DETERMINANTS OF BENCHMARK INTEREST RATE: EVIDENCE FROM TURKISH BOND MARKETS

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dc.contributor.authorKuzu, Mehmet
dc.date.accessioned2026-02-28T12:25:12Z
dc.date.available2026-02-28T12:25:12Z
dc.date.issued2020
dc.departmentBayburt Üniversitesi
dc.description.abstractPurpose- The aim of this study is to analyze the determinants of benchmark interest rate for Turkey that on framework of Turkey's economic and financial determinants of the political cycle of Turkey and examine their relationships and the interactions of indicators to determined benchmark interest rates. Methodology- In this study, Augmented Dickey Fuller unit root test was applied to select the method by which long and short term relationships will be determined. Since the series are stationary at the same level, the VAR model was established and the short-term relationships were examined with the long-term vector error correction model with the Johansen cointegration test. Impulse-response analysis, variance decomposition and historical decomposition tests were carried out within the framework of the Granger test test in order to determine the interactions between variables. Findings- The benchmark interest rate is balanced in the short and long term with the selected variables and the deviations in the short term can be corrected in the long term. The variables that affect the benchmark interest the most are gold, inflation and US 10-year bond rates. Conclusion- The sensitivity of the benchmark rate is high against the shock waves arising from gold prices, inflation and US 10-year bond rates. Central bank Weighted average funding cost is more determinant in the formation of market rates than real interest rates. In short, the central bank monetary policy, inflation expectations and interest rates and gold prices abroad determines the formation of market interest for Turkey.
dc.identifier.doi10.17261/Pressacademia.2020.1305
dc.identifier.endpage323
dc.identifier.issn2148-6697
dc.identifier.issue4
dc.identifier.startpage308
dc.identifier.urihttps://doi.org/10.17261/Pressacademia.2020.1305
dc.identifier.urihttps://hdl.handle.net/20.500.12403/6257
dc.identifier.volume7
dc.language.isoen
dc.publisherSuat TEKER
dc.relation.ispartofJournal of Economics Finance and Accounting
dc.relation.ispartofJournal of Economics Finance and Accounting
dc.relation.publicationcategoryMakale - Ulusal Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmzKA_DergiPark_20260218
dc.subjectEconomics
dc.subjectEkonomi
dc.subjectFinance
dc.subjectFinans
dc.subjectBusiness Administration
dc.subjectİşletme
dc.titleDETERMINANTS OF BENCHMARK INTEREST RATE: EVIDENCE FROM TURKISH BOND MARKETS
dc.typeArticle

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