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ABD Ticaret Politikası Belirsizliğinin Türk Finansal Piyasalarına ve Banka Kredilerine Etkileri

Year 2021, Volume 29, Issue 50, 11 - 33, 31.10.2021
https://doi.org/10.17233/sosyoekonomi.2021.04.01

Abstract

Uzun yıllar boyunca, belirsizliğin ülkeler arasında aktarılması, literatürdeki en sıcak konulardan biri olmuştur. Bu çalışma, ABD’nin ticaret politikası belirsizliğinin Türkiye’deki hisse-senedi piyasasının, bankalarca verilen kredilerin ve yatırımcı duyarlılığının üzerindeki etkisini inceleyerek bu literatüre katkıda bulunmayı amaçlamaktadır. Doğrusal olmayan otoregresif dağıtılmış gecikme (NARDL) yaklaşımı kullanılarak değişkenler arasında eşbütünleşmenin varlığı gösterilmiştir. Bulgularımız, ABD’nin ticaret politikası belirsizliğinin Türkiye için hem hisse fiyatları hem de banka kredileri üzerinde önemli bir etkiye sahip olduğunu gösterirken ne uzun ne de kısa vadede yatırımcı duyarlılığı üzerinde önemli bir etkisinin olmadığını ortaya koymaktadır. Bu çalışma, ABD politikalarının Türkiye’deki finansal piyasa oyuncuları ve yatırımcıları üzerindeki etkilerinin göz ardı edilemeyeceğini göstermektedir.

References

  • Ahmad, M. & S.I. Khattak & S. Khan & Z. U. Rahman (2020), “Do Aggregate Domestic Consumption Spending and Technological Innovation Affect Industrialization in South Africa? An Application of Linear and Non-linear ARDL Models”, Journal of Applied Economics, 23(1), 43-64.
  • Ali, A. & S. Klasa & E. Yeung (2008), “The Limitations of Industry Concentration Measures Constructed with Compustat Data: Implications for Finance Research”, The Review of Financial Studies, 22(10), 3839-3871.
  • Apergis, N. & A. Cooray (2015), “Asymmetric Interest Rate Pass-Through in the U.S., the U.K. and Australia: New Evidence from Selected Individual Banks”, Journal of Macroeconomics, 45, 155-172.
  • Autor, D.H. & D. Dorn & G.H. Hanson (2013), “The China Syndrome: Local Labor Market Effects of Import Competition in the United States”, American Economic Review, 103(6), 2121-68.
  • Bachman, R. & C. Bayer (2013), “Wait-and-See Business Cycles?”, Journal of Monetary Economics, 60, 704-719.
  • Bai, Y. (2014), “Cross-border Sentiment: An Empirical Analysis on EU Stock Markets”, Applied Financial Economics, 24(4), 259-290.
  • Baker, M. & J. Wurgler & Y. Yuan (2012), “Global, Local and Contagious Investor Sentiment”, Journal of Financial Economics, 104(2), 272-287.
  • Baker, S.R. & N. Bloom & S.J. Davis (2016), “Measuring Economic Policy Uncertainty”, The Quarterly Journal of Economics, 131(4), 1593-1636.
  • Baum, C.F. & M. Caglayan & N. Ozkan (2009), “The Second Moments Matter: The Impact of Macroeconomic Uncertainty on the Allocation of Loanable Funds”, Economics Letters, 102(2), 87-89.
  • Bekaert, G. & E. Engstrom & N.R. Xu (2019), “The Time Variation in Risk Appetite and Uncertainty”, National Bureau of Economic Research Working Paper, No. w25673.
  • Bianconi, M. & F. Esposito & M. Sammon (2019), “Trade Policy Uncertainty and Stock Returns”, Discussion Papers Series, Department of Economics, Tufts University 0830, Department of Economics, Tufts University.
  • Biljanovska, N. & F. Grigoli & M. Hengge (2017), “Fear the Neighbor: Spillovers from Economic Policy Uncertainty”, in: IMF Working Paper WP/17/240, November 2017.
  • Black, F. (1986), “Noise”, The Journal of Finance, 41, 529-543.
  • Bloom, N. & S. Bond & J.V. Reenen (2007), “Uncertainty and Investment Dynamics”, The Review of Economic Studies, 74(2), 391-415.
  • Bonaime, A. & H. Gulen & M. Ion (2018), “Does Policy Uncertainty Affect Mergers and Acquisitions?”, Journal of Financial Economics, 129 (3), 531-558.
  • Bordo, M.D. & J.V. Duca & C. Koch (2016), “Economic Policy Uncertainty and the Credit Channel: Aggregate and Bank Level U.S. Evidence over Several Decades”, Journal of Financial Stability, 26, 90-106.
  • Bown, C.P. (2013), “Trade Policy Flexibilities and Turkey: Tariffs, Anti‐dumping, Safeguards and WTO Dispute Settlement”, The World Economy, 37(2), 193-218.
  • Bradley, D.J. & C. Pantzalis & X. Yuan (2016), “Policy Risk, Corporate Political Strategies, and the Cost of Debt”, Journal of Corporate Finance, 40, 254-275.
  • Caglayan, M. & B. Xu (2016), “Sentiment Volatility and Bank Lending Behavior”, International Review of Financial Analysis, 45, 107-120.
  • Caldara, D. & M. Iacoviello & P. Molligo & A. Prestipino (2019), “The Economic Effects of Trade Policy Uncertainty”, Journal of Monetary Economics, 109, 38-59.
  • Calmès, C. & R. Théoret (2014), “Bank Systemic Risk and Macroeconomic Shocks: Canadian and U.S. Evidence”, Journal of Banking and Finance, 40, 388-402.
  • Canbas, S. & S.Y. Kandir (2006), “Examining the Effect of Investor Psychology Over Stock Returns by Closed-End Fund Discount”, Muhasebe ve Finansman Dergisi, 29(1), 26-39.
  • Canbaş, S. & S.Y. Kandır (2009), “Investor Sentiment and Stock Returns: Evidence from Turkey”, Emerging Markets Finance and Trade, 45(4), 36-52.
  • Carrière-Swallow, Y. & L.F. Céspedes (2013), “The impact of uncertainty shocks in emerging economies”, Journal of International Economics, 90(2), 316-325.
  • Davis, S.J. & J. Haltiwanger & R. Jarmin & J. Miranda & C. Foote & E. Nagypal (2006), “Volatility and Dispersion in Business Growth Rates: Publicly Traded versus Privately Held Firms”, NBER Macroeconomics Annual 21, 107-179.
  • De Long, J.B. & A. Shleifer & L.H. Summers & R.J. Waldmann (1990), “Noise trader risk in financial markets”, Journal of Political Economy, 98(4), 703-738.
  • Demir, E. & O. Ersan (2018), “The Impact of Economic Policy Uncertainty on Stock Returns of Turkish Tourism Companies”, Current Issues in Tourism, 21(8), 847-855.
  • Dickey, D.A. & W.A. Fuller (1979), “Distribution of the estimators for autoregressive time series with a unit root”, Journal of the American Statistical Association, 74, 427-431.
  • Fernandez-Villaverde, J. & P. Guerron-Quintana & K. Kuester & J. Rubio-RamÃrez (2015), “Fiscal Volatility Shocks and Economic Activity”, American Economic Review, 105(11), 3352-3384.
  • Hamzah, N.H. & M. Masih (2018), “Revisiting Effectiveness of Interest Rate as a Tool to Control Inflation: Evidence from Malaysia Based on ARDL and NARDL”, MPRA Paper 87576, University Library of Munich, Germany.
  • Handley, K. & N. Limao (2012), “Trade and Investment under Policy Uncertainty: Theory and Firm Evidence”, American Economic Journal: Economic Policy, 7(4), 189-222.
  • Handley, K. (2014), “Exporting Under Trade Policy Uncertainty: Theory and Evidence”, Journal of International Economics, 94(1), 50-66.
  • Ivashina, V. & D. Scharfstein (2010), “Bank lending during the financial crisis of 2008”, Journal of Financial Economics, 97(3), 319-338.
  • Katrakilidis, C. & E. Trachanas (2012), “What Drives Housing Price Dynamics in Greece: New Evidence from Asymmetric ARDL Cointegration”, Economic Modelling, 29, 1064-1069.
  • Kaufman, G.G. (1994), “Bank contagion: A review of the theory and evidence”, Journal of Financial Services Research, 8(2), 123-150.
  • Kirişçi, K. & N. Kaptanoğlu (2011), “The Politics of Trade and Turkish Foreign Policy”, Middle Eastern Studies, 47(5), 705-724.
  • Kocaarslan, B. & U. Soytas (2019), “Asymmetric Pass-Through Between Oil Prices and the Stock Prices of Clean Energy Firms: New Evidence from a Nonlinear Analysis”, Energy Reports, 5, 117-125.
  • Kurov, A. & R. Stan (2018), “Monetary Policy Uncertainty and the Market Reaction to Macroeconomic News”, Journal of Banking & Finance, 86, 127-142.
  • Lahiani, A. & S. Hammoudeh & R. Gupta (2016), “Linkages between Financial Sector CDS spreads and Macroeconomic Influence in a Non-linear Setting”, International Reviews of Economics and Finance, 43, 443-456.
  • Liang, C.C. & C. Troy & E. Rouyer (2020), “U.S. Uncertainty and Asian Stock Prices: Evidence from the Asymmetric NARDL Model”, The North American Journal of Economics and Finance, 51, 101046.
  • Mensi, W. & S. Hammoudeh & S.J.H. Shahzad & M. Shahbaz (2017), “Modelling Systemic Risk and Dependence Structure Between Oil and Stock Markets Using A Variational Mode Decomposition-Based Copula Method”, Journal of Banking and Finance, 75, 258-279.
  • Nowzohour, L. & L. Stracca (2017), “More than a Feeling: Confidence, Uncertainty and Macroeconomic Fluctuations”, ECB Working Paper No. 2100.
  • Ordu-Akkaya, B.M. (2019), “US Economic Policy Uncertainty and Loan Growth: Evidence from Turkey”, Üçüncü Sektör Sosyal Ekonomi Dergisi, 54, 1049-1063.
  • Osnago, A. & R. Piermartini & N. Rocha (2015), “Trade Policy Uncertainty as Barrier to Trade”, WTO Staff Working Papers ERSD-2015-05, World Trade Organization (WTO), Economic Research and Statistics Division.
  • Perez-Liston, D. & D. Huerta-Sanches & J. Gutierrez (2018), “Do Domestic Sentiment and The Spillover of U.S. Investor Sentiment Impact Mexican Stock Market Returns?”, Journal of Emerging Market Finance, 17, 1-28.
  • Pesaran, M.H. & Y. Shin (1998), “An autoregressive distributed-lag modelling approach to cointegration analysis”, Economic Soc. Monogr., 31, 371-413.
  • Phillips, P.C.B. & P. Perron (1988), “Testing for a unit root in time series regressions”, Biometrica, 75(2), 335-346.
  • Pierce, J.R. & P.K. Schott (2016), “Trade Liberalization and Mortality: Evidence from U.S. Counties”, NBER Working Papers 22849, National Bureau of Economic Research, Inc.
  • Puri, M. & J. Rocholl & S. Steffen (2011), “Global Retail Lending in the Aftermath of the U.S. Financial Crisis: Distinguishing between Supply and Demand Effects”, Journal of Financial Economics, 100(3), 556-578.
  • Quagliariello, M. (2009), “Macroeconomic Uncertainty and Banks’ Lending Decisions: The Case of Italy”, Applied Economics, 41(3), 323-336.
  • Rodrik, D. (1991), “Policy Uncertainty and Private Investment in Developing Countries”, Journal of Development Economics, 36(2), 229-242.
  • Sayim, M. & H. Rahman (2015), “The Relationship Between Individual Investor Sentiment, Stock Return and Volatility: Evidence from the Turkish Market”, International Journal of Emerging Markets, 10(3), 504-520.
  • Shahzad, S.J.H. & S.M. Nor & R. Ferrer & S. Hammoudeh (2017), “Asymmetric determinants of CDS spreads: U.S. industry-level evidence through the NARDL approach”, Economic Modelling, 60, 211-230.
  • Shin, Y. & B. Yu & M. Greenwood-Nimmo (2014), “Modelling asymmetric cointegration and dynamic multipliers in a non-linear ARDL framework”, in: Festschrift in Honor of Peter Schmidt, Springer, New York, NY, 281-314.
  • Steinberg, J.B. (2019), “Brexit And the Macroeconomic Impact of Trade Policy Uncertainty”, Journal of International Economics, 117, 175-195.
  • Verma, R. & G. Soydemir (2006), “The Impact of U.S. Individual and Institutional Investor Sentiment on Foreign Stock Markets”, Journal of Behavioural Finance, 7(3), 128-144.
  • Zanotti, J. & C. Thomas (2020), “Turkey-US relations: Timeline and brief historical context”, Congressional Research Service, version 5.

Effects of the US Trade Policy Uncertainty on the Turkish Financial Markets and Bank Loans

Year 2021, Volume 29, Issue 50, 11 - 33, 31.10.2021
https://doi.org/10.17233/sosyoekonomi.2021.04.01

Abstract

For many decades, the transmission of uncertainty among countries has been one of the hottest topics in the literature. This study aims to contribute to this literature by studying the impact of the U.S.’s trade policy uncertainty (TPU) on the Turkish stock market, bank loans, and investor sentiment. We employ a non-linear autoregressive distributed lag (NARDL) approach. An existing cointegration between variables is demonstrated. Our findings also show that while the U.S.’s TPU significantly influences both share prices and bank loans, it does not seem to substantially impact Turkey’s investor sentiment in the long run or the short run. This paper demonstrates that the effects of U.S. policies on financial market players and investors in Turkey are not negligible.

References

  • Ahmad, M. & S.I. Khattak & S. Khan & Z. U. Rahman (2020), “Do Aggregate Domestic Consumption Spending and Technological Innovation Affect Industrialization in South Africa? An Application of Linear and Non-linear ARDL Models”, Journal of Applied Economics, 23(1), 43-64.
  • Ali, A. & S. Klasa & E. Yeung (2008), “The Limitations of Industry Concentration Measures Constructed with Compustat Data: Implications for Finance Research”, The Review of Financial Studies, 22(10), 3839-3871.
  • Apergis, N. & A. Cooray (2015), “Asymmetric Interest Rate Pass-Through in the U.S., the U.K. and Australia: New Evidence from Selected Individual Banks”, Journal of Macroeconomics, 45, 155-172.
  • Autor, D.H. & D. Dorn & G.H. Hanson (2013), “The China Syndrome: Local Labor Market Effects of Import Competition in the United States”, American Economic Review, 103(6), 2121-68.
  • Bachman, R. & C. Bayer (2013), “Wait-and-See Business Cycles?”, Journal of Monetary Economics, 60, 704-719.
  • Bai, Y. (2014), “Cross-border Sentiment: An Empirical Analysis on EU Stock Markets”, Applied Financial Economics, 24(4), 259-290.
  • Baker, M. & J. Wurgler & Y. Yuan (2012), “Global, Local and Contagious Investor Sentiment”, Journal of Financial Economics, 104(2), 272-287.
  • Baker, S.R. & N. Bloom & S.J. Davis (2016), “Measuring Economic Policy Uncertainty”, The Quarterly Journal of Economics, 131(4), 1593-1636.
  • Baum, C.F. & M. Caglayan & N. Ozkan (2009), “The Second Moments Matter: The Impact of Macroeconomic Uncertainty on the Allocation of Loanable Funds”, Economics Letters, 102(2), 87-89.
  • Bekaert, G. & E. Engstrom & N.R. Xu (2019), “The Time Variation in Risk Appetite and Uncertainty”, National Bureau of Economic Research Working Paper, No. w25673.
  • Bianconi, M. & F. Esposito & M. Sammon (2019), “Trade Policy Uncertainty and Stock Returns”, Discussion Papers Series, Department of Economics, Tufts University 0830, Department of Economics, Tufts University.
  • Biljanovska, N. & F. Grigoli & M. Hengge (2017), “Fear the Neighbor: Spillovers from Economic Policy Uncertainty”, in: IMF Working Paper WP/17/240, November 2017.
  • Black, F. (1986), “Noise”, The Journal of Finance, 41, 529-543.
  • Bloom, N. & S. Bond & J.V. Reenen (2007), “Uncertainty and Investment Dynamics”, The Review of Economic Studies, 74(2), 391-415.
  • Bonaime, A. & H. Gulen & M. Ion (2018), “Does Policy Uncertainty Affect Mergers and Acquisitions?”, Journal of Financial Economics, 129 (3), 531-558.
  • Bordo, M.D. & J.V. Duca & C. Koch (2016), “Economic Policy Uncertainty and the Credit Channel: Aggregate and Bank Level U.S. Evidence over Several Decades”, Journal of Financial Stability, 26, 90-106.
  • Bown, C.P. (2013), “Trade Policy Flexibilities and Turkey: Tariffs, Anti‐dumping, Safeguards and WTO Dispute Settlement”, The World Economy, 37(2), 193-218.
  • Bradley, D.J. & C. Pantzalis & X. Yuan (2016), “Policy Risk, Corporate Political Strategies, and the Cost of Debt”, Journal of Corporate Finance, 40, 254-275.
  • Caglayan, M. & B. Xu (2016), “Sentiment Volatility and Bank Lending Behavior”, International Review of Financial Analysis, 45, 107-120.
  • Caldara, D. & M. Iacoviello & P. Molligo & A. Prestipino (2019), “The Economic Effects of Trade Policy Uncertainty”, Journal of Monetary Economics, 109, 38-59.
  • Calmès, C. & R. Théoret (2014), “Bank Systemic Risk and Macroeconomic Shocks: Canadian and U.S. Evidence”, Journal of Banking and Finance, 40, 388-402.
  • Canbas, S. & S.Y. Kandir (2006), “Examining the Effect of Investor Psychology Over Stock Returns by Closed-End Fund Discount”, Muhasebe ve Finansman Dergisi, 29(1), 26-39.
  • Canbaş, S. & S.Y. Kandır (2009), “Investor Sentiment and Stock Returns: Evidence from Turkey”, Emerging Markets Finance and Trade, 45(4), 36-52.
  • Carrière-Swallow, Y. & L.F. Céspedes (2013), “The impact of uncertainty shocks in emerging economies”, Journal of International Economics, 90(2), 316-325.
  • Davis, S.J. & J. Haltiwanger & R. Jarmin & J. Miranda & C. Foote & E. Nagypal (2006), “Volatility and Dispersion in Business Growth Rates: Publicly Traded versus Privately Held Firms”, NBER Macroeconomics Annual 21, 107-179.
  • De Long, J.B. & A. Shleifer & L.H. Summers & R.J. Waldmann (1990), “Noise trader risk in financial markets”, Journal of Political Economy, 98(4), 703-738.
  • Demir, E. & O. Ersan (2018), “The Impact of Economic Policy Uncertainty on Stock Returns of Turkish Tourism Companies”, Current Issues in Tourism, 21(8), 847-855.
  • Dickey, D.A. & W.A. Fuller (1979), “Distribution of the estimators for autoregressive time series with a unit root”, Journal of the American Statistical Association, 74, 427-431.
  • Fernandez-Villaverde, J. & P. Guerron-Quintana & K. Kuester & J. Rubio-RamÃrez (2015), “Fiscal Volatility Shocks and Economic Activity”, American Economic Review, 105(11), 3352-3384.
  • Hamzah, N.H. & M. Masih (2018), “Revisiting Effectiveness of Interest Rate as a Tool to Control Inflation: Evidence from Malaysia Based on ARDL and NARDL”, MPRA Paper 87576, University Library of Munich, Germany.
  • Handley, K. & N. Limao (2012), “Trade and Investment under Policy Uncertainty: Theory and Firm Evidence”, American Economic Journal: Economic Policy, 7(4), 189-222.
  • Handley, K. (2014), “Exporting Under Trade Policy Uncertainty: Theory and Evidence”, Journal of International Economics, 94(1), 50-66.
  • Ivashina, V. & D. Scharfstein (2010), “Bank lending during the financial crisis of 2008”, Journal of Financial Economics, 97(3), 319-338.
  • Katrakilidis, C. & E. Trachanas (2012), “What Drives Housing Price Dynamics in Greece: New Evidence from Asymmetric ARDL Cointegration”, Economic Modelling, 29, 1064-1069.
  • Kaufman, G.G. (1994), “Bank contagion: A review of the theory and evidence”, Journal of Financial Services Research, 8(2), 123-150.
  • Kirişçi, K. & N. Kaptanoğlu (2011), “The Politics of Trade and Turkish Foreign Policy”, Middle Eastern Studies, 47(5), 705-724.
  • Kocaarslan, B. & U. Soytas (2019), “Asymmetric Pass-Through Between Oil Prices and the Stock Prices of Clean Energy Firms: New Evidence from a Nonlinear Analysis”, Energy Reports, 5, 117-125.
  • Kurov, A. & R. Stan (2018), “Monetary Policy Uncertainty and the Market Reaction to Macroeconomic News”, Journal of Banking & Finance, 86, 127-142.
  • Lahiani, A. & S. Hammoudeh & R. Gupta (2016), “Linkages between Financial Sector CDS spreads and Macroeconomic Influence in a Non-linear Setting”, International Reviews of Economics and Finance, 43, 443-456.
  • Liang, C.C. & C. Troy & E. Rouyer (2020), “U.S. Uncertainty and Asian Stock Prices: Evidence from the Asymmetric NARDL Model”, The North American Journal of Economics and Finance, 51, 101046.
  • Mensi, W. & S. Hammoudeh & S.J.H. Shahzad & M. Shahbaz (2017), “Modelling Systemic Risk and Dependence Structure Between Oil and Stock Markets Using A Variational Mode Decomposition-Based Copula Method”, Journal of Banking and Finance, 75, 258-279.
  • Nowzohour, L. & L. Stracca (2017), “More than a Feeling: Confidence, Uncertainty and Macroeconomic Fluctuations”, ECB Working Paper No. 2100.
  • Ordu-Akkaya, B.M. (2019), “US Economic Policy Uncertainty and Loan Growth: Evidence from Turkey”, Üçüncü Sektör Sosyal Ekonomi Dergisi, 54, 1049-1063.
  • Osnago, A. & R. Piermartini & N. Rocha (2015), “Trade Policy Uncertainty as Barrier to Trade”, WTO Staff Working Papers ERSD-2015-05, World Trade Organization (WTO), Economic Research and Statistics Division.
  • Perez-Liston, D. & D. Huerta-Sanches & J. Gutierrez (2018), “Do Domestic Sentiment and The Spillover of U.S. Investor Sentiment Impact Mexican Stock Market Returns?”, Journal of Emerging Market Finance, 17, 1-28.
  • Pesaran, M.H. & Y. Shin (1998), “An autoregressive distributed-lag modelling approach to cointegration analysis”, Economic Soc. Monogr., 31, 371-413.
  • Phillips, P.C.B. & P. Perron (1988), “Testing for a unit root in time series regressions”, Biometrica, 75(2), 335-346.
  • Pierce, J.R. & P.K. Schott (2016), “Trade Liberalization and Mortality: Evidence from U.S. Counties”, NBER Working Papers 22849, National Bureau of Economic Research, Inc.
  • Puri, M. & J. Rocholl & S. Steffen (2011), “Global Retail Lending in the Aftermath of the U.S. Financial Crisis: Distinguishing between Supply and Demand Effects”, Journal of Financial Economics, 100(3), 556-578.
  • Quagliariello, M. (2009), “Macroeconomic Uncertainty and Banks’ Lending Decisions: The Case of Italy”, Applied Economics, 41(3), 323-336.
  • Rodrik, D. (1991), “Policy Uncertainty and Private Investment in Developing Countries”, Journal of Development Economics, 36(2), 229-242.
  • Sayim, M. & H. Rahman (2015), “The Relationship Between Individual Investor Sentiment, Stock Return and Volatility: Evidence from the Turkish Market”, International Journal of Emerging Markets, 10(3), 504-520.
  • Shahzad, S.J.H. & S.M. Nor & R. Ferrer & S. Hammoudeh (2017), “Asymmetric determinants of CDS spreads: U.S. industry-level evidence through the NARDL approach”, Economic Modelling, 60, 211-230.
  • Shin, Y. & B. Yu & M. Greenwood-Nimmo (2014), “Modelling asymmetric cointegration and dynamic multipliers in a non-linear ARDL framework”, in: Festschrift in Honor of Peter Schmidt, Springer, New York, NY, 281-314.
  • Steinberg, J.B. (2019), “Brexit And the Macroeconomic Impact of Trade Policy Uncertainty”, Journal of International Economics, 117, 175-195.
  • Verma, R. & G. Soydemir (2006), “The Impact of U.S. Individual and Institutional Investor Sentiment on Foreign Stock Markets”, Journal of Behavioural Finance, 7(3), 128-144.
  • Zanotti, J. & C. Thomas (2020), “Turkey-US relations: Timeline and brief historical context”, Congressional Research Service, version 5.

Details

Primary Language English
Subjects Social
Journal Section Articles
Authors

Ecenur UĞURLU YILDIRIM (Primary Author)
SOCIAL SCIENCES UNIVERSITY OF ANKARA
0000-0001-6465-4781
Türkiye

Publication Date October 31, 2021
Published in Issue Year 2021, Volume 29, Issue 50

Cite

Bibtex @research article { sosyoekonomi719116, journal = {Sosyoekonomi}, issn = {1305-5577}, address = {}, publisher = {Sosyoekonomi Society}, year = {2021}, volume = {29}, pages = {11 - 33}, doi = {10.17233/sosyoekonomi.2021.04.01}, title = {Effects of the US Trade Policy Uncertainty on the Turkish Financial Markets and Bank Loans}, key = {cite}, author = {Uğurlu Yıldırım, Ecenur} }
APA Uğurlu Yıldırım, E. (2021). Effects of the US Trade Policy Uncertainty on the Turkish Financial Markets and Bank Loans . Sosyoekonomi , 29 (50) , 11-33 . DOI: 10.17233/sosyoekonomi.2021.04.01
MLA Uğurlu Yıldırım, E. "Effects of the US Trade Policy Uncertainty on the Turkish Financial Markets and Bank Loans" . Sosyoekonomi 29 (2021 ): 11-33 <https://dergipark.org.tr/en/pub/sosyoekonomi/issue/65592/719116>
Chicago Uğurlu Yıldırım, E. "Effects of the US Trade Policy Uncertainty on the Turkish Financial Markets and Bank Loans". Sosyoekonomi 29 (2021 ): 11-33
RIS TY - JOUR T1 - Effects of the US Trade Policy Uncertainty on the Turkish Financial Markets and Bank Loans AU - Ecenur Uğurlu Yıldırım Y1 - 2021 PY - 2021 N1 - doi: 10.17233/sosyoekonomi.2021.04.01 DO - 10.17233/sosyoekonomi.2021.04.01 T2 - Sosyoekonomi JF - Journal JO - JOR SP - 11 EP - 33 VL - 29 IS - 50 SN - 1305-5577- M3 - doi: 10.17233/sosyoekonomi.2021.04.01 UR - https://doi.org/10.17233/sosyoekonomi.2021.04.01 Y2 - 2021 ER -
EndNote %0 Sosyoekonomi Effects of the US Trade Policy Uncertainty on the Turkish Financial Markets and Bank Loans %A Ecenur Uğurlu Yıldırım %T Effects of the US Trade Policy Uncertainty on the Turkish Financial Markets and Bank Loans %D 2021 %J Sosyoekonomi %P 1305-5577- %V 29 %N 50 %R doi: 10.17233/sosyoekonomi.2021.04.01 %U 10.17233/sosyoekonomi.2021.04.01
ISNAD Uğurlu Yıldırım, Ecenur . "Effects of the US Trade Policy Uncertainty on the Turkish Financial Markets and Bank Loans". Sosyoekonomi 29 / 50 (October 2021): 11-33 . https://doi.org/10.17233/sosyoekonomi.2021.04.01
AMA Uğurlu Yıldırım E. Effects of the US Trade Policy Uncertainty on the Turkish Financial Markets and Bank Loans. Sosyoekonomi. 2021; 29(50): 11-33.
Vancouver Uğurlu Yıldırım E. Effects of the US Trade Policy Uncertainty on the Turkish Financial Markets and Bank Loans. Sosyoekonomi. 2021; 29(50): 11-33.
IEEE E. Uğurlu Yıldırım , "Effects of the US Trade Policy Uncertainty on the Turkish Financial Markets and Bank Loans", Sosyoekonomi, vol. 29, no. 50, pp. 11-33, Oct. 2021, doi:10.17233/sosyoekonomi.2021.04.01