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Copyright of Journal of Turkish Court of Accounts / Sayistay Dergisi is the property of Turkish Court of Accounts and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article explores the financial benefits and challenges of decentralized finance (DeFi) in the banking sector. DeFi revolutionizes financial services through blockchain technology and smart contracts, offering efficient lending and borrowing without intermediaries. The article presents an empirical study that analyzes the relationship between S&P 500 and DeFi assets (MKR, AAVE, COMP), comparing centralized and decentralized finance. Using an EGARCH model, it estimates asset volatility and examines asymmetry and leverage effects. The results show a positive relationship between S&P 500 and MKR and COMP, while AAVE has no significant relationship. The EGARCH variance equation reveals a positive effect of AAVE and a negative effect of COMP on S&P 500 volatility, with leverage effects for S&P 500 and COMP. DeFi has transformative potential, fostering inclusivity. This article aims to contribute by providing a comprehensive return analysis of S&P 500 and DeFi assets for investors seeking alternative investment options. [ABSTRACT FROM AUTHOR]

Blockchain technology leads radical changes in both social and economic life along with its different application areas, which can be used in both public and private sectors. Since blokchain technology has the power to regulate and transform the public services, it is significant to examine its potential benefits, costs and risks. In this respect, this study focuses on the impact of blockchain technology on the public sector while Turkey has been taken as a case study. As the discussions of this study imply, Turkey has a lean towards applying this technology and even, she has started to develop required infrastructures for the use of blochchain technology, considering its innovative impact on the public sector. However, as this study shows, compared to the other countries that centralize the digital transformation in the public sector and develop more strict policies and implementation areas, in Turkey, there is not enough effort proved by the government in order to make the digital public services citizen-centered whereas there has not been any pilot implementation project in the public institutions yet. [ABSTRACT FROM AUTHOR]

Crypto assets that allow value transfer without intermediaries on the blockchain system have started to be used to finance new initiatives. Businesses can finance their startups with a cryptocurrency offering in an existing blockchain system or their own blockchain systems. In our study, the business finance model with the initial coin offering is introduced in detail, and the current benefits and risks for entrepreneurs, investors and regulators are evaluated. It has been concluded that the inital coin offering has the potential to provide funds to entrepreneurs from investors in different regions of the world, entrepreneurs can obtain high returns from these investments, but take high risks, and regulators in different countries have developed different approaches to initial coin offering. In addition, we are recommended that there is need for a reliable crypto assets market legislation presence in Turkey. [ABSTRACT FROM AUTHOR]