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As one of the world's most valuable traded commodities, the market for coffee beans has grown enormously in recent years. The paper aims on analyzing the nonlinear exchange rate pass-through in Turkish coffee bean imports from two important sources in South America: Brazil and Colombia.

Data collected in this paper through reliable channels include nominal import value, exchange rate, production of total industry, etc. Independent and dependent variables are obtained through conversion. Since the nonlinearly adjusted exchange rate differs significantly from the linearly adjusted one for the export trade of Brazilian coffee beans, this paper develops the autoregressive distributed lag (ARDL) and nonlinear ARDL frameworks and demonstrates their application through asymmetric cointegration and error correction models.

The results of this paper show that imports of Brazilian coffee bean exhibit a more dramatic asymmetry compared to Colombia's coffee bean imports. The results of this study contribute to the import trade of non-oil commodities in developing countries, particularly Brazil, and enrich the existing literature on nonlinear exchange rate adjustments.

The export of Colombian coffee beans is not as old as Brazil, and it was not until much later that Colombia began to export coffee beans to the rest of the world.

The present study is an addition to the literature of agricultural trade. The authors analyze the nonlinear exchange rate pass-through in Turkish coffee bean imports from two important sources in South America: Brazil and Colombia. Different from the current mainstream research on oil commodity trade, this paper focuses on international trade from the perspective of coffee beans, which can enlighten the practice in this field.

This paper aims to investigate popular technical trading rules (TTRs) applied to the FTSE Turkish all-cap and small-cap indexes from September 23, 2003 to August 9, 2019 to determine rules that produce net excess returns over the Buy-and-Hold strategy (B&H).

Five TTRs, namely, simple moving average, relative strength index, moving average convergence divergence, momentum, and rate of change, are applied, singly (one indicator) and in combination (two indicators) for multiple time periods.

For the small-cap index, some TTRs – including the famous Golden Cross, when the 50-day moving average rises above 200-day moving average – produced net annual excess returns (NAERs) over the B&H strategy, for the entire period and each sub-period, after accounting for risk and transaction costs. Results were mixed for the large-cap index. The results support Cakici and Topyan (2013).

This study investigates several indicators, but future studies should examine others, especially based on volume and price.

Investors in the FTSE Turkish small-cap index may use some trading rules to earn NAERs over the B&H strategy.

This research is important because it addresses a gap in the research by examining numerous TTRs in the Turkish stock market. Studies of TTRs in Turkey are scarce.

In the last decade, foreign direct investment (FDI) flows have increased dramatically in the world, especially in the emerging economies. Some of these countries make changes in their market conditions that will improve the civil rights and liberties to attract better FDI flows. The purpose of this paper is to test the linkage between democracy and FDI flows to Turkey.

The present study employs a bounds testing procedure developed (Pesaran et al., 2001) for cointegration analysis on six different long-run models with selected determinants of FDIs with yearly data from 1977 to 2011.

The intuition the paper empirically provides how improvements in democracy have a significant positive impact on FDI flows to Turkey. The results may also put forward that, in the long run, FDI inflows will have spillover effects in Turkey’s economy.

Although one drawback in the study is having a small sample size of 35 observations, estimating six different long-run models is one way to overcome it. Thus presented results may be in short of simplification for some readers. This, however, opens an opportunity for future studies to further the proposal by employing in different models and/or longer data sets if possible.

A stable government policies, more civil freedom, and sustained institution politics should not be ignored in Turkey given its geopolitical location.

This paper satisfies the established need to study of democracy and FDI flows link is necessary in an emerging market such as Turkey.

The purpose of this paper is to examine the J-Curve effect in Turkey at the industry level.

In order to find the long-run and short-run effects, 58 industries (by Standard International Trade Classification Rev.3) have been identified by using monthly data that covers the periods from January 1990 to December 2012. Present study employs bounds testing procedure, developed by Pesaran and Shin (1999) and Pesaran et al. (2001).

Although results indicate a positive satisfactory effect of real depreciation of lira in 13 industries, the J-Curve effect is detected in only 13 industries.

The present study is one of the first studies to analyze the J-Curve effect at the industry level on Turkey. In addition to being one of the first studies, it will be an invaluable addition to the J-Curve literature.