Başkent Üniversitesi Yayınları
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Item Framing Growth: A Comprehensive Literature Survey on Macroeconomic Policies and their Impact on Turkey's Economic Trajectory(Başkent Üniversitesi, 2023-09-30) Değirmenci,SerkanPurpose: This study explores the intricate interplay between macroeconomic policies and economic growth in Turkey. Through an extensive review of literature spanning theoretical and empirical domains, it establishes a foundation for empirically investigating this relationship. Methodology: The study employs a meticulous synthesis of insights from influential works, conducting a comprehensive analysis of existing literature to uncover key patterns, trends, and debates related to macroeconomic policies and long-term growth. By integrating diverse perspectives, it crafts an empirical approach for deeper exploration. Findings: The study yields nuanced insights into the multifaceted relationship between macroeconomic policies and Turkey's economic trajectory. While the exact impact mechanisms remain debated, the research underscores the pivotal role of policies in influencing growth outcomes. It highlights the need for structured empirical exploration to uncover intricate dynamics. Implications: Beyond theory, the study offers practical significance by furnishing policymakers, economists, and stakeholders with insights from extensive literature and a robust empirical framework. It emphasizes the crucial role of well-informed macroeconomic policies in fostering sustainable economic growth. The structured methodology provides guidance for future research on policy-driven growth trajectories across economies. Limitations: The study acknowledges limitations such as potential data reliance, simplification of complex dynamics, assumptions shaping literature synthesis, incomplete policy landscape reflection, challenges in establishing clear causal relationships, limited generalizability, and subjectivity in evaluating diverse literature sources. It acknowledges a focus on short-term effects, potential gaps in literature coverage, and the potential oversight of long-term implications.Item Gold and Stock Market Linkage: Pre- and Post-Covid-19 Periods(Başkent Üniversitesi, 2022-10-12) Canbaloğlu,BilgePurpose: This study investigates the relationship between gold and stock market returns of Borsa Istanbul for the year 2000-2021. This time period is seperated into two subsamples as pre-Covid-19 and post-Covid-19 periods in order to see whether the relationship between gold and stock prices are affected by the Covid-19 disease or not. Methodology: The ordinary least square method is utilized for the analyses. The interaction term of credit default swap premiums with stock market returns is also included into baseline model in order to observe effects of stress in the financial markets on this link. Findings: The empirical results mainly show that there exists a negative and significant relationship between gold and market returns in Turkey for both pre- and post-Covid-19 periods. On the other hand, the interaction term is found to be negative and significant for pre-Covid19 period, which indicates that an decrease in the stock market returns during the times of economic stress lead to an increase in the gold prices before the Covid-19. However, the interaction term is found to be significant and positive for the post-Covid-19 period, which points out that when economic stress upsurge in the pandemic period, a decline in the stock market does not lead to a rise in the gold prices. Implications: The gold is regarded as safe haven and a hedge tool against equity market investments before the Covid-19 period in difficult times of economy. However, this property of gold as a hedge instrument to be used in diversifying portfolios cannot be valid for the period aftermath of the Covid-19.