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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

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

Öz

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.

Kaynakça

  • 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.

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

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

Öz

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.

Kaynakça

  • 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.
Toplam 31 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finans
Bölüm İşletme Finans
Yazarlar

Ömer Tuğsal Doruk 0000-0002-2382-1042

Yayımlanma Tarihi 31 Ekim 2020
Gönderilme Tarihi 5 Ağustos 2020
Kabul Tarihi 2 Ekim 2020
Yayımlandığı Sayı Yıl 2020

Kaynak Göster

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