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GÜVENLİ LİMAN MI YOKSA SPEKÜLATİF BİR LİMON MU? COVID-19 DÖNEMİNDE TÜRKİYE’DE İKİNCİ EL OTOMOTİV PİYASASI VE BELİRSİZLİK İLİŞKİSİ ÜZERİNE BİR İNCELEME

Year 2020, , 274 - 287, 31.10.2020
https://doi.org/10.21547/jss.777373

Abstract

Belirsizliğin yüksek olduğu durumlarda finansal piyasalarda güvenli liman arayışı sıkça görülen bir durumdur. Ancak Türkiye ekonomisinde ikinci el otomobil piyasasında COVID-19 döneminde oldukça özgün ve sıra dışı bir durum yaşanmaktadır. COVID-19 ile birlikte otomobil arzında önemli düzeyde azalma ve sosyal mesafe ihtiyacı nedeniyle toplu taşımadan vazgeçme beraberinde ikinci el otomobil piyasasına olan talebi arttırmıştır. Bu çalışmada ikinci el otomobillerin COVID-19 döneminde ‘güvenli liman’ olarak görülmesi ve güvenli liman mı yoksa spekülatif birer yatırım aracı olması incelenmektedir. Çalışmanın bu yönüyle ikinci el otomobil piyasasının COVID-19 dinamiklerinin anlaşılması açısından önem taşıması ve Türkiye odaklı COVID-19 literatürüne katkı sağlaması öngörülmektedir.

References

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  • Baur, D.G., & Lucey, B.M., 2010. Is gold a hedge or a safe haven? An analysis of stocks, bonds and gold. Financial Review, 45 (2), 217–229.
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  • Dahlstrom, R. & Ingram, R. (2003). Social networks and the adverse selection problem in agency relationships, Journal of Business Research, 56(9), 767-775.
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  • Genesove, D. (1993). Adverse selection in the wholesale used car market. Journal of Political Economy, 101(4), 644-665.
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  • Minsky, H.P. (1977). The financial ınstability hypothesis: an interpretation of Keynes and an alternative to standard theory. Nebraska Journal of Economics and Business, 16(1), 5- 16.
  • Minsky, H.P. (1982), Can It Happen Again, Essays on Instability and Finance. New York: M.E Sharpe.
  • Minsky, H.P. (1992). The Financial instability hypothesis. Levy Economics Institute of Bard College Working Paper, 74, Levy Economics Institute of Bard College, Annandale-onHudson, New York.
  • Moschini, G. & Hennessy, D. A. (2001). Uncertainty, risk aversion, and risk management for agricultural producers. In B. L. Gardner and G. C. Rausser (Ed) Handbook of Agricultural Economics, vol. 1, 87–153: Boston, MA: Kluwer.
  • Murray, J. & Sarantis, N. (1999). Price-Quality Relations and Hedonic Price Indexes for Cars in the United Kingdom”, International Journal of the Economics of Business, 6(1), 5-27.
  • Smith, B. D. & Stutzer, M. J. (1990). Adverse selection, aggregate uncertainty, and the role for mutual insurance contracts, The Journal of Business, 63 (4), 493-510.
  • Stiglitz, J. (2010). Risk and Global Economic Architecture: Why Full Financial Integration may be Undesirable. NBER Çalışma Tebliği no. 15718.
  • Su, D. (2004). Adverse-selection versus signaling: evidence from the pricing of Chinese IPOs, Journal of Economics and Business, 56(1), 1-19.
  • Taşçı, B. (2010). İkinci el otomobil alacaklar dikkat! Bunlardan uzak durun…, Hürriyet Gazetesi Ekonomi Bölümü, https://www.hurriyet.com.tr/galeri-ikinci-el-otomobil-alacaklar-dikkat-bunlardan-uzak-durun-41578783/8 (Erişim Tarihi: 04.08.2020).
  • TÜİK. (2020). http://www.tuik.gov.tr/PreHaberBultenleri.do;jsessionid=2cd8fyxW2B29ntGTt5NgDyxY5VYfhFKKxmk6b21k16nQJ5bBwFQ2!-19469883?id=33893, Erişim Tarihi: 03.08.2020
  • Tversky, A.& Kahneman, D. (1991). Loss aversion in riskless choice: a reference-dependent model. Quarterly Journal of Economics, 106 (4), 1039–1061.
  • World Health Organization (2020) Report of the WHO-China joint mission on Coronavirus Disease 2019 (COVID-19).
  • Yayar, R. &Yılmaz, E. (2017). İkinci el otomobil talep fiyatının regresyon analizi: TR83 bölgesi örneği. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 13 (1), 39-52.

Is It A Safe Haven Or Speculative Lemon?A Review On The Relationship Between the Second Hand Automobile Market and Uncertainty in the Post-Covid-19 Period in Turkey

Year 2020, , 274 - 287, 31.10.2020
https://doi.org/10.21547/jss.777373

Abstract

In cases where uncertainty is high, the search for a safe haven in financial markets is a common situation. However, during the post-COVID-19 period is quite extraordinary and unique in the second-hand automotive market in Turkey's economy is experiencing a situation. Along with COVID-19, a significant decrease in automotive production and risks in public transportation due to social distance increased the demand for the second-hand automotive market. In this study, the second-hand automobiles are considered as 'a safe harbor' in the COVID-19 period and whether the second-hand automobiles are safe haven or they are speculative investment instruments is reviewed. With this aspect of the study, the present study may contribute to the literature on the COVID-19 in the Turkish context, and understand the dynamics of the automotive market in the post-COVID-19 period.

References

  • Akerlof,G.(1970). The market for ‘lemons’:quality uncertainty and market mechanism. Quarterly Journal of Economics,84 (3), 488-500.
  • Baur, D.G., & Lucey, B.M., 2010. Is gold a hedge or a safe haven? An analysis of stocks, bonds and gold. Financial Review, 45 (2), 217–229.
  • Cardata (2020). www.cardata.com.tr . Erişim Tarihi: 04.08.2020.
  • CNN Türk. (2020a). https://www.cnnturk.com/ekonomi/turkiye/ikinci-elde-bakan-cok-alan-yok . Erişim Tarihi: 04.08.2020.
  • CNN Türk. (2020b). https://www.cnnturk.com/ekonomi/ikinci-el-arac-satislarinda-yargitaydan-cok-onemli-karar . Erişim Tarihi: 04.08.2020.
  • CNN Türk (2020c). https://www.cnnturk.com/otomobil/ikinci-el-otomobilde-talep-7-9-yas-arasina . Erişim Tarihi: 04.08.2020.
  • Conlon, T., Corbet, S. & McGee, R. J. (2020). Are cryptocurrencies a safe haven for equity markets? An international perspective from the COVID-19 pandemic, Research in International Business and Finance, 54, 101248.
  • Dahlstrom, R. & Ingram, R. (2003). Social networks and the adverse selection problem in agency relationships, Journal of Business Research, 56(9), 767-775.
  • Daştan, H. (2016). Türkiye’de ikinci el otomobil fiyatlarını etkileyen faktörlerin hedonik fiyat modeli ile belirlenmesi. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 18(1), 303-327.
  • Dewan, S. ve Hsu, V.(2004). Adverse Selection in Electronic Markets: Evidence from Onlıne Stamp Auctions, The Journal of Industrial Economics, 52(4), 497-516. Galbraith, J.K. (1993). A short history of financial euphoria. Houghton Mifflin:Boston.
  • Genesove, D. (1993). Adverse selection in the wholesale used car market. Journal of Political Economy, 101(4), 644-665.
  • Gezici, A. (2007). Investment under financial liberalization: Channels of liquidity and uncertainty. Ph.D. Dissertation, University of Massachusetts Amherst.
  • Google. (2020). Google COVID-19 community mobility reports. https://www.google.com/covid19/mobility/ . Erişim Tarihi: 04.08.2020.
  • Gorton, G. (2010). E-coli, repo madness, and the financial crisis. Business Economics,45(3), 164-173.
  • Hwang, S. ve Satchell, S.E. (2010). How loss averse are investors in financial markets? Journal of Banking and Finance, 34 (10), 2425–2438.
  • Keynes, J.M. (1936). The general theory of employment, interest and money. London: Macmillan.
  • Krugman, P. (2000). Currency crises. http://web.mit.edu/krugman/www/crises.html . Erişim Tarihi: 05.08.2020.
  • Milliyet. (2020). https://www.milliyet.com.tr/galeri/ikinci-el-arac-satisinda-buyuk-oyun-6261742/6 . Erişim Tarihi: 04.08.2020.
  • Minsky, H.P. (1977). The financial ınstability hypothesis: an interpretation of Keynes and an alternative to standard theory. Nebraska Journal of Economics and Business, 16(1), 5- 16.
  • Minsky, H.P. (1982), Can It Happen Again, Essays on Instability and Finance. New York: M.E Sharpe.
  • Minsky, H.P. (1992). The Financial instability hypothesis. Levy Economics Institute of Bard College Working Paper, 74, Levy Economics Institute of Bard College, Annandale-onHudson, New York.
  • Moschini, G. & Hennessy, D. A. (2001). Uncertainty, risk aversion, and risk management for agricultural producers. In B. L. Gardner and G. C. Rausser (Ed) Handbook of Agricultural Economics, vol. 1, 87–153: Boston, MA: Kluwer.
  • Murray, J. & Sarantis, N. (1999). Price-Quality Relations and Hedonic Price Indexes for Cars in the United Kingdom”, International Journal of the Economics of Business, 6(1), 5-27.
  • Smith, B. D. & Stutzer, M. J. (1990). Adverse selection, aggregate uncertainty, and the role for mutual insurance contracts, The Journal of Business, 63 (4), 493-510.
  • Stiglitz, J. (2010). Risk and Global Economic Architecture: Why Full Financial Integration may be Undesirable. NBER Çalışma Tebliği no. 15718.
  • Su, D. (2004). Adverse-selection versus signaling: evidence from the pricing of Chinese IPOs, Journal of Economics and Business, 56(1), 1-19.
  • Taşçı, B. (2010). İkinci el otomobil alacaklar dikkat! Bunlardan uzak durun…, Hürriyet Gazetesi Ekonomi Bölümü, https://www.hurriyet.com.tr/galeri-ikinci-el-otomobil-alacaklar-dikkat-bunlardan-uzak-durun-41578783/8 (Erişim Tarihi: 04.08.2020).
  • TÜİK. (2020). http://www.tuik.gov.tr/PreHaberBultenleri.do;jsessionid=2cd8fyxW2B29ntGTt5NgDyxY5VYfhFKKxmk6b21k16nQJ5bBwFQ2!-19469883?id=33893, Erişim Tarihi: 03.08.2020
  • Tversky, A.& Kahneman, D. (1991). Loss aversion in riskless choice: a reference-dependent model. Quarterly Journal of Economics, 106 (4), 1039–1061.
  • World Health Organization (2020) Report of the WHO-China joint mission on Coronavirus Disease 2019 (COVID-19).
  • Yayar, R. &Yılmaz, E. (2017). İkinci el otomobil talep fiyatının regresyon analizi: TR83 bölgesi örneği. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 13 (1), 39-52.
There are 31 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Business
Authors

Ömer Tuğsal Doruk 0000-0002-2382-1042

Publication Date October 31, 2020
Submission Date August 5, 2020
Acceptance Date October 2, 2020
Published in Issue Year 2020

Cite

APA Doruk, Ö. T. (2020). GÜVENLİ LİMAN MI YOKSA SPEKÜLATİF BİR LİMON MU? COVID-19 DÖNEMİNDE TÜRKİYE’DE İKİNCİ EL OTOMOTİV PİYASASI VE BELİRSİZLİK İLİŞKİSİ ÜZERİNE BİR İNCELEME. Gaziantep Üniversitesi Sosyal Bilimler Dergisi, 19(COVID-19 Special Issue), 274-287. https://doi.org/10.21547/jss.777373