An Empirical Analysis of Short Term Interest Rate Models for Turkey

Interest rate is one of the most observed and forecasted variables in financial markets. Interest rates and the volatility of interest rates play a crucial role in pricing financial instruments. In this empirical study, we try to investigate which short term interest rate model is appropriate for Turkish data. In that regard we use monthly average of the central bank overnight interest rate. The date set covers the period from 1990:01 to 2008:07. We use the generalized method of moments to estimate the model parameters since it does not require a distributional assumption for the interest rate making GMM a robust estimation method comparing to maximum likelihood. Estimation results reveal that Cox Ingersoll Ross square root process and Brennan-Schwartz models perform better. A common feature of these models is that they both have heteroscedastic variances. In the study, we also analyze if the policy changes of Central Bank of Turkey had any effects on the interest rate process. We find that the volatility of the interest rate is not affected by policy change. However, the level of the interest rate is affectedShort term interest rates models, term structure, model comparison, GMM

Effect of aqueous ozone treatment on some quality changes of vacuum-packed meagre (<em>Argyrosomus regius</em>) fillets

In this study, microbiological, sensory and color changes in vacuum-packed meagre fillets treated with aqueous ozone for different periods of time were investigated. Meagre fillets were treated with ozone for 15 (O-15) and 30 (O-30) minutes and vacuum-packed and stored at +2 °C for 12 days. Control group (C) was not treated with ozone and stored after vacuum packaging. For microbiological changes, Total Mesophilic Aerobic Bacteria (TMAB), Pseudomonas sp., Lactic Acid Bacteria (LAB) and Total Psychrophilic Aerobic Bacteria (TPAB) counts were analyzed. At the end of storage, the highest bacterial counts were found in group C (>7.00 log cfu/g). In ozone-treated samples, Pseudomonas sp. counts did not exceed 7.00 log cfu/g only in the O-30 group. In the sensory evaluation of the samples, it was determined that the total demerit points were 18 points for group C, 16.25 points for O-15 and 14.75 points for O-30 at the end of storage over 30. No significant change was found according to the color results of the samples, but at the end of storage, it was observed that the L value of the ozone-treated samples was higher and the samples had a lighter color. In the conclusion of the results, it was observed that ozone treatment prolonged the shelf life of vacuum-packed meagre fillets for 4 days for the O-30 group compared to control and O-15 group without causing the sensory and color loss

Exuberant Behaviour in The Istanbul Housing Market Before and During The Time of The COVID-19 Pandemic: Evidence from The Aggregate and Disaggregate Levels

We study mildly explosive behaviour in house prices in Istanbul at both aggregate and disaggregate levels via GSADF tests. In contrast to previous studies, our results suggest multiple episodes of price exuberance in Istanbul and most districts. Most boroughs synchronically experienced explosive house prices in 2014–2015; and more powerfully during the last episodes of COVID-19. We also show that financial variables, including low mortgage interest rates and high stock prices, increased the probability of explosiveness

Impact of Syrian Refugees on House Prices in Istanbul

Turkey is the world’s biggest refugee hosting nation, and Istanbul, Turkey’s commercial capital and Europe’s largest metropolitan city by population, is home to almost 1,500,000 Syrians. We investigate the short-run impact of refugees on house prices in Istanbul’s districts. We find a negative impact of massive immigration on house prices

Effects of Ivabradine on 6-Minute Walk Test and Quality of Life in Patients With Previously Implanted CRT-D

Background: We aimed to evaluate clinical effects of additional heart rate control by ivabradine on life quality score and 6-minute walking test in patients with previously implanted biventricular cardiac resynchronization therapy defibrillator (CRT-D) with ischemic heart failure under regular treatment. Background: &nbsp; We aimed to evaluate clinical effects of additional heart rate control by ivabradine on life quality score and 6-minute walking test in patients with previously implanted biventricular cardiac resynchronization therapy defibrillator (CRT-D) with ischemic heart failure under regular treatment. Methods: &nbsp; Fifteen men and 14 women with a median age of 63 years (range, 48 &nbsp; Y79 years) were studied. Twenty-one patients were in New York Heart Association class II (8 patients were in class III), CRT-D implanted previously, and with resting heart rates greater than 70 beats per minute with sinus rhythm despite conventional medication. Patients were given 2.5- to 7.5-mg ivabradine orally twice a day, and drug dosage was titrated to decrease the patients&rsquo; average heart rate to 70 beats per minute. Before and 3 months after ivabradine treatment, all patients underwent extensive clinical, echocardiographic, and laboratory evaluation. Results: &nbsp; Ivabradine treatment produced dose-dependent reductions in heart rate at rest and at peak exercise (91.9 &nbsp; T 6.3 to 71.7 T 4.8 and 114.4 T 7.6 to 96.8 &nbsp; T 4.8; P = 0.001 and P = 0.001, respectively). There were also significant improvements in life quality score (52.4 &nbsp; T 9.5 to 37.9T7.8; P &nbsp; = 0.001) and 6-minute walking distance (278.7 T 85.8 to 373.3 T 94.0; P &nbsp; = 0.001) of patients. All patients with New York Heart Association class III became class II after 3 months of ivabradine treatment. Conclusion: &nbsp; Heart rate reduction in a short-term period by ivabradine produced significant improvements in exercise capacity and life quality in patients with CRT-D and conventional therapy.</p

Making Things to Serve Sultans, Viziers and Army Commanders (1450-1800)

Ottoman documents on manufactures for court and army concentrate on governmental initiatives. However, the time has come to view these branches of production in a broader, comparative perspective, focusing on the demands of the sultan’s officials and the actions of skilled persons working for the apparatus of empire. As for the production of military hardware, the demands of eighteenthcentury warfare fell most heavily on the more prosperous workshops; and the lack of working capital became a permanent worry after the Russo- Ottoman war of 1768–74. However, until about 1750, the sultans’ military machine was still ahead of the Russians in the supply of armaments and foodstuffs. Technology and the lack of manufacturing skills, thus, were not at issue when Ottoman armies suffered defeat