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Applications of “Under the Pillow” Gold in Turkey

Author

Listed:
  • Server Demirci

    (Marmara Universitesi, Finansal Bilimler Fakultesi, Bankacilik Bolumu, Istanbul, Turkiye)

  • Selahattin Guris

    (Marmara Universitesi, Finansal Bilimler Fakultesi, Bankacilik Bolumu, Istanbul, Turkiye.)

  • Levent Cinko

    (Marmara Universitesi, Finansal Bilimler Fakultesi, Bankacilik Bolumu, Istanbul, Turkiye)

  • Turgut Un

    (Marmara Universitesi, Iktisat Fakultesi, Ekonometri Bolumu, Istanbul, Turkiye)

  • Saban Kizilarslan

    (Marmara Universitesi, Iktisat Fakultesi, Ekonometri Bolumu, Istanbul, Turkiye)

Abstract

According to some estimates, the amount of “gold beneath the pillow” in Turkey is between 3–5 tons and is valued at 200–300 billion dollars. The coronavirus disease-19 pandemic, which began in early 2020 and had world-wide impacts, has left the country’s economies in a very dire situation. As in the rest of the world, the Turkish economy has slowed down and is on the verge of collapse. “Under the pillow” gold may breathe new life into this sluggish economy. This study aims to discover ways of incorporate “under the pillow” gold in the Turkish economy. Considering this situation, a survey including gold banking was conducted. The province of Istanbul was selected as the primary study population and face-to-face interviews were conducted. A total of 1,002 individuals participated in the survey through the random sampling method. The content of the questions includes basic information such as age, gender, and marital and educational status. As open-ended questions, monthly average income and monthly average savings were enquired. The following are the question categories that include gold banking: It consisted of 8 yes-no and 26 5-point Likert scale questions. Factor analysis was applied to the data obtained from the questions. The Gompit Regression Model was estimated for the factors acquired from the abovementioned analysis, and the results of the analysis showed that there was no awareness regarding the gold banking system and a lack of trust in the banks.

Suggested Citation

  • Server Demirci & Selahattin Guris & Levent Cinko & Turgut Un & Saban Kizilarslan, 2022. "Applications of “Under the Pillow” Gold in Turkey," EKOIST Journal of Econometrics and Statistics, Istanbul University, Faculty of Economics, vol. 0(36), pages 77-92, June.
    • Handle: RePEc:ist:ekoist:v:0:y:2022:i:36:p:77-92
    DOI: 10.26650/ekoist.2022.36.1108571
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    References listed on IDEAS

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    1. N. Bloom, 2016. "Fluctuations in uncertainty," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 4.
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