https://hdl.handle.net/20.500.12809/252 Fri, 17 Apr 2026 12:05:03 GMT 2026-04-17T12:05:03Z https://hdl.handle.net/20.500.12809/9435 The deterioration in credibility, destabilization of exchange rate and the rise in exchange rate pass-through in Turkey Gayaker, Savaş; Ağaslan, Erkan; Alkan, Buket; Çiçek, Serkan The early literature on inflation targeting (IT) regime argues that adopting an IT regime in itself reduces the exchange rate pass-through (ERPT). The basic logic behind this argument is that pursuing a credible and independent monetary policy will help to anchor the inflation expectations and stabilize the exchange rate volatility. In this study, we investigate whether the ERPT has increased in the last decade in Turkey where the credibility of the Central Bank of the Republic of Turkey (CBRT) has deteriorated and the exchange rate uncertainty has increased due to the weakening of commitment to inflation after political pressures although the IT regime has been implementing. Employing the Phillips curve model and then applying a narrowing window analysis, we have found that the ERPT coefficient increased as the beginning of the sample approaches towards the last observation, especially since 2011. To search for the reason behind this increase, we additionally employed a threshold regression method following the work of Murase (2013) which allows both possibility of non-linearity in the ERPT relationship and exogenously adding the threshold variable to the model. When the gap between inflation expectations and the inflation forecasts grows, then the credibility is considered to decrease and we found that the ERPT gets higher if the gap exceeds a certain threshold. Similarly, we have found evidence supporting that the ERPT coefficient was higher when the exchange rate uncertainty exceeded a certain threshold. Fri, 01 Jan 2021 00:00:00 GMT https://hdl.handle.net/20.500.12809/9435 2021-01-01T00:00:00Z https://hdl.handle.net/20.500.12809/2680 Institutions and Economic Performance: A Review on the Developing Countries Yıldırım, Aynur; Gökalp, Mehmet Faysal The aim of this study is to analyze the relationship between institutions and macro-economic performance in terms of developing countries. For this purpose, for a period covering the years 2000-2011 through the use of 23 institutional structure variables in the study, the relationship between the institutional structure and macro-economic performance is investigated in sampling countries where 38 developing countries take place by using the 'Panel Data Analysis' method. The results of the analysis reveals that institutional structure indicators such as the integrity of the law system, regulations on trade barriers, restriction of foreign investments, the share of the private sector in the banking system and employment-dismissal variables have a positive effect on the macro-economic performance of the developing countries. On the other hand, according to the analysis results, variables such as judiciary independence, government expenditures, transfers and subsidies, civil freedoms, the black market exchange rate, collective bargaining and military tutelage (political stability) have been seen to have a negative impact on the macro-economic performances of developing countries. (C) 2016 The Authors. Published by Elsevier B.V. 5th Istanbul Conference of Economics and Finance - JUN 06-07, 2016 - Yildiz Tech Univ, Istanbul, TURKEY; WOS: 000386630100036 Fri, 01 Jan 2016 00:00:00 GMT https://hdl.handle.net/20.500.12809/2680 2016-01-01T00:00:00Z https://hdl.handle.net/20.500.12809/2606 "New" monetary policy instruments and exchange rate volatility Akar, Cüneyt; Çicek, Serkan Turkish economy has been suffering from rises in financial flows since the last two decades that these flows have raised financial stability challenges across emerging economies including Turkey. Regarding the ability of the central banks to decrease the financial risks including volatile exchange rate, the Central Bank of the Republic of Turkey has designed and implemented a new policy mix. In this study, we investigated the effect of new policy instruments (IRC, RRR and ROM) on the volatilities of US dollar, euro, British pound and basket rate for Turkish economy between January 2, 2002 and December 9, 2014 by using ARMA-GARCH, ARMA-EGARCH and SWARCH models. From the estimation results, we could not reach enough evidence that the IRC and RRR instruments could decrease the volatilities of exchange rates under investigation while the ROM instrument was successful, especially on US dollar and basket rate. We also found strong evidence in favour of asymmetric volatility, indicating that the positive shocks led to greater exchange rate volatility than negative ones. 0000-0002-6384-4476; WOS: 000368998600006 Fri, 01 Jan 2016 00:00:00 GMT https://hdl.handle.net/20.500.12809/2606 2016-01-01T00:00:00Z