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    Fınancıal development and poverty reductıon ın turkey
    (İnönü Üniversitesi İktisadi ve İdari Bilimler Fakültesi, 2009) Kar, Muhsin; Ağır, Hüseyin; Peker, Osman
    The relationship between financial development and economic growth has been one of the hotly debated issues whether the financial sector actually contributes to the real sector in the process of economic development among economists. To test the causal relationship between financial development and economic growth, the empirical studies has mainly concentrated on the causality issue between the concerned variables. In fact, the empirical researches, also for Turkey, reveal that there is no universal consensus on the causal relationship between financial development and economic growth. However, the causal relationship between financial development and poverty reduction has been neglected for Turkey. This study, therefore, tries to empirically investigate the causal relationship between financial development, economic growth and poverty reduction in Turkey - using a trivariate framework by utilizing the developments in the time series econometrics for the period 1970-2007. The finding indicates that while financial development causes economic growth and economic growth induces poverty reduction, the direct link from financial development to poverty reduction is very limited in the short-run.
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    Öğe
    Impacts of Credit Default Swaps on Volatility of the Exchange Rate in Turkey: The Case of Euro
    (Mdpi, 2016) Kar, Muhsin; Bayat, Tayfur; Kayhan, Selim
    In this study, we aim to investigate the impacts of credit default swaps (CDS) premium as a risk financial indicator on the fluctuations of value of the Turkish lira against the Euro. We try to answer the following questions: Is the CDS premium change among the drivers of EUR/TL exchange rate and what are the possible effects of CDS premium volatility on EUR/TL exchange rate stability in different conditions? In this regard, we developed a MS-VAR regime change model and asymmetric, frequency domain and rolling windows causality analysis methods. Results obtained from all tests imply that risk premium is partially a driver of the EUR/TL exchange rate between the years 2009 and 2015.