GCRIS

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Citation - Scopus: 2
New Money: Central Bank Digital Currencies
(Peter Lang AG, 2019) Karamollaoğlu, Nazlı; Tuncay, Berna
Payment systems have been evolving along with technological advancements in the last couple decades. The introduction of different forms of electronic banking, the advance of Internet banking services, and advances in mobile phone and mobile payment technology have reduced the use of physical currency. Additionally, the first mover cryptocurrencies, bitcoin and its various alternatives (e.g., Ether, Litecoin), have been expanding their footprints, despite the volatility of their prices and the issues with their capability. These developments pose both opportunities and threats for Central Banks, particularly in the formulation of monetary policy and regulation of payment systems. Increased adoption of cryptocurrencies for payment transactions could undermine central banks' monetary policy missions as their policy power over the money in circulation would weaken. Weakened monetary policy control on the central bank side would risk financial stability. On the other hand, cryptocurrencies may also have positive impacts on the economy through various channels such as cost and time driven payment market efficiencies, financial inclusion, cashless society, and smaller informal sector. A central bank digital currency (CBDC) may have various characteristics related to its store of value, availability, settlement time, wallet and transaction limits, extent of use, being interest bearing or not and level of anonymity. While each characteristic has its own pros and cons, decisions on the CBDC characteristics need to be made by taking into account the country's circumstances, priorities, and ultimate policy objectives. © Peter Lang GmbH Internationaler Verlag der Wissenschaften Berlin 2019. All rights reserved.
Citation - WoS: 2
Citation - Scopus: 3
Determinants of Turkish Female Labour Force Participation: an Analysis With Manufacturing Firm-Level Data
(Taylor & Francis, 2020-01-05) Karamollaoğlu, Nazlı; Soybilgen, Barış
Compared to other developing countries, Turkey has a very low female labour participation rate. Previous studies usually focus on the labour supply side of female employment. Unlike the previous literature, this paper investigates firm-level determinants of female employment in manufacturing firms using a unique micro data set constructed using different sources. After controlling for geographical variation, firm, and industry-specific factors, our results show that larger firms, exporter firms, firms with higher part-time worker ratio, and foreign-owned firms have higher female employment rate whereas younger firms, firms with higher labour productivity, and firms with long working hours have lower female employment rate.
Citation - WoS: 5
Citation - Scopus: 3
Exports, Real Exchange Rates and Dollarization: Empirical Evidence From Turkish Manufacturing Firms
(Springer, 2019-07-15) Karamollaoğlu, Nazlı; Yalçın, Cihan
We attempt to uncover the relationship between the real exchange rates and exports shares of manufacturing firms in Turkey by taking into account FX exposures and various firm characteristics. We use a large panel of manufacturing firms to carry out an empirical analysis for the period 2002–2010. Contrary to macro-evidence, firm-level empirical evidence suggests that a depreciation of the Turkish lira seems to favor the external competitiveness of firms in general. We document that a real depreciation of the Turkish lira has a positive impact on export shares and its impact is muted to some extent for firms operating in sectors that use imported inputs intensively. In addition, we estimate that export shares increase as a result of real depreciation for firms having low (naturally hedged) and moderate FX debt-to-export ratios. We do not confirm a strong balance sheet channel where a depreciation of the currency may harm firms’ export performance due to currency mismatch. On the contrary, FX borrowing is estimated to support export performance probably due to undermining finance constraints.

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