bluuebunny/crossref_metadata_2025 huggingface dataset:
Do Financial Markets Exhibit Chaotic Behavior? Evidence from BIST
Authors: Sümer Kutluk Kağan
Published: December 2019

Knowing of the chaos theory by the economists has caused the understanding of the difficulties of the balance in economy. The applications of the chaos theory related to economy have aimed to overcome these difficulties. Chaotic deterministic models with sensitive dependence on initial conditions provide a powerful tool in understanding the apparently random movements in financial data. The dynamic systems are analyzed by using linear and/or nonlinear methods in the previous studies. Although the linear methods used for stable linear systems, generally fails at the nonlinear analysis, however, they give intuition about the problem. Due to a nonlinear variable in the difference equations describing the dynamic systems, unpredictable dynamics may occur. The chaos theory or nonlinear analysis methods are used to examine such dynamics systems. The chaos that expresses an irregular condition can be characterized by “sensitive dependence on initial conditions”.
We employ four tests, viz. the BDS test on raw data, the BDS test on pre-filtered data, Correlation Dimension test and the Brock’s Residual test. The financial markets considered are the stock market, the foreign exchange market. The results from these tests provide very weak evidence for the presence of chaos in Turkish financial markets. BIST, Exchange Rate and Gold Prices. In this study, the methods for the chaotic analysis of the time series, obtained based on the discrete or continuous measurements of a variable are investigated. The chaotic analysis methods have been applied on the time series of various systems.
An Assessment on Financial Markets: European Union Member Country Hungary and Candidate Country Turkey
Authors: Gündoğdu Odabaşıoğlu Fatma
Published: December 2019

With the end of cold war, Central and Eastern European countries who had not participated in the integration of Europe, have applied to become members of European Union. Hungary, a Central European country; applied for membership on December 16, 1991, started full membership negotiations in 1998 and joined the Union on May 1, 2004. Turkey on the other hand, was granted candidacy status during Helsinki European Council Summit Meeting of December 1999, after a 40 years long relationship that started with Turkey’s application to join European Economic Community on July 31, 1959. Negotiations for full membership of Turkey were finally started on October 3, 2005 and country entered a new era to adapt EU Acquis.
Within this context, this study aims to compare financial markets of EU member state Hungary and candidate state Turkey for the period of 1998 - 2015; to evaluate risks and fragilities related to financial development levels and stability of banking sectors for both countries based on generally accepted financial indicators.
In conclusion; Hungary was observed to have significantly less developed capital market compared Turkey over the years, despite having similar ratios in financial deepening during recent years. Findings of this assessment point out an increasing credit risk for banking sector of Hungary, enhanced by the economic crisis of 2008. In comparison, credit risk in banking sector of Turkey has been decreasing over the years. High credit/deposit ratio, is a sign of degradation and can be observed in Hungary's balance sheets, raised for Turkey as well.
Capital Flight and Transition Economies
Authors: Bal Harun , Algan Neşe , Ulaştırıcı Gamze Leman
Published: December 2019

Capital flight and calculation methods are one of concepts that could not been arrived at a consensus in economics literature. Capital flight is defined generally as transferring resident assets of countries to abroad. In addition, political and economic uncertainty and including all capital outflows done with speculative aims in this scope is more acceptable and appropriate approach. Definitional-level differences are the fundamental reasons of measuring methods and their results. When examining in terms of developing countries, it has been seen that regarding capital flights which fall in importance and amount relatively between second half of 1990s and 2000s have extended fast from current years. This situation is not different for economies in transition. Currently the analyses regarding capital flights draw attention with its results that support concerns about transition countries. In this context, calculation methods and the results obtained constituted a different research subject for transition economies. Our study has aimed to analyze of capital flight for 1995-2015 period in the context of selected economies in transition. In analyses, World Bank (WDR 1985) calculation method of capital flight was used. The results have differentiated according to calculation methods, also draw attention to significant increases especially in current years and support concerns regarding increase of capital flight. While our study makes political suggestions directed at decreasing capital flights of relevant countries, redraw attention to discussion in this context.
Estimation of Direction of Exchange Rate, Gold Price and Stock Market Returns with High Order Markov Chain Models
Authors: Kılıç Süleyman Bilgin , Çam Salih
Published: December 2019

This study uses a hybrid high order Markov Chains Model to predict direction of exchange rate, gold price and stock market returns with the Artificial Neural Network Algorithm as an estimator of transition probability matrix. Many forecasting techniques are used to examine the direction of returns forecasting in the literature such as Markov Chains Model and Artificial Neural Network Algorithm. In this study, it is aimed to combine these two techniques and to utilize the predict values of the Artificial Neural Network Algorithm for calculate transition probabilities matrix. Calculations show that the hybrid model gives high correct classification probabilities besides of well approximated transition probabilities. Returns series of USD/TRY exchange rate, closing price of Borsa Istanbul Stock Exchange and gold prices cover the period of 01/01/2003 and 31/01/2016. All series are obtained from database of Central Bank of Turkey. As a result, although the transition probabilities almost equal to 0.5 and so estimation of these series are not easy, the transition probabilities and correct classification probabilities gained from the hybrid model provide substantial information related to direction of returns forecasting. Besides, estimated model provide valuable information to individual investors and companies, and could help them to take position against to risks.
The Poverty Information: Reduction of Poverty through the Dissemination of New Communication Technologies
Authors: Yıldız Barış
Published: December 2019

Communication Technologies is considered to be an effective method for the elimination of the development gap between countries and disparities and inequalities between individuals. This idea is accepted by all scholars of the information society. Information and communication technologies can be used as a means to poor people, who is exposed to social exclusion, make their voices heard. It is also observed that the people socialized over time, increased the quality and level of sharing and found efficient and entertaining communication possibilities with people who they don’t know. Because of that, it has a vital importance of information and communication technologies. Because it allows people take steps from social exclusion to social inclusion.
The studies done by Goodman on South Africa, by Jensen on China and by Bhavnani on Thailand, Indonesia and Malaysia shows that new media helps to reduce impact of poverty and breaks the cycle of poverty. It has also been obtained successful results in breaking the cycle of poverty when new media Technologies are provided in India, Brazil and Nepal.
The aim of this study is to examine how the poverty information can be reduced and how people living in poverty can be get out of this cycle by providing information and communication technologies. It will first attempt to define new media explaining poverty information. The impact of these tools on cycle of poverty will be shown. As a result, it will be analyzed how information technologies contribute to fight against poverty by country examples.
Influence of R&D and Innovation on Development in Emerging Markets
Authors: Soyu Esra , Altınok Serdar , Fırat Emine
Published: December 2019

The concept of development has been interpreted in different ways from past to present. This concept was discussed previously on economic, social and cultural aspects; but now it has transformed into concepts like human capital, education, health, innovation, technological development and poverty. A country needs producing for development, and it is necessary to increase efficiency for obtaining profits from this production. At this point the inclination to R&D and innovation is increasing.
Today, it is experiencing the transition of a new era. This process can be distinguished by technological change resulted from knowledge creation, innovation and R&D. In addition to the production factors, knowledge and technology have become indispensable where the importance is increasing. R&D and innovation are seen as factors which are increasing economic growth, prosperity and quality of life and which provide competitiveness and productivity growth between countries.
In this study, R&D and innovation activities are evaluated and their importance are highlighted in the issue of development for emerging markets. The increasing R&D and innovation projects provided that resources are using more effectively and efficiently by contributing to the development of emerging markets. The purpose of this study is to determine the impact of R&D and innovation on development by considering sample emerging markets economies and to make the attention of the scientific community focus on these issues.
The Importance of Entrepreneurship Education on Economic Growth
Authors: Bal Harun , İşcan Erhan , Katar Birgül
Published: December 2019

Entrepreneurship is one of the prominent individual properties in transition from industrial society to artificial intelligence society. It is extremely important to raise entrepreneurs who can easily adapt to changing circumstances, in a society’s economic growth and development. An entrepreneurship has different qualities in terms of manners and attributes such as leadership, ability to see the opportunities, to pursue the innovations, to take risk, independence, diligence, creative thinking, fast problem solving. It is thought to be the economic growth depended on physical capital increase as well as labor and capital. Education is the most crucial component of human capital. In recent years, the most striking result of endogenous growth model of Romer who contributed the improvement of human capital theory is relatively the economies that have higher sum of human capital rate will have higher economic growth rate. The main aim of this study is to determine the impact of the entrepreneurship education on economic growth and development. For this aim a questionnaire is prepared to analyze the potential impact of the entrepreneurship education on economic growth and development. Results of analyze shown that the entrepreneurship education is necessary and important for entrepreneurship. Therefore, entrepreneurship education and training is sufficient for economic growth. The policy makers should spend more resources on the education that increases the human and social capital.
Dependence on Oil Prices of Russian Stock Market
Authors: Özdemir Dilek , Buzdağlı Özge , Akdağ Murat , Emsen Ömer Selçuk
Published: December 2019

In the period after transition, economically full-liberal policy implementations applied by Russia Federation has been taken attention as cyclical movement. No variations of goods are said to be effective about the main reasons about cyclical movement in liberalization. As a kind of indicator of the Russian economy, stock market’s sensitivity to oil prices analyzed.
In this context, especially change of oil prices, exchange rate and money supply effects on Russia are analyzed for the period of 1996M1-2015M12. Stationarity of the series is investigated by Lee and Strazicich (2003) unit root test with multiple structural breaks, existence of cointegration relation between series is tested by Maki (2012) method of cointegration with multiple structural break, and cointegration coefficients are predicted with Dynamic Ordinary Learst Square-DOLS method. Furthermore, causality relations between series are investigated by Hacker and Hatemi-J (2012) symmetric causality test.
As a result, Russian stock market is positively affected by oil prices, real effective exchange rate and real money supply. Also causality tests showed that bidirectional causality relation found on stock market with oil prices and real effective exchange rate, and unidirectional causality from real money supply to stock market.
Innovation in the Construction Industry and its Economical Effects
Authors: Fırat Fatih Kürşat , Tosun Hümeyra
Published: December 2019

Construction sector in Turkey is one of the sectors that directly contribute to the national economy. The large volume projects done in the international arena shows that there is a major breakthrough in the Turkish construction sector. Turkish construction companies, which undertake an enormous amount of work in about ninety countries, have the second largest work capacity after China in the world. This shows clearly how much active the Turkey's foreign expansion strategy of the construction industry.
When we look at the industry in general, it seems to be disastrous in innovation management compared to contracting services. In this respect, the various innovation studies must be made and the sector must be evaluated with all its parameters based on these innovation studies. The aim of this study is to examine the importance of innovation in the construction industry and to investigate economical effects. Within the context of the study, the importance of the construction sector in Turkey is firstly examined. Later, the importance of innovation activities in the construction sector is emphasized based on the available data. Consequently, the steps taken by the governments and employers are discussed on the subject of innovation studies in order to increase Turkey's competitiveness in the international market.
The Effects of Recyling on Economy: The Case of Usage of Scrapped Tires in Construction Industry
Authors: Tosun Hümeyra , Fırat Fatih Kürşat
Published: December 2019

Today, rapidly industrialization and an accompanying increase of the world population cause diminishing of the limited amount of natural resources. The purpose of this study is to examine the recycling applications in the construction industry and to investigate the contribution of scrapped tires to construction industry and national economy. The construction industry is one of the fields that has the largest raw material consumption. Due to the high demand for the construction materials recycling is often employed and provide a significant economic contribution. Today, scrapped tires both exist abundantly and are currently worthless wastes. This wastes not only pollute the environment but also cause negative effects on the human healthy. Because of this reason, old tires are either reduced to certain dimension or melted in the recycling plants. The new products that therefore emerges is added in to the hot mix asphalt and then used in highway constructions, which are a significant capital expenditure for the national economy. As a result of this study, it is reveal that recycling in the construction industry has very significant positive contribution to natural environment and the existing recycling resources are not well-utilized. Moreover, the applications that have been done so far provided significant contributions to the national economy. Consequently, recycling studies should be speeded up and governmental supports should be put into practice.
Foreign Trade Relations Between Turkey and the Eurasian Countries: An Empirical Study
Authors: Akça Tacinur
Published: December 2019

The Eurasian Countries incorporates many economic and cultural wealth. The Eurasian countries have attracted attention all over the world with its rich oil and natural gas reserves and geopolitical situation. Due to the increasing importance of the Eurasian countries, as well as being an alternative to a political foreign policy and it has created an economically viable alternative in terms of foreign trade for Turkey. The importance of exports is increasing for the development of Turkey and Eurasia cannot be neglected as an important issue. History of the republic's foreign policy is focused on establishing good relations with the West. Of the Soviet Union collapsed and the Cold War ended after the opening of the new Turkish foreign policy became inevitable to be based in Central Asia and the Caucasus, Turkey aimed to be active in this region.
The main purpose of our study was that Turkey's foreign trade with The Eurasian Countries is to reveal the relationship. The interest in the region began in the beginning of 1990, the economic policies implemented by Turkey has tried to analyze using relevant data. İn our study, in order to analyze the economic relationship between our countries and Eurasian Countries, Turkey's import and export figures which were explained in the form of tables with the countries concerned. We will concentrate on the major Eurasian countries, especially in our work we focus on Russia, Azerbaijan, Turkmenistan, Uzbekistan, Tajikistan, Kazakhstan, Kyrgyzstan, Georgia, Ukraine and Moldova.
Global Economy and Turkey: 2016 and Beyond
Authors: Yılmaz Durmuş
Published: December 2019

Irrespective of whether advanced economies (AEs) or emerging market economies (EMEs), the number one problem of the global economy is not being able to generate a satisfactory growth. Income levels is in some countries are barely above the per-crisis level. Despite ample liquidity due to quantitative monetary policies, consumption and investment demands are weak. Because high level of indebtedness deter economic agents from using credit. Credit markets still do not function well either.
Quantitative easing policies have been successful in containing further deterioration. Despite ample liquidity inflation has not risen, but it did delivered the expected growth. Because banking system in AEs is weak and monetary transmission mechanisms are not functioning well. As for EMEs, commodity prices and World trade appears to be weak; economic growth are slowing down, capex is visibly falling in heavy industrial sectors due to already existing excess capacity.
The academia as well as the business community are worried about the appropriateness of the present policies in case another recession comes, central banks will have little ammunition to deal with it. The option being talked of now is what is dubbed as “helicopter Money”.
Turkey being an open economy, has been and will be effected by the developments in the global economy through trade, capital flows and expectation channels.
By international standards, Turkey have a reasonable growth rate of 3 to 4 %, implying a new growth era where high growth cycle ended due to changing global financial conditions and its structural problems. Future growth performance will depend on the level of investments and savings to finance it. As her own saving is low, foreign capital flows is crucial.
High inflation and interest rate are the two negatives, but it has a strong fiscal position, debt / GDP is 32.3%, the budget is almost balanced, producing primary surplus which proved it is resilience in the face of recent failed coup and the negative attitudes displayed by the rating agencies.
Terrorism and Macroeconomy: A Review of The Eurasian Economies
Authors: Korkmaz Özge
Published: December 2019

The relationship between terrorist incidents, inflation rate, unemployment rate, per capita GDP, export rate and import rate for Eurasian countries Ukraine, Moldova, Georgia, Kyrgyzstan, Kazakhstan, Tajikistan, Azerbaijan, Armenia and Belarus for the period 1994-2015. For this purpose, the Westerlund cointegration analysis and have been using the causality test introduced by Holtz-Eakin, Newey and Rosen. As a result of the analyzes, it is observed that there is a long-term relationship between the export rate and the terrorist incidents and the export rate is the reason for the terrorist incidents. At the same time, it has been found that there is no long-term interaction and causal link between all other variables and terrorist incidents considered in the study.
Regional Economic Integration in Central Asia: Realities and Prospects
Authors: Pirimbaev Jusup , Dzhailov Dzhumabek
Published: December 2019

The analysis of the socio-economic development and the state of trade and economic relations in Central Asia. The features of economic development in Central Asian countries, conditional on the development of disintegration processes in the region. Substantiates the role, importance and the need to strengthen economic integration in the region. Determine the vector of development of trade-economic and investment cooperation between the Central Asian countries. Grounded perspective directions of economic integration and cooperation mechanisms. Perspective forms of cooperative development, integration links sharing the natural and economic potential of the region. Identified economic factors and conditions for balanced development of the economy of the region in the context of increasing globalization processes.
The EU Membership of Turkey and the Issue of Cyprus
Authors: Karluk S. Rıdvan
Published: December 2019

When the Republic of Cyprus has been accepted to EU membership with the territory of whole of the Cyprus Island a serious issue aroused as how the Customs Union will be implemented with Turkey, since Turkey do not recognize The Greek Cypriot Administration of Southern Cyprus. After its EU membership, Cyprus becomes the most troublemaker EU country for Turkey. On 17th December 2004 Turkey signed the Additional Protocol which enlarges the extent of Ankara Agreement to all countries and also published a declaration that it unrecognized Southern Cyprus. On 21st September 2005 the EU published a declaration against Turkey’s Cyprus Declaration which brought additional conditions for Turkey that provides a method to make Turkey to recognize Southern Cyprus. Since the Customs Unions of Turkey not includes the transportation sector, Turkey does not have the obligation to open its airports and seaports to the Greek Cypriot Administration of Southern Cyprus. The Customs Union with Southern Cyprus does not bring an obligation of recognition. If the issue of Cyprus resolves, it is expected that the veto of The Greek Cypriot Administration of Southern Cyprus on chapters of negotiations would be removed. Even if the vetoes of Southern Cyprus would end, there are important barriers related to the EU membership of Turkey. In our paper, the EU membership of Turkey will be examined within the scope of attempts of resolving the issue of Cyprus also the Turkey Cyprus relationship will be analyzed.
Monetary Policy Response on Exchange Rate Dynamics: The Case of Indonesia
Authors: Syarifuddin Ferry
Published: December 2019

Bank Indonesia has been implementing Enhanced Inflation Targeting Framework (EITF) since few years ago. The main monetary instrument is short term policy interest rate. The policy interest rate, in this regard, may also have significant role in driving the exchange rate to its desired level. Setting appropriate the interest rate to drive the exchange rate is important to drive the actual inflation to its official target. In order to see the response of policy interest rate to exchange rate dynamics as well as the impact of exchange-rate dynamics to macroeconomic indicators, Structural Co-integrating Vector Auto Regression (SC-VAR) in an open economy model, is implemented. Its finding shows that exchange rate dynamic of USD/IDR has significantly positive relationship with domestic interest rate. The increase of the USD/IDR (depreciation) will then push domestic interest rate to increase.
Allocation and Use of Financial Resources in Health Care in Kyrgyzstan
Authors: Japarova Damira
Published: December 2019

TThe distribution of the limited financial resources in the state hospitals in Kyrgyzstan is uneven. The problems associated with the current method of distribution of resources: the poor quality of services at the level of polyclinics and high hospitalization rates that require an evaluation of the budget allocation of healthcare organizations operating in the Single Payer system. In order to improve the efficiency of resource use it is suggested to review the principles of allocation of resources to the primary level of patient care.
The Place of Russia in the Economic and Trade Partners of Turkey
Authors: Aydın Hamdi
Published: December 2019

In this study, it is mentioned that export and import figures of turkey and the amount of economic and trade relationship between the countries of Turkey and Russian. The trade between two countries have been analyzed by historical perspective and made comments about the future. As looking from regional, it is the fact that the trade between two greatest power countries in the region is also important in terms of the world’s trade. Cooperation between the two countries not only affects the two countries trade, but also affect the whole region countries. It can be seen that up to this time, time to time the two countries closer to each other, time to time moved away the area due to certain events in the region. When relationship of politics between countries is good, trade volume is high. Politics directly affects economics and trade relationship of countries. In this study, historically, which products is used in trade and how much is the export and import figures between two countries over years.
Public Debt and Public Debt Administration in Kyrgyzstan
Authors: Zhumakunova Tolkun , Abdiyeva Raziya
Published: December 2019

Public debt and public debt administration in recent years became significant economic problem of most countries. After the collapse of the Soviet Union, Kyrgyzstan has faced with public debt problem. Sharp decline of production, high level of unemployment and the need for economic and structural reforms during transition to market economy caused a large budget deficit.
Budget deficit and public debt problems still remain as one of important macroeconomic issues in Kyrgyzstan. The purpose of our paper is to overview public debt politics and analyze public debt administration in Kyrgyzstan. Also to investigate legal framework of public debt, transparency, risks and effectiveness of public debt administration in Kyrgyzstan.
Sustainability of the Current Account Deficit in Kyrgyzstan
Authors: Baigonushova Damira , Ganiev Junus , Aydın Nevin , Baigonusheva Mairam
Published: December 2019

Like most developing countries, current account deficit in Kyrgyzstan is one of the ongoing problems. The external dependency on both consumption and production goods and the lack of diversification of export goods, in other words, the formation of export from the unprocessed goods such as gold and some agricultural products further increase the risks in this area. So, in this study, it is aimed to investigate the sustainability of current account deficit in Kyrgyzstan and also its causes for 2000:1-2016:4 time periods. Time series causality, VAR-analysis approach and the Johansen cointegration methods have been used. When the relations between the current account deficits and the important sub-items of this account are examined, it is found out that the current account deficits are mostly affected by net exports and foreign debt interest payments. From a wider perspective, it has been found that the changes in current account deficit are mostly influenced by foreign direct investments. According to the Johansen cointegration test, there is no cointegration between export and import series, which is why Kyrgyzstan's foreign trade deficit is not sustainable. In the short term, the current account deficits, which are being carried out without any very important problems with the help of foreign workers' income, foreign debts and foreign direct investments, may become an important problem in the long run. To prevent this, there is a need for more active and more effective policies in the country to support real sectors that can compete with the rest of the world.
A Comparative Analysis on Policy Making in Western Countries and Turkey in the Context of Eugenics
Authors: Eryücel Ertuğrul
Published: December 2019

The word eugenics was coined in 1883 by the English scientist Francis Galton, who took the word from a Greek root meaning “good in birth” or “noble in heredity”. Eugenics aimed to assist states in implementing negative or positive policies which would improve the quality of the national breed. The intensive applications of eugenic policies coincide between two World Wars. İn the decades between 1905 and 1945, eugenics politics implemented in more than thirty countries.
The method of this study is based on a literature survey on the sources of the eugenic subject. The sources of the data are documents such as books, articles, journals, theses, projects, research reports about the politics and legal regulations of the countries on the family, population, sport, health and body. This study comparatively examines eugenic policy-making in Turkey and in Western countries: Britain, United States, France, Germany (1905-1945).
This study aims to discuss the relation of eugenic politics in countries with nation building process, ethnic nationalism, and racism. This is a basic claim that the eugenic practices in Turkey contain more positive measures and that there is no racial-ethnic content of eugenics in Turkey.
An Empirical Analysis of the Linder Theory for Organisation for Economic Co-Operation and Development Member Countries
Authors: Çağlayan Akay Ebru , Oskonbaeva Zamira
Published: December 2019

Linder theory is one of the main theories of the international trade based on the demand side. It implies that the countries with similar demand structures trade more intensely with one another. This study presents empirical evidence in support of the Linder theory of international trade for selected OECD Countries. In order to analyze the validity of Linder hypothesis for these countries, Panel Tobit approach has been employed using the annual data for the period 2001-2005. The empirical results provide evidence supporting the panel tobit model in terms of applicability and robustness. The results of the study also show some insights in support of the Linder hypothesis for OECD Countries.
The Influence of Political Economy on the “Self-Determination of Peoples”
Authors: Çilliler Yavuz
Published: December 2019

The right of peoples to "self-determination” is influenced by varying motives in different times and geographies in its implementation, and is rarely operated according to its foundational ethic and legal bases dating back to the Kantian concept of free will and the international laws codified after the World War II. Particularly, political economy has always played an important but usually covered role in the application of this principle to national or international disputes.
This paper aims to explain the dominance of political economy in international decision making processes about the people making a claim for their own state, and to highlight the changing nature of political economy supporting sometimes the sovereign states and sometimes the sub-state level ethnic groups. In this context, the theoretical development and the application of “self-determination” principle is assessed relatively by historical comparison method. Field research for the study comprises archival research of primary and secondary resources.
This paper concludes that the political economy has usually greater influence on the application of “self-determination” to the national and international disputes than its ethic and legal content, and that the paradoxical content of this principle contributes to the redistribution of lands usually in compliance with the interests of great powers.
An Examination of the Relationship between Organizational Justice and Psychological Empowerment
Authors: Mert Esvet , Bayrak Kök Sabahat
Published: December 2019

The perceptions of empowerment and justice that employees create in their minds affect all processes within the organization. Psychological empowerment is the perception of the organization that the organization has built to empower its employees. Organizational justice encompasses rules and social norms developed in the distribution of benefits, distribution processes and interpersonal relationships. This study aims to determine the relationship between psychological empowerment and perceptions of organizational justice. The 105 employees who work in a public institution constitute the universe of the researcher. According to Spearman correlation analysis results, the statistically significant relation was found between psychological empowerment and organizational justice perception. The main hypothesis has not been rejected. The study also examined the relationship between dimensions of psychological empowerment and dimensions of organizational justice. The results revealed a statistically significant relationship. The most striking result is that the relationship between the dimension of autonomy and the dimension of organizational justice is found to be strongest. The weakest relationship is the relationship between the meaning dimension of psychological empowerment and the dimensions of the concept of organizational justice.
The Econometric Analysis in the Sectorial Basis of Income and Price Effects on the Foreign Trade Deficits: The Case of Turkey
Authors: Ersungur Ş. Mustafa , Aslan Mehmet Barış , Doru Ömer
Published: December 2019

In Turkey which is one of the countries whose current account deficit has been chronic from the 1980s until today, the most important reason for the current account deficit is foreign trade deficit. The aim of our study in this context is to shed light on policies oriented foreign trade deficits by examining foreign trade of intermediate and capital goods which are one of the most important causes of foreign trade deficits in Turkey, in terms of income and exchange rate indicators. In the study in which the Marshall-Lerner condition and the foreign and domestic income elasticities were tested separately for each model, the Econometric method and quartile data between 1998 to 2014 were used. The results of the study showed that Marshall-Lerner condition is not valid in foreign trade of any goods group, and domestic and foreign income variable coefficients are strong effect on both imports and exports. In the direction of these results, we think that the economic policies to be developed for domestic and foreign revenues will be more effective than the real exchange rate policies for being decreased the foreign trade deficits of both intermediate and capital goods in Turkey.
The Causality Relationship between Technological Development Indicators and Economic Growth: The Case of Turkey
Authors: Algan Neşe , Manga Müge , Tekeoğlu Muammer
Published: December 2019

The improvements in technological development indicators play a driving role in the process of economic growth and industrialization. Especially, technological developments are vital for developing countries. This study investigates the relationship between the share of R & D expenditure in GDP, the number of patent applications and GDP per capita utilizing Granger causality test for the period of 1996 - 2015. According to Granger Causality test analysis results, it is concluded that short-term one-way causality from high-tech product exports and R & D spending to GDP per capita, and one-way causality relationship from GDP per capita to patent application numbers. In addition, long-term R & D expenditures and patent applications have resulted in a positive GDP per capita, while high-tech exports, contrary to anticipation, negatively affected.
The Effect of Globalization on Economic Growth: Panel Data Analysis for ASEAN Countries
Authors: Savrul Mesut , İncekara Ahmet
Published: December 2019

Globalization is generally expressed as the integration of countries into the external world in economic, social and political contexts. One of the most important indicators of the level of development of a country is the economic growth performance of the mentioned country. It is therefore important to examine whether the globalization process affects economic growth. Although both the developing countries and the developing ones are deeply affected by the globalization process, it's clearly visible that developing South Asian economies get use of globalization better than many other regions of the world by implementing successful policy planning and policy implementations. In this framework, this study investigates the effect of globalization on economic growth of the member countries of ASEAN. The data used in the study is obtained from globalization index of KOF Swiss Economic Institute and national accounts database of UNCTAD. GDP and three dimensions of globalization variables of the ASEAN countries are evaluated using panel data analysis within the scope of study. The results of the analysis show that globalization has a significant effect on economic growth of the member countries of the ASEAN.
The Matter of Trade Survival
Authors: Pişkin Erhan
Published: December 2019

Besedes and Prusa (2006a-b) reveal that international trade relationships are often very short-lived contrary to previously thoughts. In line with this unexpected result, this study provides a statistical description and empirical analysis of the duration of Turkish exports. Specifically, Kaplan-Meier survival function is used to estimate the survival of trade flows over time and also a regression analysis using discrete-time duration models which allow us to properly control for unobserved heterogeneity and the presence of many tied duration times is used to explore the impact of key variables on hazard rates of export flows. The detailed trade data reported by BACI-CEPII are employed to analyze Turkey's export to European Union countries from 1998 to 2013 according to the 6-digit Harmonized system. Results obtained from the analysis of descriptive statistics suggest that the duration of Turkey’s export to European Union countries is short-lived. The median and mean duration of Turkey's exports are merely two years and 4.26, respectively. The Kaplan-Meier estimates of survival functions show that all survival curves are downward sloping with decreasing rate and about 40% of export relationships fails in the first year. The results of the discrete-time duration models indicate that product-market diversification, common language, total exports, initial value, importer GDP and lagged duration have a strong negative impact on the hazard rates of export flows. Whereas distance, common border and difference in GDP per capita have a positive effect on the hazard rates of export flows.
Analysis of the Effect of Weighted Average Cost of the CBRT Funding on BIST100 Index, BISTXBANK Index and Exchange Rate
Authors: Kuzu Serdar , Kekeç H. Muhammet
Published: December 2019

This study is found to find out how Weighted Average Funding Cost, which is new policy tool implemented by The Central Bank of Turkey (CBRT) in 2011, weighted average funding cost -aiming at removing the ambiguities seen in the financial variables and minimizing the effect of capital movements on these variables is reviewed.
In this study, the effects of the interest rate policy of the Central Bank of the Republic of Turkey (CBRT) on BIST100 index, BISTXBANK index and exchange rate are tested by Augmented Dickey Fuller Test (ADF), ML-GARCH and DCC GARCH models based on ENGLE, R.F. and SHEPPARD, K. (2001).
According to the findings obtained, it is concluded that the decisions of the Weighted Average Funding Cost related to Central Bank of the Republic of Turkey (CBTR) lending and borrowing interest rates are direct effective on BIST100 index, BISTXBANK index but indirect with Exchange rate.
Turkey Between Two Worlds: Projections For Year 2071
Authors: İkiz Ahmet Salih
Published: December 2019

Doğan Avcıoğlu, says in his famous book, Regime of Turkey that Turkey has oriental roots with attempts to cope to occidental cultures. Since westernization was always conceptualized as economic growtIn and development from the Ottoman times to young Turkish Republic western values and techniques were modified to our country. Although we accomplished in surface the oreintalist roots remained in the core of social structure of country. Thus Turkey attemted to organize capitalist western economic structure in eastern habits. In this study I aim to give some projections for coming decades under those arguments.
Factors Affecting Cost Efficiency in the Banking Sector of Kyrgyzstan
Authors: Aseinov Dastan
Published: December 2019

Instabilities in the banking sector have had an adverse effect on the economy as a whole, since the largest share in the financial system and financial intermediation in Kyrgyzstan have been captured by banking sector. Economic efficiency in banking can be viewed as a source of financial stability of banking system. Economic efficiency of the banking is more important challenge not only for shareholders and managers of banks, and also for regulation and supervision authorities, and public and potential investors.
The aim of this study is to examine factors affecting the banking cost efficiency for Kyrgyz banks. It is also important to choose the appropriate approach in measurement of banking cost efficiency, since there are many different methods. In this study preferred stochastic frontier approach which assumes random error term which captures sampling, measurement and specification errors. We adopted stochastic cost frontier model proposed by Battese ve Coelli (1995) which also allow to examine investigate the impact of variables on efficiency.
We used unbalanced panel data set captured 17-23 Kyrgyz commercial banks for period of 2000-2013. Obtained results suggest that capitalization, foreign ownership, credit risk, liquidity risk and currency risk have most influence on cost efficiency scores of banks calculated averagely at level of 0,766. Overall results indicate that domestic banks more cost efficient than domestic private and foreign banks. Average cost efficiency scores of domestic banks, foreign and separately public banks are 0,848; 0,649 and 0,875, respectively.
The Impact of Electronic Taxation on Tax Auditing: The Case of Turkey
Authors: Uzun Kocamış Tuğçe , Kekeç H. Muhammet
Published: December 2019

The advances in information and information technology provide companies with both speed and optimal benefit by using the internet intensively for every stage of their commercial activities and for all kinds of transactions. In order to reduce tax losses, it is necessary to utilize information technologies to develop new audit methods and techniques and to follow new practices in the world. It has become compulsory for public institutions to keep pace with the evolving information technology and to form the necessary information infrastructure.
E-applications prevent tax evasion and ensure tax incomes of countries not only to increase the quality of public service but also increase the taxpayer's transaction speed. With the transfer of taxpayers to electronic book and electronic document in order to conduct an effective tax audit and to obtain tax revenue studies on the establishment of a structure that is effective, fast working and using computer technologies well in the struggle with the informal economy are carried out by the tax administration.
In our work, electronic tax applications and tax audit in Turkey are explained under general headings and the process of transition to electronic tax audit is taken as basis on the basis of applications in the world. As a result, the contribution of computer and internet technology to the effectiveness of tax audit is an unquestionable reality.
Impact of Sovereign Credit Ratings on Capital Markets
Authors: Tufaner Mustafa Batuhan , Sönmezer Sıtkı , Çelik Ahmet Alkan
Published: December 2019

Sovereign credit ratings are of great importance in terms of country's economy in recent years. Sovereign credit ratings can greatly affect both financial markets and macroeconomic balances. On the other hand, these credit ratings are closely related to the political situation of the countries. Therefore, all factors behind the credit rating announcements operating in global markets needs to be put forward. The content of this paper is to identify policy interest reaction towards sovereign credit ratings and examine of countries that experienced severe rating changes. In this bulletin, big three credit rating agencies are compared and critically assessed various credit rating of Turkey. The analyzed dataset covers sovereign rating announcements released by reputable rating agencies, stock price, Dollar / TL exchange rate, Dollar / Euro exchange rate and benchmark bond.
Relations between Foreign Direct Investments and Intermediate and Capital Goods: Toda-Yamamoto Causality Analyses on Turkish Economy (2005 M1-2016 M12
Authors: Değer Mustafa Kemal , Doğanay Muharrem Akın
Published: December 2019

The aim of this study is to empirically test the relations between the FDI in Turkey's manufacturing industry and the imports of intermediate and capital goods. Monthly data for the period 2005-2016 belonging to the variables used in the study were obtained from the "Electronic Data Distribution System" of the Central Bank of the Republic of Turkey. In the determination of the period of the study, the presence of monthly data and the increase trend of the FDI coming to Turkey after 2005 have been influential. Relations between variables in the study were tried to be determined by Toda-Yamamoto causality analysis.
According to the empirical findings obtained in the study, one-way and statistically significant causal relations from FDI made in manufacturing industry to both capital goods imports and intermediate imports have been determined. However, from these relations, towards to intermediate imports is much more robust in terms of statistics.
Therefore, these findings obtained from the study shows that FDI on Turkey's manufacturing industry are an important determinant of capital goods, and especially intermediate goods imports.
An Empirical Analysis on the Elasticity of Air Transportation Demand: Sample of Turkey
Authors: Bal Harun , Gümüş Akar Pınar , Manga Müge
Published: December 2019

Air Transportation, which is a sector ever-increasing its volume and importance because of requiring infrastructural investments, providing fast and reliable transportation facilities, offering employment and its the positive effects on the other sector activities. The demand, for air transportation which is appeared in development goals of many countries and the development indicators of the World bank, is constituted one of the most important components. The aim of this study is estimated of the sensitivity to income and price, air transportation demand in Turkey. In this direction, it is estimated the price and income elasticities in the short and long term by the FMOLS and VEC method for the air passenger demand using the data of GSYH, flight ticket price index and the number of passengers in Turkey in the period of 2007Q1-2016Q1. The results obtained, consistent with expectations, are indicated that the price inelasticity of the air passenger demand in Turkey is high and according to the income elesticity parameter is luxury good.