İktisat Bölümü

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Analysis of distinct asymmetries in financial integration‐growth nexus for industrial, emerging and developing countries
(2020) Öcal, Nadir; Öcal, Nadir; 163521; 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 - 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.
Benlik Saygısının Çatışma Yönetim Stilleri Üzerindeki Etkisi: Bir Üniversite Hastanesi Örneği
(2013) Tunç, Tülin; Kutanis, Rana; 138931
Bu araştırmanın ana amacı; benlik saygısının bütünleştirme, kaçınma, uyma, hükmetme ve uzlaşma olarak ifade edilen çatışma yönetim stillerinin her biri üzerindeki etkilerini ortaya koymaktır. Benlik saygısı ile her bir çatışma yönetim stili arasındaki ilişkileri ve katılımcıların bazı sosyodemografik özelliklerine göre çatışma yönetim stilleri arasındaki farklılıkları belirlemek de alt amaçlardır. Bir üniversite hastanesinde görev yapan 267 hekime, nicel yöntem bağlamında anket formu uygulanmıştır. Katılımın gönüllülük esasına göre belirlendiği araştırmada, geri dönen ve analize dahil edilen anket sayısı 183 olup, geri dönüş oranı % 68.54’tür. Katılımcıların anket formundaki ‘Rosenberg Benlik Saygısı Ölçeği (RSES)’ ve ‘Rahim Örgütsel Çatışma Envanteri-II (ROCI-II)’ni doldurmaları ile elde edilen nicel veriler analiz edilmiştir. Elde edilen bulgulara göre; cinsiyet, medeni durum, yaş, meslekte toplam çalışma süresi (kıdem) ve statü değişkenleri açısından, katılımcıların bazı çatışma yönetim stillerinde farklılıklar olduğu; benlik saygısının bütünleştirme, kaçınma ve uyma stilleri ile ilişkili bulunduğu; ayrıca, bu stilleri etkilediği ortaya konmuştur.
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
Determinants of Poverty: Turkey and Multi-country Analysis
(2018) Yazıcı, Mehmet; Gökmen, Aytaç; Yazıcı, Mehmet; Gökmen, Aytaç; 144084; 52039; 17660; İktisat; Uluslararası Ticaret ve Finansman
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.
Determinants Of Turkish Mining Trade Balance With Eu(15): Estimates From Bound Testing Approach
(2016) Yazıcı, Mehmet; Islam, Qamarul; 144084; İktisat
We estimate the short-run and long-run determinants of the trade balance of Turkish Mining with EU (15) countries as well as impact of Customs Union (CU) agreement using the bounds testing approach to the cointegration and the error correction modeling. In selecting the optimal model, we follow Yazici and Islam (2011a, 2011b, 2012) and Yazici (2012) and adopt their model selection strategy where selection is made from the set of those models that satisfy both diagnostic tests and cointegrtion, thus ensuring the selection of a statistically reliable and cointegrated model. Estimation results based on the data for 1988-I to 2008-IV period indicate that in the determination of mining trade balance in the short-run only real domestic income matters. Long-run results indicate that real exchange rate and real domestic income variables have coefficients with expected signs but they are not statistically significant. Only statistically significant long-run determinant of mining trade balance is real EU(15) income. Dummy variable for the customs union agreement does not have a statistically significant coefficient, meaning that the agreement does not have a significant long-run effect on mining trade balance of Turkey with EU(15).
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.
Do Depreciations Really Trigger an Inflow of Foreign Direct Investment? The Case of Turkey
(Sosyo Ekonomi Soc, 2018) Erünlü, Zeynep; 103521; İktisat
In this study, the relationship between real exchange rate and foreign direct investment is examined using the Logistic Smooth Transition - Autoregressive Distributed Lag (LST-ARDL) model. Analyzing the effect of real exchange rate changes on foreign direct investment is very crucial for a developing country like Turkey which has a relatively large foreign debt stock. The estimation results show that foreign direct investment inflows to Turkey increase when Turkish Lira appreciates against the US dollar and this effect is especially strong during periods of high investment inflows. Thus, for Turkey to attract productive capital flows rather than unstable short-term portfolio flows it has to maintain a strong currency against the US dollar.
Does the Incomplete Information Matter with Export Quotas?
(2006) Yazıcı, Mehmet; 144084; İktisat
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.
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; İşletme
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 - 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.
Exchange Rate And Bilateral Trade Balance Of Turkey With EU (15) Countries
(2014) Yazıcı, Mehmet; Islam, M. Qamarul; 144084; İktisat
This paper investigates the short-run and long-run impact of real exchange rate on the bilateral trade balance of Turkey with EU (15) countries. We’ve employed the bounds testing approach to the cointegration and the error correction modeling. Following Yazici and Islam (2011a, 2011b, 2012) and Yazici (2012), we select the optimal model from the set of those models that satisfy both diagnostic tests and cointegration. Thus, unlike the other studies, it is ensured that a statistically reliable and cointegrated model is picked up for estimation. Based on the quarterly data for 1982-I to 2001-IV period, estimation results indicate no evidence of J-curve in the short run in any of Turkey’s bilateral trade with EU(15) countries. In the long run, however, real depreciation of Turkish Lira improves the trade balance of Turkey with Austria, Denmark, France, Ireland, Italy, Sweden and UK.
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: 7
Citation - Scopus: 10
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.
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; 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: 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.

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