Asymmetric effects of central bank funding on commercial banking sector behaviour

In this paper, we assess the effects of Central Bank Funding (C.B.F.) on commercial bank lending behaviour by using weekly Turkish data from 7 January 2011 to 5 June 2015. To be specific, using the Nonlinear Autoregressive Distributed Lag Error Correction Model, we assess the effects of C.B.F. provided daily by the Central Bank of the Republic of Turkey through Open Market Operations to financial markets. Our empirical evidence reveals that for all types of lending, an increase in C.B.F. (which has a higher cost for commercial banks relative to alternatives) forces commercial banks to borrow from higher-cost channels, i.e., we find that increasing C.B.F. discourages commercial bank lending. We also find that decreases in C.B.F. that proxy what commercial banks can borrow more cheaply from alternative sources increase commercial bank lending. However, increasing C.B.F. is more effect- ive than decreasing C.B.F. for Total Bank Loans, Total Credit Cards and Automobile Loans, and decreasing C.B.F. is more effective in the short run for Consumption Loans, Housing Loans and Commercial Loans:short-run asymmetry. Therefore, we can report only limited support forlong-run asymmetry, and consequently, claim that there ismagnitude(an increase versus decrease in C.B.F.) andcategory asymmetry(across different lending categories)

Determination of the origin of the Helvadere drinking springs by means of hydrochemical and isotopic techniques, Aksaray, Central Anatolia, Turkey

WOS: 000089617800014The main aquifer of the Helvadere springs that emerges on the strike-slip of the Hasandagi fault set alongside the Tuzgolu (salt lake) fault zone, and trends in a NW-SE direction of Aksaray city, in the western part of Central Anatolia, is the exposed rocks of Hasandagi which are volcanics that have distinct hydrogeological properties. The meteoric origin of the spring waters is deduced from hydrochemical and environmental isotope (O-18, H-2, H-3) studies. The springs have high discharge (Q>100 1/s) and low ion concentrations because of fast circulation along the groundwater flow path in the aquifer. Furthermore, because it has hydrochemical facies, it conforms Ca-Na-Mg-HCO3 hydrochemical facies, it conforms to high standards of drinking and irrigation water

Hydrochemical evolution and water quality along the groundwater flow path in the Sandikli plain, Afyon, Turkey

WOS: A1997XF98000012An unconfined aquifer system suggests an open system in the study area. Hydrochemical evolution is related to the flow path of groundwater. The groundwaters are divided into two hydrochemical facies in the study area, 1) Ca-Mg-HCO3 and 2) Ca-Mg-SO4HCO3. Facies 1 has shallow (young) waters which dominate in recharge areas during rapid flow conditions, whereas facies 2 may show shallow and mixed waters which dominate intermediate or discharge areas during low flow conditions. Ionic concentrations, TDS, EC and water quality are related to groundwater residence time and groundwater types. The groundwaters in the plain are chemically potable and suitable for both domestic and agricultural purposes

The role of hydrogeology in solution-subsidence development and its environmental impacts; a case-study for Sazlica (Nigde, Turkey)

WOS: 000077672200015Solution-subsidence and other types of collapse failures developed in the vicinity of Sazlica have been a major source of environmental problems such as groundwater pollution, soil erosion, and foundation failures. Extensive pumping of water from the Lake Dipsiz during irrigation seasons creates landslide developments at the shores of the lake. Five stages of landslide development were observed in the unconsolidated soils around Lake Dipsiz. Bowl-shaped solution-subsidence features with depths from 1 to 3 m and diameters between 1 and 60 m were formed due to excess pumping, and recharge and discharge features of unconfined aquifer. The pumping activities must be controlled to prevent further environmental problems. Lake Dipsiz and other subsidence developments are the groundwater exposure areas highly vulnerable to contamination. The proposed remedies for overcoming the environmental problems are the establishment of conservation areas around such natural features; ceasing the removal of top soil, controlling the urbanization, and keeping the livestock farming away from the areas susceptible to pollution

Effectiveness of the reserve option mechanism as a macroeconomic prudential tool: evidence from Turkey

This article assesses the effectiveness of a novel macroprudential tool the reserve option mechanism (ROM) - which Turkey's central bank developed during the post-2008 period and has employed to control the risk associated with excessive capital flows. We assess how capital flows have affected economic variable changes since the introduction and usage of the ROM. Empirical evidence gathered from Turkey suggests that the tool decreases the effect of capital flow on capital flow (positive shock to capital flow dies out faster or becomes less persistent) and diminishes the effects of capital flow shocks on exchange and interest rates

OUTPUT-EMPLOYMENT RELATIONSHIP ACROSS SECTORS: A LONG- VERSUS SHORT-RUN PERSPECTIVE

This paper investigates the nature of the output-employment relationship by using the Turkish quarterly data for the period 1988-2008. Even if we fail to find a long-run relationship between aggregate output and total employment, there are long-run relationships for the aggregate output with non-agricultural employment and sectoral employment levels for seven of nine sectors that we consider. However, a further investigation for the output and employment relationship within a short-run perspective does not reveal statistically significant relationships for either total employment or non-agriculture employment, or eight of the nine sectors that we consider. Although there are various long-run relationships between output and employment, the short-run links between demand and employment are weak. The various implications of this for the economy and the labour market are discussed. As a result, maintaining high levels of output in the long-run creating demand is essential for employment generation

Influences of human activities and agriculture on groundwater quality of Kayseri-Incesu-Dokuzpinar springs, central Anatolian part of Turkey

WOS: 000184074700012Human activities and agriculture have had direct and indirect effects on the rates of contamination of groundwater in the Incesu-Dokuzpinar spring area. Direct effects include dissolution and transport of excess quantities of fertilizers with associated materials and hydrological alterations related to irrigation and drainage. Indirect effects may include changes in water-rock reactions in soils and aquifers caused by increased concentrations of dissolved oxidants, protons, and major ions. Agricultural activities have directly or indirectly affected the concentrations of a large number of inorganic chemicals in groundwater, for example NO3, N-2, Cl, SO42, H+, K, Mg, Ca, Fe, Cu, B, Pb, and Zn, as well as a wide variety of pesticides and other organic compounds. For reactive contaminants like NO3, it is recommended that a combination of hydrochemical and environmental-tracer analytical approaches might be required to resolve changing inputs from subsequent alterations as causes of concentration gradients in groundwater. The water type of Dokuzpinar springs is mainly Na-Mg-Ca-Cl-HCO3. Note that the water types of the springs were directly related to the hydrogeochemical properties of outcrops at the study area. Thus, the high concentration of Ca2+ and HCO3 is mainly related to the high CO2 contents in the marbles, whereas the high Na concentration arises from the existing syenite, volcanic ash, basalt, and clay units, although the Incesu-Dokuzpinar springs cover most of the drinking and irrigation water demands of this area. The high concentrations of NO3 and NaCl show that the area around the springs is continuously being contaminated by untreated sewage and agricultural wastes, especially during dry periods. Therefore, this approach is based on the vulnerability studies of the catchment area, determination of the transfer time of the pollutant, and the water-bearing formations of Incesu-Dokuzpinar springs. Vulnerability in this study is defined as the intrinsic hydrogeochemical characteristics of an aquifer, which may show the sensitivity of groundwater to be contaminated by different human activities