Serhat Yüksel

The main purpose of this study is to make an analysis to understand whether the exchange rate channel is effective in Azerbaijan. In this framework, quarterly data between 2001:01 and 2017:02 is examined in this study. Furthermore, VAR method is taken into the consideration in the analysis process. The findings show that exchange rate channel is very important for Azerbaijani economy. In other words, the exchange rate channel is working on the total output and price axis. Hence, it is recommended that necessary actions should be taken by a central bank regarding the effective usage of exchange rate channel to contribute to industrial production and employment.

The purpose of this study is to make a comprehensive analysis of investor perceptions in the context of green and conventional bond investments. For this purpose, a new model is presented by considering two steps. First, a criteria set is generated by considering balanced scorecard perspectives that are finance, customer, organizational effectiveness and learning and growth. After that, the neuro Quantum fuzzy M-SWARA method is considered to weight these criteria. Secondly, seven critical determinants for bond investments are identified that are coupon rates, volume, maturity, riskiness, liquidity, volatility, and tax considerations. Neuro Quantum fuzzy TOPSIS approach is employed to rank these factors. The main contribution of the study is that by combining the balanced scorecard framework and quantum-inspired decision-making techniques, this paper offers a novel and sophisticated decision-making model to understanding investor behavior. Similarly, in the proposed model, a new methodology is generated by the name of M-SWARA. In this framework, some enhancements are adopted to the SWARA technique. The weighting results indicate that meeting customer expectations is the most critical factor that affects the investor perception to make investments to the bonds. Moreover, according to the ranking results, it is concluded that coupon rates are the most important item for both conventional and green bond investors. On the other hand, with respect to the conventional bond investor, tax is the second most essential factor. However, regarding the green bond investors, volatility plays a critical role.

Acknowledgment
This research has been/was/is funded by the Science Committee of the Ministry of Science and Higher Education of the Republic of Kazakhstan (№ AP 19679105 “Transformation of ESG financial instruments in the context of the development of the green economy of the Republic of Kazakhstan”).