İktisat Bölümü

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Citation Count: Yolcu Karadam, Duygu; Öcal, Nadir (2020). "Analysis of distinct asymmetries in financial integration‐growth nexus for industrial, emerging and developing countries", International Journal of Finance & Economics.
Analysis of distinct asymmetries in financial integration‐growth nexus for industrial, emerging and developing countries
(2020) Yolcu Karadam, Duygu; Öcal, Nadir; 163521
This paper examines the threshold conditions in financial integration and growth relationship for a large set of threshold variables and different income group of countries employing Panel Smooth Transition Regression Models. Except developing countries, our findings strongly indicate nonlinear dynamics and imply that the impact of financial integration on growth is asymmetric depending on a number of indicators such as countries' degree of institutional quality, financial sector development, trade openness, budget deficit, inflation volatility and the level of financial integration. Our results show that these threshold effects substantially differ for emerging and industrial countries. As far as whole set of countries is concerned, our findings imply that countries having developed financial systems, qualified institutions and stable macroeconomic environment benefit from financial integration. Moreover, threshold effects are stronger and different for emerging countries compared to the industrial countries. Unlike emerging economies, higher levels of financial integration and trade openness decrease benefits from financial openness for the industrial countries. Besides, high fiscal deficit has more pronounced negative effect on the growth of the industrialized countries compared to emerging economies and other indicators.
Citation Count: Yolcu Karadam, Duygu; Öcal, Nadir (2020). "Analysis of distinct asymmetries in financialintegration-growthnexus for industrial, emerging and developing countries", International Journal of Finance & Economics.
Analysis of distinct asymmetries in financialintegration-growthnexus for industrial, emerging and developing countries
(2020) Yolcu Karadam, Duygu; Öcal, Nadir
This paper examines the threshold conditions in financial integration and growth relationship for a large set of threshold variables and different income group of countries employing Panel Smooth Transition Regression Models. Except developing countries, our findings strongly indicate nonlinear dynamics and imply that the impact of financial integration on growth is asymmetric depending on a number of indicators such as countries' degree of institutional quality, financial sector development, trade openness, budget deficit, inflation volatility and the level of financial integration. Our results show that these threshold effects substantially differ for emerging and industrial countries. As far as whole set of countries is concerned, our findings imply that countries having developed financial systems, qualified institutions and stable macroeconomic environment benefit from financial integration. Moreover, threshold effects are stronger and different for emerging countries compared to the industrial countries. Unlike emerging economies, higher levels of financial integration and trade openness decrease benefits from financial openness for the industrial countries. Besides, high fiscal deficit has more pronounced negative effect on the growth of the industrialized countries compared to emerging economies and other indicators.
Citation Count: Hasanov, Mübariz; Omay, Tolga, "Are the Transition Stock Markets Efficient? Evidence from Non-Linear Unit Root Tests", Vol. 7, No. 2, pp. 1-12, (2007).
Are the Transition Stock Markets Efficient? Evidence from Non-Linear Unit Root Tests
(2007) Omay, Tolga; Hasanov, Mübariz; 19320
In this paper we address efficiency of eight transition stock markets, namely, Bulgarian, Chinese, Czech, Hungarian, Polish, Romanian, Russian and Slovakian stock markets by testing whether the price series of these markets contain unit root. For this purpose we employ the nonlinear unit root test procedure recently developed by Kapetanios et al. (2003) that has a better power than standard unit root tests when series under consideration are characterised by a slower speed of mean reversion. The results of nonlinear unit root tests indicate that only Bulgarian, Czech, Hungarian and Slovakian price series contain unit root, consistent with weak form efficiency.
Citation Count: Burak Pirgaip; Burcu Dinçergök; Şüheda Haşlak. "Bitcoin Market Price Analysis and an Empirical Comparison with Main Currencies, Commodities, Securities and Altcoins," Contributions to Economics, in: Blockchain Economics and Financial Market Innovation, Springer, pp. 141-166, 2019.
Bitcoin Market Price Analysis and an Empirical Comparison with Main Currencies, Commodities, Securities and Altcoins
(2019) Pirgaip, Burak; Dinçergök, Burcu; Haşlak, Şüheda
The purpose of this study is to analyze Bitcoin (BTC) market prices and to answer the question of whether there is a relationship between BTC and other asset prices, where other assets include currencies, commodities, securities and altcoins. In the empirical part, we evaluate the lead-lag relationships among each type of asset. Consequently, we compare BTC with major currencies and stock exchanges of the U.S., the EU, the U.K. and Japan (USD-SPX, EUR-DAX, GBP-FTSE and JPY-NIK), with currencies and stock exchanges of the U.S., the U.K., Russia, Venezuela and China where BTC is actively traded (USD-SPX, GBP-FTSE, RUB-MOEX, VEF-IBVC and YUAN- SSCE), with major commodities (GOLD and OIL) and with major altcoins (ETH, XRP and LTC) on a daily basis for the period spanning from 2010.07 to 2018.12. We employ Johansen co-integration, Granger causality, impulse response functions and forecast error variance decomposition analyses in our study. Our results show that BTC does not have a long-run relationship with any asset type, but that it has a short-run relationship with gold and especially altcoins, which are both significant and bidirectional. While BTC and altcoins are closely interrelated with each other, BTC price variation is mostly borne by its own prices in all cases.
Citation Count: Omay, Tolga, "Can Term Structure of Interest Rate Predict Inflation and Real Economic Activity: Nonlinear Evidence from Turkey?", Nonlinear and Complex Dynamics: Applications In Physical, Biological, and Financial Systems, pp. 269-294, (2012)
Can Term Structure of Interest Rate Predict Inflation and Real Economic Activity: Nonlinear Evidence From Turkey?
(Springer, 2011) Omay, Tolga; 19320
Citation Count: Eymen Muş, Ümmü...et al (2018). "Determinants of Poverty: Turkey and Multi-country Analysis", International Journal of Civic Engagement and Social Change, Vol. 5, No. 4, pp. 41-66.
Determinants of Poverty: Turkey and Multi-country Analysis
(2018) Eymen Muş, Ümmü; Temiz Dinç, Dilek; Yazıcı, Mehmet; Gökmen, Aytaç; 144084; 52039; 17660
In this study, the definition of poverty and the determinants of poverty are discussed in detail. After examination of the poverty situations of all income groups according to World Bank classification have been analyzed separately by the method of regression. According to the analysis conducted by the method of dynamic panel generalized least square regression, impact on current poverty from the previous year and the current growth of poverty has been observed, yet the effects of inflation on poverty are controversial. The exchange rate is not included in the regression because the two-main macroeconomic discussed determinants of poverty in the literature are used in the regression as control variables that there is multicollinearity between exchange rate, growth and inflation. This study points out that in the struggle against the poverty, the most important contribution is gained with economic growth. Since high volatility in price level and exchange rates prevents the growth, inflation and exchange rate policies assessed in the perspective of the importance of growth policy.
Citation Count: Karadam, Duygu Yolcu; Öcal, Nadir, Yıldırım, Jülide (2021). "Distinct Asymmetric Effects of Military Spending on Economic Growth for Different Income Groups of Countries", Defence and Peace Economics.
Distinct Asymmetric Effects of Military Spending on Economic Growth for Different Income Groups of Countries
(2021) Karadam, Duygu Yolcu; Öcal, Nadir; Yıldırım, Jülide; 163521
Although possible asymmetries for univariate and multivariate dynamics have been the focus of interest in many areas of economic explorations, it seems that most of the research on military expenditure - economic growth nexus has tended to assume linear relationships. This paper aims to examine possible nonlinearities in military expenditure-economic growth nexus employing data for a sample of 103 countries covering the 1988-2019 period. For this purpose, Panel Smooth Transition Regression, PSTR, models are estimated not only for all countries' sample but also for low income, middle income, and high-income countries' subsamples to reveal possible distinct asymmetric relationships for country groups with different income levels. Empirical results for the whole sample, low income and middle income groups indicate that military expenditure not only governs the regime change, but also low and high levels of military expenditure have distinctive and rising negative effects on economic growth with dissimilar threshold effects. Moreover, empirical findings also indicate that net arms exports govern regime change for high income countries, and as net arms exports rise, the negative impacts of military expenditure on economic growth become deeper.
Citation Count: Yazıcı, M. (2006). "Does the Incomplete Information Matter with Export Quotas?", Journal of Applied Sciences, No.6, pp.1935-1938.
Does the Incomplete Information Matter with Export Quotas?
(2006) Yazıcı, Mehmet; 144084
This study investigates whether or not incomplete information matters when the government adopts the export quotas in intervening in the oligopolistic export markets. Incomplete information the government has is about the unit-production cost of the domestic firm. It is shown first that quotas optimal under full information (full-information policy) result in Stackelberg outcome, the best outcome in a non-cooperative setting from the domestic firm`s point of view. When the full-information policy is implemented in the presence of incomplete information, it is found that no cost-type has an incentive to misrepresent itself as the other type. This means that full-information outcome will be achieved with incomplete information. Hence, incomplete information does not matter in the case of export quotas. This result, however, does not carry over to the case of more than one domestic firm.
Citation Count: Şener, İrge;...et.al. (2020). "Does workplace envy always have detrimental consequences in organizations? A study of public and private sector employees", pp.2712-2732.
Does workplace envy always have detrimental consequences in organizations? A study of public and private sector employees
(2020) Şener, İrge; Karabay, Melisa; Elçi, Meral; Erman, Halil; 21583
Purpose Based on the situational approach for envy, the purpose of this paper is to examine the effect of two-dimensional workplace envy (being envied and envying others) on the task and contextual performance of employees working in either private or public sector organizations. Design/methodology/approach This study was conducted on survey data collected from 988 private sector employees and 530 employees from the public sector employed in Istanbul. Following a quantitative empirical design, structural equation modeling was used to test the hypotheses. Findings The study results revealed that envying-others dimension has a significant negative effect on both task performance and contextual performance. In addition, the findings indicate more envious feelings of private sector employees than public sector employees. For public sector employees, male participants were found to envy others more than females. Research limitations/implications In addition to the contributions, this study has its limitations. First, although the study was carried out with a comprehensive sample, it is limited to the views of 1,518 employees in Istanbul and is a cross-sectional study. Also, employee performance is evaluated through self-reporting, which forms another limitation; it could have been more reliable for the supervisors to assess their subordinates' performance. Practical implications Apart from scholars, our findings have implications for practitioners. Feelings such as envy that comes with a sense of competition can create an environment that stimulates people, motivates them to work, can make them productive and can also cause an ultimately destructive situation. This makes it critical to manage envy in the workplace. Though there may be facilitators behind it, one crucial factor that fuels envy in the workplace is the lack of fair human resources policies and systems. Still, human resources management is undeveloped in most public organizations. With effective human resources management, there may be some roadmaps for managers to dissolve conflicts arising from envy. First, it is imperative to have systems that will separate the employee from the others, which everyone will accept, strengthening the feelings of justice among employees. Envy often occurs following a social comparison. Management can implement an incentive system that supports employee collaboration and avoid nepotism. Especially in private organizations where the competition is more among employees, managers should give more attention to understand their subordinates' feelings. The managers' attention to expressing their feelings toward their subordinates could establish an equal distance within the workplace. In this sense, language selection is critical, and managers should be mindful of linguistic triggers. Managers should not avoid giving both positive and negative feedback to their employees. Unwarranted and unsystematic reward and/or punishment systems, made with the good intentions of increasing competition, can trigger envy. Finally, managers should implement an open-door policy and open communication that will encourage all team members to be transparent to each other. Originality/value The study was based on a rationale that envy has detrimental workplace outcomes that lead to low task and contextual performance. Although there exists a recent interest for examining the relation between workplace envy and employee performance, based on being envied and envying others dimensions, these studies are limited. This study focuses on these dimensions and performance relations, and it also provides a comparative outlook for public and private sector employees in Turkey in terms of workplace envy.
Citation Count: Islam, M.Q. (2014). Estimation in multivariate nonnormal distributions with stochastic variance function. Journal of Computational and Applied Mathematics, 255, 698-714. http://dx.doi.org/10.1016/j.cam.2013.06.032
Estimation in multivariate nonnormal distributions with stochastic variance function
(Elsevier Science Bv, 2014) Islam, M. Qamarul
In this paper the problem of estimation of location and scatter of multivariate nonnormal distributions is considered. Estimators are derived under a maximum likelihood setup by expressing the non-linear likelihood equations in the linear form. The resulting estimators are analytical expressions in terms of sample values and, hence, are easily computable and can also be manipulated analytically. These estimators are found to be remarkably more efficient and robust as compared to the least square estimators. They also provide more powerful tests in testing various relevant statistical hypotheses.
Citation Count: Yazıcı, Mehmet; Islam, M. Qamarul (2012). "Exchange rate and Turkish agricultural trade balance with EU (15)", Agricultural Economics Review, Vol. 13, No. 2, pp. 35-47.
Exchange rate and Turkish agricultural trade balance with EU (15)
(2012) Yazıcı, Mehmet; Islam, M. Qamarul; 144084
This paper investigates the short-run and long-run impact of exchange rate on the trade balance of Turkish Agriculture with EU (15) countries. The bounds testing approach to the cointegration and the error correction modeling is employed. A new strategy in the model selection phase is adopted and the optimal model is selected from the set of those models that satisfy both diagnostic tests and cointegration. Thus, unlike the previous literature utilizing this approach, it is ensured that a statistically reliable and cointegrated model is picked up for estimation. Estimation results based on the data for 1988-I to 2008-IV period indicate that in the short-run real exchange rate variable affects agriculture trade balance in trade with EU(15) and depreciation of Turkish Lira improves the trade balance. As for the long-run impact of the exchange rate, depreciation of domestic currency has a statistically significant negative effect on trade balance of agriculture.
Citation Count: Doğan, E., İslam, M.Q., Yazıcı, M. (2017). Firm size and job creation: evidence from Turkey. Economic Research-Economska Istrazivanja, 30(1), 349-367. http://dx.doi.org/10.1080/1331677X.2017.1305804
Firm size and job creation: evidence from Turkey
(Routledge Journals, 2017) Doğan, Ergün; Islam, M. Qamarul; Yazıcı, Mehmet; 43080; 144084
This study examines the relationship between firm size and job creation by using an extensive data set covering all non-farm Turkish businesses with 20 or more employees from 2003 to 2010. We find that small firms (firms with employees between 20 and 100 employees) have higher mean job flow rates (job creation, job destruction and net job creation rates) than large firms. Firm size and job flow rates are inversely related, and this relationship is especially prominent for firms with 50 employees or more. Although the overall pattern observed is also observed in both sectors, job creation rates in services are higher than the ones in manufacturing. The magnitudes of job destruction rates are comparable across sectors. Higher job creation rate in services but comparable job destruction rate results in higher net job creation rate in services. As for shares, only for smaller firms (20-49 and 50-99 size categories), job creation shares are greater than their shares in employment. But these firms have disproportionate job destruction shares as well. We also find that only the 20-49 category firms contribute to net job creation more than their share in employment. The smaller firms have high disproportionate shares in job creation and destruction in manufacturing and services as well.
Citation Count: Yazıcı, M., Islam, M.Q. (2011). Impact of exchange rate and customs uinon on trade balance at commodity level of Turkey with EU (15). Ekonomska Istrazivanja-Economic Research, 24(3), 75-85.
Impact of exchange rate and customs uinon on trade balance at commodity level of Turkey with EU (15)
(Juraj Dobrila ,University Pula, 2011) Yazıcı, Mehmet; Islam, M. Qamarul; 144084
This paper investigates the short-run and long-run impact of exchange rate and customs union on the trade balance at commodity-group level of Turkey with EU (15). Bounds testing approach is employed where a new strategy in the model selection phase is odopted ensuring that optimal model is selected from those models satisfying both diagnostics and cointegration. Results indicate that in the short-run exchange rate matters in determination of trade balance of 13 commodity groups out of 21 and customs union in 8 cases. Pattern of response of trade balance to exchange rate does not suggest a J-curve effect in any of cases. As for the long-run effect, neither exchange rate nor customs union has a statistically significant effect on trade balance of any of commodity groups, suggesting that those significant short-run effects don't last into long-run
Citation Count: Islam, M.Q., Yıldırım, F., Yazıcı, M. (2014). Inference in multivariate linear regression models with elliptically distributed errors. Journal of Applied Statistics, 41(8), 1746-1766. http://dx.doi.org/10.1080/02664763.2014.890177
Inference in multivariate linear regression models with elliptically distributed errors
(Taylor&Francis Ltd, 2014) Islam, M. Qamarul; Yıldırım, Fetih; Yazıcı, Mehmet; 6772; 144084
In this study we investigate the problem of estimation and testing of hypotheses in multivariate linear regression models when the errors involved are assumed to be non-normally distributed. We consider the class of heavy-tailed distributions for this purpose. Although our method is applicable for any distribution in this class, we take the multivariate t-distribution for illustration. This distribution has applications in many fields of applied research such as Economics, Business, and Finance. For estimation purpose, we use the modified maximum likelihood method in order to get the so-called modified maximum likelihood estimates that are obtained in a closed form. We show that these estimates are substantially more efficient than least-square estimates. They are also found to be robust to reasonable deviations from the assumed distribution and also many data anomalies such as the presence of outliers in the sample, etc. We further provide test statistics for testing the relevant hypothesis regarding the regression coefficients
Citation Count: Arın, K. Peren; Omay, Tolga (2006). "Inflation and growth: An empirical study for the comparison of the level and the variability effects", Trends in Inflation Research, pp. 207-213.
Inflation and growth: An empirical study for the comparison of the level and the variability effects
(2006) Arın, K. Peren; Omay, Tolga; 19320
This paper analyzes the interaction between the inflation and growth within the Mankiw-Romer-Weil (1992) framework. Our results indicate that the inflation level has a significant negative effect on output in advanced capitalist economies, whereas inflation variability has a negative and significant effect on output in the long-run for all sub-samples. Our results also show that the variability effects are larger in terms of significance. © 2006 Nova Science Publishers, Inc. All rights reserved.
Citation Count: Sakarya, Arif Orcun, "Innovation Cluster Development Potential in the Regions of Turkey: A Geographical Perspective", Industrial Dynamics, Innovation Policy, and Economic Growth Through Technological Advancements, pp. 133-158, (2013)
Innovation Cluster Development Potential In the Regions of Turkey: A Geographical Perspective
(IGI Global, 2013) Sakarya, Arif Orçun; 19342
The assessment of firms' innovativeness levels in a specific territory can be assumed to be an important indicator of future innovative collaboration, some of which might also be cluster setup initiatives. Assuming that geographical proximity can also provide a favorable opportunity for strengthening interfirm ties, the goal of the chapter is to discover the best innovation variables for Turkish firms in terms of being members of potential innovative cluster formations. Following an overview of the innovation parameters used in the study, the current situation of the firms in question and their problems are briefly stated. The analysis part includes a regression test to discover the variables affecting firms' innovativeness in order to tackle the problems stated. Regression results have shown that intellectual capital, technology infrastructure, and geographical concentration levels affect the innovation performance of the firms in different regions. The conclusion involves further policy improvements for empowering regional innovation capabilities.
Citation Count: Çorakçı, A.; Omay,T. (2023). "Is there convergence in renewable energy deployment? Evidence from a new panel unit root test with smooth and sharp structural breaks", Renewable Energy, Vol.205, pp. 648-662.
Is there convergence in renewable energy deployment? Evidence from a new panel unit root test with smooth and sharp structural breaks
(2023) Çorakçı, Ayşegül; Omay, Tolga; 103299
This study examines whether the contribution of renewable energy to the total primary energy supply converges in a panel of 24 OECD countries over the period 1960–2020. To this end, a new panel unit root test that allows for both sharp and smooth breaks is proposed to test for the stochastic convergence hypothesis. Although renewable energy convergence is not rejected when the newly proposed test is applied to the full panel of OECD countries, it found only moderate support within the members of the panel using a sequential panel selection methodology. In fact, in two high-income OECD countries, the contribution of renewable energy to the primary energy supply shows no sign of convergence: Poland and Iceland. Therefore, the renewable energy shares seem to be converging to a common steady state in only a group of OECD countries over the long run. This uneven pattern of convergence, in turn, suggests that the OECD countries are still far away from developing a common sustainable renewable energy target, calling for urgent international policy cooperation to encourage the divergent economies to seek out the menu of policies that ensure the worldwide success of renewable energy transformation.
Citation Count: Çakmak,Diren. (2007). "Legislation On Ottoman Copyright Law", Türkiyat Arastırmalari Dergisi, Vol.21, pp.191-234.
Legislation On Ottoman Copyright Law
(2007) Çakmak, Diren; 131918
In this study the age of copyright law in Turkey is 157 years is determined and, the fact that copyright as a term has entered in our country in the year 1850 with Statute of Encumen-i Danis, the first legal text on copyright is Statute of Copyright dated 1857, Statute of Copyright and Translation dated 1870 is compensatory legal text of Statute of Copyright, the second legal text on copyright is Code of Copyright dated 1910 is determined.
Citation Count: Islam, Q. (2010). Mahalanobis distance under non-normality. Statistics: A Journal of Theoretical and Applied Statistics, 44(3), 275-290. http://dx.doi.org/10.1080/02331880903043223
Mahalanobis distance under non-normality
(Taylor&Francis LTD, 2010) Islam, M. Qamarul
We give a novel estimator of Mahalanobis distance D2 between two non-normal populations. We show that it is enormously more efficient and robust than the traditional estimator based on least squares estimators. We give a test statistic for testing that D2=0 and study its power and robustness properties
Citation Count: İslam, M.Q., Yazıcı, M. (2012). Model selection uncertainties and model averaging in autoregressive time series models. Pakistan Journal Of Statistics, 28(2), 239-252.
Model selection uncertainties and model averaging in autoregressive time series models
(ISOSS Publication, 2012) Islam, M. Qamarul; Yazıcı, Mehmet; 144084
Selecting the correct lag order is necessary in order to avoid model specification errors in autoregressive (AR) time series models. Here we explore the problem of lag order selection in such models. This study provides an in-depth but easy understanding of the model selection mechanism to the practitioners in various fields of applied research. Several interesting findings are reported and through these the pitfalls of the model selection procedures are exposed. In particular, we show that the whole exercise of model selection and subsequent statistical inference invariably depends upon unknown entities, namely the true values of parameters in the model. The model averaging technique is proposed as an alternative to the common practice of model selection and it is shown that, as a result, the properties of post-model-selection estimates substantially improve

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