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Table 1 Independent variables

From: Recent innovation in benchmark rates (BMR): evidence from influential factors on Turkish Lira Overnight Reference Interest Rate with machine learning algorithms

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 +, −
  1. A positive (+) relationship means that TLREF increases when independent variables increase
  2. A negative (−) relationship means that TLREF decreases when independent variables increase