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    <title>EconStor Collection:</title>
    <link>https://hdl.handle.net/10419/217281</link>
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        <rdf:li rdf:resource="https://hdl.handle.net/10419/297969" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/297971" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/297968" />
        <rdf:li rdf:resource="https://hdl.handle.net/10419/297970" />
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    <dc:date>2026-04-29T07:08:51Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/297969">
    <title>Economic sentiment and foreign portfolio flows: Evidence from Türkiye</title>
    <link>https://hdl.handle.net/10419/297969</link>
    <description>Title: Economic sentiment and foreign portfolio flows: Evidence from Türkiye
Authors: Güneş, Didem; Ozkan, Ibrahim; Erden, Lütfi
Abstract: The notable surge in capital flows in recent years has emerged as a key factor shaping the dynamics of international financial markets and influencing economic performance of emerging economies. Even though macroeconomic fundamentals of an economy can explain some of the patterns in international capital flows, behavioral factors also seem to be essential for positioning capital flows across countries. In this study, we aim to examine whether overall economic sentiment towards Turkish economy plays a significant role on net portfolio flows to Türkiye. To this end, we first construct a novel text-based sentiment index called "Turkish Economic Sentiment Index (TESI)", to capture the behavioral tendencies of international investors and media towards Türkiye. Our subsequent step integrates TESI into autoregressive distributed lag models (ARDL) alongside major pull-push determinants to assess whether market sentiment holds discernible influence on capital influx into Turkey. The results reveal that the TESI and VIX stand out as pivotal determinants influencing international portfolio flows. The TESI has a positive impact on portfolio flow dynamics, whereas the degree of global risk aversion inversely affects these flows. These findings align with the contention that a favorable sentiment can boost portfolio inflows to emerging markets. Conversely, heightened volatility expectations in global markets can prompt outflows from these economies.</description>
    <dc:date>2024-01-01T00:00:00Z</dc:date>
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  <item rdf:about="https://hdl.handle.net/10419/297971">
    <title>Transmission and impact of stock market shocks on the world economy</title>
    <link>https://hdl.handle.net/10419/297971</link>
    <description>Title: Transmission and impact of stock market shocks on the world economy
Authors: Attílio, Luccas Assis
Abstract: In this study, we examine stock market shocks using a Global Vector Autoregressive (GVAR) model encompassing 26 countries from January 1999 to June 2022. Our findings reveal that i) shocks originating from advanced economies (AD) exhibit greater persistence in generating fluctuations compared to shocks from emerging market economies (EME); ii) negative stock market shocks are associated with devaluations of domestic currencies, endogenous responses of monetary policy, and global recession. Our estimates suggest that stock market fluctuations have significant potential to destabilize international markets, with contagion spreading rapidly. Our approach contributes to existing literature by constructing a comprehensive model of the world economy, simulating aggregate shocks, and assessing the relevance of global shocks based on the level of economic development.</description>
    <dc:date>2024-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/297968">
    <title>The impact of domestic and global factors on individual public, domestic and foreign bank performances in Türkiye</title>
    <link>https://hdl.handle.net/10419/297968</link>
    <description>Title: The impact of domestic and global factors on individual public, domestic and foreign bank performances in Türkiye
Authors: Çiçek, Serkan; Yıldırım, Aynur
Abstract: The Turkish economy has encountered significant shocks in interest rates and foreign exchange along with global risks in recent years. These shocks had an impact not only on the real sector but also on the banking sector's returns, depending on the ownership structure. This study examines the sensitivity of banking sector stock returns to the exchange rate, interest rate, and VIX index using data from January 4, 2005 to March 28, 2023. Using multivariate diagonal BEKK-GARCH methodology, the study found that (i) half of private banks experienced a mean spillover from the interest rate to their returns, but not from the exchange rate and VIX index, (ii) the returns of public banks, on the other hand, did not respond to any variable in the mean equations, (iii) the explanatory power of exchange rate and interest rate risks is higher than the power of the changes in these variables, (iv) the spillover of global risk in covariance equations is higher compared to exchange and interest rate risks, (v) the mean equations do not have an asymmetric structure, but the covariance equations exhibit structural breaks. These findings suggest that in the last decade, the interest rate policy has become the main variable affecting the stock returns in Türkiye, foreign exchange has become a safe haven due to this policy, and the relationship between the exchange rate and stocks that existed in the past has been disrupted.</description>
    <dc:date>2024-01-01T00:00:00Z</dc:date>
  </item>
  <item rdf:about="https://hdl.handle.net/10419/297970">
    <title>"Banking systems in the euro zone and transmission of monetary policy"</title>
    <link>https://hdl.handle.net/10419/297970</link>
    <description>Title: "Banking systems in the euro zone and transmission of monetary policy"
Authors: Fernández Fernández, José Alejandro
Abstract: This study examines the transmission of monetary policy in the eurozone from 2005 to 2021. The novelty of this research lies in defining the European Central Bank's monetary policy through three dimensions extracted via principal component analysis. These components, examined across various neural network models, enable the exploration of the heterogeneity of monetary policy within the Eurozone. Specifically, dimension 2, which represents the yield curve structure and the ECB's interventions in debt markets, serves to categorize the transmission of monetary policy into two groups of countries. The study concludes that variations in banking system characteristics such as margins and leverage, among others, lead to diverse outcomes in the transmission of monetary policy within the credit channel.</description>
    <dc:date>2024-01-01T00:00:00Z</dc:date>
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