Yazar "Adiguzel, Ugur" seçeneğine göre listele

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    The behavior of Turkish exchange rates: A panel data perspective
    (Elsevier, 2014) Adiguzel, Ugur; Sahbaz, Ahmet; Ozcan, Ceyhun Can; Nazlioglu, Saban
    This paper investigates the behavior of Turkish exchange rates within the context of purchasing power parity (PPP) hypothesis by means of recent developments in the panel unit root testing procedures for ten Turkish real exchange rates during January 2002-May 2012. The unit root test which accounts for nonlinearity, smooth structural shifts, and cross-section dependency supports that PPP hypothesis holds for Eurozone and European countries (Denmark, Norway, Sweden, Switzerland, and United Kingdom), while it does not hold for non-European trading partners (Canada, Japan, Saudi Arabia, and USA). From the empirical results, we can conclude that PPP, hypothesis holds in the countries which have the free trade agreement, while it is violated in the countries in which there are trade barriers and greater distance. The findings therefore provide policy implications for Turkey in determining equilibrium exchange rates with her major trading partners. (C) 2014 Elsevier B.V. All rights reserved.
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    Convergence in Islamic financial development: Evidence from Islamic countries using the Fourier panel KPSS stationarity test
    (Elsevier, 2023) Hassan, M. Kabir; Kazak, Hasan; Adiguzel, Ugur; Gunduz, Mehmet Akif; Akcan, Ahmet Tayfur
    This study investigates whether there is convergence among Islamic countries with respect to the relationship between growth in Islamic financial markets and economic growth in those countries as measured by Gross Domestic Product. We use data from 2013 to 2021 for the nine Islamic countries with the highest levels of activity in Islamic finance. We employ the Fourier Panel KPSS Stationarity Test to examine the convergence hypothesis for four indicators of Islamic financial markets activity: Islamic Financial Asset Volume (IFAV), Islamic Banking Asset Volume, Sukuk Outstanding Volume, and Takaful Contribution Volume. Our analysis reveals that only IFAV exhibits convergence, while the other indicators do not. We also evaluate country-specific convergences within each indicator and find different results. Our study provides essential guiding findings regarding the significance of Islamic finance growth for countries and their prospects.Copyright (c) 2023 Borsa Istanbul Anonim sirketi. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
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    RELATIONSHIP BETWEEN OIL PRICES AND EXCHANGE RATES: THE CASE OF ROMANIA
    (Acad Economic Studies, 2014) Sahbaz, Ahmet; Adiguzel, Ugur; Bayat, Tayfur; Kayhan, Selim
    This study investigates to causality between crude oil prices and exchange rates in Romania employing monthly data from the beginning Bloating exchange regime for November 2004 to December 2011. The study benefits from the recent advance in the time series econometric analysis and carries out nonlinear causality and frequency domain causality tests. According to nonlinear causality test results there is no causality between the variables. Results show that frequency domain causality results slightly differentiate from the nonlinear causality analysis and imply that there is a causality running from real exchange rate to real oil price on the median and long run.