[EN] The IMF introduced the EBA, as a successor to the CGER, to fulfill its exchange rate evaluation mandate. In this study, we provide a discussion and a set of critiques on the new methodology. Although all of the critiques are very critical to be addressed for a proper examination of the...

[TR] Bir ceyrege iliskin milli gelir verileri gecikmeyle yayimlandigindan buyumeye iliskin zamanli tahmin uretme onem kazanmaktadir. Bu calismada, dinamik faktor modeli yontemi ile reel veriler ve anket gostergelerinden yararlanarak Turkiye ekonomisi icin donemlik milli gelir buyumesine iliskin...

[TR] Turkiye’de para politikasi aktarim mekanizmasinda Borsa Istanbul Repo/Ters Repo Pazari’nda olusan gecelik faiz (BIST gecelik faizi) kritik onem tasimaktadir. Geleneksel enflasyon hedeflemesi uygulanan donemde BIST gecelik faizi politika faizini oldukca yakindan takip ederken, 2010...

[TR] Kuresel finansal krizin ardindan, fiyat istikrarini saglamanin yani sira finansal istikrara da katki yapan bir merkez bankaciligi cercevesi akademisyenler ve politika yapicilar arasinda tartisilmaya baslanmistir. Turkiye Cumhuriyet Merkez Bankasi tarafindan son donemde uygulamaya konulan...

[EN] This note focuses on the behaviour of portfolio flows and basic financial indicators before and after the acquisition of the second “Investment Grade” (IG) by analysing all relevant cases in the period between 1990 and 2012. Results reveal that portfolio flows into bond and equity...

[TR] Bu calismanin amaci onumuzdeki yillarda Turkiye’nin nufus yapisinda gerceklesmesi beklenen degisimin hanehalki tasarruf oranlarini hangi yonde ve ne kadar etkileyecegini incelemektir. Ayrica, toplam nufus icerisinde universite mezunlarinin sayisinin artmasinin ve isgucune katilim...

[TR] Bu notta, kuresel finansal kriz sonrasinda gelismis ulkelerce yurutulen genisletici para politikalarinin gelismekte olan ulkelere sermaye akimlarini portfoy tercihi ayriminda nasil etkiledigi incelenmekte ve portfoy akimlarini belirleyen faktorler arastirilmaktadir. Soz konusu politikalar...

Economic policies focusing on macro-financial risks in Turkey attribute special emphasis on current account developments. In this context, quantifying the role of cyclical factors in driving current account deficit is crucial for the design of an appropriate policy response against current...

[EN] In this note, we analyze the role of idiosyncratic sectoral shocks on aggregate fluctuations. Sectors are connected with each other through intermediate input use. Productivity shock to a supplier may be transmitted directly to immediate users’ of the intermediate goods and indirectly to...

[EN] The Central Bank of the Republic of Turkey has started to implement its new policy mix since late 2010. In this new approach expectations, credit growth and reel exchange rate are monitored closely as key indicators for financial stability on top of price stability. The effect of this new...