|
on Central and Western Asia |
| By: | Isachenko, Daria |
| Abstract: | Ankara's role in Central Asia is often assessed through the "Great Game" lens, in which Turkey is supposed to challenge the influence of Russia and China. On the one hand, such a perspective attests to the growing role of Turkey in the region. On the other hand, this view ignores the agency of Central Asian states and the established multi-vector foreign policies, meaning that cooperation with Ankara is a complement to, rather than a replacement for, their interactions with other actors. As the European Union (EU) seeks to engage in Central Asia, its approach will need to accommodate the diversification pattern prevailing in the region. |
| Keywords: | Central Asia, Turkey, Azerbaijan, Kazakhstan, Kyrgyzstan, Uzbekistan, Cyprus, multi-vector foreign policies, North Atlantic Treaty Organization (NATO), European Union (EU), Turkish Cooperation and Coordination Agency (TIKA), Organization of Turkic States (OTS), Commonwealth of Independent States (CIS)" |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:swpcom:334557 |
| By: | Erzan, Refik |
| Keywords: | International Development, Labor and Human Capital |
| URL: | https://d.repec.org/n?u=RePEc:ags:weprwp:259240 |
| By: | Yhlas Sovbetov; Hami Saka |
| Abstract: | This paper investigates both short and long-run interaction between BIST-100 index and CDS prices over January 2008 to May 2015 using ARDL technique. The paper documents several findings. First, ARDL analysis shows that 1 TL increase in CDS shrinks BIST-100 index by 22.5 TL in short-run and 85.5 TL in long-run. Second, 1000 TL increase in BIST index price causes 25 TL and 44 TL reducation in Turkey's CDS prices in short- and long-run respectively. Third, a percentage increase in interest rate shrinks BIST index by 359 TL and a percentage increase in inflation rate scales CDS prices up to 13.34 TL both in long-run. In case of short-run, these impacts are limited with 231 TL and 5.73 TL respectively. Fourth, a kurush increase in TL/USD exchange rate leads 24.5 TL (short-run) and 78 TL (long-run) reductions in BIST, while it augments CDS prices by 2.5 TL (short-run) and 3 TL (long-run) respectively. Fifth, each negative political events decreases BIST by 237 TL in short-run and 538 TL in long-run, while it increases CDS prices by 33 TL in short-run and 89 TL in long-run. These findings imply the highly dollar indebted capital structure of Turkish firms, and overly sensitivity of financial markets to the uncertainties in political sphere. Finally, the paper provides evidence for that BIST and CDS with control variables drift too far apart, and converge to a long-run equilibrium at a moderate monthly speed. |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2512.07887 |
| By: | Ali Hosseinzadeh |
| Abstract: | Speculative bubbles exhibit common statistical signatures across many financial markets, suggesting the presence of universal underlying mechanisms. We test this hypothesis in the Iranian stock market, an economy that is highly isolated, subject to capital controls, and largely inaccessible to foreign investors. Using the Log-Periodic Power Law Singularity (LPPLS) model, we analyze two major bubble episodes in 2020 and 2023. The estimated critical exponents beta around 0.46 and 0.20 fall within the empirical ranges documented for canonical historical bubbles such as the 1929 DJIA crash and the 2000 Nasdaq episode. The Tehran Stock Exchange displays clear LPPLS hallmarks, including faster-than-exponential price acceleration, log-periodic corrections, and stable estimates of the critical time horizon. These results indicate that endogenous herding, imitation, and positive-feedback dynamics, rather than exogenous shocks, play a dominant role even in politically and economically isolated markets. By showing that an emerging and semi-closed financial system conforms to the same dynamical patterns observed in global markets, this paper provides new empirical support for the universality of bubble dynamics. To the best of our knowledge, it also presents the first systematic LPPLS analysis of bubbles in the Tehran Stock Exchange. The findings highlight the usefulness of LPPLS-based diagnostic tools for monitoring systemic risk in emerging or restricted economies. |
| Date: | 2025–12 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2512.12054 |