In this paper I analyze whether restrictions to capital mobility reduce countries’ vulnerability to major external shocks. More specifically, I ask if countries that restrict the free flow of international capital have a lower probability of experiencing a sudden stop and being subject to contagion than countries that have a freer degree of capital mobility. I use three new indexes on the degre...

The paper considers the macroeconomic impact of shocks to agricultural output and of negative and positive price shocks. It is shown that negative price shocks have particularly large externalities: it is estimated that the overall impact of these negative shocks on GDP may well be double their direct impact. In terms of policy, the presence of externalities justifies subsidising the provision ...

Countries select particular exchange rate arrangements for a variety of reasons. For example, the ability to conduct an independent monetary policy is often cited as the main advantage of having a floating exchange rate regime. Conversely, countries sometimes tie their exchange rate to that of a larger country—foregoing the ability to conduct independent monetary policies—to benefit from the re...

The objective of this document is to provide a sketch of my research topics and a brief description of my current work. The purpose of my thesis is to study the impact of US dollars as an international currency on the world economy, especially on US itself and the emerging market countries. Section 1 discusses the motivation and introduces the topics to be examined. Section 2 presents the paper...

Bu çalışmada Türkiye’de finansal sistem üzerinde önemli etkileri ve ağırlığı olan kamusal sermayeli mevduat bankalarında dolarizasyon ile kârlılık arasındaki ilişki incelenmiştir. Araştırmada Halkbank, Vakıfbank Ziraat Bankasının 2005-2021 dönemine ait üçer aylık dönemsel verileri kullanılmıştır. Çalışmada literatürde ilk kez dolarizasyonu, bilanço içi para birimi uyumsuzluğu yabancı türev ürün...