Table 1 Independent variables
Group | Variable | Symbol | Description | Effect |
|---|---|---|---|---|
Global | Gold prices | GOLD | Gold prices per ounce (USD) | +, − |
MSCI emerging market index | MSCI_EM | MSCI emerging market index | − | |
VIX index | VIX | Chicago board options exchange volatility index | +, − | |
Country-level macroeconomic | CDS spreads | CDS | 5-years CDS spreads (USD) | + |
BIST main index | XU100 | Trading day closing value | − | |
USD/TL FX | USDTL | USD/TL FX | +, − | |
CBRT securities | CBRT_SEC | Amount of Securities Bought By CBRT | − | |
Emission amount | EMISSION | Amount of money issued by CBRT | − | |
Other | COVID-19 | COVID | 1: If the pandemic exists; 0: otherwise | +, − |