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Disparities in capital markets of the EU and the US

Author(s): Erik Suchý,Leos Safar / Language(s): English Publication Year: 0

The aim of the paper is to give strong preview of the EU and US position in global trade by comparing capital/stock markets in the EU and US. For this purpose we used trading volumes on several instruments. After presenting dependence between trading volumes and market capitalization for both sides of pacific, we gradually show major differences in overall trades/volumes and specific areas such as interest rates trading, ETFs, stock options, investment funds etc., using data collected from 70 biggest exchanges, covering more than 90% of total stock market capitalization, In line with expectations, our findings prove that US market is definitely significantly bigger and more dynamic than EU market with almost doubled market capitalization and more than tripled number of trades. Findings in this paper show that Capital Markets Union concept brought by the European Commission could lead to increase in those numbers subsequently make EU market more flexible and dynamic. Improving redistribution and transmission of assets and capital in the EU market supported by CMU could lead to better economic growth and better overall performance.

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МЕЖДУНАРОДНО ПРОИЗВОДСТВО И ТРАНСНАЦИОНАЛИЗАЦИЯ

Author(s): Diana Sabotinova / Language(s): Bulgarian Publication Year: 0

The rapid growth of international production until about 2010 was driven by the underlying economics, the supportive policy environment, and enabling technological developments. Changes in direction in the same three factors caused the stagnation in international production in the 2010s. Looking ahead, the trio of technology, policy and economic considerations continues to be a helpful guide to structure the analysis of expected trends. Only the relative importance of the factors, their intensity and their detailed composition is likely to change. However, all three have arrived at critical inflection points that could fundamentally alter the configuration of international production over the next decade.

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Capital Creation Factors in Selected Banking Sectors of Europe

Author(s): Ján Horvát / Language(s): English Publication Year: 0

This article has the objective to examine the impact of the financial crisis on the banking sector, especially in terms of whether the change in approach to the regulation of banks contributed to the reduction of cyclical developments of the European banking sector. We analyzed the banking sectors of Germany, France and the Central and Eastern European banks for the period 2000-2013 (72 banks from Germany and France and 39 banks of Central and Eastern European countries). We have examined capital formation and pretax profit as a prerequisite for capital formation through panel regression. We used data from BankScope. We have come to the conclusion that there were different trends in capital formation in the countries of Western Europe on the one hand and in CEE countries on the other hand during the financial crisis.

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Convergence of the Government Bond Yields in Estonia, Latvia and Lithuania

Author(s): Jana Hvozdenská / Language(s): English Publication Year: 0

The aim of this paper is to analyse the influence of the European Union accession and financial crisis to convergence and integration of the bond yields and bond markets. The results show the deepening of bond market convergence after the European Union accession and the integration has continued until the end of the observed period. The chosen indicators are monthly mid-term bond yields (10-year bond yields). The period of 1/2000 to 12/2017 was chosen in order to show the impacts of the changes. The time period was divided into periods 1/2000 - 4/2004 (before the European Union accession), 5/2004 - 7/2007 (after the accession and before financial crisis), 8/2007 - 3/2009 (period of the deepest financial crisis), 4/2009 - 12/2016 (period after the financial crisis). Used methods are 1) spread between the 10-year bond yields of countries of Estonia, Latvia, Lithuania and German 10-year bond yield, 2) analysis of alignment, 3) β-convergence. These findings can be beneficial for the financial market observers.

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The Termination of Foreign Exchange Interventions and the Balance Sheet of the Central bank

Author(s): Dalibor Pánek / Language(s): English Publication Year: 0

The aim of the text is an analysis of the changes of selected items of the balance sheet of the Czech national bank in the course of and after completion of foreign exchange intervention as a monetary policy instruments and the context in the banking sector. The analysis of the manifestations of foreign exchange intervention in the central bank's balance sheet was carried out on the basis of the data for the years 2012 – 2017. This period includes the progress of the use of this tool of monetary policy and the state after its completion. The text characterizes the effects of the active and passive sides of the balance sheet of the central bank and assesses the achievement of the objectives set. Analysis of selected items of the balance of the central bank was made on the basis of theoretical knowledge of the resources listed and the practical knowledge of the author. In conclusion, the author presents his views on the use of this tool of monetary policy, especially in the period after his termination. For text processing were used methods of description of the theoretical and practical parts, methods of comparison, analysis and prediction in the part of the text following the development of the on-balance sheet items in the course of and after completion of foreign exchange intervention.

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Capital Asset Prices in the V4 Countries

Author(s): Gábor Bóta,László Nagy,Mihály Ormos / Language(s): English Publication Year: 0

In our paper we investigate the factors behind the price development of the capital markets of the Visegrad four countries: the Czech Republic, Hungary, Poland and Slovakia. We compare our results with developed European capital markets, namely Austria, France, Germany and the United Kingdom as well. We run regressions for different market equilibrium models: the standard CAPM by Sharpe (1963), Fama and French (1993 and 1996) three-factor model, Carhart (1997) four-factor model, Pastor-Stambaugh (2003) five-factor model and also Fama and French (2015) five-factor model. We use different sets of factors in order to detect the differences and similarities of these capital markets and to find the market equilibrium models with the highest explaining power. The regressions cover the period of 2005-2018 on a daily basis.

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Bitcoin as a Panacea for the Venezuelan Crisis

Author(s): Agata Kliber,Katarzyna Świerczyńska / Language(s): English Publication Year: 0

The aim of the article is to verify which asset: gold, oil or bitcoin can be considered a safe-haven in a crisis-driven Venezuela. Our study covers the period 01.05.2014-31.07.2018, as in August 2018 Venezuela changed its currency to Bolivar Soberano. We estimate a threshold vector autoregression model for the returns of all the above-specified assets, where the threshold variable was the return of Venezuelan Stock Exchange General Index (IBC). We allow for three regimes: the extreme upward movements of the index (the hype), the moderate behavior, and the extreme downward changes (the crisis). We verify whether the relationships between the three pairs of assets (IBC and gold, IBC and oil, IBC and bitcoin) change depending on the regime. We also assume that the error term from the regression model follows a GARCH model. Our results suggest that both gold and oil could have been considered a safe-haven asset in a crisis-driven Venezuela, as the instruments changed in the opposite direction to the IBC when the extreme downward movements of the index have been observed. Additionally, their volatility was much smaller and uncorrelated with the volatility of the IBC. Eventually, our results suggest that investing in bitcoin has been considered by the investors as an alternative to investment not only in the moments of the extreme changes of the index, but also in its “moderate” regime.

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General Information About the Malaysian Economy

Author(s): Fuat Çeliker / Language(s): English Publication Year: 0

Zengin Malaysia, a developing and growing Asian country, has many economic dynamics. This study, which holds a general perspective on the Malaysian economy, has revealed the pros and cons of the Malaysian economy in many respects. In the study, the Malaysian economy was discussed over five questions. These questions are; Could You Give Information About Malaysia’s Macroeconomic Data?, Could You Specify Malaysia’s Sources of Income?, Could You Specify the Import and Export Structure of Malaysia?, How Does Malaysia’s Central Bank Operate?, and What is the Position Malaysia Holds in Global Economy?

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Islamic Finance in Malaysia

Author(s): Yavuz Türkan,Gökmen Kılıç / Language(s): English Publication Year: 0

The following questions are answered. 4.1. Which Islamic Financial Instruments Have Been Approved In Malaysia? 4.2. Where Do Malaysia Stand In the Islamic Fintech Landscape? 4.3. Describe The Historical Development of Sukuk In Malaysia And Its Contribution to the Economy 4.4. Could You Please Provide Details About Takaful Insurance In Malaysia? 4.5. What is the Status of Islamic Finance and Banking Education In Malaysia? 4.6. What Level is the Contribution of Islamic Finance Instruments Used In Malaysia to the Country’s Economy

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Investment Instruments in Malaysia

Author(s): Wan Omar Fadhli Wan Mahmud Khairi,Mustafa Omar Muhamad / Language(s): English Publication Year: 0

The following questions are answered. 5.1. Overview of Malaysia’s Stock Exchange 5.2. How Are Islamic Funds Managed? 5.3. How are the Business Establishment and Taxation Situations in Malaysia? 5.4. What is the Status of Foreign Investments in Malaysia? 5.5. What are Alternative Investment Tools in Malaysia?

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Tüketici Güven Endeksi, Politika Faizi ve Bist100 Endeksi Arasında Fourier Nedensellik İlişkisi: Türkiye Örneği

Author(s): İbrahim Sezer Belliler,Ahmet Demiralp / Language(s): Turkish Publication Year: 0

In this study, the short-term causality relationship between consumer confidence index, policy rate and BIST100 index was investigated in Turkey. Using monthly data between 2011:01-2023:01, Enders and Jones (2016) Fourier Granger Causality analysis and Nazlıoğlu et al. (2016) Fourier was analyzed using Toda-Yamamoto Causality analysis. As a prerequisite for the Fourier Granger causality analysis, the stationarity of the variables was examined with the ADF unit root test. As a result of the analysis, a one-way short-term causality relationship was found from consumer confidence index to policy rate and from BIST100 to consumer confidence index.

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Hisse Senedi Fiyatları ile Döviz Kuru Arasındaki Nedensellik İlişkisi

Author(s): Yunus Yılmaz,Yıldız Yıldız / Language(s): Turkish Publication Year: 0

In this study, it is aimed to investigate the relationship between the dollar rate and the BIST Trade Index by using the data for the 2003:01-2022:03 periods. For this purpose, ARDL bounds test was applied for the cointegration relationship between the variables and then Granger causality test was applied for the causality relationship between the variables. As a result of the analysis, a cointegration relationship was found between the variables. In addition, according to the results of the causality test, a one-way Granger causality relationship was determined from the exchange rate to the BIST Trade Index. As a result of the analysis, it has been determined that there is a long-term relationship between the BIST Trade Index and the USD rate. In the short term, it was determined that an increase in exchange rates negatively affected the relevant BIST sector index. In this context, it is thought that the volatility in exchange rates may affect the costs, and accordingly, the profitability may be affected and it will be reflected in the stocks. As a result of the causality test, it has been revealed that the goods market theory, in which it is asserted that the local currency, which appreciates, harms the exporters, so that such company shares will become relatively less desirable, is valid.

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Jeopolitik Riskin Gelişmekte Olan Piyasalar Üzerindeki Etkileri

Author(s): Eray Gemici,Yunus Kiliç / Language(s): Turkish Publication Year: 0

In this study, the relations between the stock market indices of BRICS (Brazil, Russia, India, China, South Africa) countries and Turkey and the geopolitical risk index between the period 1995:10-2019:4 were examined using panel data methods. First of all, it was seen that there is a strong cross-sectional dependency among the countries included in the panel. This shows that a shock that occurred in one of the countries in the panel affected other countries as well. Then, according to the results of the second generation panel unit root test used in the case of cross-sectional dependence, it was seen that the series examined were not stationary in their level values. The said non-stationaryness was also examined with panel break tests and it was determined that the non-stationaryness was not caused by structural breaks. The cointegration test and cointegration coefficient estimator, which allow cross-section dependence, were used to examine the long-term relationship between the series. Finally, the causality relationship between the series was examined with the Panel causality test, which takes into account cross-sectional dependence and heterogeneity.

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Katılım ve Konvansiyonel Sigortacılığının Belirleyicileri

Author(s): Muhammed Hadin Öner / Language(s): Turkish Publication Year: 0

The financial system has become a complementary and indispensable actor of the economies of the countries. The insurance sector, which is included in the financial system, has an important place especially in developed countries. Insurance in developing countries has reached a high growth volume. The interest of investors in the sector is increasing. At the same time, researchers and academics are also working intensively on insurance. The analysis of the factors affecting the development of insurance is important for the development of the sector and to reach its expected potential. This study focused on examining the factors affecting the development of the participation and conventional insurance sector in Turkey. Panel data analysis method was used the data of 2009Q4-2022Q2 period. According to the findings of the research, it was seen that gdp, bank size, foreign trade volume, interest rate and social security expenditures had a positive effect on the insurance sector. COVID-19 had a negative effect. It was determined that the inflation variable affected the insurance sector both positively and negatively. Participation and the development of the conventional insurance industry will gain importance through in-depth analysis of these findings.

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Elderly Services Policies of Emerging Markets withinside the Context of Silver Economy (The Case of the Ministry of Family and Social Services of the Republic of Türkiye)

Author(s): Adnan Söylemez,Hakkı M. AY / Language(s): English Publication Year: 0

As one of the essential political troubles of the twenty first century, populace getting older brings with it various demanding situations and possibilities for all societies. Keeping human beings lively and healthful is essential to maximize the capability contribution of the aged populace and combine paintings into social and monetary lifestyles and be capable of deal successfully with rising problems. As people’s life expectancy gets longer, issues related to aging have begun to be discussed and talked about more. The concept of active aging is one of them. With this concept, it is aimed to maximize the opportunities of the elderly, who have completed their long working life and retired with their own income, in terms of health, security and participation in social life. The Turkish government transfers a share of its budget to the elderly in terms of services and aids. In addition, thanks to the social policies implemented by local governments for the elderly, elderly citizens benefit from all services, especially transportation. Thanks to these services, elderly people continue their lives without being separated from the society.

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Türkiye Sermaye Piyasası Aracılık Sektörünün 2001-2021 Dönemi Performansının Critic Tabanlı Edas, Entropi Tabanlı Edas ve Nmd Tabanlı Edas Yöntemleri ile Değerlendirilmesi

Author(s): Abdullah Kılıçarslan / Language(s): Turkish Publication Year: 0

Ülke ekonomilerinin sağlıklı bir zeminde gelişimi ve büyümesinde finansal sistem bağlamında piyasaların büyük katkısı vardır. Finansal piyasaların bankacılık ve sermaye piyasaları üzerinden temellendirildiği varsayılmakta ve bu bağlamda sermaye piyasası temelli finansal sistemler ile banka temelli finansal sistemler ayrımına gidilmektedir (Demirguc-Kunt ve Levine, 1999).

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Finansal Tabloların Dili: Oran Analizi Yöntemi ile Bist Şirketlerinde Covid-19 Döneminin Finansal Etkilerinin İncelenmesi

Author(s): Onur ÖZEVİN / Language(s): Turkish Publication Year: 0

Şirketlerin finansal durumunun değerlendirilmesinde en kullanışlı araçlardan biri finansal oranlardır. Finansal tablolarda açıklanan veriler ile şirketlerin finansal durumu farklı parametrelerle analiz edilebilmekte, paydaşların ihtiyacı olan bilgiler sağlanabilmektedir. Finansal verilerin tekil olarak incelenmesi çoğu zaman yanlış yorumlamalara neden olabilir. Örneğin, kârı çok yüksek olan bir şirket yatırımcı için olumlu bir intiba verebilir ama kârlılık oranı çok düşük veya aşırı borçlu durumda ise karar durumu değişecektir. Bu risklerden korunmak ve sağlıklı finansal bilgi edinebilmek için çok yönlü bir analiz gerekir. Faaliyetlerin etkinliğini ve başarısını ölçmek, hedeflere ulaşma durumunu tespit etmek ve geleceğe dönük eylem planı hazırlamak için finansal tabloların analiz edilmesinde en kullanışlı araçlardan biri “oran (rasyo) analizi” tercih edilmektedir.

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Covid-19 Salgınının Türkiye’deki Finansal Piyasalar Üzerindeki Etkisi: Nardl Yaklaşımından Kanıtlar

Author(s): Rabia Şen,Gülfen Tuna / Language(s): Turkish Publication Year: 0

Koronavirüs (Covid-19), solunum yolu enfeksiyonunun neden olduğu bir hastalıktır. İlk olarak Çin’in Wuhan Eyaleti’nde Aralık ayının sonlarında ortaya çıkmıştır. Virüs vakalarının çok hızlı yayılmaya başlamasıyla Dünya Sağlık Örgütü 11 Mart 2020’de küresel salgın ilan etmiştir. Johns Hopkins Üniversitesi tarafından 25 Mart 2022 itibariyle yayınlanan gerçek zamanlı istatistiksel verilere göre, pandemi Mart 2020’de başladığından beri, dünya genelinde 479.038.300 insan Covid-19’a yakalanmıştır ve 6.118.916 insan Covid-19’dan hayatını kaybetmiştir. Türkiye’de ise 14.775.634 Covid-19’a yakalanmış ve 97.666 insanın Covid-19’dan hayatını kaybetmiştir (Johns Hopkins Univercity Medicine, 2022).

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Faizsiz Bankacılık Sektöründe Müşteri Memnuniyeti ve Banka Tercihleri Üzerine Bir Uygulama

Author(s): Abdulkadir Bilen,Kadir Gökoğlan,Uzman Fırat Akinci / Language(s): Turkish Publication Year: 0

Müşteriler herhangi bir kuruluşun can damarıdır, çünkü müşteri memnuniyeti bir kuruluşun hayatta kalmasının anahtarıdır. Hizmet kalitesi, kullanıcı memnuniyetini ölçmenin anahtarıdır. Memnuniyet, mallardan ziyade hizmet sunan kuruluşlarla ilgili olarak özellikle önemlidir. Bankalar bugün faaliyet gösterdiği zorlu rekabet arenasında, hizmet kalitesini korumak hayatta kalmak için bir ön şarttır. Bu nedenle, hizmet kalitesinin ölçülmesi, hizmet sağlayıcılar ve akademisyenler arasında giderek daha fazla ilgi uyandırmıştır. Bu nedenle müşteri memnuniyetinin ve bankalar tarafından müşterilere sunulan hizmetlerin kalitesinin ölçülmesi, yönetim alanında büyük önem taşıyan konulardan biridir.

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Makroekonomik Kuramlar ve Ekonomik Sistemler

Author(s): Hasan Alpago / Language(s): Turkish Publication Year: 0

In the globalizing world economy, a controlled free market mechanism dominates under the auspices of the state. This mechanism is based on an economic and political system in which property, commerce and industry are controlled by private owners rather than the state for profit. However, as seen during the COVID 19 pandemic process, the state needs to step in as a regulator in case the private sector loses its functions partially or completely due to economic, health, legal and security-related problems. On the other hand, macroeconomic theories are based on the development of a balance and sustainable policy at the point of meeting the endless needs of scarce resources. These macroeconomic theories are shaped in the light of liberal and socialist ideas. However, both liberal and socialist macroeconomic policy practices have been the subject of intense criticism in every period. In addition, as the economic and social developments in the world have gained a global dimension, Keynesian mixed macroeconomic models are gaining weight instead of purely liberal or socialist macroeconomic policies. Due to this importance of the subject, liberal and socialist macroeconomic theories are examined with a comparative analysis in this study. Thus, whether these theories are alternative, complementary or contradictory to each other has been evaluated within the framework of their common aspects and basic differences. These evaluations suggest making a conscious choice in the economic policy-making process. Since the subject has been comprehensively evaluated with a wide literature review and a descriptive evaluation in the study, it foresees to make an important contribution to the field.

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