{"title":"Financial conditions and economic activity: The case of Türkiye","authors":"Özgür Ergül , Mahmut Günay","doi":"10.1016/j.bir.2024.12.016","DOIUrl":null,"url":null,"abstract":"<div><div>This study conducts a comprehensive analysis of the effects of changes in financial conditions on the economy of Türkiye, for which financial conditions indices were constructed. To examine possible changes in the relationship between financial conditions and the real economy due to the unique nature of the COVID-19 pandemic, the impacts of financial conditions on the economy were analyzed separately for 2005–2019 and 2005–2023. The impulse response analyses revealed that changes in financial conditions had significant effects on macroeconomic aggregates from 2005 to 2019. However, these effects became insignificant when the analysis was extended to 2023. This change is interpreted with caution. Deepening the analysis with financial conditions indices obtained from different data groups revealed that risk perception-based variables played a relatively important role until 2019.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 1","pages":"Pages 163-182"},"PeriodicalIF":6.3000,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Borsa Istanbul Review","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2214845024001716","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This study conducts a comprehensive analysis of the effects of changes in financial conditions on the economy of Türkiye, for which financial conditions indices were constructed. To examine possible changes in the relationship between financial conditions and the real economy due to the unique nature of the COVID-19 pandemic, the impacts of financial conditions on the economy were analyzed separately for 2005–2019 and 2005–2023. The impulse response analyses revealed that changes in financial conditions had significant effects on macroeconomic aggregates from 2005 to 2019. However, these effects became insignificant when the analysis was extended to 2023. This change is interpreted with caution. Deepening the analysis with financial conditions indices obtained from different data groups revealed that risk perception-based variables played a relatively important role until 2019.
期刊介绍：
Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations
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