期刊名称：İktisadi İdari ve Siyasal Araştırmalar Dergisi
电子版ISSN：2564-7466
出版年度：2017
卷号：2
期号：3
页码：1-10
DOI：10.25204/iktisad.304346
语种：English
出版社：Iktisadi Idari ve Siyasal Arastirmalar Dergisi
摘要：In this study,the effect of coupon payments of 30-year Treasury bonds sold in the years of 2000 and 2004 on the exchange rates changes and exchange rate volatility in the payment date are investigated. Models are estimated with EGARCH (1.1) method in the study which uses daily USD/TL exchange rates between 03 Jan 2000 and 08 Apr 2015 period. Our findings show that coupon payments of the bonds with the maturity dates of 2030 and 2034 decrease the exchange rate level and exchange rate volatility. However,the decreasing effect of the bond with the maturity dates of 2034 on exchange rates is higher. Evaluating coupon payments of both bonds together,it is observed that Treasury coupon payments in Turkey have a decreasing effect on exchange rate level and exchange rate volatility. The study disproves the claims of Effective Market Hypothesis which says “exchange rate cannot be predicted;exchange rates reflect all available information so investors cannot gain abnormal profits.”..
其他摘要：Bu çalışmada,Türkiye Cumhuriyeti Hazinesinin 2000 ve 2004 yıllarında ABD doları cinsinden ihraç ettiği 30 yıl vadeli borçlanma kağıtlarının kupon ödeme günlerindeki döviz kuru ve döviz kuru oynaklığındaki değişim araştırılmaktadır. 03 Ocak 2000-08 Nisan 2
