Cilt 14 Sayı 3 (2026): Business & Management Studies: An International Journal
Makaleler

Dijital para yarışında söylemsel hegemonya: Fed, ECB ve PBoC’nin CBDC stratejileri üzerine karşılaştırmalı bir FinBERT ve HAC regresyon analizi

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  • Sebahattin Koç
Sebahattin Koç
Dr. Öğr. Üyesi, Bitlis Eren Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, İktisat Bölümü, Bitlis, Türkiye

Yayınlanmış 25.09.2026

Anahtar Kelimeler

  • CBDC, Söylemsel Hegemonya, Finbert, Pboc, HAC Regresyonu
  • CBDC, Discursive Hegemony, Finbert, Pboc, HAC Regression

Nasıl Atıf Yapılır

Dijital para yarışında söylemsel hegemonya: Fed, ECB ve PBoC’nin CBDC stratejileri üzerine karşılaştırmalı bir FinBERT ve HAC regresyon analizi. (2026). Business & Management Studies: An International Journal, 14(3), 1831-1850. https://doi.org/10.15295/bmij.v14i3.2790

Telif Hakkı (c) 2026 Sebahattin Koç

Creative Commons License

Bu çalışma Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License ile lisanslanmıştır.

Nasıl Atıf Yapılır

Dijital para yarışında söylemsel hegemonya: Fed, ECB ve PBoC’nin CBDC stratejileri üzerine karşılaştırmalı bir FinBERT ve HAC regresyon analizi. (2026). Business & Management Studies: An International Journal, 14(3), 1831-1850. https://doi.org/10.15295/bmij.v14i3.2790

Öz

Bu çalışmada, ECB, Fed ve PBoC’nin CBDC’ye ilişkin cümleleri FinBERT ile karşılaştırılmış; kurumların daha geniş metinlerdeki genel iletişim tonu ile seçilmiş piyasa göstergeleri arasındaki ilişki ayrıca incelenmiştir. Haziran 2020–Aralık 2025 döneminde CBDC anahtar kelimeleriyle seçilen 1.947 cümlenin 1.345’i ECB’ye, 557’si Fed’e ve 45’i PBoC’ye aittir. Pozitif etiketli cümlelerin payı ECB’de %21,04, PBoC’de %17,78 ve Fed’de %15,44’tür. Çalışmaya özgü Hegemonik Kararlılık Skoru, ana ağırlıklarla PBoC’de 0,8287, ECB’de 0,7768 ve Fed’de 0,5425 olarak hesaplanmıştır. Hacim bileşeninin ağırlığı artırıldığında ise ECB ilk sıraya geçmektedir. CBDC filtresi uygulanmamış kurumsal metinlerden elde edilen 66 aylık genel duygu serisi Newey–West HAC yöntemiyle incelendiğinde, PBoC düzey modelinde Nasdaq ile pozitif, Bitcoin ile negatif ve istatistiksel olarak anlamlı ilişkiler bulunmuştur. Ancak bu ilişkiler birinci fark modelinde anlamlılığını korumamıştır. Fed modelinde anlamlı bir ilişki saptanmamış; ECB modelinde Bitcoin katsayısı bireysel olarak anlamlı olsa da değişkenlerin ortak testi %5 düzeyinde anlamlı çıkmamıştır. Bulgular, CBDC cümlelerinin söylem özelliklerinin kurumlara göre farklılaştığını ve genel iletişim tonuna ilişkin regresyon sonuçlarının model seçimine duyarlı olduğunu göstermektedir.

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