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Türkiye’nin CDS Priminin Oynaklığı

Yıl 2017, Sayı: 632, 9 - 17, 01.10.2017

Öz

Ülke risk priminin önemli bir ölçütü olarak kabul edilen kredi temerrüt takası (Credit Default Swap; CDS) primleri, gelişmekte olan piyasaların finansal koşulları hakkında bilgi vermekte, kredi riskini dengelemek için bir güvence sağlamakta ve para politikasının başarısını etkilemektedir. CDS primlerindeki artış ülkenin kredi değerliliğini azaltmakta ve borçlanma maliyetlerini yükseltmektedir. Küresel finansal piyasalarda CDS’lerin işlem hacmindeki artışa paralel olarak iktisat yazınında CDS’lere verilen önemin arttığı görülmektedir. Bu çalışmanın amacı 29 Ocak 2008 – 14 Ekim 2016 dönemi için iş günü verilerini kullanarak Türkiye’nin beş yıllık CDS risk priminin oynaklığını incelemektir. Çalışmada uygun oynaklık modeli, GARCH-M (1,1) olarak belirlenmiştir. Ampirik bulgular: (i) tahmin edilen GARCH-M (1,1) modelinin istikrarlı olduğunu; (ii) CDS şoklarının kalıcılık etkisinin azaldığını; (iii) CDS serisinde güçlü bir GARCH etkisinin olduğunu, yani CDS oynaklığı üzerinde uzun hafıza etkisinin baskın olduğunu; (iv) CDS’lerin oynaklığındaki artışın CDS’lerin ortalama getirilerini etkilediğini ve ayrıca (v) VIX endeksi ve ABD’nin on yıllık Hazine tahvil faizi gibi dışsal baskınlık problemini yansıtan değişkenlerin CDS’lerin oynaklığını önemli ölçüde artırdığını göstermektedir.

Kaynakça

  • AKDOĞAN, Kurmaş and Meltem Gülenay CHADWICK; (2013), “Nonlinearities in CDS-Bond Basis”, Emerging Markets Finance and Trade, 49(3), pp. 6-19.
  • ANG, Andrew, Robert J. HODRICK, Yuhang XING and Xiaoyan ZHANG; (2006), “The Cross-section of Volatility and Expected Returns”, The Journal of Finance, 61(1), pp. 259-299.
  • APERGIS, Nicholas and Andreas LAKE; (2010), “Credit Default Swaps and Stock Prices: Further Evidence of Mean and Volatility Transmission Using a GARCH-M Model”, China-USA Business Review, 9(11), pp. 1-22.
  • AUGUSTIN, Patrick; (2014), “Sovereign Credit Default Swap Premia”, Journal of Investment Management, http://dx.doi. org/10.2139/ssrn.2055346, 30.12.2016.
  • BELKE, Ansgar H. and Christian GOKUS; (2014), “Volatility Patterns of CDS, Bond and Stock Markets Before and During the Financial Crisis: Evidence From Major Financial Institutions”, International Journal of Economics and Finance, 6(7), pp. 53-70.
  • BHAMRA, Harjoat S., Lars-Alexander KUEHN and Ilya A. STREBULAEV; (2010), “The Levered Equity Risk Premium and Credit Spreads: A Unified Framework”, Review of Financial Studies, 23(2), pp. 645-703.
  • BLOMMESTEIN, Hans, Sylvester EIJFFINGER and Zongxin QIAN; (2016), “Regime-dependent Determinants of Euro Area Sovereign CDS sSpreads”, Journal of Financial Stability, 22, pp. 10-21.
  • BOLLERSLEV, T; (1987), “A Conditionally Heteroskedastic Time Series Model for Speculative Prices and Rates of Return”, The Review of Economics and Statistics, 69(3), pp. 542-543.
  • BOLLERSLEV, Tim; (1986), “Generalized Autoregressive Conditional Heteroskedasticity”, Journal of Econometrics, 31(3), pp. 307-327.
  • BOURI, Elie, Maria E. De BOYRIE and Ivelina PAVLOVA; (2016), “Volatility Transmission from Commodity Markets to Sovereign CDS Spreads in Emerging and Frontier Countries”, International Review of Financial Analysis, http://dx.doi. org/10.1016/j.irfa.2016.11.001, 02.01.2017.
  • BRIGO, Damiano and Kyriakos CHOURDAKIS; (2009), “Counterparty Risk for Credit Default Swaps: Impact of Spread Volatility and Default Correlation”, International Journal of Theoretical and Applied Finance, 12(07), pp. 1007-1026.
  • CASTELLANO, Rosella and Rita L. D’ECCLESIA; (2013), “CDS Volatility: The Key Signal of Credit Quality”, Annals of Operations Research, 205(1), pp. 89-107.
  • CHRISTOFFERSEN, Peter, Kris JACOBS, Xisong JIN and Hugues LANGLOIS; (2013), “Dynamic Dependence in Corporate Credit”, Bauer College of Business Working Paper, https://pdfs. semanticscholar.org/530a/16f8ab7fb28fa172b20214356dce3 6f87761.pdf, 20.12.2016.
  • CHU, Yuang Sung, Nick CONSTANTINOU and John O’HARA; (2010), “An Analysis of the Determinants of the iTraxx CDS Spreads Using the Skewed Student’st AR-GARCH Model”, University of Essex-Centre for Computational Finance and Aconomic Agents Working Paper Series, 40, pp. 1-17.
  • CONRAD, Jennifer, Robert F. DITTMAR and Allaudeen HAMEED; (2013), “Cross-Market and Cross-Firm Effects in Implied Default Probabilities and Recovery Values”, Financial Economics Rio Conference, pp. 1-40.
  • CORSETTI, Giancarlo, Keith KUESTER, Andre MEIER and Gernot MULLER; (2013), “Sovereign Risk, Fiscal Policy, and Macroeconomic Stability”, The Economic Journal, 123(566), pp. 99-132.
  • DA SILVA, Paulo Pereira and Carlos VIEIRA and Isabel VIEIRA; (2015) “The Determinants of CDS Open Interest Dynamics, Journal of Financial Stability, 21, pp. 95-109.
  • DE BOYRIE, Maria E. and Ivelina PAVLOVA; (2016); “Dynamic Interdependence of Sovereign Credit Default Swaps in BRICS and MIST Countries, Applied Economics, 48.7, pp. 563-575.
  • ENGLE, Robert F.; (1982), “Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation”, Econometrica, 50(4), pp. 987-1007.
  • FENDER, Ingo, Bernd HAYO and Matthias NEUENKIRCH; (2012), “Daily Pricing of Emerging Market Sovereign CDS Before and During the Global Financial Crisis”, Journal of Banking and Finance, 36(10), pp. 2786-2794.
  • FONSECA, Jose Da and Katrin GOTTSCHALK; (2012), “The Co-Movement of Credit Default Swap Spreads, Stock Market Returns and Volatilities: Evidence from Asia-Pacific Markets”, https://www.arx.cfa/up/post/213/DaFonseca-Gottschalk-CreditEquity.pdf, 16.12.2016.
  • FONTANA, Allessandro and Martin SCHEICHER; (2016), “An Analysis of Euro Area Sovereign CDS and Their Relation with Government Bonds”, Journal of Banking & Finance, 62, pp. 126-140.
  • GREENE, H. William; (2016), Ekonometrik Çözümleme, Çev. : Ümit Şenesen, Palme Yayıncılık, Ankara.
  • GÜNAY, Samet and Yanlin SHI; (2016), “Long-Memory in Volatilities of CDS Spreads: Evidences from the Emerging Markets”, Journal for Economic Forecasting, 1, pp. 122-137.
  • GÜNDÜZ, Yalin and Orcun KAYA; (2014), “Impacts of the Financial Crisis on Eurozone Sovereign CDS Spreads”, Journal of International Money and Finance, 49, pp. 425-442.
  • HO, Sy Hoa; (2016) “Long and Short-runs Determinants of the Sovereign CDS Spread in Emerging Countries, Research in International Business and Finance, 36, pp. 579-590.
  • HULL, John and Alan WHITE; (2000), “Valuing Credit Default Swaps I: No Counterparty Default Risk”, The Journal of Derivatives, 8(1), pp. 29-40.
  • HULL, John and Alan WHITE; (2001), “Valuing Credit Default Swaps II: Modeling Default Correlations”, The Journal of Derivatives, 8(3), pp. 12-21.
  • International Monetary Fund, IMF; (2013), Global Financial Stability Report, April, pp. 57-92.
  • KARA, Hakan., Pınar ÖZLÜ ve Deren ÜNALMIŞ; (2015), “Türkiye için Finansal Koşullar Endeksi”, Central Bank Review, 15(3).
  • KIM, Suk J., Leith SALEM and Eliza WU; (2015), “The Role of Macroeconomic News in Sovereign CDS Markets: Domestic and Spillover News Effects From the US, the Eurozone and China”, Journal of Financial Stability, 18, pp. 208-224.
  • KIM, Gi H., Haitao LI and Weina ZHANG; (2017), “The CDSBond Basis Arbitrage and the Cross Section of Corporate Bond Returns”, Journal of Futures Markets, pp. 836-861.
  • KÖSEOĞLU, Sinem D.; (2013), “The Transmission of Volatility Between the CDS Spreads and Equity Returns Before, During and After the Global Financial Crisis: Evidence from Turkey”, In Proceedings of 8th Asian Business Research Conference (1-2), pp. 1-14.
  • KUNT, Abdullah S. ve Oktay TAŞ; (2009), “Kredi Temerrüt Swapları ve Türkiye'nin CDS Priminin Tahmin Edilmesine Yönelik Bir Uygulama”, İTÜ Dergisi/b, 5(1), ss. 78-89.
  • LONGSTAFF, Francis A., Jun PAN, Lasse H. PEDERSEN and Kenneth SINGLETON; (2011), “How Sovereign is Sovereign Credit Risk?”, American Economic Journal: Macroeconomics, 3(2), pp. 75-103.
  • LUCAS, Andre, Bernd SCHWAAB and Xin ZHANG; (2014), “Conditional Euro Area Sovereign Default Risk”, Journal of Business & Economic Statistics, 32(2), pp. 271-284.
  • OH, Dong Hwan and Andrew J. PATTON; (2017); “Time-varying Systemic Risk: Evidence From a Dynamic Copula Model of CDS Spreads”, Journal of Business & Economic Statistics, pp. 1-15.
  • OLIVEIRA, Maria A. and Carlos SANTOS; (2014), “Sovereign CDS Contagion in the European Union: A Multivariate GARCHin-Variables Analysis of Volatility Spill-Overs”, In 27th International Business Research Conference PAN, Jun. and Kenneth, J. SINGLETON; (2008), “Default and Recovery Implicit in the Term Structure of Sovereign CDS Spreads”, Journal of Finance, 63, pp.2345-2384.
  • PIRES, Pedro, João Pedro PEREIRA and Luís Filipe MARTINS; (2015), “The Empirical Determinants of Credit Default Swap Spreads: A Quantile Regression Approach”, European Financial Management, 21.3, pp. 556-589.
  • TOKAT, Hakkı A.; (2013), “Understanding Volatility Transmission Mechanism Among the CDS Markets: Europe & North America Versus Brazil & Turkey”, Economia Aplicada, 17(1), pp. 5-19.
  • URAL, Mert and Erhan DEMIRELI; (2015), “APGARCH Modeling of CDS Returns”, International Journal of Economic & Social Research, 11(2), pp. 171-182.
  • WANG, Ping and Tomoe MOORE; (2012), “The Integration of the Credit Default Swap Markets During the US Subprime Crisis: Dynamic Correlation Analysis”, Journal of International Financial Markets, Institutions and Money, 22(1), pp. 1-15.
  • ZHANG, Frank X.; (2003), “What Did the Credit Market Expect of Argentina Default? Evidence From Default Swap Data”, Board of Governors of the Federal Reserve System Working Paper, 25, pp. 1-43.
  • ZHANG, Benjamin Y., Hao ZHOU and Haibin ZHU; (2009), “Explaining Credit Default Swap Spreads with the Equity Volatility and Jump Risks of Individual Firms”, Review of Financial Studies, 22(12), pp. 5099-5131.
  • ZOLI, Edda; (2005), “How Does Fiscal Policy Affect Monetary Policy in Emerging Market Countries?”, Bank for International Settlements Working Paper, 174, pp. 1-45.

The Volatility of Turkey’s CDS Spreads

Yıl 2017, Sayı: 632, 9 - 17, 01.10.2017

Öz

Credit Default Swap (CDS) spreads, considered as an important measure of sovereign risk premium inform about financial circumstances of emerging markets, provide an assurance to balance the credit risk and affect the success of monetary policy. The increase in CDS spreads reduces the credibility of the country and increases the costs of borrowing. Parallel to the increase in the transaction volume of CDSs in the global financial markets, we observe that the importance given to the CDS in the economic literature has increased. The purpose of this study is to examine the volatility of Turkey’s five year CDS spreads using weekdays data for the period January 29th, 2008–October 14th, 2016. In the study, the appropriate volatility model is GARCH-M (1,1). Empirical evidence suggests that (i) the estimated GARCH-M (1,1) model is stable; (ii) the persistency effect of CDS shocks declines; (iii) there is a strong GARCH effect in CDS series, that is, long memory effect is dominant on CDS volatility; (iv) the increase in the volatility of CDS affects the average returns of CDS; and also (v) variables reflecting the external dominance problem such as VIX index and USA Treasury Benchmark Ten Year Bond Interest Rate increase the volatility of CDS significantly.

Kaynakça

  • AKDOĞAN, Kurmaş and Meltem Gülenay CHADWICK; (2013), “Nonlinearities in CDS-Bond Basis”, Emerging Markets Finance and Trade, 49(3), pp. 6-19.
  • ANG, Andrew, Robert J. HODRICK, Yuhang XING and Xiaoyan ZHANG; (2006), “The Cross-section of Volatility and Expected Returns”, The Journal of Finance, 61(1), pp. 259-299.
  • APERGIS, Nicholas and Andreas LAKE; (2010), “Credit Default Swaps and Stock Prices: Further Evidence of Mean and Volatility Transmission Using a GARCH-M Model”, China-USA Business Review, 9(11), pp. 1-22.
  • AUGUSTIN, Patrick; (2014), “Sovereign Credit Default Swap Premia”, Journal of Investment Management, http://dx.doi. org/10.2139/ssrn.2055346, 30.12.2016.
  • BELKE, Ansgar H. and Christian GOKUS; (2014), “Volatility Patterns of CDS, Bond and Stock Markets Before and During the Financial Crisis: Evidence From Major Financial Institutions”, International Journal of Economics and Finance, 6(7), pp. 53-70.
  • BHAMRA, Harjoat S., Lars-Alexander KUEHN and Ilya A. STREBULAEV; (2010), “The Levered Equity Risk Premium and Credit Spreads: A Unified Framework”, Review of Financial Studies, 23(2), pp. 645-703.
  • BLOMMESTEIN, Hans, Sylvester EIJFFINGER and Zongxin QIAN; (2016), “Regime-dependent Determinants of Euro Area Sovereign CDS sSpreads”, Journal of Financial Stability, 22, pp. 10-21.
  • BOLLERSLEV, T; (1987), “A Conditionally Heteroskedastic Time Series Model for Speculative Prices and Rates of Return”, The Review of Economics and Statistics, 69(3), pp. 542-543.
  • BOLLERSLEV, Tim; (1986), “Generalized Autoregressive Conditional Heteroskedasticity”, Journal of Econometrics, 31(3), pp. 307-327.
  • BOURI, Elie, Maria E. De BOYRIE and Ivelina PAVLOVA; (2016), “Volatility Transmission from Commodity Markets to Sovereign CDS Spreads in Emerging and Frontier Countries”, International Review of Financial Analysis, http://dx.doi. org/10.1016/j.irfa.2016.11.001, 02.01.2017.
  • BRIGO, Damiano and Kyriakos CHOURDAKIS; (2009), “Counterparty Risk for Credit Default Swaps: Impact of Spread Volatility and Default Correlation”, International Journal of Theoretical and Applied Finance, 12(07), pp. 1007-1026.
  • CASTELLANO, Rosella and Rita L. D’ECCLESIA; (2013), “CDS Volatility: The Key Signal of Credit Quality”, Annals of Operations Research, 205(1), pp. 89-107.
  • CHRISTOFFERSEN, Peter, Kris JACOBS, Xisong JIN and Hugues LANGLOIS; (2013), “Dynamic Dependence in Corporate Credit”, Bauer College of Business Working Paper, https://pdfs. semanticscholar.org/530a/16f8ab7fb28fa172b20214356dce3 6f87761.pdf, 20.12.2016.
  • CHU, Yuang Sung, Nick CONSTANTINOU and John O’HARA; (2010), “An Analysis of the Determinants of the iTraxx CDS Spreads Using the Skewed Student’st AR-GARCH Model”, University of Essex-Centre for Computational Finance and Aconomic Agents Working Paper Series, 40, pp. 1-17.
  • CONRAD, Jennifer, Robert F. DITTMAR and Allaudeen HAMEED; (2013), “Cross-Market and Cross-Firm Effects in Implied Default Probabilities and Recovery Values”, Financial Economics Rio Conference, pp. 1-40.
  • CORSETTI, Giancarlo, Keith KUESTER, Andre MEIER and Gernot MULLER; (2013), “Sovereign Risk, Fiscal Policy, and Macroeconomic Stability”, The Economic Journal, 123(566), pp. 99-132.
  • DA SILVA, Paulo Pereira and Carlos VIEIRA and Isabel VIEIRA; (2015) “The Determinants of CDS Open Interest Dynamics, Journal of Financial Stability, 21, pp. 95-109.
  • DE BOYRIE, Maria E. and Ivelina PAVLOVA; (2016); “Dynamic Interdependence of Sovereign Credit Default Swaps in BRICS and MIST Countries, Applied Economics, 48.7, pp. 563-575.
  • ENGLE, Robert F.; (1982), “Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation”, Econometrica, 50(4), pp. 987-1007.
  • FENDER, Ingo, Bernd HAYO and Matthias NEUENKIRCH; (2012), “Daily Pricing of Emerging Market Sovereign CDS Before and During the Global Financial Crisis”, Journal of Banking and Finance, 36(10), pp. 2786-2794.
  • FONSECA, Jose Da and Katrin GOTTSCHALK; (2012), “The Co-Movement of Credit Default Swap Spreads, Stock Market Returns and Volatilities: Evidence from Asia-Pacific Markets”, https://www.arx.cfa/up/post/213/DaFonseca-Gottschalk-CreditEquity.pdf, 16.12.2016.
  • FONTANA, Allessandro and Martin SCHEICHER; (2016), “An Analysis of Euro Area Sovereign CDS and Their Relation with Government Bonds”, Journal of Banking & Finance, 62, pp. 126-140.
  • GREENE, H. William; (2016), Ekonometrik Çözümleme, Çev. : Ümit Şenesen, Palme Yayıncılık, Ankara.
  • GÜNAY, Samet and Yanlin SHI; (2016), “Long-Memory in Volatilities of CDS Spreads: Evidences from the Emerging Markets”, Journal for Economic Forecasting, 1, pp. 122-137.
  • GÜNDÜZ, Yalin and Orcun KAYA; (2014), “Impacts of the Financial Crisis on Eurozone Sovereign CDS Spreads”, Journal of International Money and Finance, 49, pp. 425-442.
  • HO, Sy Hoa; (2016) “Long and Short-runs Determinants of the Sovereign CDS Spread in Emerging Countries, Research in International Business and Finance, 36, pp. 579-590.
  • HULL, John and Alan WHITE; (2000), “Valuing Credit Default Swaps I: No Counterparty Default Risk”, The Journal of Derivatives, 8(1), pp. 29-40.
  • HULL, John and Alan WHITE; (2001), “Valuing Credit Default Swaps II: Modeling Default Correlations”, The Journal of Derivatives, 8(3), pp. 12-21.
  • International Monetary Fund, IMF; (2013), Global Financial Stability Report, April, pp. 57-92.
  • KARA, Hakan., Pınar ÖZLÜ ve Deren ÜNALMIŞ; (2015), “Türkiye için Finansal Koşullar Endeksi”, Central Bank Review, 15(3).
  • KIM, Suk J., Leith SALEM and Eliza WU; (2015), “The Role of Macroeconomic News in Sovereign CDS Markets: Domestic and Spillover News Effects From the US, the Eurozone and China”, Journal of Financial Stability, 18, pp. 208-224.
  • KIM, Gi H., Haitao LI and Weina ZHANG; (2017), “The CDSBond Basis Arbitrage and the Cross Section of Corporate Bond Returns”, Journal of Futures Markets, pp. 836-861.
  • KÖSEOĞLU, Sinem D.; (2013), “The Transmission of Volatility Between the CDS Spreads and Equity Returns Before, During and After the Global Financial Crisis: Evidence from Turkey”, In Proceedings of 8th Asian Business Research Conference (1-2), pp. 1-14.
  • KUNT, Abdullah S. ve Oktay TAŞ; (2009), “Kredi Temerrüt Swapları ve Türkiye'nin CDS Priminin Tahmin Edilmesine Yönelik Bir Uygulama”, İTÜ Dergisi/b, 5(1), ss. 78-89.
  • LONGSTAFF, Francis A., Jun PAN, Lasse H. PEDERSEN and Kenneth SINGLETON; (2011), “How Sovereign is Sovereign Credit Risk?”, American Economic Journal: Macroeconomics, 3(2), pp. 75-103.
  • LUCAS, Andre, Bernd SCHWAAB and Xin ZHANG; (2014), “Conditional Euro Area Sovereign Default Risk”, Journal of Business & Economic Statistics, 32(2), pp. 271-284.
  • OH, Dong Hwan and Andrew J. PATTON; (2017); “Time-varying Systemic Risk: Evidence From a Dynamic Copula Model of CDS Spreads”, Journal of Business & Economic Statistics, pp. 1-15.
  • OLIVEIRA, Maria A. and Carlos SANTOS; (2014), “Sovereign CDS Contagion in the European Union: A Multivariate GARCHin-Variables Analysis of Volatility Spill-Overs”, In 27th International Business Research Conference PAN, Jun. and Kenneth, J. SINGLETON; (2008), “Default and Recovery Implicit in the Term Structure of Sovereign CDS Spreads”, Journal of Finance, 63, pp.2345-2384.
  • PIRES, Pedro, João Pedro PEREIRA and Luís Filipe MARTINS; (2015), “The Empirical Determinants of Credit Default Swap Spreads: A Quantile Regression Approach”, European Financial Management, 21.3, pp. 556-589.
  • TOKAT, Hakkı A.; (2013), “Understanding Volatility Transmission Mechanism Among the CDS Markets: Europe & North America Versus Brazil & Turkey”, Economia Aplicada, 17(1), pp. 5-19.
  • URAL, Mert and Erhan DEMIRELI; (2015), “APGARCH Modeling of CDS Returns”, International Journal of Economic & Social Research, 11(2), pp. 171-182.
  • WANG, Ping and Tomoe MOORE; (2012), “The Integration of the Credit Default Swap Markets During the US Subprime Crisis: Dynamic Correlation Analysis”, Journal of International Financial Markets, Institutions and Money, 22(1), pp. 1-15.
  • ZHANG, Frank X.; (2003), “What Did the Credit Market Expect of Argentina Default? Evidence From Default Swap Data”, Board of Governors of the Federal Reserve System Working Paper, 25, pp. 1-43.
  • ZHANG, Benjamin Y., Hao ZHOU and Haibin ZHU; (2009), “Explaining Credit Default Swap Spreads with the Equity Volatility and Jump Risks of Individual Firms”, Review of Financial Studies, 22(12), pp. 5099-5131.
  • ZOLI, Edda; (2005), “How Does Fiscal Policy Affect Monetary Policy in Emerging Market Countries?”, Bank for International Settlements Working Paper, 174, pp. 1-45.
Toplam 45 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Research Article
Yazarlar

Serdar Varlık

Nimet Varlık

Yayımlanma Tarihi 1 Ekim 2017
Yayımlandığı Sayı Yıl 2017 Sayı: 632

Kaynak Göster

APA Varlık, S., & Varlık, N. (2017). Türkiye’nin CDS Priminin Oynaklığı. Finans Politik Ve Ekonomik Yorumlar(632), 9-17.
AMA Varlık S, Varlık N. Türkiye’nin CDS Priminin Oynaklığı. FPEYD. Ekim 2017;(632):9-17.
Chicago Varlık, Serdar, ve Nimet Varlık. “Türkiye’nin CDS Priminin Oynaklığı”. Finans Politik Ve Ekonomik Yorumlar, sy. 632 (Ekim 2017): 9-17.
EndNote Varlık S, Varlık N (01 Ekim 2017) Türkiye’nin CDS Priminin Oynaklığı. Finans Politik ve Ekonomik Yorumlar 632 9–17.
IEEE S. Varlık ve N. Varlık, “Türkiye’nin CDS Priminin Oynaklığı”, FPEYD, sy. 632, ss. 9–17, Ekim 2017.
ISNAD Varlık, Serdar - Varlık, Nimet. “Türkiye’nin CDS Priminin Oynaklığı”. Finans Politik ve Ekonomik Yorumlar 632 (Ekim 2017), 9-17.
JAMA Varlık S, Varlık N. Türkiye’nin CDS Priminin Oynaklığı. FPEYD. 2017;:9–17.
MLA Varlık, Serdar ve Nimet Varlık. “Türkiye’nin CDS Priminin Oynaklığı”. Finans Politik Ve Ekonomik Yorumlar, sy. 632, 2017, ss. 9-17.
Vancouver Varlık S, Varlık N. Türkiye’nin CDS Priminin Oynaklığı. FPEYD. 2017(632):9-17.