bluuebunny/crossref_metadata_2025 huggingface dataset:
The Resource Potential of the Participating Countries of the Eurasian Economic Union
Authors: Kalenova Saulesh , Alshanov Rahman , Abishev Ali , Gerasimenko Valentina
Published: December 2019

Against the background of international openness and globalization of the world economy, it is very difficult to achieve higher competitiveness in the state without the support of friendly neighbors. In this age of competition of constructive ideas, high technologies, knowledge-intensive the problem of innovative development of the Republic of Kazakhstan in the context of the Eurasian Economic Union became central dominant of understanding the goals and methods of reforming the modern state economy.
The main ambitious goal is a breakthrough of Kazakhstan in the 30 most competitive countries of the world. This goal promotes the development of a coherent policy of modern developments management and the formation of a national innovation system with effective mechanisms of interaction between government, business and science in the context of the EEU. Kazakhstan tries to integrate experience of developed countries into this process. These countries began their journey to progress from the unification into regional economic alliances.
The article analyzes the integration processes and actions of economic activity of participating countries of the Eurasian Economic Union in the new environment. It also examines contemporary processes of globalization and the necessity of creating an economic union, particular features of the regional economic communities. The article includes materials of the Eurasian Economic Union historical background. There was conducted analysis of integration processes development in the economic environment on the example of post-Soviet states joined in the Eurasian Economic Union.
Pivotal Points in Utilizing Cloud Services in Turkey
Authors: Şaykol Ediz , Avcı Ayşe Seçil
Published: December 2019

The term of Cloud Computing has become a buzzword that almost every single person has heard. Although, it is defined at various platforms in various ways even with exactly different sentences, the most wide-reaching definition was made by NIST as a model for enabling convenient, on-demand network access to a shared pool of configurable computing resources with minimal management effort or service provider interaction. As Cloud Services entered daily lives, organizations and even ordinary people started to manage their business at any time anyplace in solid and reasonable costs with the help of considerably faster, at a high performance level, flexible clouds. The datas, softwares and platforms that stored in cloud has become accessible from where you are without a need of a server center. These lead to the problem of selecting and providing appropriate cloud services for customers and providers, respectively. The relation between these two depends on a win-win relationship, and hence the pivotal points that they raise becomes crucial from business perspective. In this study we present an analysis for the IT sector in Turkey to elaborate on a possible set of pivotal points from Cloud Customer and Cloud Service Provider perspectives depending on a survey-based study.
Audit and its Influence on the Formation of National Capital
Authors: Supataev Kylychbek
Published: December 2019

This article is about the objective requirement in audit for acceptance of the well-founded economic decision by users of the financial reporting to exclude or lower information risk, and also are dealt with the reasons of occurrence of information risk and ways of their decrease. And also are researched market of auditing services, the location of the audit entities and their influence on ensuring timely auditing businesses. Financial reporting transparency are studied and their impact on the financial issue of the managing subject. Recommended actions aimed at ensuring transparency of financial statement of an entity and the rights of owner. And explored the current state and prospects of development of independent audit, it is influense on the formation of national capital.
A Discussion on Whether Turkish Economy is in Middle Income Trap or Not: A Perspective on Framework of the Exchange Rates Appreciation
Authors: Nişancı Murat , Gerni Mine , Türkmen Adem , Emsen Ömer Selçuk
Published: December 2019

Since 2007 long staying in the middle income group or especially unable to state a higher category, has begun to be considered as middle-income trap (MIT). According to World Bank (WB) classification, in 1955, Turkey reached to lower-middle income countries category from low-income category and staying there about 50 years. In 2004 Turkey has been reached constantly to upper-middle income countries category. However, last three years’ low growth figures and reaching 20% of the US income per capita have created many discussions whether Turkey entered in MIT. Besides, in parallel the integration of Turkish Economy to the world economy and to be exposed financial flows because of the world expansionary policies may result to have excessive appreciation of the national currency and to seem overvalued than real level of GDP in dollars. In emerging artificial bloating in income per capita is a result of undervaluation on the exchange rate. Therefore, in this study; the correct exchange rate is calculated with using base year determined depending on current account deficit’s minimum valued year or years which is assumed correct value of the exchange rate. By using calculated exchange rate, examined new GDP per capita series shows that Turkish economy could not reach the threshold 10000-12000 dollars despite being included in upper-middle income group in the WB classification. Furthermore, according to other classifications which are investigating MIT, it is also reached that Turkey has been placed in MIT long time period due to exchange rate pressures in terms of Turkey reached upper middle income position.
Field of Application of United Nations Convention on Contracts for the International Sale of Goods
Authors: Deynekli Adnan
Published: December 2019

United Nations Convention on Contracts for the International Sale of Goods (CISG) entered into force on the 1st August 2011 in Turkey. CISG is accepted with the purpose of development and encouragement of international trade and application of uniform rules for resolution of disputes arising from the contracts for the international sale of goods. CISG applies to contracts of sale of goods between parties whose places of business are in different states when the states are contracting states; or when the rules of private international law lead to the application of the law of a contracting state. Neither the nationality of the parties nor the civil or commercial character of the parties or of the contract is to be taken into consideration in determining the application of CISG. In order to apply CISG, there has to be a contract about international sale of goods and the parties shall be from different contracting states or the rules of private international law shall lead to the application of the law of a contracting state. The parties may totally or partially exclude the application of this CISG. CISG does not apply in terms of third party rights and the validity of the contract or of any of its provisions or of any usage.
Increasing Transparency in Capital Markets after the Global Financial Crisis: The Case of Turkey
Authors: Levent Cüneyd Ebrar
Published: December 2019

The need for financial transparency is way beyond reducing fluctuations on financial markets, the protection of small investors or fighting against money laundering. Asian crisis in 1997, Dot-com bubble in 2000, company crises such as Enron and the global financial crisis in 2008 have shown that a crisis caused by the lack of transparency in companies might not only affect the company and its stakeholders in a negative way but also the country and the region the company is in. After the financial crisis of 2008 many countries made various arrangements in capital accounts about increasing transparency and accountability which was seen as one of the reason of the crisis in addition the short and long term precautions. Dodd–Frank Wall Street Reform and Consumer Protection Act which came into force in the United States in July 2010 is one of the most significant arrangements. In this study, practices of increasing transparency in capital markets after global financial crisis have been discussed. In this context, in light of the new regulations and the Corporate Governance Principles, transparency and disclosure practices in Turkey have been examined. The results of these practices have been analyzed in the short term and its possible effects on capital markets, companies and shareholders have been discussed in the long term. Increasing transparency has been expected to help financial markets process more effectively and to provide benefits to all stakeholders.
Path to the Common Monetary Authority: An Assessment on Banking Sector of the Eurasian Economic Union Countries during the Economic Integration Proces
Authors: Gündoğdu Odabaşıoğlu Fatma
Published: December 2019

Monetary union is one of the advanced stages of international economic integration and involves shared monetary and exchange rate policies that are executed collectively across union members. This common policy warrants price stability and requires a common supranational monetary authority. Existence of an established banking sector is crucial for effective execution of policy decisions taken by said monetary authorities. Eurasian Economic Union (EAEU) is officially established on January 1st of 2015 and is an example for a regional economic integration. Aim of the Union, which is comprised of Russia, Kazakhstan, Belarus and Republic of Armenia; is to increase collaboration among economies, to improve the living standards of the participating nations and to promote stable development.
This study is based on assessment banking industries of member countries, working towards common monetary authority during the transition to EAEU economic integration between years 1995 and 2014. Data acquired from World Bank and member countries' central banks is used to determine the capabilities and limitations of partaking economies based on generally accepted financial strength indicators.
In conclusion; Russian Federation and the Republic of Kazakhstan are observed to be the principal EAEU members due to their advanced and strong banking industries. Increasing fragilities over the years, amplified also by developments in global markets, are evident in member countries; especially in Belarus and Armenia. Significance of achieving price stability in founding country Russian Federation is emphasized for successfully establishing a common monetary authority.
Financial Performance of Commercial Banks: The Case of Kyrgyz Republic
Authors: Yamaltdinova Adilya , Sulaimanova Burulcha
Published: December 2019

The banking sector of Kyrgyz Republic is mainly presented by commercial banks and increase of their financial performance will lead to improve their functions and activities. For this reason, the aim of this research is set as to empirically investigate the financial performance of commercial banks of Kyrgyz Republic for the period of 2008-2014. The financial performance measured by using one indicator, this is Return on Assets. This indicator will be estimated by multiple regression analysis, with explanatory variables, such as bank size, credit risk, operational efficiency and asset management. The model is checked for goodness-of-fit and classical linear model assumptions.
Effects of USD Exchange Rate over the Istanbul Stock Market 30 Index and Investigation of the Relationship between Them
Authors: Kendirli Selçuk , Çankaya Muhammet
Published: December 2019

It is known that financial markets have important place in today's economy. Individuals could be evaluated their saving with their own research or they could be evaluated their savings with financial experts recommendations. A large portion of those funds of individual or institutional investors managed are directed to the stock market of the country. When considered in terms of Turkey, Istanbul Stock Exchange is examples for this topic.
The changes in economic data, is influenced to many variables especially the stock market. It is perceived in the market as bad data that the rising in unemployment, the reduction of industrial production, the increases in interest rates and cost of credit, the increase in foreign exchange rates.
In this study, it was investigated the causality of the dollar exchange rate between Istanbul Stock Exchange National 30 Index (BIST-30) with "Granger Causality Test". Monthly values are used including the period of 2009:1 (January of 2009) between period of 2014:12 (December 2014) as data set. We used the first trading day closing values in the calculation of monthly returns for the period. At the end of the study, we couldn’t find any causal relationship between the dollar exchange rate and the BIST-30 Index.
Determinants of Growth of Microcredit Sector in Kyrgyzstan
Authors: Asanov Turusbek , Sultakeev Kadyrbek
Published: December 2019

Microcredit has developed extremely rapidly since its beginning in the late 1970, however which main factors determine the growth of the microcredit is a subject for debate. The primary purpose of this study was to determine the key factors that determine the growth of the microcredit sector. The target population was the 307 borrowers of microfinance institutions selected from Isyk-Kul region, Chuy region and Bishkek city. Data collection methods such as questionnaires, observation and interviews were used. Sampling technique was used and results analyzed qualitatively and quantitatively in terms of descriptive statistics. The main factor for developing microcredit was the excessive demand for microcredit product in Kyrgyzstan due to the structure of the economy and employment.
Fiscal Policy Shocks and the Dynamics of Asset Prices in Turkey
Authors: Tören Evrim , Balcılar Mehmet
Published: December 2019

Asset markets and the asset prices affect financial institutions, consumers, producers and policy makers while they are making decisions. There is an important relationship not only between the financial market and banking system but also between the housing market and the credit market. Therefore, the study analyzes the impact of fiscal policy on asset prices by using beyasian vector autoregressive models. The sample data has been gathered from the Central Bank of the Republic of Turkey. The aim is to demonstrate the effects of fiscal policy shocks on stock prices and housing prices. The data covers the period between 1988:Q1 and 2014:Q2. Overall, the results confirm that the spending shocks coming from fiscal policy have a greater influence on the stock prices. In addition, the government revenue shocks are more influential on the house prices compared to the stock prices in Turkey.
The Siberian Factor in the Russian Foreign Policy: Economic Instruments and Geopolitical Games
Authors: Büyükakıncı Erhan
Published: December 2019

In this paper, we try to discuss how the Siberian part of the Russian territory can present advantages and disadvantages for Russian foreign policy. Situated in the center of the Eurasian geography, Siberia offers many economic opportunities and energy reserves as well as a strategic value for Russia, whose population and interests are mostly concentrated in the western provinces. Long considered as an isolated continent for exile for political dissidents, Siberia has become nowadays a center of the economic strategies of the Russian administration, in relation with its foreign policy perspectives. As an energy source for natural gas and oil and transit corridor toward China and Kazakhstan, Siberia is now supported through governmental policies of restructuration and labour migration. This new perspective can lead to a new policy of regionalism in connection with foreign policy interests. For the federal center, there is an unavoidable correlation between the domestic and foreign policy stakes with Siberia’s integration in world and regional politics.
Free Trade Agreement between Turkey and Russian Federation and its Possible Effects to these Countries’ Trade and Taxational Reflections
Authors: Gültekin Raşit , Üyümez Mustafa Erkan
Published: December 2019

The last period of international trade in goods covers a process carried out with globalization and regionalization efforts. Many countries, on the one hand, take part in arrangements that are executed under the leadership by global actors and aim at removing or reducing conventional obstacles to international trade, on the other hand, participate in various and regional economic integrations to provide a more deep and comprehensive economic cooperation and to cope with the competition and trade restrictions which continually increasing due to political, commercial and economical motives. Trade relations between Turkey and Russian Federation is an important element of the two countries' multidimensional cooperation. The most effective attempt to raise the top level of the volume and quality of existing commercial relationships will be the signing and putting into practice of a comprehensive free trade agreements between the two countries that have not been done previously. The purpose of this study is to determine the potential effects of such a free trade agreements between Turkey and Russian Federation in terms of trade in goods between two countries. To this end, in this study, theoretical aspects of free trade agreements' effects and place within regional integration types will be considered the impact of the possible Turkey-Russia free trade agreement will be examined in a framework of basic provisions with customs duties that set out in free trade agreements, recent trade data and key issues related to these countries.
Evaluating Transformation Process in Central Asian Turkic Republics in terms of Privatization and Economic Freedom on 25th Anniversary of the Transiti
Authors: Yurdadoğ Volkan , Akça Haşim , Ünlükaplan İlter
Published: December 2019

The phrase of “Transition economies”, covering various countries as well as Caucasus and Central Asian Turkic Republics, was found its place in the literature by the 1980’s and this transformation process from the centrally planned economy to market economy was analyzed with economic and fiscal dimension. Undoubtedly, the transition process of these countries wouldn’t be easy and exhibits differences, especially for the Central Asian Turkic Republics, as they were governed under the command economy over many years. Related studies is put forward the increasing importance and future predictions within this scope.
Two of the most economical and fiscal prosperity indicators of the transition economies are reconstruction of government and privatization implementations. In this context, after literature review analyzing the privatization implementations and the level of economic freedom indexes related to reconstruction of government by many dimensions under seminal international databases are crucial for that countries.
In this study, after the 25 years of transition of Caucasus and Central Asian Turkic Republics, in 2016, reconstruction of government and privatization implementations are examined both in fiscal and economically. Kazakhstan and Azerbaijan are not only the prosperous countries in this respect but also have outstanding mining and underground resources. We also reach that the reform process of transition and the prosperity of economic indicators have not been strongly correlated.
Fiscal Rules, Creative Accounting and Fiscal Transparency: An Evaluation on the Transition Economies
Authors: Ünlükaplan İlter , Yurdadoğ Volkan , Canıkalp Ebru
Published: December 2019

An anonymous idea is observed in the public finance literature that includes where fiscal rules, i.e numerical rules on the fiscal indicators, are strict and stringent, policy executives will have incentives to recourse to creative accounting implementations to overcome these numerical limits. Creative accounting is applied for demonstrating economic, especially fiscal indicators better than the originals to reach the necessary fiscal limit, even if they are primarily conducted by private firms.
Many countries applied these illusory implementations to hide their reported budget deficits especially in the last global crisis period. With this manner, creative accounting violates the basic principles of governance in public finance. In this context, governments should have to establish statistical classification structure and government accounting system that aims to prevent creative accounting. With this dimension, fiscal transparency will prevent from creative accounting implementations.
In this study, the relationship between fiscal rules and creative accounting on the public finance administration level will be determined and fiscal transparency suggestions that prevent these frauds in the economies will be evaluated. As a result, the practice of good governance in public finance should be implemented to provide financial transparency. In addition, the reforms about transparency in the legislation should be consider as an important proposal.
Examination Relations of Turkey and Kazakhstan from the Perspective of Foreign Trade Datas and Organizations
Authors: Ebrem İlker Salih
Published: December 2019

Established after the disintegration of the Soviet Union and Turkic Republics has tried to improve its relations with Turkey but relations have not developed to the required level. Existing relations between Turkey and Kazakhstan which from one of these countries, is assessed, have been mentioned economic and political contributions of organizations such as Turkish Exim Bank, Turkish International Cooperation and Coordination Agency (TIKA) and Hoca Ahmet Yasawi University, which are effective in the development of bilateral relations. Turkey and Kazakhstan relations has reached a momentum in recent years. The development of bilateral relations have also reflected the economic figures but this level of development is not enough.
Finally, by examining the trade volume between the two countries, import and export rates and which product mainly taken place in the foreign trade volume are examined and interpreted.
Workplace Learning Cultures, Learning Potential and Important Work Outcomes among Managerial Employees in Five-Star Turkish Hotels
Authors: Koyuncu Kadife , Esitti Bekir , Burke Ronald J , Koyuncu Mustafa
Published: December 2019

This research investigated the relationship of perceived workplace learning culture, workplace learning potential, perceived employability, feelings of psychological empowerment, important work outcomes, and self-reported assessments of service quality among supervisors and managers in five star hotels in Turkey. Data were collected from 205 managers, an eighty-nine percent response rate, from twelve hotels, using anonymously completed questionnaires. Work outcomes included job satisfaction, perceptions of service quality and intent to quit. Managerial Self-efficacy was significantly related to perceptions of workplace learning culture, opportunities for learning, employability and all other work outcomes. In addition, stronger workplace learning cultures and more opportunities for learning also had positive effects of several work outcomes.
The present research has limitations which should be noted to better assess the results. First, all data were collected using self-report questionnaires with the possibility of response set tendencies and common method biases. Second, all data were collected at one point in time making it challenging to address issues of causality. Third, although the sample was relatively large, all respondents came from high quality properties in only one large city in Turkey (Istanbul), thus the extent to which our findings would apply to hotels in other regions or hotels of lower quality is indeterminate.
Practical implications include training supervisors on ways to develop and support a workplace learning culture, training all employees on the benefits of personal efficacy and ways to increase it, and training employees on the benefits of their own learning and ways to enhance this.
The Analysis of the Effects of Financial Risks in Turkey and Russia on Basic Economical Data between 2000-2014
Authors: Tengiz Yusuf Ziya , Aydeniz Emine Şule
Published: December 2019

Financial risks affect the basic economic indicators in a negative way and cause structural deformation of the countries’ economy. In this study, the most effected economic indicators due to financial risks in Turkey and Russia and to activate their economical future plans are determined. Thereby Turkey and Russia can execute economical collaboration due to their powerful economies. The basic reason for choosing Russia among the Eurasian countries is that Russia economic aspect is the most patronized among these countries. Linear regression analyze method is applied. Financial risks like exchange rates, interest rates and inflation are determined as independence variants and each economic indicator as dependent variant.
Gross domestic product (GDP) is mostly affected by annual deposit interest rate (ADIR) and annual loan rate (ALR) in Turkey and by annual loan rate and inflation in Russia. GDP growth rate is not affected by financial risks in Turkey and Russia. Public gross import stock is affected by ADIR and ALR in Turkey and ALR in Russia. Public gross export stock is affected by US-dollar rate of exchange (RoE) in Turkey and Euro (RoE) in Russia. Import is affected by ADIR and ALR in Turkey and by ALR and Euro – Rouble rate (ERR) in Russia. Both countries export are affected by the same parameters. Current account balance is affected by ADIR and ALR in Turkey and ADIR and ERR in Russia. Composite index is not affected by financial risks in both countries. Same result is valid in foreign direct investment and GDP growth rate.
The Impact of Consolidated Financial Statements on Performance of Financial Institutions: A Key Study from Turkey
Authors: Çürük Turgut , Tanyeri Ayşe
Published: December 2019

Financial statements prepared by companies are the main sources of information for those who make economic decisions about the companies. As the listed companies in many countries (at least on the large European stock market) have one or more subsidiaries, they are obligated by regulations to prepare dual financial statements (individual and consolidated). Unlike the practices in developed European stock exchanges, companies listed on the stock exchange in Turkey, which used to prepare individual financial statements until 2005, have been preparing only consolidated financial statements in accordance with national accounting and financial reporting standards which were adopted from International standards since then. As of today, individual financial statements have not been prepared by Turkish companies. Only exception to this general practices are the Real Estate Investment Trusts (REITs) registered with Capital Market Board (CMB). As the discussions and results of some empirical studies in the literature indicate that impact of consolidated and individual financial statements on the performances of companies are different. In line with these arguments in literature, this study, focusing on the REITs registered with CMB in Turkey, attempts to investigate the impact of consolidated financial statements on performance of financial institutions (REITs). In this context, value relevance is used as a proxy to measure the performance. Than the impact of indicators as regards to profit and owners’ equity observed from two different sets of financial statements of the same Real Estate Investment Trusts on the value relevance of companies are analyzed.
The Determinants of Turkey's Intra-Industry Trade with European Union Countries: The Gravity Model Results (1996-2013)
Authors: Değer Mustafa Kemal , Doğanay Muharrem Akın , Telatar Osman Murat
Published: December 2019

In recent years, structure of world trade is transformed to intra-industry trade (IIT) that is defined as the import and export of similar commodities. The transformation of foreign trade structure has led to increase either theoretical or empirical studies on IIT. A large part of the empirical studies on international trade deals with gravity model for explaining the determinants of foreign trade. According to gravity model, trade between countries, is affected negatively to the distance between them and positively to the size of the country. Similar statements can be used in terms of the determinants of IIT. Therefore, this study will be carried out determinants of IIT with using the gravity model.
In this paper, determinants of intra-industry trade in manufacturing sectors between Turkey and European Union (EU) 15 countries will be estimated by panel data regression analysis in 1996-2013 periods. The results of this study indicate that market size and foreign direct investments have positive effects and distance between countries and real effective exchange rate have negative effects on Turkey’s manufacturing sector IIT with EU 15.
The Effect of Foreign Trade and Remittances to Gross Domestic Product of Kyrgyzstan: An ARDL Bound Testing Approach
Authors: Ganiev Junus
Published: December 2019

The foreign trade deficit of Kyrgyzstan is increasing year by year and the import is exceeding export about twice. A significant portion of the foreign trade deficit is covered by remittances. Furthermore, the ratio of remittance to Gross Domestic Product (GDP) is reached almost 30%. In this context, it is important to examine the effects of import, export and remittances to GDP. Empirical analysis using quarterly data covering the period 2000-2014 with ARDL Bounds Testing Approach showed that exports and imports effect GDP positively, while transfers from abroad effect negatively. So Kyrgyz Republic can further develop foreign trade in integration process with Eurasian Economic Union, but it has to involve foreign direct investments to decrease negative effects of emigration.
Effects of the Theory of Regulation on Financial Crisis
Authors: Uslu Kamil , Tufaner Mustafa Batuhan
Published: December 2019

The role of the financial sector in the financial crisis occurring in the world economy and market failures throughout history, has brought the debate over financial regulation. Systemic risk cases, which plays a major role in the occurrence of the financial crisis, to ensure efficiency and stability of financial markets has revealed the need for regulations. The aim of this study is to evaluate how the impact of the financial crisis on the regulation theory. Financial crisis, leading to market failures, moral hazard problems and rent-seeking activities, economic and social structure has created negative. In this context, the pre-crisis and post-crisis regulatory measures can be taken, it is possible to say that the country would have a positive effect on macroeconomic fundamentals.
Trade Openness and Macroeconomic Policy in OECD Countries
Authors: Koşan Naime İrem , Apak Sudi
Published: December 2019

Trade openness has been subject to an important issue many studies in literature. It allows us to analyze potential trade as a percentage of gross domestic product. Total value of international trade in goods and services shows the countries’ integration into the world economy. Generally, small countries are more integrated because of their dependency on imports. On the other hand, there many variables which effects trade integration. Our study focuses on to analyze the effects on trade openness and make inferences for OECD countries.
In this paper we aim to examine the relationship between trade openness and macro-economic indicators in OECD countries. To analyze the relationship, we used panel data regression analysis. Data obtained from World Bank, The Heritage Foundation and United Nations Conference on Trade and Development (UNCTAD). The panel data covers 2000-2013 periods and 33 countries. The analysis made through the Stata econometric packet program. We predicted pooled, fixed effects and random effects panel data models and analyzed them.
It has been found that gross domestic savings, investment freedom, and unemployment rate are statistically significant. The results found in this paper show that investment freedom and gross domestic savings have positive effect on trade openness as we expected. On the other hand, unemployment rate has positive effect on trade openness. These findings have important policy implications for OECD countries. Our interpretation of these findings is that, integration to world economy has generally positive effects for macroeconomic factors in OECD countries, but it should be limited.
The Sustainability of External Debts for Turkic Countries
Authors: Egeli Haluk , Egeli Pınar
Published: December 2019

Resources provided from one country to another country fulfills the function of closing the gap for currency and savings for the country acquiring these resources. Regarding the current position of emerging countries, these two concepts take important place for their development efforts. In this paper, developments in Turkic Countries are analyzed to put forth their external debts' sustainability for the transition period. The model is constructed by using variables with inter temporal budgetary constraints approach. Inter temporal budgetary constraint approach take into consideration external debt as well as interest rates in international financial markets. Panel data techniques are used for empirical analysis and based on the empirical findings for above mentioned countries, comments are made for their liquidity constraints and the sustainability of their external debts.
Is the Compensation Hypothesis Valid for Turkey?
Authors: Genç Murat Can , Telatar Osman Murat
Published: December 2019

Increases of trade openness in an economy raise the external risks in globalization. The societies demand on increases of the government expenditure in order to compensate for their risks. Hence the more trade openness may cause the more government size. This relation is named as compensation hypothesis in the literature has been comprehensively discussed by Rodrik (1998) but started by Cameron (1978). This paper attempts to analyze the cointegration and causality relationships between trade openness and government size in Turkey, utilizing annual data for the period 1980–2013. The existence of the long run relationship between trade openness and government size is investigated by applying Engle and Granger (1987) cointegration test. The empirical findings of cointegration test stated that the series are cointegrated. On the other hand the results of error correction model indicate that there is a unidirectional causality from trade openness to government size. The significance of this results state that the compensation hypothesis is valid for Turkey.
Efficient and Effective Public Spending for Sustainable Economic Growth
Authors: Azhykulova Asel
Published: December 2019

Nowadays, governments are more careful with the use of resources and attempt to be efficient and effective to achieve sustainable economic development. This paper contrasts the efficiency and effectiveness of public spending of developed and developing countries in current conditions and their impact on economic growth.
The author analyses efficiency and effectiveness measures of public spending applied by prominent cross-country empirical studies. The critical success factors for the effective performance of government through World Bank indicator of government effectiveness highlights the role of effective public budget policy. In addition, the Public Sector Performance Index and Public Sector Efficiency Index introduced by Vito Tanzi and other measures of Livio di Matteo, Konstantinos Angelopoulos are examined. Based on these approaches the author proposes several suggestions for the current condition of public budget policies of Central Asian countries and ways of improving the effectiveness and efficiency levels of their public sector.
The author argues that the assumption that developing countries are less efficient than developed countries are based on several efficiency variations: the size of government expenditure, a government budget composition, aid dependency, and weak institutions. What is more, findings suggest that countries with relatively small governments that use resources more efficiently tend to achieve higher levels of economic growth that is not always the case for all developed countries. These findings have important implications for assessing the government performance on economic growth.
The Sources of Economic Growth in Kazakhstan Economy: An Input-Output Analysis Approach
Authors: Özdil Tuncer , Turdalieva Ainura
Published: December 2019

The input - output analysis reflects the production-consumption relationship between the economic production sector in a country's economy and widely applied as an analytical technique of economic analysis in both developed and developing countries. At the same time, this technique is the macroeconomic analysis tool for identifying sectoral economic relations in the industry by production and consumption dimensions.
For this study, input-output tables for Kazakhstan for the period of 2006-2013 were used. Tables consist of the same content and number of sectors and the sources of economic growth for the given period was calculated by Syrquin Decomposition model. Syrquin Model is a demand-side approach, which decomposes economic growth into four main sources: domestic demand expansion, export expansion, import substitution and technological change. Also, the study investigates the source of production increase occurred in any economic production sectors.
Within this framework, the results will be obtained for aggregated main 8 sectors and whole the economy. Admittedly, the results will give insight into the effectiveness of macroeconomic policies implemented in Kazakhstan. This aspect of the research results is expected to contribute to the creation of a more rational economic policy.
Legalization of Paid Services - The Source of Increasing Salaries of Medical Workers
Authors: Japarova Damira
Published: December 2019

The main reason for the existence of informal payments in health care in Kyrgyzstan is low wages. On preferential treatment of patients is used 94% of funds allocated by the state. The financing of medical services largely transferred to the citizens themselves. Replacement free assistance paid services, in the absence of government regulation, acts as a natural addition to the market price, it is impossible to cancel or destroy. Promote the quality of work does not go beyond payroll. Kyrgyzstan should be legalized paid medical services. The source of the additional accrual of wages may become fund clinics, hospitals generated by paid services.
A New Approach to Sustainable Development Solution for Global Climate Change Problem
Authors: Altınok Serdar , Fırat Emine , Soyu Esra
Published: December 2019

Globalization notion is encountered not only economically, but also politically, culturally, technologically and ecologically. Environmental problems seen national at first glance can cause regional and subsequently global problems. Climate changes create regional, social and economic problems in terms of effects thereof. Many factors such as continuation of rapid population growth, proliferation of water problems, increase of global warming and irrevocable habits of countries can lead to world pollution and impairment of environment.
Industrialization, population growth and excessive consumption tendency on the one hand and need for balanced use of natural sources such that energy can meet needs of future generations on the other hand has rendered “environment” and “development” subjects substitute for each other. While increase of welfare and happiness of people are aimed with economic development, socio-economical costs caused by global climate change threaten this welfare cycle. A variety of sources extinct due to global warming and some of them cannot be effectively used in a desirable level. This situation prevents economic productivity. Global climate change problem should be reevaluated with not only conventional sustainable development approach but also in a global plane containing new political ecology notions such as “environmental justice” and “climate justice”. For this purpose, each of us has a role to play and also, novel law and policies are required that will lead global-scale solutions. In this study, relationship between global climate change and sustainable development approach will be handled within the scope of a new tendency.
Analysis of Grants Distributed by Development Agencies via Method of PESTLE: Case of KUZKA in Turkey
Authors: Saray Gizem , Abacı Hilal , Akça Hasan , Şahin Levent
Published: December 2019

Major scale projects have been implemented in Turkey in the context of FYDPs to reduce interregional disparities. Funds for these projects were provided from either WB and EU or Turkey’s internal resources. A new application was started in 2006 as parallel to the establishment of Development Agencies in the context of harmonisation process to the EU. There are 26 Development Agencies in Turkey.
In this study, KUZKA was selected as research area. Secondary data (call for projects, reports, data of the Ministry of Development, statistics, etc) were used and grants distributed by the KUZKA were examined via PESTLE Analysis. In substance, effects of grants were handled point schemes of politics, economics, social, technological, legal and environmental point of view and also contribution of the KUZKA to regional development in Turkey have been determined.
The European Union’s Attitude towards Russia between Values and Interests
Authors: Gözkaman Armağan
Published: December 2019

The study will focus on the European Union’s attitude towards Russia by taking into consideration a dilemma: The European Union (EU) wants to uphold its values and principles while endeavoring to maximize its interests. In the post-Cold War period, Moscow’s policy choices have often been problematic for the Europeans. In the period following the Ukrainian conflict, the analysis of the relations between the two “strategic partners” is more difficult than ever. At least three reasons underlie this difficulty. First, the EU is notoriously incapable of reaching a common position on how to deal with the Russian problem. Second, trade is an important factor for the relations between the EU and Russia where oil occupies a significant place. Third, Russia has also a signification position vis-à-vis the EU as a powerful actor of international relations.
The Relationship of Development and Education: An Evaluation of Turkey’s Education Level by Human Development Index
Authors: Fırat Emine , Ürün Emre , Aydın Aytaç
Published: December 2019

The unfair distribution of income in underdeveloped countries causes the capital to be gathered in the hands of a certain party and thus preventing it from spreading to the society and although national income in these countries is high, the level of development being low creates problems. Education directly relates to issues related to the concept of development such as developing individuals’ social points of view, obtaining the individual’s skills and abilities, shaping the socio-cultural structure, environment, healthy life and guaranteeing rights and freedom.
The fact that frontiers disappeared together with the globalizing world and sharing the incomes in international markets have brought about some problems. The emergence of human-centered approach in development in 1970 and after has been an important opportunity for all societies. Human development has led the way to investigate concepts such as poverty, income equality, health and education and to take action to remove the deficiencies in the aforementioned area.
Education is inevitable for development. In this context, Turkey’s education level will be evaluated in terms of the relationship of human development and education for development. In this study the indicators of Human Development Index (HDI) prepared by UDP annually and Education Index (EI), the sub-index of HDI, for Turkey have been taken into consideration and it has been aimed to determine Turkey’s level of development in education. It was determined in the study that Turkey’s level of human development is not satisfactory and that indicators for education were low.
Testing the Twin Deficit Hypothesis for Kyrgyzstan Economy
Authors: Baigonushova Damira
Published: December 2019

Twin deficits hypothesis suggests that there is a positive relationship between budget and current account deficits. The present study examines Twin Deficits Hypothesis over the period of 2005:01–20013:12 in Kyrgyzstan by using Vector Autoregressive Model technique. The results show that there are relationships between government expenditure, export and import. The causalities are from government expenditure to export and import. These results confirm the Keynesian view, which asserts the existence of twin deficits, meaning that the state budget deficit at weak real economy, in an open economy, increase imports, which is the cause of twin deficits in the economy of Kyrgyzstan. To solve the problem of twin deficits, the state must pursue an active foreign trade policy in addition to fiscal policy, as it is proven empirically the state budget deficit has a big impact on trade deficit, but not the main factor of trade deficit.
Institutionalization of Turkish Sport Sector: Example of Football Clubs
Authors: Dağlı Ekmekçi Yeter Aytül , İrmiş Ayşe
Published: December 2019

Sport is an enormous growing sector day after day with its sub-sectors like food, textile, technology, communication, health, tourism etc. Besides it is providing an important source of income in the economy. One part of this sector is sport clubs and most of them are running as companies nowadays. Therefore they need to be managed professional and to get an institutional structure to survive in the economic system. Thus the aim of this study is to examine the institutionalization of Turkish sport clubs, how the managers and workers evaluate their clubs. The data was collected from 178 managers/workers from Super League and PTT 1. League clubs, which are the top level organizations of Turkish football system. The obtained data from the questionnaires are analyzed through the SPSS statistical packaged software. Analysis results revealed that high level educated managers/workers are evaluating both sub-dimensions of institutionalization (professionalization and cultural element) at a lower level than the others. Similarly the managers/workers who indicated that clubs doesn’t have mission and vision, they evaluated the institutionalization of clubs in a lower level. But on the other side there has been found any differences between managers/workers who are educated in sport sciences area, than who are not educated in this area.
Sustainable Development in Russia: Specific Features of Transition Procedure
Authors: Grigoreva Ekaterina
Published: December 2019

Current issues on economic security, preventing new challenges and threats to its strength and stability along with sustainable development of the regions require scientific background and scientific justification. New conceptual approaches to the mechanisms and methods are being searched for the purpose of the Russian Federation, as well as its constituent entities’, enterprises’ and organizations’, public and entrepreneurship activity spheres’ economic interests protection, which is reflected in the strategy of socio-economic development of the Russian regions.
The article considers conceptual frameworks of sustainable ecological and economic development at a global level. It defines the concept of sustainable development in terms of economic science and the range of its problems. It also discusses debating points of experts and volunteer environmentalists concerning the transition procedure to sustainable development models in Russia.