematic Review Based on Studies in Turkey

Geçkil

2022

Front. Psychol.

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Do economic uncertainty and political risk steer CDS dynamics? An analysis of the Türkiye CDS

Tekin

2024

IMEFM

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Purpose This study aims to identify critical determinants of sovereign credit risk by examining the influence of oil prices, gold prices, geopolitical risk, market volatility, exchange rates, inflation and non-performing loans on Türkiye’s credit default swap (CDS) spreads. This analysis provides a comprehensive understanding of how economic uncertainty and political risk impact Türkiye’s financial stability, as reflected in its CDS market. This study investigates the importance of ex ante proxies in explaining changes in CDS spread by financial and economic indicators in Türkiye. Design/methodology/approach This research explores the connections between critical financial and economic indicators and the credit risk of Türkiye between 2009 and 2022 by using advanced econometric techniques such as ARDL bound tests, fully modified ordinary least squares (FMOLS), dynamic ordinary least squares (DOLS), Johansen co-integration tests and VECM Granger causality analyses. Findings ARDL bound test results reveal significant negative impacts of BIST and non-performing loans on CDS, and positive associations with inflation, VIX and geopolitical risk on CDSs. The short-term results show that BIST, INFL, NPL, USD, VIX and GPRT have negative coefficients. Johansen co-integration, FMOLS and DOLS results reinforce the ARDL findings. Moreover, BIST is a significant Granger cause of CDS. Originality/value This study is significant, as it jointly considers economic and political risk factors, thereby integrating multiple econometric models to provide more robust, meaningful and comparable results. By examining these factors together, the analysis offers a more comprehensive understanding of risk dynamics, yielding insights relevant to Türkiye. Although the findings are specific to Türkiye, they have broader implications, enriching the understanding of emerging economies. Türkiye’s status as a key representative of emerging markets strengthens the study’s value, as the results can serve as a reference point for other countries with similar economic structures. The importance of this study is also underscored by its potential to inform risk management strategies, guide policy decisions and offer insights to investors and financial analysts. By elucidating the intricate relationships among a broad spectrum of macroeconomic variables, this research contributes to a more comprehensive risk assessment framework. It equips stakeholders with a more informed perspective on the factors influencing credit risk in Türkiye’s economic landscape.

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Identification of Multiple Bubbles in Turkish Financial Markets: Evidence From Gsadf Approach

Gök

2021

Marmara Üniversitesi İktisadi Ve İdari Bilimler Dergisi

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This study examines the explosive behavior in the five local market prices of stock indices (in USD and TRY), bond, CDS, gold, and currency exchange rate of USDTRY at weekly observations over the sample period between 2005 and 2021. We find strong evidence of bubble formations in bond, gold, and currency markets during the crisis (financial and pandemic, such as ongoing COVID-19 outbreak) and non-crisis periods. The findings show both unidirectional and bidirectional causal linkages under the homoscedasticity and heteroscedasticity assumptions. Additionally, the causation is most pronounced under the homoscedastic model between the currency market with the CDS, gold, and stock markets.

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CDS, Faiz ve Döviz Kuru Arasındaki Nedensellik İlişkisinin Analizi: Granger Coherence Metodundan Yeni Kanıtlar

Cited by 9 publications

References 46 publications

Perceived Organizational Democracy and Associated Factors: A Focused Systematic Review Based on Studies in Turkey

Perceived Organizational Democracy and Associated Factors: A Focused Systematic Review Based on Studies in Turkey

Do economic uncertainty and political risk steer CDS dynamics? An analysis of the Türkiye CDS

Identification of Multiple Bubbles in Turkish Financial Markets: Evidence From Gsadf Approach

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