İktisat Bölümü Yayın Koleksiyonu

Permanent URI for this collectionhttps://hdl.handle.net/20.500.12416/402

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Citation - WoS: 4
Citation - Scopus: 4
Analysis of distinct asymmetries in financialintegration-growthnexus for industrial, emerging and developing countries
(Wiley, 2022) Yolcu Karadam, Duygu; Öcal, Nadir; Ocal, Nadir; İktisat
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 - Scopus: 7
Bitcoin Market Price Analysis and an Empirical Comparison with Main Currencies, Commodities, Securities and Altcoins
(Springer Science and Business Media Deutschland GmbH, 2019) Pirgaip, B.; Pirgaip, Burak; Dinçergök, B.; Haşlak, Ş.; Bankacılık ve Finans
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. © Springer Nature Switzerland AG 2019.
Citation - WoS: 0
Can Term Structure of Interest Rate Predict Inflation and Real Economic Activity: Nonlinear Evidence From Turkey?
(Springer, 2011) Omay, Tolga; Omay, Tolga; 19320; Çankaya Meslek Yüksekokulu
Citation - WoS: 7
Citation - Scopus: 5
Distinct Asymmetric Effects of Military Spending on Economic Growth for Different Income Groups of Countries
(Taylor & Francis Ltd, 2023) Karadam, Duygu Yolcu; Öcal, Nadir; Ocal, Nadir; Yildirim, Julide; 163521; İktisat
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 - WoS: 4
Citation - Scopus: 4
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. (C) 2013 Elsevier B.V. All rights reserved.
Citation - Scopus: 2
Exchange rate and Turkish agricultural trade balance with EU (15)
(2012) Yazici, M.; Yazıcı, Mehmet; Islam, M.Q.; 144084; İktisat
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 - WoS: 8
Citation - Scopus: 11
Firm size and job creation: evidence from Turkey
(Routledge Journals, Taylor & Francis Ltd, 2017) Dogan, Ergun; Yazıcı, Mehmet; Islam, M. Qamarul; Yazici, Mehmet; 43080; 144084; İktisat
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 - WoS: 4
Citation - Scopus: 5
Hysteresis and stochastic convergence in Eurozone unemployment rates: evidence from panel unit roots with smooth breaks and asymmetric dynamics
(inst Badan Gospodarczych, 2022) Corakci, Aysegul; Omay, Tolga; Omay, Tolga; Hasanov, Mubariz; 103299; Çankaya Meslek Yüksekokulu
Research background: Studying the dynamic characteristics of unemployment rate is crucial for both economic theory and macroeconomic policies. Despite numerous research, the empirical evidence about stochastic behaviour of the unemployment rate remains disputable. It has been widely agreed that most economic variables, including unemployment rates, are characterized by both structural breaks and nonlinearities. However, a little work is done to examine both features simultaneously. Purpose of the article: In this paper, we analyse the stationarity properties of unemployment rates of Euro area member countries. Also, we aim to test stochastic convergence of unemployment rates among member countries. Our empirical procedures explicitly allow for simultaneous gradual breaks and nonlinearities in the series. Methods: This paper develops a new unit root test procedure for panel data, allowing for both gradual structural breaks and asymmetric adjustment towards equilibrium. We carry out Monte Carlo simulations to examine small sample performance of the proposed test procedure and compare it to the existing test procedures. We apply the newly proposed test to examine the stochastic properties of the unemployment rates of Euro-member countries as well as relative unemployment rates vis-a-vis the Eurozone unemployment rate. Findings & value added: We find that the newly developed test procedure outperforms existing tests in highly nonlinear settings. Also, these tests reject the null hypothesis of unit root in more cases when compared to the existing tests. We find stationarity in the series only after allowing for structural breaks in the data generating process. Allowing for nonlinear and asymmetric adjustment in addition to gradual breaks provides evidence of stationarity in more cases. Furthermore, our results suggest that relative unemployment rate series are stationary, providing evidence in favour of stochastic convergence in unemployment rates. Overall, our results imply a limited room for coordinated economic policy to fight unemployment in the Eurozone.
Citation - WoS: 2
Citation - Scopus: 1
Impact of exchange rate and customs union on trade balance at commodity level of Turkey with eu (15)
(Routledge Journals, Taylor & Francis Ltd, 2011) Yazici, Mehmet; Yazıcı, Mehmet; Islam, M. Qamarul; 144084; İktisat
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 - WoS: 4
Citation - Scopus: 4
Inference in multivariate linear regression models with elliptically distributed errors
(Taylor & Francis Ltd, 2014) Yıldırım, Fetih; Islam, M. Qamarul; Yildirim, Fetih; Yazıcı, Mehmet; Yazici, Mehmet; 6772; 144084; Ortak Dersler Bölümü; İktisat
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 - Scopus: 4
Inflation and growth: An empirical study for the comparison of the level and the variability effects
(Nova Science Publishers, Inc., 2006) Arin, K.P.; Omay, Tolga; Omay, T.; 19320; Çankaya Meslek Yüksekokulu
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 - WoS: 0
Citation - Scopus: 6
Innovation Cluster Development Potential In the Regions of Turkey: A Geographical Perspective
(Igi Global, 2013) Sakarya, Arif Orcun; Sakarya, Arif Orçun; 19342; İşletme
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 - WoS: 11
Citation - Scopus: 15
Labor mobility across the formal/informal divide in Turkey Evidence from individual-level data
(Emerald Group Publishing Ltd, 2017) Tansel, Aysit; Acar, Elif Öznur; Acar, Elif Oznur; 48566; Uluslararası Ticaret ve Finansman
Purpose - This paper, the first one to use individual-level Turkish panel data, examines the labor market transitions in Turkey along the formal/informal employment divide. The purpose of this paper is to contribute to the limited body of empirical evidence available on mobility and informality in the Turkish labor market. Design/methodology/approach - Toward this end, the authors use Turkish income and Living Conditions Survey panel data for 2006, 2007, 2008 and 2009 to compute the Markov transition probabilities of individuals moving across six different labor market states: formal-salaried (FS), informal-salaried, formal self-employed, informal self-employed, unemployed and inactive. In order to examine the nature of mobility patterns in more detail, the authors then estimate six multinomial logit models individually for each transition adopting a number of individual and employment characteristics as explanatory variables. Findings - The authors find evidence that mobility patterns are fairly similar across different time spans, the probability of remaining in initial state is higher than the probability of transition into another state for all the labor market states, except for unemployment, there is only very limited mobility into the FS state. Gender, education and sector of economic activity are observed to display significant effects on mobility patterns. The results reveal several relationships between the covariates and likelihood of variant transitions. Research limitations/implications - This study provides a comprehensive and detailed diagnosis of the Turkish labor market. The market is observed to display a rather static structure throughout the period considered. The results indicate that a well recognition of underlying dynamics may help policy makers to produce various effective tools for addressing informality. Originality/value - First study to analyze labor market mobility across formal/informal sectors using newly available panel data.
Citation - WoS: 1
Legislation On Ottoman Copyright Law
(Selcuk Univ, inst Turkish Studies, 2007) Çakmak, Diren; Cakmak, Diren; 131918; Siyaset Bilimi ve Uluslararası İlişkiler
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 - WoS: 3
Citation - Scopus: 5
Mahalanobis distance under non-normality
(Taylor & Francis Ltd, 2010) Tiku, Moti L.; Islam, M. Qamarul; Qumsiyeh, Sahar B.
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 - WoS: 1
Citation - Scopus: 1
Model selection uncertainties and model averaging in autoregressive time series models
(Isoss Publ, 2012) Islam, M. Qamarul; Yazıcı, Mehmet; Yazici, Mehmet; 144084; İktisat
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.
Citation - WoS: 13
Citation - Scopus: 13
Multiple linear regression model with stochastic design variables
(Taylor & Francis Ltd, 2010) Islam, M. Qamarul; Tiku, Moti L.
In a simple multiple linear regression model, the design variables have traditionally been assumed to be non-stochastic. In numerous real-life situations, however, they are stochastic and non-normal. Estimators of parameters applicable to such situations are developed. It is shown that these estimators are efficient and robust. A real-life example is given.
Citation - WoS: 2
Citation - Scopus: 2
On the heterogeneous effects of tax policy on labor market outcomes
(Wiley, 2022) Adnan, Wifag; Arin, Kerim Peren; Corakci, Aysegul; Spagnolo, Nicola; 103299
Many recent studies have documented the heterogeneous effects of government-spending shocks on major macroeconomic variables, particularly on output. We delve deeper into the heterogeneous effects of fiscal policy innovations, but focus on the tax policy innovations and their impact on the labor market, while accounting for gender, race, ethnicity, and the business cycle. Using microlevel data from the United States, we find that: (i) Tax shocks have varying employment effects depending on gender, race, and the stage of the business cycle; (ii) Sector, industry, and occupational segregation in labor markets by gender, race, and ethnicity can explain most of the variation in response to fiscal policy shocks.
Citation - WoS: 11
Citation - Scopus: 9
PPP hypothesis and temporary structural breaks
(Economics Bulletin, 2017) Corakci, Aysegul; Omay, Tolga; Emirmahmutoglu, Furkan; Tolga, Omay; 103299; Çankaya Meslek Yüksekokulu
In this study our aim is to explore a better testing strategy for the PPP hypothesis under a temporary structural break. For this purpose we use the exponential smooth transition (EST) function in the unit root testing framework and compare this methodology with the one that uses a Fourier function. Although the Fourier function is extensively used in the literature to test the validity of the PPP hypothesis under temporary breaks, this investigation shows that it leads to misleading results.
Citation - Scopus: 0
Private charity and cooperation vs. non-cooperation
(2006) Yazici, M.; Yazıcı, Mehmet; 144084; İktisat
This study analyzes cooperative and non-cooperative outcomes in the context of private charity and compares them on efficiency grounds. Analysis is conducted in a model economy where there are two rich individuals and one poor and the rich care about the well-being of the poor. The results of the analysis suggest that, when making donations to the poor, the rich should get together and act cooperatively instead of behaving independently. Given the fact that there are many donors in reality and therefore it is difficult for them to get together for cooperation, this result implies a role for government to provide a mechanism for cooperation and justifies the support of the governments for charity organizations. © 2006 Asian Network for Scientific Information.

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