IDEAS home Printed from https://ideas.repec.org/a/ist/ekoist/v0y2022i36p77-92.html
   My bibliography  Save this article

Applications of “Under the Pillow” Gold in Turkey

Author

Listed:
  • Server Demirci

    (Marmara Universitesi, Finansal Bilimler Fakultesi, Bankacilik Bolumu, Istanbul, Turkiye)

  • Selahattin Guris

    (Marmara Universitesi, Finansal Bilimler Fakultesi, Bankacilik Bolumu, Istanbul, Turkiye.)

  • Levent Cinko

    (Marmara Universitesi, Finansal Bilimler Fakultesi, Bankacilik Bolumu, Istanbul, Turkiye)

  • Turgut Un

    (Marmara Universitesi, Iktisat Fakultesi, Ekonometri Bolumu, Istanbul, Turkiye)

  • Saban Kizilarslan

    (Marmara Universitesi, Iktisat Fakultesi, Ekonometri Bolumu, Istanbul, Turkiye)

Abstract

According to some estimates, the amount of “gold beneath the pillow” in Turkey is between 3–5 tons and is valued at 200–300 billion dollars. The coronavirus disease-19 pandemic, which began in early 2020 and had world-wide impacts, has left the country’s economies in a very dire situation. As in the rest of the world, the Turkish economy has slowed down and is on the verge of collapse. “Under the pillow” gold may breathe new life into this sluggish economy. This study aims to discover ways of incorporate “under the pillow” gold in the Turkish economy. Considering this situation, a survey including gold banking was conducted. The province of Istanbul was selected as the primary study population and face-to-face interviews were conducted. A total of 1,002 individuals participated in the survey through the random sampling method. The content of the questions includes basic information such as age, gender, and marital and educational status. As open-ended questions, monthly average income and monthly average savings were enquired. The following are the question categories that include gold banking: It consisted of 8 yes-no and 26 5-point Likert scale questions. Factor analysis was applied to the data obtained from the questions. The Gompit Regression Model was estimated for the factors acquired from the abovementioned analysis, and the results of the analysis showed that there was no awareness regarding the gold banking system and a lack of trust in the banks.

Suggested Citation

  • Server Demirci & Selahattin Guris & Levent Cinko & Turgut Un & Saban Kizilarslan, 2022. "Applications of “Under the Pillow” Gold in Turkey," EKOIST Journal of Econometrics and Statistics, Istanbul University, Faculty of Economics, vol. 0(36), pages 77-92, June.
    • Handle: RePEc:ist:ekoist:v:0:y:2022:i:36:p:77-92
    DOI: 10.26650/ekoist.2022.36.1108571
    as

    Download full text from publisher

    File URL: https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/86336437325A4A65B496129708E0E63C
    Download Restriction: no
    File URL: https://iupress.istanbul.edu.tr/en/journal/ekoist/article/turkiyede-yastik-alti-altin-bir-uygulama
    Download Restriction: no
    File URL: https://libkey.io/10.26650/ekoist.2022.36.1108571?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. N. Bloom, 2016. "Fluctuations in uncertainty," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 4.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Yoshito Funashima, 2022. "Economic policy uncertainty and unconventional monetary policy," Manchester School, University of Manchester, vol. 90(3), pages 278-292, June.
    2. Alessandri, Piergiorgio & Mumtaz, Haroon, 2019. "Financial regimes and uncertainty shocks," Journal of Monetary Economics, Elsevier, vol. 101(C), pages 31-46.
    3. Bennani, Hamza, 2018. "Media coverage and ECB policy-making: Evidence from an augmented Taylor rule," Journal of Macroeconomics, Elsevier, vol. 57(C), pages 26-38.
    4. Mr. Philip Barrett & Sophia Chen & Miss Mali Chivakul & Ms. Deniz O Igan, 2021. "Pricing Protest: The Response of Financial Markets to Social Unrest," IMF Working Papers 2021/079, International Monetary Fund.
    5. José Valentim Machado Vicente & Jaqueline Terra Moura Marins, 2019. "A Volatility Smile-Based Uncertainty Index," Working Papers Series 502, Central Bank of Brazil, Research Department.
    6. Joëts, Marc & Mignon, Valérie & Razafindrabe, Tovonony, 2017. "Does the volatility of commodity prices reflect macroeconomic uncertainty?," Energy Economics, Elsevier, vol. 68(C), pages 313-326.
    7. Dudley Cooke & Tatiana Damjanovic, 2020. "Optimal Fiscal Policy in a Model of Firm Entry with Financial Frictions," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 35, pages 74-96, January.
    8. Ferguson, Andrew & Hu, Wei & Lam, Peter, 2022. "Political uncertainty and deal structure: Evidence from Australian mining project acquisitions," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
    9. Jessica L. Darby & David J. Ketchen & Brent D. Williams & Travis Tokar, 2020. "The Implications of Firm‐Specific Policy Risk, Policy Uncertainty, and Industry Factors for Inventory: A Resource Dependence Perspective," Journal of Supply Chain Management, Institute for Supply Management, vol. 56(4), pages 3-24, October.
    10. Felici, Marco & Kenny, Geoff & Friz, Roberta, 2023. "Consumer savings behaviour at low and negative interest rates," European Economic Review, Elsevier, vol. 157(C).
    11. Nguyen, Minh Hong & Trinh, Vu Quang, 2023. "U.K. economic policy uncertainty and innovation activities: A firm-level analysis," Journal of Economics and Business, Elsevier, vol. 123(C).
    12. Istiak, Khandokar & Serletis, Apostolos, 2020. "Risk, uncertainty, and leverage," Economic Modelling, Elsevier, vol. 91(C), pages 257-273.
    13. Mikkel Hermansen & Oliver Röhn, 2017. "Economic resilience: The usefulness of early warning indicators in OECD countries," OECD Journal: Economic Studies, OECD Publishing, vol. 2016(1), pages 9-35.
    14. Gao, Lin & Hitzemann, Steffen & Shaliastovich, Ivan & Xu, Lai, 2022. "Oil volatility risk," Journal of Financial Economics, Elsevier, vol. 144(2), pages 456-491.
    15. Danilo Cascaldi‐Garcia & Ana Beatriz Galvao, 2021. "News and Uncertainty Shocks," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(4), pages 779-811, June.
    16. Himounet, Nicolas, 2022. "Searching the nature of uncertainty: Macroeconomic and financial risks VS geopolitical and pandemic risks," International Economics, Elsevier, vol. 170(C), pages 1-31.
    17. Leif Anders Thorsrud, 2016. "Nowcasting using news topics Big Data versus big bank," Working Papers No 6/2016, Centre for Applied Macro- and Petroleum economics (CAMP), BI Norwegian Business School.
    18. Bertrand Candelon & Laurent Ferrara & Marc Joëts, 2021. "Global financial interconnectedness: a non-linear assessment of the uncertainty channel," Applied Economics, Taylor & Francis Journals, vol. 53(25), pages 2865-2887, May.
    19. Shang, Fei, 2022. "The effect of uncertainty on the sensitivity of the yield curve to monetary policy surprises," Journal of Economic Dynamics and Control, Elsevier, vol. 137(C).
    20. Laurent Ferrara & Pierre Guérin, 2018. "What are the macroeconomic effects of high‐frequency uncertainty shocks?," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 33(5), pages 662-679, August.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ist:ekoist:v:0:y:2022:i:36:p:77-92. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ertugrul YASAR (email available below). General contact details of provider: https://edirc.repec.org/data/ifisttr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.