Cemal Öztürk - Academia.edu (original) (raw)
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Papers by Cemal Öztürk
World Journal of Applied Economics
This study assesses the asymmetric effectiveness of Turkey's monetary policy and fiscal polic... more This study assesses the asymmetric effectiveness of Turkey's monetary policy and fiscal policy under the inflation targeting regime in the period of 2006-2020. We employed the non-linear autoregressive distributed lag (NARDL) method and Hatemi-J asymmetric causality test with the assistance of the St. Louis equation, which relates the growth in nominal income with the growth in money supply and public expenditures. The NARDL model revealed that an increase in money supply and gross domestic product (GDP) has a positive relationship. On the other hand, a decrease in money supply and government expenditures have no significant relationship with GDP. In addition, Hatemi-J asymmetric causality results showed an asymmetric causality between money supply and GDP. It demonstrates that the money supply in Turkey during the period 2006-2020 is endogenous.
Journal of Yaşar University
In recent years, as a result of the financial liberalization policies implemented it is observed ... more In recent years, as a result of the financial liberalization policies implemented it is observed that the relationship between stock prices and exchange rates has increased. With these developments, the importance of studies examining the relationship between stock market and exchange rate has increased. In this study, using historical data for daily basis from 2009: 01-2020: 06 period was to investigate the relationship between the exchange rate and the stock market in Turkey help of the Asymmetric Causality Analysis and Markov Regime Switching Model. In the study, in which the BIST100 Index and the USD/TRY exchange rate were used as variables, there were examined the validity of the "Good Market" and "Portfolio Balance" theories. Markov Regime Switching Model findings showed that a significant relationship between exchange rate and stock prices in both periods of expansion and contraction in Turkey's economy. Hatemi-J (2012) asymmetric causality test findings, there is a causality from positive and negative shock in the BIST100 to positive and negative shock in the exchange rate, and there was a found that the Portfolio Balance theory validity in Turkey. In addition, the existence of causality from from positive shocks in the exchange rate to positive shocks in the BIST100 index demonstrates the validity of the Goods Market theory, and there is no causality relationship between negative shocks.
World Journal of Applied Economics
This study assesses the asymmetric effectiveness of Turkey's monetary policy and fiscal polic... more This study assesses the asymmetric effectiveness of Turkey's monetary policy and fiscal policy under the inflation targeting regime in the period of 2006-2020. We employed the non-linear autoregressive distributed lag (NARDL) method and Hatemi-J asymmetric causality test with the assistance of the St. Louis equation, which relates the growth in nominal income with the growth in money supply and public expenditures. The NARDL model revealed that an increase in money supply and gross domestic product (GDP) has a positive relationship. On the other hand, a decrease in money supply and government expenditures have no significant relationship with GDP. In addition, Hatemi-J asymmetric causality results showed an asymmetric causality between money supply and GDP. It demonstrates that the money supply in Turkey during the period 2006-2020 is endogenous.
Journal of Yaşar University
In recent years, as a result of the financial liberalization policies implemented it is observed ... more In recent years, as a result of the financial liberalization policies implemented it is observed that the relationship between stock prices and exchange rates has increased. With these developments, the importance of studies examining the relationship between stock market and exchange rate has increased. In this study, using historical data for daily basis from 2009: 01-2020: 06 period was to investigate the relationship between the exchange rate and the stock market in Turkey help of the Asymmetric Causality Analysis and Markov Regime Switching Model. In the study, in which the BIST100 Index and the USD/TRY exchange rate were used as variables, there were examined the validity of the "Good Market" and "Portfolio Balance" theories. Markov Regime Switching Model findings showed that a significant relationship between exchange rate and stock prices in both periods of expansion and contraction in Turkey's economy. Hatemi-J (2012) asymmetric causality test findings, there is a causality from positive and negative shock in the BIST100 to positive and negative shock in the exchange rate, and there was a found that the Portfolio Balance theory validity in Turkey. In addition, the existence of causality from from positive shocks in the exchange rate to positive shocks in the BIST100 index demonstrates the validity of the Goods Market theory, and there is no causality relationship between negative shocks.