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INDEX OF CURRENCY MARKET TURBULENCE AND ESTIMATION OF LEADING INDICATORS: THE CASE OF TURKEY

Year 2020, , 199 - 216, 31.12.2020

Murat Akkaya

https://doi.org/10.14514/byk.m.26515393.2020.8/2.199-216

Abstract

A currency crisis is a condition in which the exchange rate significantly depreciates for a short period of time. Currency crises have significant economic and social consequences. Therefore, many indices are created to determine the degree of pressure in economies and to forecast the financial crises. According to the Signal Approach, it is thought that a variable gives a warning signal that a crisis may occur if a variable goes beyond a certain threshold level. The main purpose of this study to investigate the validity of the Index of Currency Market Turbulence developed by Kaminsky and Reinhart for Turkey in the period January 1999- December 2019. The results show that the Index is working, and the formula is correct. The another aim is to determine the leading indicators with respect to the Index of Currency Market Turbulence in the prediction of crises by Vector Auto Regressive (VAR) Model. The leading indicators causing financial crises, are tried to be determined by using Index of Currency Market Turbulence. Vector Autoregressive analysis results show that Unemployment Ratio, Exports/Import ratio, and the Non-Residents’ Equity Portfolio are exogenous, and other variables are not. Granger Causality test results show that the Unemployment Rate, Net International Reserves, US Dollar /TRL Currency Buying Rate and the Non- Residents’ Equity Portfolio can be used as leading indicators. VAR analysis, variance decomposition and Granger Causality test results show that Unemployment Rate (UR), Net International Reserves (NIR), US Dollar/ TRL Buying Rate (USD/TRL), the Equity Portfolio of Non-Residents (NREP) can be used as leading indicators

Keywords

Index of Currency Market Turbulence Leading Indicators VAR analysis Granger Causality Test.

References

  • Akçoraoğlu, A. (2000). An analysis of exchange market pressure and monetary policy: evidence from Turkey, G.Ü. İktisadi ve İdari Bilimler Fakültesi Dergisi, 2(4), 61-74.
  • Akkaya, M. & Kantar, L. (2018). Finansal Krizlerin Tahmininde Öncü Göstergelerin Logit-Probit Model ile Analizi: Türkiye Uygulaması. Uluslararası Yönetim İktisat ve İşletme Dergisi, 575-590. doi:http://dx.doi.org/10.17130/ijmeb.2018343111.
  • Almahmood, H., Munyif, M. A. & Willett, T. D. (2018). Most speculative attacks do not succeed: Currency crises and currency crashes. Journal of International Commerce, Economics and Policy, 9(01n02), 1850001.
  • Altıntaş, H. & Öz, B. (2007). Para krizlerinin sinyal yaklaşımı ile öngörülebilirliği: Türkiye uygulaması. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 7(2), 19-77.
  • Arı A. & Cergibozan, R. (2016). The twin crises: Determinants of banking and currency crises in the Turkish economy. Emerging markets Finance and Trade, 52(1), 123-135.
  • Avcı M.A. & Altay N.O. (2014), Finansal Krizlerin Öngörüsünde Regresyon Ağaçları Modeli: Gelişmekte Olan Ülkelere Yönelik Bir Analizi. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 6(12), 191-212.
  • Beckmann, D., Menkhoff, L., & Sawischlewski, K. (2006). Robust lessons about practical early warning systems. Journal of Policy Modeling, 28(2), 163-193.
  • Bozkurt, H., & Dursun, G. (2006). TÜRKİYE'DE PARA KRİZİNİN ÖNCÜ GÖSTERGELERİ: ERKEN UYARI SİSTEMİ. Marmara Üniversitesi Avrupa Topluluğu Enstitüsü Avrupa Araştırmaları Dergisi, 14(1), 259-284.
  • Bucevska, V. (2015). Currency crises in EU candidate countries: An early warning system approach. Panoeconomicus, 62(4), 493-510.
  • Burnside, C. (2008), Does Capital Control Policy Affect Real Exchange Rate Volatility?. Doctoral dissertation, Duke University Durham).
  • Bussiere, M., & Fratzscher, M. (2002). Towards a New Early Warning System of financial Crises. Frankfurt: European Central Bank.
  • Bussiere, M., & Fratzscher, M. (2006). Towards a new early warning system of financial crises. Journal of International Money and Finance, 25(6), 953-973.
  • Çakmak, U. (2013). Finansal kırılganlık endeksi (Türkiye 1989-2011) ve yorumlar. Uludağ Üniversitesi İktisadi ve İdari Bilimler Fakültesi, 32(1), 239-260.
  • Candelon, B., Dumitrescu, E. I., & Hurlin, C. (2014). Currency crisis early warning systems: Why they should be dynamic. International Journal of Forecasting, 30(4), 1016-1029.
  • Comelli, F. (2014). Comparing parametric and non‐parametric early warning systems for currency crises in emerging market economies. Review of International Economics, 22(4), 700-721.
  • Corsetti, G., Pesenti, P., & Roubini, N. (1998). What caused the Asian currency and financial crisis? Part II: The policy debate (No. w6834). National Bureau of Economic Research.
  • Burnside, C., Eichenbaum, M. & Sergio Rebelo (2008). Currency crisis models. New Palgrave Dictionary of Economics, 2nd ed.
  • Dabrowski, M. (2002). Currency crises in emerging-market economics: Causes, consequences and policy lessons. CASE Network Reports, (51).
  • Dickey, D. A. & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica. Journal of the Econometric Society, 1057-1072.
  • Edison, H. J. (2003). Do indicators of financial crises work? An evaluation of an early warning system. International Journal of Finance & Economics, 8(1), 11-53.
  • Eichengreen, B., Rose, A. K., & Wyplosz, C. (1994). Speculative attacks on pegged exchange rates: an empirical exploration with special reference to the European Monetary System (No. w4898). National Bureau of economic research.
  • Eichengreen, B., Rose, A. K., & Wyplosz, C. (1996). “Contagious currency crises. No. w5681, National Bureau of Economic Research.
  • Flood, R. and Garber, P. (1984). Collapsing exchange rate regimes: some linear examples. Journal of International Economics, 17, 1–13.
  • Frenkel, J.A. (1997). Stability and Exchange Rate Policy. A Seminar Paper, Bank of Japan.
  • Frankel, J. A., & Rose, A. K. (1996). Currency crashes in emerging markets: empirical indicators (No. w5437). National Bureau of Economic Research.
  • Gerni, C., Emsen, Ö. S., & Değer, M. K. (2005). Erken Uyari Sistemleri Yoluyla Türkiye’deki Ekonomik Krizlerin Analizi. Ekonometri ve İstatistik e-Dergisi, (2), 39-62.
  • Girton, L. & Roper, D. (1977). A monetary model of exchange market pressure applied to the postwar Canadian experience. The American Economic Review, 537-548.
  • Granger, C. W. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica: Journal of the Econometric Society, 424-438.
  • Gündoğan, H., & Akal, M. (2017). Finansal Krizlerin Sinyal Yaklaşımıyla Öngörülebilirliği: Türkiye Örneği. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 18(4), 73-88.
  • Jakubiak, M. (2000). Indicators of Currency Crisis: Empirical Analysis of Some Emerging and Transition Economies. CASE – Center for Social and Economic Research, Warsaw, Studies and Analyses, No. 218.
  • Kaminsky, G. L. (1999). Currency and Banking Crises: The Early Warnings of Distress. Washington: George Washington University.
  • Kaminsky, G., Lizondo, S., Reinhart, C. (1998). Leading Indicators for Currency Crisis. IMF Staff Papers, Palgrave Macmillan Journals, 45(1).
  • Kaminsky, G. L. & Reinhart, C. M. (1999). The twin crises: the causes of banking and balance-of-payments problems. American economic review, 89(3), 473-500.
  • Kamin, S.B. and Rogers J.H. (1996). Monetary Policy in the End-Game to Exchange Rate Based Stabilizations: The Case of Mexico. International Finance Discussion Papers 540, Board of Governors of the Federal Reserve System.
  • Katırcıoglu, S. T. & Feridun, M. (2011). Do macroeconomic fundamentals affect exchange market pressure? Evidence from bounds testing approach for Turkey. Applied Economics Letters, 18(3), 295-300.
  • Kaya, E. & Köksal, Y. (2018). Döviz piyasası baskısı ve menkul kıymet piyasaları etkileşimi: bıst 100 üzerine bir inceleme. Journal of Economics & Administrative Sciences/Afyon Kocatepe Üniversitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi, 20(2), 21-35.
  • Kaya, V. & Yılmaz, Ö. (2006). Para Krizleri Öngörüsünde Sinyal Yaklaşımı. Ankara Üniversitesi SBF Dergisi, 129-155.
  • Kibritçioglu, A. (2003). Monitoring banking sector fragility. The Arab Bank Review, 5(2), 51-66.
  • Krugman, P. (1979). A model of balance-of-payments crises. Journal of money, credit and banking, 11(3), 311-325.
  • Kumar, M., Moorth, U., & Perraudin, W. (2003). Predicting emerging market currency crashes. Journal of Empirical Finance, 10, 427-454.
  • Licchetta, M. (2009), Common determinants of currency crises: role of external balance sheet variables. London: Bank of England.
  • Milesi-Ferretti, G. M. & Razin, A. (2000), Current Account Reversals and Currency Crises: Empirical Regularities. Chicago: University of Chicago Press
  • Mishkin, F. S. (1996). Understanding Financial Crises: A Developing Country Perspective. Annual World Bank conference on development economics, Washington DC: World Bank, 29-62.
  • Mundell, R. A. (1960). The Monetary Dynamics of International Adjustment under Fixed and Flexible Exchange Rates. Quarterly Journal of Economics, LXXIV, 2, 227-257.
  • Nakatani, R. (2018). Real and fin. ancial shocks, exchange rate regimes and the probability of a currency crisis. Journal of Policy Modeling, 40(1), 60-73. doi:10.1016/j.jpolmod.2017.10.004,
  • Obstfeld, M. (1994). The Logic of Currency Crisis. NBER Working Paper, No. 4640, September.
  • Obstfeld, M. (1997). Models of Currency Crises with Self-fulfilling Features. NBER Working Paper, No. 5285, February.
  • Öztürkler H. & Göksel T. (2013). Türkiye İçin Finansal Baskı Endeksi Oluşturulması. Politika notu N201319, Türkiye Ekonomi Politikaları Araştırma Vakfı, (url: www.tepav.org.tr)
  • Sasin, M. (2001). The Importance of the Real Exchange Rate Overvaluation and the Current Account Deficit in the Emergence of Finacial Crises”, [in:] Marek D¹browski (ed.): Currency Crises in Emerging Markets – Selected Comparative Studies, CASE Reports, No. 41.
  • Uğurlu, E. & Aksoy, E. E. (2017). 2008 Krizi Döneminde Türkiye'de Döviz Piyasası Baskısının İncelenmesi: Mevsimsel Eşbütünleşme Analizi. Finans Politik & Ekonomik Yorumlar, 54(633), 9-26.
  • Ural, M. & Balaylar, N. A. (2007). Bankacılık sektöründe yüksek risk alımı ve baskı indeksleri. Finans Politik Ekonomik Yorumlar dergisi, (509), 47-57.
  • Velasco, A. (1996). Fixed exchange rates: Credibility, flexibility and multiplicity. European economic review, 40.3-5, 1023-1035.
  • Weymark, D. N. (1995). Estimating exchange market pressure and the degree of exchange market intervention for Canada. Journal of International Economics, 39(3-4), 273-295.
  • Yokuş, T. & Ay, A.. (2020). KUR KRİZLERİ VE TÜRKİYE 2006-2018 DÖNEMİ. Yönetim ve Ekonomi Araştırmaları Dergisi, 18(1), 295-316.
  • Yorgancılar F. N. & Soydal H. (2016). Analysis of exchange market pressure ındex with the selected data: case of Turkey. Sosyal Bilimler Dergisi (The Journal of Social Sciences), 3(6), 409-438.

PARA PİYASASI DALGALANMA ENDEKSİ VE ÖNCÜ GÖSTERGELERİN TAHMİNİ: TÜRKİYE ÖRNEĞİ

Year 2020, , 199 - 216, 31.12.2020

Murat Akkaya

https://doi.org/10.14514/byk.m.26515393.2020.8/2.199-216

Abstract

Döviz kuru krizi, döviz kurunun kısa bir süre için önemli ölçüde değer kaybettiği bir durumdur. Döviz krizlerinin önemli ekonomik ve sosyal sonuçları bulunmaktadır. Bu nedenle, ekonomilerdeki baskı derecesini belirlemek ve finansal krizleri tahmin etmek için birçok endeks oluşturulmuştur. Sinyal Yaklaşımı'nda, endeks değerinin belirli bir eşik seviyesini geçmesi durumunda bir krizin meydana gelebileceği konusunda bir uyarı sinyali verdiği düşünülmektedir. Bu çalışmanın temel amacı, Kaminsky ve Reinhart'ın geliştirdiği Döviz Piyasası Türbülans Endeksinin Ocak 1999- Aralık 2019 döneminde Türkiye için geçerliliğini araştırmaktır. Analiz sonuçları endeksin çalıştığını ve formülün doğru olduğunu göstermektedir. Diğer bir amaç da krizlerin tahmininde Döviz Piyasası Türbülans Endeksi'ne ilişkin öncü göstergelerin Vektör Oto Regresif (VAR) Modeli ile belirlenmesidir. Vektör Otoregresif analizi, İşsizlik Oranı, İhracat / İthalat oranı ve Yurtdışı Yerleşiklerinm Hisse Senedi Portföyünün dışsal olduğunu ve diğer değişkenlerin olmadığını göstermektedir. Granger Nedensellik testi sonuçları ise, İşsizlik Oranı, Net Uluslararası Rezervler, ABD Doları / TRL Döviz Kuru ve Yurt Dışı Yerleşiklerin Hisse Senedi Portföyünün öncü göstergeler olarak kullanılabileceğini göstermektedir.VAR analizi, varyans ayrıştırması ve Granger Nedensellik testi sonuçları, İşsizlik Oranı (UR), Net Uluslararası Rezervler (NIR), ABD Doları / TL Satın Alma Oranı (USD / TRL), Yerleşik Olmayanların Öz Sermaye Portföyünün (NREP) öncü göstergeler olarak kullanılabileceğini göstermektedir.

Keywords

Döviz Piyasası Türbülansı Endeksi Öncü Göstergeler VAR analizi Granger Nedensellik Testi

References

  • Akçoraoğlu, A. (2000). An analysis of exchange market pressure and monetary policy: evidence from Turkey, G.Ü. İktisadi ve İdari Bilimler Fakültesi Dergisi, 2(4), 61-74.
  • Akkaya, M. & Kantar, L. (2018). Finansal Krizlerin Tahmininde Öncü Göstergelerin Logit-Probit Model ile Analizi: Türkiye Uygulaması. Uluslararası Yönetim İktisat ve İşletme Dergisi, 575-590. doi:http://dx.doi.org/10.17130/ijmeb.2018343111.
  • Almahmood, H., Munyif, M. A. & Willett, T. D. (2018). Most speculative attacks do not succeed: Currency crises and currency crashes. Journal of International Commerce, Economics and Policy, 9(01n02), 1850001.
  • Altıntaş, H. & Öz, B. (2007). Para krizlerinin sinyal yaklaşımı ile öngörülebilirliği: Türkiye uygulaması. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 7(2), 19-77.
  • Arı A. & Cergibozan, R. (2016). The twin crises: Determinants of banking and currency crises in the Turkish economy. Emerging markets Finance and Trade, 52(1), 123-135.
  • Avcı M.A. & Altay N.O. (2014), Finansal Krizlerin Öngörüsünde Regresyon Ağaçları Modeli: Gelişmekte Olan Ülkelere Yönelik Bir Analizi. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 6(12), 191-212.
  • Beckmann, D., Menkhoff, L., & Sawischlewski, K. (2006). Robust lessons about practical early warning systems. Journal of Policy Modeling, 28(2), 163-193.
  • Bozkurt, H., & Dursun, G. (2006). TÜRKİYE'DE PARA KRİZİNİN ÖNCÜ GÖSTERGELERİ: ERKEN UYARI SİSTEMİ. Marmara Üniversitesi Avrupa Topluluğu Enstitüsü Avrupa Araştırmaları Dergisi, 14(1), 259-284.
  • Bucevska, V. (2015). Currency crises in EU candidate countries: An early warning system approach. Panoeconomicus, 62(4), 493-510.
  • Burnside, C. (2008), Does Capital Control Policy Affect Real Exchange Rate Volatility?. Doctoral dissertation, Duke University Durham).
  • Bussiere, M., & Fratzscher, M. (2002). Towards a New Early Warning System of financial Crises. Frankfurt: European Central Bank.
  • Bussiere, M., & Fratzscher, M. (2006). Towards a new early warning system of financial crises. Journal of International Money and Finance, 25(6), 953-973.
  • Çakmak, U. (2013). Finansal kırılganlık endeksi (Türkiye 1989-2011) ve yorumlar. Uludağ Üniversitesi İktisadi ve İdari Bilimler Fakültesi, 32(1), 239-260.
  • Candelon, B., Dumitrescu, E. I., & Hurlin, C. (2014). Currency crisis early warning systems: Why they should be dynamic. International Journal of Forecasting, 30(4), 1016-1029.
  • Comelli, F. (2014). Comparing parametric and non‐parametric early warning systems for currency crises in emerging market economies. Review of International Economics, 22(4), 700-721.
  • Corsetti, G., Pesenti, P., & Roubini, N. (1998). What caused the Asian currency and financial crisis? Part II: The policy debate (No. w6834). National Bureau of Economic Research.
  • Burnside, C., Eichenbaum, M. & Sergio Rebelo (2008). Currency crisis models. New Palgrave Dictionary of Economics, 2nd ed.
  • Dabrowski, M. (2002). Currency crises in emerging-market economics: Causes, consequences and policy lessons. CASE Network Reports, (51).
  • Dickey, D. A. & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica. Journal of the Econometric Society, 1057-1072.
  • Edison, H. J. (2003). Do indicators of financial crises work? An evaluation of an early warning system. International Journal of Finance & Economics, 8(1), 11-53.
  • Eichengreen, B., Rose, A. K., & Wyplosz, C. (1994). Speculative attacks on pegged exchange rates: an empirical exploration with special reference to the European Monetary System (No. w4898). National Bureau of economic research.
  • Eichengreen, B., Rose, A. K., & Wyplosz, C. (1996). “Contagious currency crises. No. w5681, National Bureau of Economic Research.
  • Flood, R. and Garber, P. (1984). Collapsing exchange rate regimes: some linear examples. Journal of International Economics, 17, 1–13.
  • Frenkel, J.A. (1997). Stability and Exchange Rate Policy. A Seminar Paper, Bank of Japan.
  • Frankel, J. A., & Rose, A. K. (1996). Currency crashes in emerging markets: empirical indicators (No. w5437). National Bureau of Economic Research.
  • Gerni, C., Emsen, Ö. S., & Değer, M. K. (2005). Erken Uyari Sistemleri Yoluyla Türkiye’deki Ekonomik Krizlerin Analizi. Ekonometri ve İstatistik e-Dergisi, (2), 39-62.
  • Girton, L. & Roper, D. (1977). A monetary model of exchange market pressure applied to the postwar Canadian experience. The American Economic Review, 537-548.
  • Granger, C. W. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica: Journal of the Econometric Society, 424-438.
  • Gündoğan, H., & Akal, M. (2017). Finansal Krizlerin Sinyal Yaklaşımıyla Öngörülebilirliği: Türkiye Örneği. Anadolu Üniversitesi Sosyal Bilimler Dergisi, 18(4), 73-88.
  • Jakubiak, M. (2000). Indicators of Currency Crisis: Empirical Analysis of Some Emerging and Transition Economies. CASE – Center for Social and Economic Research, Warsaw, Studies and Analyses, No. 218.
  • Kaminsky, G. L. (1999). Currency and Banking Crises: The Early Warnings of Distress. Washington: George Washington University.
  • Kaminsky, G., Lizondo, S., Reinhart, C. (1998). Leading Indicators for Currency Crisis. IMF Staff Papers, Palgrave Macmillan Journals, 45(1).
  • Kaminsky, G. L. & Reinhart, C. M. (1999). The twin crises: the causes of banking and balance-of-payments problems. American economic review, 89(3), 473-500.
  • Kamin, S.B. and Rogers J.H. (1996). Monetary Policy in the End-Game to Exchange Rate Based Stabilizations: The Case of Mexico. International Finance Discussion Papers 540, Board of Governors of the Federal Reserve System.
  • Katırcıoglu, S. T. & Feridun, M. (2011). Do macroeconomic fundamentals affect exchange market pressure? Evidence from bounds testing approach for Turkey. Applied Economics Letters, 18(3), 295-300.
  • Kaya, E. & Köksal, Y. (2018). Döviz piyasası baskısı ve menkul kıymet piyasaları etkileşimi: bıst 100 üzerine bir inceleme. Journal of Economics & Administrative Sciences/Afyon Kocatepe Üniversitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi, 20(2), 21-35.
  • Kaya, V. & Yılmaz, Ö. (2006). Para Krizleri Öngörüsünde Sinyal Yaklaşımı. Ankara Üniversitesi SBF Dergisi, 129-155.
  • Kibritçioglu, A. (2003). Monitoring banking sector fragility. The Arab Bank Review, 5(2), 51-66.
  • Krugman, P. (1979). A model of balance-of-payments crises. Journal of money, credit and banking, 11(3), 311-325.
  • Kumar, M., Moorth, U., & Perraudin, W. (2003). Predicting emerging market currency crashes. Journal of Empirical Finance, 10, 427-454.
  • Licchetta, M. (2009), Common determinants of currency crises: role of external balance sheet variables. London: Bank of England.
  • Milesi-Ferretti, G. M. & Razin, A. (2000), Current Account Reversals and Currency Crises: Empirical Regularities. Chicago: University of Chicago Press
  • Mishkin, F. S. (1996). Understanding Financial Crises: A Developing Country Perspective. Annual World Bank conference on development economics, Washington DC: World Bank, 29-62.
  • Mundell, R. A. (1960). The Monetary Dynamics of International Adjustment under Fixed and Flexible Exchange Rates. Quarterly Journal of Economics, LXXIV, 2, 227-257.
  • Nakatani, R. (2018). Real and fin. ancial shocks, exchange rate regimes and the probability of a currency crisis. Journal of Policy Modeling, 40(1), 60-73. doi:10.1016/j.jpolmod.2017.10.004,
  • Obstfeld, M. (1994). The Logic of Currency Crisis. NBER Working Paper, No. 4640, September.
  • Obstfeld, M. (1997). Models of Currency Crises with Self-fulfilling Features. NBER Working Paper, No. 5285, February.
  • Öztürkler H. & Göksel T. (2013). Türkiye İçin Finansal Baskı Endeksi Oluşturulması. Politika notu N201319, Türkiye Ekonomi Politikaları Araştırma Vakfı, (url: www.tepav.org.tr)
  • Sasin, M. (2001). The Importance of the Real Exchange Rate Overvaluation and the Current Account Deficit in the Emergence of Finacial Crises”, [in:] Marek D¹browski (ed.): Currency Crises in Emerging Markets – Selected Comparative Studies, CASE Reports, No. 41.
  • Uğurlu, E. & Aksoy, E. E. (2017). 2008 Krizi Döneminde Türkiye'de Döviz Piyasası Baskısının İncelenmesi: Mevsimsel Eşbütünleşme Analizi. Finans Politik & Ekonomik Yorumlar, 54(633), 9-26.
  • Ural, M. & Balaylar, N. A. (2007). Bankacılık sektöründe yüksek risk alımı ve baskı indeksleri. Finans Politik Ekonomik Yorumlar dergisi, (509), 47-57.
  • Velasco, A. (1996). Fixed exchange rates: Credibility, flexibility and multiplicity. European economic review, 40.3-5, 1023-1035.
  • Weymark, D. N. (1995). Estimating exchange market pressure and the degree of exchange market intervention for Canada. Journal of International Economics, 39(3-4), 273-295.
  • Yokuş, T. & Ay, A.. (2020). KUR KRİZLERİ VE TÜRKİYE 2006-2018 DÖNEMİ. Yönetim ve Ekonomi Araştırmaları Dergisi, 18(1), 295-316.
  • Yorgancılar F. N. & Soydal H. (2016). Analysis of exchange market pressure ındex with the selected data: case of Turkey. Sosyal Bilimler Dergisi (The Journal of Social Sciences), 3(6), 409-438.
There are 55 citations in total.

Details

Primary Language English
Journal Section Research Article
Authors

Murat Akkaya This is me

Publication Date December 31, 2020
Submission Date June 10, 2020
Acceptance Date November 22, 2020
Published in Issue Year 2020

Cite

APA Akkaya, M. (2020). INDEX OF CURRENCY MARKET TURBULENCE AND ESTIMATION OF LEADING INDICATORS: THE CASE OF TURKEY. Beykoz Akademi Dergisi, 8(2), 199-216. https://doi.org/10.14514/byk.m.26515393.2020.8/2.199-216
AMA Akkaya M. INDEX OF CURRENCY MARKET TURBULENCE AND ESTIMATION OF LEADING INDICATORS: THE CASE OF TURKEY. Beykoz Akademi Dergisi. December 2020;8(2):199-216. doi:10.14514/byk.m.26515393.2020.8/2.199-216
Chicago Akkaya, Murat. “INDEX OF CURRENCY MARKET TURBULENCE AND ESTIMATION OF LEADING INDICATORS: THE CASE OF TURKEY”. Beykoz Akademi Dergisi 8, no. 2 (December 2020): 199-216. https://doi.org/10.14514/byk.m.26515393.2020.8/2.199-216.
EndNote Akkaya M (December 1, 2020) INDEX OF CURRENCY MARKET TURBULENCE AND ESTIMATION OF LEADING INDICATORS: THE CASE OF TURKEY. Beykoz Akademi Dergisi 8 2 199–216.
IEEE M. Akkaya, “INDEX OF CURRENCY MARKET TURBULENCE AND ESTIMATION OF LEADING INDICATORS: THE CASE OF TURKEY”, Beykoz Akademi Dergisi, vol. 8, no. 2, pp. 199–216, 2020, doi: 10.14514/byk.m.26515393.2020.8/2.199-216.
ISNAD Akkaya, Murat. “INDEX OF CURRENCY MARKET TURBULENCE AND ESTIMATION OF LEADING INDICATORS: THE CASE OF TURKEY”. Beykoz Akademi Dergisi 8/2 (December 2020), 199-216. https://doi.org/10.14514/byk.m.26515393.2020.8/2.199-216.
JAMA Akkaya M. INDEX OF CURRENCY MARKET TURBULENCE AND ESTIMATION OF LEADING INDICATORS: THE CASE OF TURKEY. Beykoz Akademi Dergisi. 2020;8:199–216.
MLA Akkaya, Murat. “INDEX OF CURRENCY MARKET TURBULENCE AND ESTIMATION OF LEADING INDICATORS: THE CASE OF TURKEY”. Beykoz Akademi Dergisi, vol. 8, no. 2, 2020, pp. 199-16, doi:10.14514/byk.m.26515393.2020.8/2.199-216.
Vancouver Akkaya M. INDEX OF CURRENCY MARKET TURBULENCE AND ESTIMATION OF LEADING INDICATORS: THE CASE OF TURKEY. Beykoz Akademi Dergisi. 2020;8(2):199-216.