Bankacılık ve Finans Bölümü YayınKoleksiyonu

Permanent URI for this collectionhttps://hdl.handle.net/20.500.12416/400

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Citation - WoS: 19
Citation - Scopus: 24
An empirical analysis of household education expenditures in Turkey
(Pergamon-elsevier Science Ltd, 2016) Acar, Elif Öznur; Acar, Elif Oznur; Gunalp, Burak; Günalp, Burak; Cilasun, Seyit Mumin; Uluslararası Ticaret ve Finansman; Yönetim Bilişim Sistemleri
Using Turkish Household Budget Surveys from 2003, 2007 and 2012, this paper investigates the determinants of household education expenditures within an Engel curve framework. In particular, we estimate Tobit regressions of real educational expenditures by income groups using a number of household characteristics (i.e. rural residence, employment status, age, educational attainment of the household head, household size, share of female students and primary school students in the household, and total number of students in the household) to examine if and to what extent the determinants of educational expenditures differ by income groups; income elasticities of educational spending evolves over time; and children from middle-class and poor families can benefit enough from educational opportunities. The estimated expenditure elasticities have lower values for the top- and the bottom income quartiles while they have larger values for the middle-income quartiles. The results also show that for all income groups the expenditure elasticity of education increases over time, indicating that Turkish households allocates greater share of their budgets to education expenditures. (C) 2016 Elsevier Ltd. All rights reserved.
Can US Wage Increases be Regarded as a Leading Indicator for Bond Rates?
(2020) Acar, Elif Öznur; Acar, Elif Oznur; Özşuca, Ekin Ayşe; 237965; 48566; Uluslararası Ticaret ve Finansman
After the subprime meltdown, the Federal Reserve focused its attention on US non-\rfarm payroll data in order to pave the way for its fund rate hikes. As time went by,\rthe Federal Reserve deemed particularly one sub-component of this data, namely the\rincrements on average weekly wage growth as a proxy for in\ration and thus a plausible\rexplanation for raising the interest rates. In that aspect, we decide to elaborate on this\rissue further and examine whether this implemented strategy indeed had a re\rection in\rthe real market. For doing so, we intend to determine whether there is any causality\rrelation in either direction between US average weekly wage increases and 10-year\rTreasury Bond rates. We utilize the Toda-Yamamoto causality approach and come\rup with a statistically signicant result between wages and bond rates. For robustness,\rwe also consider the unemployment rate and consumption expenditures as independent\rvariables.
Citation - WoS: 11
The formal/informal employment earnings gap: evidence from Turkey
(Emerald Group Publishing Ltd, 2016) Tansel, Aysit; Acar, Elif Öznur; Acar, Elif Oznur; 48566; Uluslararası Ticaret ve Finansman
This study investigates the formal/informal employment earnings gap in Turkey. We focus on the earnings differentials that can be explained by observable characteristics and unobservable time-invariant individual heterogeneity. We first, estimate the standard Mincer earnings equations using ordinary least squares (OLS), controlling for individual, household, and job characteristics. Next we use, panel data and the quantile regression (QR) techniques in order to account for unobserved factors which might affect the earnings and the intrinsic heterogeneity within formal and informal sectors. OLS results confirm the existence of an informal sector penalty almost half of which is explained by observable variables. We find that formal-salaried workers are paid significantly higher than their informal counterparts and of the self-employed confirming the heterogeneity within the informal employment. QR results show that pay differentials are not uniform along the earnings distribution. In contrast to the mainstream literature which views informal self-employment as the upper-tier and wage-employment as the lower-tier, we find that self-employment corresponds to the lower-tier in the Turkish labor market. Finally, fixed effects estimation indicates that unobserved individual characteristics combined with controls for observable characteristics explain the pay differentials between formal and informal employment entirely in the total and the female sample. However, informal sector penalty persists in the male sample.

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