Browsing by Author "Dogan, B."
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Item Open Access Effectiveness of the reserve option mechanism as a macroeconomic prudential tool: evidence from Turkey(Routledge, 2015) Sahin, A.; Dogan, B.; Berument, HakanThis article assesses the effectiveness of a novel macroprudential tool – the reserve option mechanism (ROM) – which Turkey’s central bank developed during the post-2008 period and has employed to control the risk associated with excessive capital flows. We assess how capital flows have affected economic variable changes since the introduction and usage of the ROM. Empirical evidence gathered from Turkey suggests that the tool decreases the effect of capital flow on capital flow (positive shock to capital flow dies out faster or becomes less persistent) and diminishes the effects of capital flow shocks on exchange and interest rates. © 2015 Taylor & Francis.Item Open Access Football and exchange rates: empirical support for behavioral economics(Sage Publications, Inc., 2007) Eker, G.; Berument, Hakan; Dogan, B.Recently, economic theory has been expanded to incorporate emotions, which have been assumed to play an important role in financial decisions. The present study illustrates this by showing a connection between the sports performance of popular national football teams (Besiktas, Fenerbahce, and Galatasaray) and performance of the Turkish economy. Specifically, a significant positive association was found between the success of three major professional Turkish football teams and the exchange rate of the Turkish lira against the U.S. dollar. The effect of the football success of several Turkish football teams on the exchange rate of the Turkish lira was examined using the simultaneous multiple regression model with predictor measures of wins, losses, and ties for different combinations of teams to predict the depreciation rate of the Turkish lira between the years 1987 and 2003. Wins by Turkish football teams against foreign (non-Turkish) rivals increased with exchange rate depreciation of the Turkish lira against the U.S. dollar. © Psychological Reports 2007.Item Open Access An interest-rate-spread-based measure of Turkish monetary policy(Routledge, 2014) Berument, Hakan; Ceylan, N. B.; Dogan, B.A coherent method to measure the effectiveness of a monetary policy improves the monetary authority's management capacity and renders the possibility of applying sound policies prior to and during a crisis. The trend in employing complicated and ambiguity-bearing unconventional monetary tools in the aftermath of the 2008 crisis has increased the value of such a method. The aim of this article is to introduce a coherent and consistent monetary policy evaluation method for Turkey. Accordingly, we suggest that innovations in the spread between overnight interest rates and Treasury auction interest rates are informative for exchange rate, output, and prices. Empirical evidence for this identification reveals that positive innovation in spread (implying a tight monetary policy measure) decreases output temporarily, permanently decreases prices, and appreciates local currency. This result is also robust to alternative specifications.Item Open Access Maskin-monotonic scoring rules(Springer, 2015) Dogan, B.; Koray, S.We characterize which scoring rules are Maskin-monotonic for each social choice problem as a function of the number of agents and the number of alternatives. We show that a scoring rule is Maskin-monotonic if and only if it satisfies a certain unanimity condition. Since scoring rules are neutral, Maskin-monotonicity turns out to be equivalent to Nash-implementability within the class of scoring rules. We propose a class of mechanisms such that each Nash-implementable scoring rule can be implemented via a mechanism in that class. Moreover, we investigate the class of generalized scoring rules and show that with a restriction on score vectors, our results for the standard case are still valid.