Macroprudential policies, persistence of uncertainty and leverage dynamics a study for real sector in Turkey

Yarba, İbrahim
This study consists of three chapters. The first chapter analyses leverage dynamics of Turkish non-financial firms over the last 20 years using a confidential and unique firm-level dataset. Results of panel models reveal that financial development fosters corporate leverage while government indebtedness inhibits it. Both impacts are more pronounced for private firms rather than public firms. Besides, even though improvements in financial development foster long-term debt usage for both SMEs and large firms, this impact seems stronger for SMEs. Conspicuously, results reveal that SMEs suffer much more than large firms in crowding-out periods of government leverage while both SMEs and large firms benefit in crowding-in periods. The second chapter is the first study to explore the impacts of macroprudential policies (MPPs) and uncertainty of economic environment on leverage dynamics based on firm-level data. In this chapter, I construct uncertainty and persistence of uncertainty measures for economic environment in Turkey. Results reveal that credit market responds persistence of uncertainty rather than the level of uncertainty itself. Moreover, leverage of Turkish non-financial firms decrease significantly when uncertainty increases persistently and when macroprudential policy tools are tightened. Most strikingly, this is the case only for SMEs but not for large firms. In the last chapter, I attempt to unfold the riddle regarding how SMEs do survive in such an economic environment and provide significant evidence in support of the claim that Turkish corporations have some under-the-mattress savings (hidden reserves) that are utilized during the times of persistent stress and tightening of macroprudential policies.


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Aksoy, Ümit; Çelebi, Okay; Department of Mathematics (2006)
This study consists of four chapters. In the first chapter we give some historical background of the problem, basic definitions and properties. Basic integral operators of complex analysis and and Schwarz problem for model equations are presented in Chapter 2. Chapter 3 is devoted to the investigation of the properties of a class of strongly singular integral operators. In the last chapter we consider the Schwarz boundary value problem for the general partial complex differential equations of higher order.
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Yılmaz, Bülent; Yılmaz, Osman; Department of Physics (2007)
This doctoral study consists of two parts. In the first part, the quantum statistical effects on the formation process of the heavy ion fusion reactions have been investigated by using the c-number quantum Langevin equation approach. It has been shown that the quantum effects enhance the over-passing probability at low temperatures. In the second part, we have developed a simulation technique for the quantum noises which can be approximated by two-term exponential colored noise.
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Öner Özkan, Bengi (Informa UK Limited, 2000-05-01)
This study is an examination of future time orientation (FTO) and relationship satisfaction. Undergraduate students (N = 244) from Middle East Technical University were given a general FTO scale developed by T. Gjesme (1979) and a scale developed by this study's researcher to measure FTO in terms of romantic relationships. Participants were asked to rate their relationship satisfaction on a 9-point Likert-type scale. Although a general FTO was adaptive in terms of romantic relationships, a high concern for ...
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This doctoral study consists of three parts. In the first part, structural and electronic properties of Al_kTi_lNi_m (k+l+m=2,3) microclusters have been investigated by performing density functional theory (DFT) calculations within the B3LYP [which comprises the Becke-88 exchange functional and the correlation functional of Lee, Yang, and Parr] and the effective core potential (ECP) level. Dimers and trimers of the elements aluminum, titanium, and nickel, and their binary and ternary combinations have been ...
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The aim of the this study is to present some performance tests of a novel 256-channel electroencephalographic data-acquisition system. The common mode rejection ratio of the system was measured as 102 dB for signals in the electroencephalography frequency range and 154 dB for de signals. System electrical noise (referred-to-input) is 1.76 mu V (rms) (0.21 mu V/root Hz for 70-Hz bandwidth). The cross-talk rejection was found to be at 58 dB. The dynamic range of the system was found 108 dB. The performance te...
Citation Formats
İ. Yarba, “Macroprudential policies, persistence of uncertainty and leverage dynamics a study for real sector in Turkey,” Ph.D. - Doctoral Program, Middle East Technical University, 2017.