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In the aftermath of the 2000-2001crisis the banking sector in Turkey was in turbulence requiring immediate action. The rescue operation sky-rocketed the public debt-to-gross domestic product ratio. The fiscal dominance caused by high public debt put a severe constraint on the conduct of monetary policy. Other challenges were the high exchange rate(More)
National Defense is a public good that requires resources for its production and its availability affects the economic behavior of private agents. A major policy problem of the government is to find an optimal allocation of resources between private use and national defense. It is shown that, in a simple optimal growth framework, a government's solution may(More)
  • Bilgehan YAZICI, Gülnur MURADOĞLU, +4 authors Tansu Yildirim
  • 2002
The objective of this study is to examine whether published investment advice generates higher returns for investors. We investigate the impact of security recommendations in the financial press on common stock prices in Istanbul Stock Exchange. Recommendations of Investor Ali column of the weekly-published popular economics journal Moneymatik constitutes(More)
A well performing financial system is expected to promote growth by positively influencing the rate of accumulation and efficiency of capital. Toward achieving such a goal, a financial system is expected to facilitate the mobilization of capital as well as its efficient allocation among different users. To serve this end, a financial system is expected to(More)
Introduction The global financial crisis seems to have generated a widespread belief that perhaps faith in the workings of the free markets was overblown. Interestingly, and in contrast to many other financial crises that occurred in the last three decades, this time the meltdown occurred not in the periphery of the global economic system but right in the(More)
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