This paper examines whether the stochastic cusp catastrophe model explains the crash of stock markets much better than the linear and non-linear models. It is one of the first quantitative attempts to test the cusp catastrophe model by using real stock market data of an emerging market. We test...

After the 2000-2001 financial crises, the Turkish banking sector experienced a process of concentration, with the tendency for merger and acquisition activities, the revocation of licenses and the liquidation of some insolvent banks. This paper assesses the competitive structures in the Turkish...

Recent developments in Turkish derivatives markets demonstrate the increasing importance of risk management not only for individual banks but also for the entire system. In this context, this study analyzes the counterparty credit risk of OTC derivatives. The analysis is based on a hypothetical...

Home ownership levels accounting for more than two-thirds of all households in Turkey. Real estate is one of the leading and traditional investments for Turkish household due to several reasons. 2003-2007 period would be accepted as the boom period for Turkish economy in general and real estate...

It has been observed that Turkish policy makers have experimented and applied a wide spectrum of housing policies since the foundation of the Republic. With the turn of the Century, a sharp change in the housing policies started to take place, thanks to the relatively stable macro-economic...

The initiation of securities related activities in Turkey goes back to as early as 1980s. The regulation philosophy regarding securities firms is based on the creation of a new investment banking category expected to enhance economic efficiency. Although Turkish securities market experienced a...

Repo transactions provide cash/securities management opportunities for financial intermediaries and investors. Repos are the most important financial instrument in Istanbul Stock Exchange in terms of transaction volume. Banker Crisis (1982) and Banking Crisis (1994), occured in Turkey, and also...

Abstract After emerging from the U.S. real estate and financial markets, financial crisis has gradually become global. Due to both primary and secondary mortgage market problems in the U.S. are accepted as the essential reasons of the current crisis, it is believed that financial markets and...

The objective of the paper is to define conditions of mortgage market development in Turkey by presenting the findings of dynamic causal relationships between housing loans and selected socio/macro-economic indicators for the term 2005/01-2011/09. By using monthly time series, we employ granger...

Notions of housing affordability concept are at the heart of debates about access to home ownership, housing finance and social policies globally. The existing housing affordability literature mostly focuses mainly on developed countries. Housing affordability problem in emerging countries are...