The purpose of this study is to investigate the relationships among Foreign Direct Investment (FDI) inflows, Carbon Dioxide (CO2) emissions, and economic growth in terms of Gross Domestic Product (GDP) for Turkey over the period of 1987Q1–2009Q4. The cointegration analyses suggest that...

Investors take the advantage of disequilibrium in spot and forward exchange markets by investing in higher yield currency on a covered basis. An alternative of covered interest arbitrage is uncovered interest arbitrage (UIA) in which investors choose to remain uncovered accepting the currency...

This paper investigates the shock and volatility transmission between the Istanbul Stock Exchange (ISE) sector indexes. Using daily data of ISE National Industry, National Service, National Finance and National Technology indexes from July 30, 2000 to August 27, 2009 and employing a series of...

This paper evaluates and compares the changing macroeconomic dynamics of two emerging countries, Turkey and India which contrast in terms of their degree of financial liberalization. It uses block exogeneity test (multivariate Granger-causality test) to examine whether the interrelations among...

In oil markets, the crack spread refers to the crude-product price relationship. Refiners are major participants in oil markets and they are primarily exposed to the crack spread. In other words, refiner activity is substantially driven by the objective of protecting the crack spread. Moreover,...

This paper examines the volatility transmission mechanism between the futures and corresponding underlying asset spot markets, focusing on Turkish currency and stock index futures traded on the lately established Turkish Derivatives Exchange (TURKDEX). Employing multivariate generalized...