| Yazarlar (3) |
Ali Necmettin Can
|
Doç. Dr. Fatih GÜZEL
Kırşehir Ahi Evran Üniversitesi, Türkiye |
|
Melek Acar
Selçuk Üniversitesi, Türkiye |
| Özet |
| Credit default swaps (CDS) are financial derivatives or contracts that allow an investor to transfer the credit risk of a particular financial instrument to another party. It is a kind of insurance policy that protects against the risk of default on a loan or other financial obligations. It is often used to hedge against the possibility of default on a loan, bond, or other financial obligation. It is necessary to look at the factors that affect the CDSs. Examining the credibility of the countries also means reviewing the risk premium. Risk premiums of countries are generally affected by economic and financial factors such as country debt, foreign exchange rate, interest rate, geopolitical risks, inflation rates, current account balance, and growth rates. Besides these factors, another important factor affecting CDSs is central bank reserves (CBRs). CBRs are used to support a local currency and provide a buffer against external shocks, as well as to finance government expenditures, support the banking system, keep foreign exchange rates stable, and manage inflation. In this study, the relationship between CBRs and CDS premiums was researched for Turkey. The data set was created within the framework of weekly frequency data for the period January 2010-December 2022. Spearman correlation analysis was applied to determine the direction of the relationship between the variables, and then the Toda-Yamato causality test was performed. The findings of the study indicate the existence of a weak negative correlation between CBRs and CDS premiums. Toda-Yamamoto causality test results reported a unidirectional causality running from CDS premiums to CBRs. |
| Anahtar Kelimeler |
| Bildiri Türü | Tebliğ/Bildiri |
| Bildiri Alt Türü | Tam Metin Olarak Yayınlanan Tebliğ (Uluslararası Kongre/Sempozyum) |
| Bildiri Niteliği | Alanında Hakemli Uluslararası Kongre/Sempozyum |
| Bildiri Dili | İngilizce |
| Kongre Adı | 14th Annual Global Business Conference 2023 |
| Kongre Tarihi | 27-09-2023 / 30-09-2023 |
| Basıldığı Ülke | Hırvatistan |
| Basıldığı Şehir | Zagreb |
