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Banks, which are important actors of the overall economy and the financial system, are directly and indirectly affected by the developments in the global and national economy and continue their activities by being exposed to various risks. Therefore, the risks that banks are exposed to and the management of these risks are important. Liquidity risk, which is among the risks mentioned above, is of vital importance for banks and requires proactive management. In this context, this study aims to reveal the internal and external determinants of the Liquidity Coverage Ratio, which is an indicator of the liquidity level of banks in the Turkish banking sector, covering the Covid-19 period. The quarterly data of 19 commercial and 4 participation banks operating in Turkey between 2015/12 and 2021/9 were analysed by panel data analysis method within the scope of the established models. As a result of the analysis, it was concluded that there are statistically significant relationships between the liquidity level of the Turkish banking sector, which consists of deposit and participation banks within the scope of the sample, and bank-specific deposits, loan deposit ratio, return on equity, capital adequacy ratio, equity and asset size and macroeconomic factors money supply, credit default swap, control variable Covid period. [ABSTRACT FROM AUTHOR]

In this study, the relationship between the current account balance, growth (BUY), money supply (M2) and reel effective exchange rate variables (RDK) for Turkey was analyzed for the period 2003Q1-2020Q4 using Autoregressive Distributed Lag Bound Test (ARDL) and Granger Causality Test. Current account balance excluding energy (EHCD) variable was used as dependent variable in the study. According to the analysis results, a long-term negative relationship was found between BUY and RDK variables with EHCD at the 5% significance level. Granger causality analysis results show that there is bidirectional causality between growth and current account balance excluding energy. Since growth in Turkey is dependent on imports, growth affects the external balance negatively by increasing domestic and foreign demand. On the other hand, there is unidirectional causality running from EHCD to money supply and real exchange rate, and from growth to money supply. In order for Turkey to get rid of the chronic current account deficit problem, it needs to produce export goods with high foreign demand, and reduce its dependence on foreign energy and other imported inputs. In this context, both the risks arising as a result of the current Russia-Ukraine tension and the targets of the Paris Climate Agreement to reduce environmental pollution reveal the importance of self-sufficiency in inputs and investments in renewable energy resources. [ABSTRACT FROM AUTHOR]

The aim of this study is to investigate the effect of demographic changes on inflation in Turkey. Although there is no direct theoretical explanation about the effects of changes in demographic structure on inflation, studies on the effect of changes in demographic structure on inflation in the national and international literature draw attention. In this study, the effects of demographic structure on inflation in Turkey were investigated by ARDL method. According to the findings of this study covering the years 1971-2020, while the dependent elderly population affects inflation as negatively in the long term, the dependent young population, exchange rate and money supply affect inflation as positively. According to the error correction model, it has been determined that a shock will be eliminated rate of 60% in the short term. [ABSTRACT FROM AUTHOR]

The COVID-19 Pandemic has affected all the economies globally. In order to reduce the adverse effects of the pandemic on the economy, governments have resorted to fiscal policies and monetary policies as they did in the 2008 Global Financial Crisis. In this framework, the most common policy that is conducted by the central banks has been quantitative easing again. The adverse effects of the monetary policies have been relatively low in developed economies since the monetary expansion was accompanied with fiscal policies such as transfer payments. However in Turkey, the negative effects on inflation and exchange rates arose due to the huge expansion in money supply and credits as the fiscal policies were limited. The aim of this study is to assess the effectiveness of the Central Bank policies and the financial measures taken in Turkey after the emergence of the pandemic crisis. The paper presents the policies of the Central Bank of Turkey and their results with international comparisons and provides recomendations. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to explain the relationship between economic growth and financial development indicators such as credit volume, money supply, BİST 100 index, exports and imports in Turkey. In this study Johansen cointgeration, vector error correction model estimation, granger causality test, impulse-response and variance decomposition analysis are undertaken. According to Johansen cointegration analysis, it is found that there is a long-run relationship between the economic growth, BİST 100 index, inflation, export, import, credit volume and monetary aggregate M2. According to Granger causality tests there is one-way causality relation from economic growth to BİST 100 stock market index which is an indicator of capital markets and monetary aggregate M2. In this case bank credit volume is not found to be the reason for the economic growth. Impulse-response analysisshow that the response of economic growth one period later to one standard deviation shock in BİST 100 stock market index. The findings obtained during the period of study show that economic growth in the Turkish economy leads to an increase in demand in financial services and thus the demand-push hypothesis which states that it causes financial expansion is confirmed. [ABSTRACT FROM AUTHOR]

Foreign currency reserves are important external assets held by countries in cases of international payment difficulties. Especially in the recent period, it has become more important for countries as it minimizes future insecurity and instills confidence. In this study, the relationship in Turkey between money supply and foreign exchange reserves is discussed. In the study, the subject is handled with the monetary balance of payments approach, unlike the other studies in the literature. In the study where the period of 2008: 01-2019: 12 is dealt with, the stationarity examination is made with ADF and RALS-ADF unit root tests. After determining that the variables are not stationary at the level, EG and RALS-EG cointegration tests are performed. According to the test results, the existence of a long-term relationship between variables has been revealed. ADF unit root test and EG cointegration tests are also included in the analysis for comparison. After the estimation results of the variables, it is concluded that the increase in money supply increases the foreign exchange reserves in accordance with the theory. [ABSTRACT FROM AUTHOR]

In this study, the effects of monetary and fiscal policies on the stock market were examined in Turkey. M3/GDP was used to measure monetary policy and primary budget balance/GDP was used to measure fiscal policy as independent variables. As a dependent variable, the return of the BIST100 index was determined to measure the performance of Borsa Istanbul. In the data set, the period between 20061Q and 20193Q is covered. ADF test is used to test the stationarity of variables. ARDL boundary test and ECM were used to determine the short-term and longterm relationships between variables. Finally, CUSUM and CUSUM x2 tests have been implemented to understand whether structural breaks affect the results of the study. According to the research findings, negative changes in the budget balance and the increase in the M3 money supply have a statistically significant positive effect on the BIST100 return index. [ABSTRACT FROM AUTHOR]

The effects of monetary policy on aggregate demand occur through transmission mechanism channels. Nowadays, the preference of monetary policies rather than fiscal policies in order to influence the economies enables both monetary transmission mechanism to remain on the agenda and to examine various channels affecting the economy. In this context, in this study, the introduction of the monetary transmission mechanism channels, to reveal the functioning mechanism in Turkey's economy and the empirical evidence is to investigate the effectiveness of monetary transmission channels. Accordingly, the efficiency of the channels has been analyzed with the structural VAR (SVAR) analysis using monthly data for the period 2011: 01-2018: 09, and according to empirical findings, it has been concluded that the channels of monetary transmission mechanism are effective on the real economy. [ABSTRACT FROM AUTHOR]

In this study, the monetary base growth rate in Turkey is questioning whether a relationship between economic growth. In the study, "Wide money supply (M3)" and "Growth" variables for the period 1969-2017 were subjected to an empirical analysis. ARDL test was applied to investigate the presence of co-integration between the "Growth" series and the "Large Money Supply (M3)" series. Results show that there is a co-integration (long-term) relationship between "monetary base growth" and "economic growth" in Turkey. Then, with the ARDL model, it is seen that financial development has a long-term enhancing effect on growth. As a result of the Granger causality test with the Toda Yamamoto approach applied to determine the causality relationship between the series, it was observed that there was no causality between the two series. Referring to Turkey's economy is that there is a significant impact on the growth of the money supply. Because an advanced financial system is needed in order to target sustainable growth requirements. For this reason, economic growth should be supported by developing the right policies without ignoring the money supply or the monetary base. [ABSTRACT FROM AUTHOR]

The main purpose of this study is to investigate the factors that the impact of macroeconomic variables, which is effective on money demand and the stability of the money demand function in Turkey. The analysis covers the period after the 2008 financial crisis, where there was powerful monetary easing in developed countries (2008-2018). In the study, the M2 money supply is preferred as monetary aggregates. Variables that are investigated the effect are real income, interest rate and exchange rate. ARDL approach and CUSUM-CUSUMSQ test are used as methods. The analysis is performed with quarterly data. According to the results of the analysis, real income and exchange rate have a positive effect and the interest rate has a negative effect on money demand in the long term. In the short term, while the effect of real income and exchange rate on money demand continue, the effect of interest rate is disappeared. [ABSTRACT FROM AUTHOR]

The idea of the hypothesis of the money supply as a theory is based on the Post Keynesians. This hypothesis suggests that there is a causal relationship between credit and money supply and monetary base in an economy. With the developing financial system and financial innovations, the endogeneity of money supply is one of the priority issues to be studied. For this reason it is important to consider the endogeneity of money supply in a theoretical and empirical context. In this study, the hypothesis of endogeneity money supply for Turkey's economy was investigated by Toda-Yamamoto and Bootstrap Toda-Yamamoto causality analysis procedures for the period 2006-2018. Empirical findings show that there is a causal relationship between credit and money supply, monetary base and money multiplier. There is also a causal relationship from money supply to credit. In this case, the bidirectional causality relationship between credit and money multiplier supports the view of liquidity preference regarding the endogeneity of money supply. [ABSTRACT FROM AUTHOR]

The aim of this study is to investigate the effect of financial development on foreign direct investment in Turkey period from 1985 to 2016. For this purpose, the effect of private credits, M2 money supply and stock trading volume indicators on foreign direct investments net inflows is analyzed by ARDL bound analysis. The results indicate that there is a cointegration between the variables in the long run and it illustrates that there is a negative effect of the stock trading volume and private credits on foreign direct investments. In the short run error correction model, contrary to the long run, the effect of private credits on the increase of foreign direct investments has been determined. In addition, while the coefficient of M2 money supply variable is positive in both short and long run, the coefficient related to this variable is statistically significant only in the short run error correction model. [ABSTRACT FROM AUTHOR]

The aim of this study is to analyze the relationship between consumer loans and some macroeconomic variables between 2006:Q1 and 2018:Q2 quarter periods in Turkey. In this context; consumer loans, inflation, exchange rate, interest and money supply variables were used. Firstly, the stability of variables are analyzed that structural non-breaking unit root test (ADF, PP) and a structural break (Zivot-Andrews) unit root test. Whether or not there is a long-term relationship between the variables was investigated by the Gregory- Hansen structural fracture cointegration test. The direction of causality between the variables was examined with Toda-Yamamato causality test. In Toda-Yamamoto causality test, it is seen that there is a bidirectional causality relationship between interest rate and consumer loans. In addition, the one-way causality relationship from money supply to consumer loans has been determined. [ABSTRACT FROM AUTHOR]

In our day where manufacture processes are reformed by sorting in the frame of international division of labor, it is indispensable for domestic manufacture structure and labor market to be influenced by global dynamics. In the frame of a theoretical model including aggregate supply and aggregate demand, we evaluate the relation of causality among real exchange rates, employment, money supply and public expenditures regarding the period of 2005:01 - 2009:12. While empirical findings state the existence of a mutually relation of causality between agricultural employment and fiscal policies, it was determined that there are causality relationships among non-agricultural employment, energy prices and money and fiscal policies. [ABSTRACT FROM AUTHOR]

Several channels through which financial development promotes growth in the economy include efficient mobilization of savings, lowering the cost of information gathering. On the other hand economic growth generates demand for some categories of financial instruments and facilitates financial development. The relationship between financial development and economic growth has been covered by many empirical studies. The ratio of money supply (M2Y) to national product (GNP) and the share of financial sector employment in total employment are used to represent the financial development level. Semiannual Turkey data set ranges over the period 1988 to 2009. There is no evidence that financial development is the cause of economic growth. Also this study shows that economic growth is the cause of the increase of the share of financial sector employment in total employment, but not effecting the ratio of M2Y/GNP over the same period in Turkey. [ABSTRACT FROM AUTHOR]

Internal and external sources, particularly after the year 1925 export season was not enough to meet the increasing demand for money. Contraction occurring after the year 1927 the money supply in the domestic market, the demand for Money and credit did not met the demand. Decline in the money supply has increased interest rates. This situation has raised rates in the existing national and local banks' profitability. In order to meet the market demand for heavy money and credit in order to obtain higher profits and capital of small local merchant banks, called the local bank was opened. Bank of Diyarbakir, in the country for similar reasons was founded by Mr. Hasan Rasid and his friends in 9 november 1930. Banking activities began in 1931. TL. 75.000 to be paid ten percent of initial capital. Bank of Diyarbakir, had important functions performed by invesment banking activities formed new commercial organizations, partly contributed to the economic development of Diyarbakir. The purpose of this study is to explainthe reasons for the foundation of the Bank of of Diyarbakir, its founders, the annual balance sheets, profit and loss accounts, banking activities and the possible contribution of these activities is to reveal the local economy. This study is based on archival resarch and documentation with the bank resulting from the first study on this subject. [ABSTRACT FROM AUTHOR]

This empirical study investigates the stability of the money demand function in Turkey from 1989:Q1 to 2011:Q2 by employing bounds test and also rolling bounds test approaches. Unlike the previous studies, we also add the stock prices to the money demand function to overcome the excluded variables problem. The results we obtained show that the money demand function is instable in the analysis period, thus the central bank should not use the M2 broad money supply as a monetary policy instrument. [ABSTRACT FROM AUTHOR]

This article analyzes money, money debasements as internal financing tools, and precious metals like gold and silver in the context of financial problems of the Ottomans for the period of 1800-1844. This is the beginning era of political, social and economic change and transformation of the Ottoman Empire. Monetary policies designed for reforms and war financing affected the production and distribution of precious metals as well. Increase in imports and wars involved had a negative impact on treasury income, money stocks and precious metals in the Ottomans. As a result of the pressure on the Ottoman markets of production capacity, exports and finance policies of the industrializing countries, the Ottomans shifted towards liberal policies for reforming its traditional economic structure. External and internal situations caused budget deficits and there was an insufficient money stock to balance the budget. Money standard was accepted in 1844 and the Ottomans turned to foreign borrowing. [ABSTRACT FROM AUTHOR]

This study analyses the dynamic effects of macroeconomic variables (i.e. gross domestic product (GDP), money supply, short-run interest rates and exchange rates) on the house prices in Turkey for the period 2000-2006. Estimates of the long run relationship between house prices and macroeconomic variables are obtained using the Johansen cointegration test. The results of cointegration analysis suggest that there exists a long run relationship between house prices and macroeconomic variables. Vector Error Correction Model (VECM) is used to investigate of the short-run dynamic relationship between house prices and macroeconomic variables. The results of VEC Granger Causality/Block Exogeneity Wald Test show that there is bi-directional causality between house prices and interest rates and exchange rates. It is observed that one-directional causality exists from gross domestic product and money supply to house prices. [ABSTRACT FROM AUTHOR]