Araştırma Makalesi
Yıl 2018,
Cilt: 36 Sayı: 4, 117 - 147, 30.12.2018
Öz
Recently Turkish economy is classified
‘fragile five’ with Brazil, India, Indonesia and South Africa because of some structural
deficiencies and imbalances in its macroeconomic variables. Turkey’s fragility
can be observed or measured from some economic indicators and one of them is Credit
Default Swap (CDS) spread. It represents default probability of Turkish economy
and it’s affected by many macroeconomic indicators. This study examines the
determinants of CDS spread by using time series analysis for the period of
2011-2017 monthly data. On that note the relationships between the variables
were tested with Johansen cointegration test to determine relationship in the long
run . After determining long term relationship between the variables, the VECM
(Vector Error Correction) model in cointegration framework was estimated in
order to determine short term relationship. Lastly Granger test under VECM was
applied in order to establish the uni or bi-directional causality between
variables. In this frame we conclude that there is granger causality which
directed from Current Account to Foreign Exchange and Foreign Exchange to CDS
spread like a knock on effect. Also according to cointegration coefficient
there is positive relationship between Foreign Exchange and CDS spread but we
couldn’t support statistically significant relationship between Current Account
and CDS spread.
Anahtar Kelimeler
Credit Default Swap Current Account Deficit Exchange Rate VAR analysis Cointegration
Kaynakça
- Ahking, F. (2001), Model Mis-Specification And Johansen’s Co-Integration Analysis: An Application To The US Money Demand, Journal of Macroeconomics 24 (2002) 51–66. Aizenman, J., Binici, M., Hutchison, M., M. (2014), "The Transmission of Federal Reserve Tapering News to Emerging Financial Markets," NBER Working Papers 19980, National Bureau of Economic Research, Inc. Anton S., G. (2011), The Local Determinants Of Emerging Market Sovereign Cds Spreads In The Context Of The Debt Crisis. An Explanatory Study, Analele Stintifice Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice, 2011, vol. 58, 41-52. Akal, M. (2014), Explaining Turkey's Intermediate Goods Imports Demand And Estimating Elasticities: Industrial Countries, Journal of Economic Cooperation, October-2014, 1-19. Annaert, J., Ceuster, M., Van Roy, P., Vespro, C., 2013. What Determines Euro Area Bank CDS Spreads? Journal of International Money and Finance 32, 444–461. Attradius Economic Research (2015), US Interest Rate Rise: Emerging Markets At Risk, file:///C:/Users/ADU-5/Downloads/Atradius_Economic_ResearchUS_interest_rate_EMs_at_risk_ERN121501 en.pdf, Atradius Economic Research - December 2015. Baltacı, N. Akyol, H. (2016), Examination of the Macroeconomic Variables affecting Credit Default Swaps, Journal of Economics Bibliography, Vol. 3 December 2016 Issue 4. Başarır, Ç., Erçakar, M., E. (2016), An Analysis of the Relationship Between Crude Oil Prices, Current Account Deficit and Exchange Rate, International Journal of Economics and Finance, Vol. 8, No:11, ISSN: 1916-971X. Baum, C., F. (2013), VAR, SVAR and VECM models, Applied Econometrics, http://fmwww.bc.edu/EC-C/S2013/823/EC823.S2013.nn10.slides.pdf Bhansali, V., Gingrich, R., Longstaff, F. (2008), Systemic Credit Risk: What Is The Market Telling Us? Financial Analysts Journal 64, 16–24. Binh, T. P. (2013), Unit Root Tests, Cointegration, Ecm, Vecm, And Causality Models, Topics In Time Series Econometrics. BIS, (2016), International Banking and Financial Market Developments, Bank of International Settlement Quarterly Review, December 2016. Breitenfellner, B., Wagner, N. (2012), Explaining Aggregate Credit Default Swap Spreads, International Review of Financial Analysis 22 (2012) 18–29. Brooks, C. (2008), Introductory Econometrics for Finance, Cambridge University Press, http://dx.doi.org/10.1017/CBO9780511841644. Brüggemann, R. (2002), On the Small Sample Properties of Weak Exogeneity Tests in Cointegrated VAR Models, http://edoc.hu-berlin.de/series/sfb-373-papers/2002-2/PDF/2.pdf. Clark, L., Cooper, C., Gardner, G., LeFlore, E., Leguia, J., J., Marge, M., Padilla, C., M., Rosalsky, G., Umaira, W., Lizama, C., z. (2012), The External Current Account in the Macroeconomic Adjustment Process in Turkey, The Woodrow Wilson School’s of Public and International Affairs, January 2012. Damodaran, A. (2015), Country Risk: Determinants, Measures and Implications, The 2015 Edition http://ssrn.com/abstract=2630871. Dolado, J., J., Gonzalo, J., Marmol, F. (1999), A Companion to Theoretical Econometrics, (ed B. H. Baltagi), Blackwell Publishing Ltd, Malden, MA, USA, DOI: 10.1002/9780470996249.ch31. Eliot, G., Rothenberg, T., J., Stock, J.,H. (1996), Efficient Test for an Autoregressive Unit Root, Econometrica, Vol. 64, No.4, (July 1996), 813-836. Eyssell, T., Fung, H., G., .Zhang, G. (2013), Determinants And Price Discovery Of China Sovereign Credit Default Swaps, China Economic Review, Volume 24, March 2013, Pages 1–15. Gün, M., Kutlu, M., Karamustafa O. (2015), The Effects of Gezi Park Protests on Turkey’s Credit Default Swaps (CDS), Journal of Business Research Turk, ISSN: 1309-0712. Gujarati, D. (2004), Basic Econometrics, Fourth Edition, The Mc Grow Hill Co. 2004. Hansen, B., E. (1992), Test for Parameter Instability in Regression with I(1) Processes, Journal of Business and Economic Statistics, July 1992, Vol. 10, No.3. Hassan, M., K., Kayhan, S. Bayat, T. (2016), Does Credit Default Swap Spread Affect The Value Of The Turkish LIRA Against the U.S. dollar? Borsa Istanbul Review xx (2016) 1e9. Hassan, M., K., Geoffrey, M., N., Jung-Suk, Y. (2015), Credit Default Swaps And Sovereign Debt Markets, Economic Systems 39 (2015) 240–252. Hayakawa, K., Kurozumi, E. (2006), The Role of “Leads” in the Dynamic OLS Estimation of Cointegrating Regression Models, Hermes IR, Discussion Paper No: 194, December 2006. Hendry, D., Mizon, G. (2013), Exogeneity, Causality, And Co-Breaking In Economic Policy Analysis Of A Small Econometric Model Of Money In The UK, Emprical Economics, September 1998, Volume 23, Issue 3, pp 267–294, DOI: 10.1007/BF01294408. Hjalmarsson, E., Österholm, P. (2007), Testing for Cointegration Using the Johansen Methodology when Variables are Near-Integrated, June 2007, IMF Working Paper, WP/07/141. Ho, S., H. (2016), Long And Short-Runs Determinants Of The Sovereign CDS Spread In Emerging Countries, Research in International Business and Finance 36 (2016), 579–590. Işık, N., Acar, M., Işık, H. B. (2004), Relationship Between Inflation and Exchange Rate; A Cointegration Analysis, Süleyman Demirel University Journal of Faculty of Economics and Administrative Sciences Volume 9 (2), 325-340. Johansen, S. (1991), Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models, Econometrica Vol. 59, No. 6 (Nov., 1991), 1551- 1580. Kargı, B. (2014), Credit Default Swap (Cds) Spreads: The Analysis Of Time Series For The Interaction With The Interest Rates And The Growth In Turkish Economy, Montenegrin Journal of Economics, Vol. 10, No:1, July 2014 (59-66). Kuepper, J. (2015), 5 Ways a Fed Rate Hike Could Impact Emerging Markets, https://www.thebalance.com/fed-rate-hike-impact-emerging-markets-4087480. December 14, 2016. Kwiatkowski, D., P.C.B. Phillips, P. Schmidt and Y. Shin (1992). “Testing the Null Hypothesis of Stationarity Against the Alternative of a Unit Root,” Journal of Econometrics, 54, 159-178 Lütkepohl, H. (2005), Structural Vector Autoregressive Analysis for Cointegrated Variables, European University Institute Department Of Economics, EUI Working Paper ECO No. 2005 /2 Magee, L. (2013), Unit Roots, Cointegration, VAR’s and VECM’s, http://socserv.mcmaster.ca /magee/761_762/02-Time%20series%20models%20B-notes.pdf, Winter 2013. Mishra, P., Moriyama, K., N’Diaye, P., Nguyen, L. (2014), Impact of Fed Tapering Announcements on Emerging Markets, 2014 IMF Working Paper, International Monetary Fund, WP/14/109. Phillips, P., Perron, P. (1988), Testing for a Unit Root in Time Series Regression, Biometrika (1988), 75, 2, 335-346 Sazak, M. (2012), Credit Default Swaps And Credit Risk Pricing, MSc Finance Cass Business School City University London. Saikkonen, P. (1991), Asymptotically Efficient Estimation Of Cointegration Regressions, Econometric Theory 7, 1-21. Sjö, B. (2011), Testing for Unit Roots and Cointegration – Guide, https://www.iei.liu.se/nek/730A16/filarkiv/1.307105/Dfdistab8.pdf. Nov. 28, 2011. Stratfor, (2016), Rough Seas Ahead for the Turkish Economy, https://www.stratfor.com/sample/analysis /rough-seas-ahead-turkish-economy. Stock, J. H. and Watson, M. W. (1993), A Simple Estimator Of Cointegrating Vectors In Higher Order Integrated Systems, Econometrica 61, 783-820. Triacca, U. (2016), Building a Vector Autoregressive Model, http://www.phdeconomics.sssup.it /documents/Lesson18.pdf. Orhan, O., Z., Nergiz, E. (2014), Turkey’s Current Account Deficit Problem and Its Effects on the European Union Accession, İstanbul Gelişim Üniversitesi Journal of Social Science, Vol (1), Number (1), 2014. Özcan, C. C. (2016), The Monetary Transmission Mechanism Channels: An Analysis On Turkey, Selcuk University Faculty of Economics and Business Administration, The Journal of Social Economic Research, ISSN: 2148 – 3043 / October 2016 / Year: 16 / Volume: 32. Park, J. Y., 1992, Canonical Cointegrating Regressions, Econometrica 60, 119-143. Phillips, P. C. B. and Hansen B. E. (1990), Statistical Inference In Instrumental Variables Regression With I(1) Processes, Review of Economic Studies 57, 99-125. Phillips, P. C. B. and Loretan, M. (1991), Estimating Long-Run Economic Equilibria, Review of Economic Studies 58, 407-436. Said, S., Dickey, D. (1984), Testing for Unit Roots in Autoregressive Moving Average Models for Unknown Order, Biometrika (1984), 71, 3, 599-607 Tang, D., Yan, H., 2010. Market conditions, default risk and credit spreads. Journal of Banking and Finance 34, 743–753. Ural, M., Demireli, E. (2015), Volatility Transmission Of Credit Default Swap (CDS) Risk Premiums, Dumlupinar University Journal of Social Sciences, Number 45, July 2015, 24-33 Weltman, J. (2012), Country Risk: Is this the end for CDS spreads as a useful measure of sovereign risk?, http://www.euromoney.com/Article/3118876/Country-Risk-Is-this-the-end-for-CDS-spreads-as-a-useful-measure-of-sovereign-risk.html?copyrightInfo=true. Nov. 16, 2012. Wu, L., Zhang, X., (2008), Ano-Arbitrage Analysis Of Macroeconomic Determinants Of the Credit Spread Term Structure, Management Science 54, 1160–1175. Yılmaz, L. (2014), Is Turkey's Economy Really Fragile?, http://www.sde.org.tr/en/authordetail/is-turkeys-economy-really-fragile/4126. 26.08.2014.
Yıl 2018,
Cilt: 36 Sayı: 4, 117 - 147, 30.12.2018
Öz
Türkiye ekonomisi bazı
yapısal yetersizlikler ve makroekonomik değişkenlerindeki bazı dengesizlikler
nedeniyle yükselen piyasa ekonomileri içinde Brezilya, Endonezya, G. Afrika ve
Hindistan ile birlikte kırılgan beşli olarak da adlandırılan ekonomilerden biri
olarak gösterilmektedir. Söz konusu kırılganlığı birtakım ekonomik değişkenler
üzerinden gözlemleyebilmek yada ölçebilmek mümkündür. Bu değişkenlerden birisi
olan Kredi Temerrüt Takası (CDS) Türkiye’nin borçlarını ödeyememe ihtimalini
yansıtmakta ve diğer makro değişkenlerden etkilenmektedir. Bu çalışma 2011-2017
dönemi aylık verilerini zaman serisi analiz yöntemleriyle kullanarak CDS
üzerindeki belirleyiciliğini inceleyecektir. Bu bağlamda değişkeneler
arasındaki uzun dönemli ilişkiler Johansen eş bütünleşme testi ile
araştırılmıştır. Değişkenler arasında uzun dönemli ilişki belirlendikten sonra
eşbütünleşme çerçevesinde VECM modeli ile kısa dönemli dinamikler
incelenmiştir. Son olarak değişkenler arasında tek yada çift yönlü nedensellik
ilişkisi olup olmadığı VECM nedensellik testi ile araştırılmıştır. Bu çerçevede
tıpkı bir zincirin halkaları gibi cari açık değişkeninden kur değişkenine ve
kur değişkeninde CDS değişkenine Granger nedensellik ilişkisi tespit
edilmiştir. Ayrıca eşbütünleşme katsayıları, döviz kuru değişkeni ile CDS
değişkeni arasında pozitif ilişkiye işaret ederken, cari açık değişkeni ile CDS
değişkeni arasında istatistiksel olarak anlamlı bir ilişki tespit
edilememiştir.
Anahtar Kelimeler
Kredi Temerrüt Takası Cari Açık Döviz Kuru Analizi VAR Analizi Eşbütünleşme
Kaynakça
- Ahking, F. (2001), Model Mis-Specification And Johansen’s Co-Integration Analysis: An Application To The US Money Demand, Journal of Macroeconomics 24 (2002) 51–66. Aizenman, J., Binici, M., Hutchison, M., M. (2014), "The Transmission of Federal Reserve Tapering News to Emerging Financial Markets," NBER Working Papers 19980, National Bureau of Economic Research, Inc. Anton S., G. (2011), The Local Determinants Of Emerging Market Sovereign Cds Spreads In The Context Of The Debt Crisis. An Explanatory Study, Analele Stintifice Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice, 2011, vol. 58, 41-52. Akal, M. (2014), Explaining Turkey's Intermediate Goods Imports Demand And Estimating Elasticities: Industrial Countries, Journal of Economic Cooperation, October-2014, 1-19. Annaert, J., Ceuster, M., Van Roy, P., Vespro, C., 2013. What Determines Euro Area Bank CDS Spreads? Journal of International Money and Finance 32, 444–461. Attradius Economic Research (2015), US Interest Rate Rise: Emerging Markets At Risk, file:///C:/Users/ADU-5/Downloads/Atradius_Economic_ResearchUS_interest_rate_EMs_at_risk_ERN121501 en.pdf, Atradius Economic Research - December 2015. Baltacı, N. Akyol, H. (2016), Examination of the Macroeconomic Variables affecting Credit Default Swaps, Journal of Economics Bibliography, Vol. 3 December 2016 Issue 4. Başarır, Ç., Erçakar, M., E. (2016), An Analysis of the Relationship Between Crude Oil Prices, Current Account Deficit and Exchange Rate, International Journal of Economics and Finance, Vol. 8, No:11, ISSN: 1916-971X. Baum, C., F. (2013), VAR, SVAR and VECM models, Applied Econometrics, http://fmwww.bc.edu/EC-C/S2013/823/EC823.S2013.nn10.slides.pdf Bhansali, V., Gingrich, R., Longstaff, F. (2008), Systemic Credit Risk: What Is The Market Telling Us? Financial Analysts Journal 64, 16–24. Binh, T. P. (2013), Unit Root Tests, Cointegration, Ecm, Vecm, And Causality Models, Topics In Time Series Econometrics. BIS, (2016), International Banking and Financial Market Developments, Bank of International Settlement Quarterly Review, December 2016. Breitenfellner, B., Wagner, N. (2012), Explaining Aggregate Credit Default Swap Spreads, International Review of Financial Analysis 22 (2012) 18–29. Brooks, C. (2008), Introductory Econometrics for Finance, Cambridge University Press, http://dx.doi.org/10.1017/CBO9780511841644. Brüggemann, R. (2002), On the Small Sample Properties of Weak Exogeneity Tests in Cointegrated VAR Models, http://edoc.hu-berlin.de/series/sfb-373-papers/2002-2/PDF/2.pdf. Clark, L., Cooper, C., Gardner, G., LeFlore, E., Leguia, J., J., Marge, M., Padilla, C., M., Rosalsky, G., Umaira, W., Lizama, C., z. (2012), The External Current Account in the Macroeconomic Adjustment Process in Turkey, The Woodrow Wilson School’s of Public and International Affairs, January 2012. Damodaran, A. (2015), Country Risk: Determinants, Measures and Implications, The 2015 Edition http://ssrn.com/abstract=2630871. Dolado, J., J., Gonzalo, J., Marmol, F. (1999), A Companion to Theoretical Econometrics, (ed B. H. Baltagi), Blackwell Publishing Ltd, Malden, MA, USA, DOI: 10.1002/9780470996249.ch31. Eliot, G., Rothenberg, T., J., Stock, J.,H. (1996), Efficient Test for an Autoregressive Unit Root, Econometrica, Vol. 64, No.4, (July 1996), 813-836. Eyssell, T., Fung, H., G., .Zhang, G. (2013), Determinants And Price Discovery Of China Sovereign Credit Default Swaps, China Economic Review, Volume 24, March 2013, Pages 1–15. Gün, M., Kutlu, M., Karamustafa O. (2015), The Effects of Gezi Park Protests on Turkey’s Credit Default Swaps (CDS), Journal of Business Research Turk, ISSN: 1309-0712. Gujarati, D. (2004), Basic Econometrics, Fourth Edition, The Mc Grow Hill Co. 2004. Hansen, B., E. (1992), Test for Parameter Instability in Regression with I(1) Processes, Journal of Business and Economic Statistics, July 1992, Vol. 10, No.3. Hassan, M., K., Kayhan, S. Bayat, T. (2016), Does Credit Default Swap Spread Affect The Value Of The Turkish LIRA Against the U.S. dollar? Borsa Istanbul Review xx (2016) 1e9. Hassan, M., K., Geoffrey, M., N., Jung-Suk, Y. (2015), Credit Default Swaps And Sovereign Debt Markets, Economic Systems 39 (2015) 240–252. Hayakawa, K., Kurozumi, E. (2006), The Role of “Leads” in the Dynamic OLS Estimation of Cointegrating Regression Models, Hermes IR, Discussion Paper No: 194, December 2006. Hendry, D., Mizon, G. (2013), Exogeneity, Causality, And Co-Breaking In Economic Policy Analysis Of A Small Econometric Model Of Money In The UK, Emprical Economics, September 1998, Volume 23, Issue 3, pp 267–294, DOI: 10.1007/BF01294408. Hjalmarsson, E., Österholm, P. (2007), Testing for Cointegration Using the Johansen Methodology when Variables are Near-Integrated, June 2007, IMF Working Paper, WP/07/141. Ho, S., H. (2016), Long And Short-Runs Determinants Of The Sovereign CDS Spread In Emerging Countries, Research in International Business and Finance 36 (2016), 579–590. Işık, N., Acar, M., Işık, H. B. (2004), Relationship Between Inflation and Exchange Rate; A Cointegration Analysis, Süleyman Demirel University Journal of Faculty of Economics and Administrative Sciences Volume 9 (2), 325-340. Johansen, S. (1991), Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models, Econometrica Vol. 59, No. 6 (Nov., 1991), 1551- 1580. Kargı, B. (2014), Credit Default Swap (Cds) Spreads: The Analysis Of Time Series For The Interaction With The Interest Rates And The Growth In Turkish Economy, Montenegrin Journal of Economics, Vol. 10, No:1, July 2014 (59-66). Kuepper, J. (2015), 5 Ways a Fed Rate Hike Could Impact Emerging Markets, https://www.thebalance.com/fed-rate-hike-impact-emerging-markets-4087480. December 14, 2016. Kwiatkowski, D., P.C.B. Phillips, P. Schmidt and Y. Shin (1992). “Testing the Null Hypothesis of Stationarity Against the Alternative of a Unit Root,” Journal of Econometrics, 54, 159-178 Lütkepohl, H. (2005), Structural Vector Autoregressive Analysis for Cointegrated Variables, European University Institute Department Of Economics, EUI Working Paper ECO No. 2005 /2 Magee, L. (2013), Unit Roots, Cointegration, VAR’s and VECM’s, http://socserv.mcmaster.ca /magee/761_762/02-Time%20series%20models%20B-notes.pdf, Winter 2013. Mishra, P., Moriyama, K., N’Diaye, P., Nguyen, L. (2014), Impact of Fed Tapering Announcements on Emerging Markets, 2014 IMF Working Paper, International Monetary Fund, WP/14/109. Phillips, P., Perron, P. (1988), Testing for a Unit Root in Time Series Regression, Biometrika (1988), 75, 2, 335-346 Sazak, M. (2012), Credit Default Swaps And Credit Risk Pricing, MSc Finance Cass Business School City University London. Saikkonen, P. (1991), Asymptotically Efficient Estimation Of Cointegration Regressions, Econometric Theory 7, 1-21. Sjö, B. (2011), Testing for Unit Roots and Cointegration – Guide, https://www.iei.liu.se/nek/730A16/filarkiv/1.307105/Dfdistab8.pdf. Nov. 28, 2011. Stratfor, (2016), Rough Seas Ahead for the Turkish Economy, https://www.stratfor.com/sample/analysis /rough-seas-ahead-turkish-economy. Stock, J. H. and Watson, M. W. (1993), A Simple Estimator Of Cointegrating Vectors In Higher Order Integrated Systems, Econometrica 61, 783-820. Triacca, U. (2016), Building a Vector Autoregressive Model, http://www.phdeconomics.sssup.it /documents/Lesson18.pdf. Orhan, O., Z., Nergiz, E. (2014), Turkey’s Current Account Deficit Problem and Its Effects on the European Union Accession, İstanbul Gelişim Üniversitesi Journal of Social Science, Vol (1), Number (1), 2014. Özcan, C. C. (2016), The Monetary Transmission Mechanism Channels: An Analysis On Turkey, Selcuk University Faculty of Economics and Business Administration, The Journal of Social Economic Research, ISSN: 2148 – 3043 / October 2016 / Year: 16 / Volume: 32. Park, J. Y., 1992, Canonical Cointegrating Regressions, Econometrica 60, 119-143. Phillips, P. C. B. and Hansen B. E. (1990), Statistical Inference In Instrumental Variables Regression With I(1) Processes, Review of Economic Studies 57, 99-125. Phillips, P. C. B. and Loretan, M. (1991), Estimating Long-Run Economic Equilibria, Review of Economic Studies 58, 407-436. Said, S., Dickey, D. (1984), Testing for Unit Roots in Autoregressive Moving Average Models for Unknown Order, Biometrika (1984), 71, 3, 599-607 Tang, D., Yan, H., 2010. Market conditions, default risk and credit spreads. Journal of Banking and Finance 34, 743–753. Ural, M., Demireli, E. (2015), Volatility Transmission Of Credit Default Swap (CDS) Risk Premiums, Dumlupinar University Journal of Social Sciences, Number 45, July 2015, 24-33 Weltman, J. (2012), Country Risk: Is this the end for CDS spreads as a useful measure of sovereign risk?, http://www.euromoney.com/Article/3118876/Country-Risk-Is-this-the-end-for-CDS-spreads-as-a-useful-measure-of-sovereign-risk.html?copyrightInfo=true. Nov. 16, 2012. Wu, L., Zhang, X., (2008), Ano-Arbitrage Analysis Of Macroeconomic Determinants Of the Credit Spread Term Structure, Management Science 54, 1160–1175. Yılmaz, L. (2014), Is Turkey's Economy Really Fragile?, http://www.sde.org.tr/en/authordetail/is-turkeys-economy-really-fragile/4126. 26.08.2014.
Toplam 1 adet kaynakça vardır.
Ayrıntılar
| Birincil Dil | İngilizce |
|---|---|
| Bölüm | Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi |
| Yazarlar | |
| Yayımlanma Tarihi | 30 Aralık 2018 |
| Gönderilme Tarihi | 9 Haziran 2017 |
| Yayımlandığı Sayı | Yıl 2018 Cilt: 36 Sayı: 4 |
Kaynak Göster
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