Central Bank Review

2001 - 2025

From Research and Monetary Policy Department, Central Bank of the Republic of Turkey
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Are the Transition Stock Markets Efficient? Evidence from Non-Linear Unit Root Tests pp. 1-12: Mübariz Hasanov and Tolga Omay
Long Memory in the Turkish Stock Market Return and Volatility pp. 13-27: Adnan Kasman and Erdost Torun
Real Exchange Rate Fluctuations and Relative Prices in Turkey pp. 29-48: Ugur Ciplak

Testing Integration between the Major Emerging Markets pp. 1-12: Pinar Evrim Mandaci and Erdost Torun
Evaluating the Maastricht Convergence Criteria for New Prospective European Union Members pp. 13-26: Vesile Kutlu and Nese Kavrukkoca

Predictability of Turkish Foreign Exchange and its Implications to Option Pricing and Arbitrage Opportunities pp. 1-10: Mehmet Horasanli
A Structural VAR Analysis of the Determinants of Capital Flows into Turkey pp. 11-35: Ali Askin Culha
Macroeconomic Volatility under Alternative Exchange Rate Regimes in Turkey pp. 37-58: Saadet Kasman and Duygu Ayhan

An Empirical Analysis of Productivity Developments in "Traditional Banks": The Initial Post-Liberalization Experience pp. 1-36: İhsan Işık and Emin Akcaoglu
Assessing the Currency Crises in Turkey pp. 37-64: Elif Cepni and Nezir Kose
Risk Premium and Central Bank Intervention pp. 65-79: Pınar Özbay Özlü

Recent Experiences with Capital Controls: Is There A Lesson for Turkey? pp. 1-38: Melike Altinkemer
A Quarterly Macroeconometric Model of the Turkish Economy pp. 39-71: Cem Aysoy and Ahmet N. Kipici
Inflation Expectations in Turkey: Statistical Evidence from the Business Tendency Survey pp. 73-97: Yasemin Barlas and Defne Mutluer Kurul

The Demand for Base Money in Turkey: Implications for Inflation and Seigniorage pp. 1-8: Kazim Özdemir and Paul Turner
Persistency of Output Fluctuations: The Case of Turkey pp. 9-21: Aslihan Atabek Demi̇rhan
Building Up a Real Sector Business Confidence Index for Turkey pp. 23-54: Ece Oral, Dilara Ece and Turknur Hamsici

Relative Price Variability: The Case of Turkey 1994-2002 pp. 1-40: Hande Kucuk and Burc Tuger
Export Dynamics in Turkey pp. 41-64: Cagri Sarikaya
The Drivers of The Recent Payment Systems Reforms Globally pp. 65-107: Can Okay

The Impact of Firm-Specific Characteristics on the Response to Monetary Policy Actions pp. 1-30: Cihan Yalcin, Spiros Bougheas and Paul Mizen
Optimal Monetary Policy, Commitment, and Imperfect Credibility pp. 31-66: Hakan Kara
Electronic Money Free Banking and Some Implications for Central Banking pp. 67-105: Yuksel Gormez and Christopher Houghton Budd

Balance Sheet Exchange Rate Exposure, Investment and Firm Value: Evidence from Turkish Firms pp. 1-25: Halit Gonenc, Goknur Z. Buyukkara and Onur Koyuncu
Macroeconomic Performance of Currency Boards in Transition Economies pp. 27-55: Ismail Talasli
An Analysis of Inflation Expectations of the Turkish Private Manufacturing Industry pp. 57-83: Ercan Karadas and Fethi Ogunc
Exchange Rate Pass-Through in Turkey: Looking for Asymmetries pp. 85-124: Elif Arbatli

Modeling the Demand for Currency Issued in Turkey pp. 1-25: Ozge Akinci
The Inflation-Output Volatility Tradeoff and Exchange Rate Shocks in Mexico and Turkey pp. 27-51: Alfonso Mendoza V.
Employing Extended Kalman Filter in a Simple Macroeconomic Model pp. 53-65: Levent Ozbek, Umit Ozlale and Fikri Ozturk
Volatility of ISE and Business Cycle pp. 67-84: Saadet Kirbas-Kasman and Adnan Kasman

Measuring Core Inflation for Turkey - Trimmed Means Approach pp. 1-18: Pelin Berkmen
Price and Income Elasticities of Turkish Export Demand: A Panel Data Application pp. 19-53: Evren Erdoğan Coşar
Modeling the Turkish Broad Money Demand pp. 55-75: Defne Mutluer Kurul and Yasemin Barlas
Day of the Week Effects: Recent Evidence from Nineteen Stock Markets pp. 77-90: Asli Bayar and Ozgur Berk Kan

Cost Efficiency, Scale Economies, and Technological Progress in Turkish Banking pp. 1-20: Adnan Kasman
Seasonal Adjustment Methods: An Application to the Turkish Monetary Aggregates pp. 21-37: Oguz Atuk and Beyza Ural Marchand
The Causality Analysis of External Debt Service and GNP: The Case of Turkey pp. 39-64: Erdal Karagol
Policy Implications of Solutions of Dynamic Optimal Production Problems for Disinflationary Economic Policies pp. 65-73: Mustafa Akan

Measuring the Impact of Full Coverage Deposit Insurance Policy in a Probit Model: A Study of the Privately Owned Commercial Banks in Turkey pp. 1-23: Hulya Bayir
Investment Decisions under Real Exchange Rate Uncertainty pp. 25-47: Bahar Erdal
A Country Risk Assessment Model and the Asian Crisis pp. 49-68: Timur Gur
Estimates of and Problems with Core Inflation in Hungary pp. 69-99: Sandor Valkovszky and János Vincze