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• This study investigated factors affecting the effectiveness of lockdown measures during the coronavirus disease 2019 pandemic. • Country-specific differences in case numbers were explained using a panel data framework. • An association was found between greater stringency of lockdown measures and lower case numbers. • Rule of law enhanced this negative relationship. • Cultural tightness reduced the effectiveness of lockdown measures. This study considered the role of institutional, cultural and economic factors in the effectivemess of lockdown measures during the coronavirus pandemic. Earlier studies focusing on cross-sectional data found an association between low case numbers and a higher level of cultural tightness. Meanwhile, institutional strength and income levels revealed a puzzling negative relationship with the number of cases and deaths. Data available at the end of September 2021 were used to analyse the dynamic impact of these factors on the effectiveness of lockdowns. The cross-sectional dimension of country-level data was combined with the time-series dimension of pandemic-related measures, using econometric techniques dealing with panel data. Greater stringency of lockdown measures was associated with fewer cases. Institutional strength enhanced this negative relationship. Countries with well-defined and established laws performed better for a given set of lockdown measures compared with countries with weaker institutional structures. Cultural tightness reduced the effectiveness of lockdowns, in contrast to previous findings at cross-sectional level. Institutional strength plays a greater role than cultural and economic factors in enhancing the performance of lockdowns. These results underline the importance of strengthening institutions for pandemic control. [ABSTRACT FROM AUTHOR]

This study provides empirical analysis to show increasing pressures over the Central Bank of Turkey (CBT) throughout the past decade where the CBT gives into such pressures, despite the Central Bank Law, which ensures tool independence. The study suggests that the relations between the government and the CBT reflect recent political changes where the government increased its control over state institutions, following rising costs of losing office. However, this trend not only has economic costs such as a restricted capacity to achieve price stability and sustainable growth but it also limits horizontal accountability of state institutions. [ABSTRACT FROM AUTHOR]

This study examines patterns of voter defection from Turkey's incumbent AKP amid major economic and democratic decline. As in other electoral autocracies, defectors constitute a small but politically significant group in Turkey, where the opposition's ability to secure a transition from authoritarianism depends on reducing the incumbent's vote share. Based on survey data gathered in November 2021 and February 2022, we find that while the high level of partizanship among AKP voters hinders defection, persistent economic and democratic decline still reduces incumbent support. We also found that defections are higher outside of the lowest income group. Our findings have important implications for opposition strategies in electoral autocracies. Directing public debate away from identity issues to economic and democratic problems increases the likelihood of defection. In addition, offering voters clear superior alternatives decreases the cost of uncertainty that comes with change and increases the likelihood of defection. [ABSTRACT FROM AUTHOR]

Abstract: This paper assesses the effectiveness of monetary policy communication of the Central Bank of Turkey (CBT) by quantifying the information content of its policy statements released right after the monthly Monetary Policy Committee meetings. First, we quantify the signal regarding the next interest rate decision and ask whether communication improves predictability. Our findings suggest that the role of statements in predicting the next policy move has strengthened following the adoption of a full-fledged inflation targeting (IT) regime. Second, we identify the surprise component of policy communication directly from market commentaries and assess its impact on the term structure of interest rates. We find that the response of the yield curve to policy statements has become highly significant for the unanticipated changes in the monetary policy communication, especially after the implementation of the IT. We also compare the yield curve impact of the surprise component of policy decisions (actions) with the surprises in policy communication (words). Our results suggest that the relative importance of communication in driving market yields has increased through time. [Copyright &y& Elsevier]

The article examines the potential of financial market changes to represent a fundamental shift in the way the Federal Reserve offered liquidity through the primary credit facility in the U.S. It notes the capability of the facility to yield credit to financially sound banks at a rate 100 basis points above the target federal funds rate of the Federal Open Market Committee. It depicts the effectiveness of the implicit costs of borrowing in the stabilization of the money market.

Talks about the impact of the U.S. Federal Reserve's 1994 policy change, by which it announced the target level for the federal funds rate, on the liquidity effect and the manner in which the central bank uses open market operations to control the federal funds market as of May 2002. Model of the reserves market; Deviations of the federal funds rate from the target; Investigation of the manner in which the Trading Desk juggles different types of open market operations.