İktisadi, İdari ve Sosyal Bilimler Fakültesi

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Citation Count: 52
Assessing the Importance of International Tourism for the Turkish Economy: a Social Accounting Matrix Analysis
(Elsevier Science, 2012) Akkemik, K. Ali; Akkemik, K. Ali
The international tourism sector has grown rapidly in Turkey since the 1980s and Turkey ranks among the top ten countries in terms of tourist arrivals and receipts. Previous studies on international tourism in Turkey are partial equilibrium studies which emphasized the importance of the sector for foreign exchange earnings employment creation and economic growth. The social accounting matrix (SAM) modeling approach is superior to partial equilibrium analysis as it takes into account intersectoral linkages. This paper analyzes the contribution of international tourism to the Turkish economy using two SAMs for 1996 and 2002 respectively. Two analyses are conducted using the SAM impact model: (i) sectoral comparison of GDP elasticities and (ii) SAM impact analysis of international tourism on output value-added and employment. The results show that the GDP elasticity of international tourism is relatively low and the impact of foreign tourist expenditures on domestic production value-added (GDP) and employment in Turkey are modest. The results imply the possibility of leakage of foreign tourist expenditures out of the economy. (C) 2011 Elsevier Ltd. All rights reserved.
Citation Count: 6
Can Law Impose Competition? a Critical Discussion and Evidence From the Turkish Electricity Generation Market
(Pergamon-Elsevier Science Ltd, 2014) Oğuz, Fuat; Akkemik, K. Ali; Göksal, Koray
Electricity markets have undergone regulatory reforms since the early 1980s around the world. Technical analyses of these reforms usually pay lip service to the influence of politics over regulatory processes. Existing studies examine certain aspects of the market such as demand pricing and efficiency and they touch upon political issues only passingly when economic models cannot provide sufficient explanation This approach problematically takes politics as an ad hoc variable. This study shows that electricity is intrinsically a 'political good' and argues that any meaningful reform effort should take institutions as the starting point rather than a residual. The argument that politics has to be an endogenous variable in any model aspiring to explain behavior in electricity markets is demonstrated in the paper. The evidence for the political good character of electricity is found by examining the Turkish regulatory reform for Which it is argued that there is not a satisfactory relationship between expected and realized gains. (C) 2013 Elsevier Ltd. All rights reserved.
Citation Count: 1
Dependence on Imported Inputs and Implications for Technology Transfer in Turkey
(Springer New York, 2012) Akkemik, K. Ali
Trade and macroeconomic policies in Turkey evolved from import substitution to export promotion and liberalization of commodity and capital markets after 1980. During the 1980s and 1990s Turkey’s exports and imports and their shares in GDP demonstrated an increasing trend. The share of exports in GDP increased from 4.2% in 1980 to 20.3% in 2005 and that of imports rose from 11.4 to 32.2%. Import liberalization was accomplished during the second half of the 1990s and at around the same time direct price support for exports was abolished. © Springer Science+Business Media LLC 2012. All rights reserved.
Citation Count: 24
Energy Consumption and Income in Chinese Provinces: Heterogeneous Panel Causality Analysis
(Elsevier Science, 2012) Akkemik, K. Ali; Göksal, Koray; Li, Jia
Recently energy production in China fell behind energy consumption. This poses important challenges for the rapidly growing Chinese economy. As a consequence the causal relationship between energy consumption and GDP is an important empirical issue. This paper examines Granger causality between energy consumption and GDP in China using province-level data. The current paper extends the Granger causality analysis employed in previous studies by taking into account panel heterogeneity. Specifically four different causal relationships are examined: homogeneous non-causality (HNC) homogeneous causality (HC) heterogeneous non-causality (HENC) and heterogeneous causality (HEC). HC and HNC hypotheses are rejected for causality in either direction from GDP to energy or from energy to GDP which implies that the panel made up of Chinese provinces is not homogeneous. Then heterogeneous causality tests (HEC ad HENC) are conducted for each province. For the causality running from GDP to energy 19 provinces exhibit HEC and 11 provinces exhibit HENC. For the causality running from energy to GDP 14 provinces exhibit HEC and 16 provinces exhibit HENC. The results suggest that the Chinese government should incorporate a regional perspective while formulating and implementing energy policies. (C) 2012 Elsevier Ltd. All rights reserved.
Citation Count: 54
Energy Consumption-Gdp Nexus: Heterogeneous Panel Causality Analysis
(Elsevier Science Bv, 2012) Akkemik, K. Ali; Göksal, Koray
Existing studies examining the Granger causality relationship between energy consumption and GDP use a panel of countries but implicitly assume that the panels are homogeneous. This paper extends the Granger causality relationship between energy consumption and GDP by taking into account panel heterogeneity. For this purpose we use a large panel of 79 countries for the period 1980-2007. Specifically we examine four different causal relationships: homogeneous non-causality homogeneous causality heterogeneous non-causality and heterogeneous causality. The results show that roughly seven-tenths of the countries exhibit bi-directional Granger causality two-tenths exhibit no Granger causality and one-tenths exhibit unidirectional Granger causality. (C) 2012 Elsevier B.V. All rights reserved.
Citation Count: 1
General Equilibrium Evaluation of Deregulation in Energy Sectors in China
(Routledge Journals Taylor & Francis Ltd, 2015) Akkemik, K. Ali; Li, Jia
The central government in China has implemented ambitious energy policy reforms since 1978. An important pillar of these reforms is the deregulation in the energy markets which manifests itself in the formation of energy prices. This study examines the macroeconomic impacts of deregulation in China using an applied CGE model and counterfactual policy simulations. The results point to substantial welfare improvement. Sectoral results point to a reallocation of resources and diversion of economic activities more toward domestic services.
Citation Count: 0
Macroeconomic Adjustment in Asia After the Global Financial Crisis: Japan, Korea, and China
(Nova Science Publishers, Inc., 2017) Akkemik, K. Ali; Özdemir, Onur
[Abstract Not Available]
Citation Count: 67
Macroeconomic and Institutional Determinants of Financialisation of Non-Financial Firms: Case Study of Turkey
(Oxford University Press, 2014) Akkemik, K. Ali; Özen, Şükrü
We observe that industrial firms in Turkey have shifted substantial amounts of working capital from production activities to the purchase of high-yield interest-bearing assets most notably public bonds to ensure immediate short-term interest revenues. Introducing the new and historical institutional literatures to the financialisation research this article empirically examines the influences of macroeconomic and institutional factors on non-financial firms' financialisation behaviour for the period 1990-2002. The findings from panel regression analyses using data from 41 firms listed on the Istanbul Stock Exchange indicate that both macroeconomic and institutional factors influence financialisation behaviour to different degrees. Turkish non-financial firms particularly engage in financialisation as a response to highly uncertain macroeconomic conditions. The findings indicate that the key characteristics of state-organised business system in Turkey such as firms' ties with the government and family ownership are not conducive to financialisation behaviour.
Citation Count: 17
Measuring Energy Intensity in Japan: a New Method
(Elsevier, 2017) Zaim, Osman; Gazel, Tuğçe Uygurtürk; Akkemik, K. Ali
Energy intensity and energy conservation have been important pillars of energy policies in Japan. Recently the government has introduced new initiatives to enhance energy efficiency and reduce energy intensity. We analyze the energy intensity in Japan for the period 1973-2006 by proposing a new method which takes into account all other inputs used in production and corrects for the bias in the traditional energy intensity measure. We show that the traditional energy intensity measure has serious flaw. The traditional measure overestimates actual energy intensity before the mid-1980s and largely underestimates afterwards. It is found that aggregate energy intensity has risen remarkably from 1991 to 2001. The main cause of this rise is the rapid rise in energy intensity in manufacturing and energy sectors. (C) 2016 Elsevier B.V. All rights reserved.
Citation Count: 0
Rapid Economic Growth and Its Sustainability in China
(T.C. Dışişleri Bakanlığı Stratejik Araştırmalar Merkezi, 2015) Akkemik, K. Ali
China has recorded remarkable growth rates for three and a half decades. Recently, the annual growth rate has slowed down and is projected to decline gradually to 5 % by 2030. This article examines how high economic growth was realized in the past and whether it can be sustained in the future. In doing this, the paper takes into consideration the projections about future growth rates. The article emphasizes that the main reason for the reduction in the future growth rates is the unsustainability of the currently high investment rates in the long run. In addition, the diversification of financial instruments for the already high savings is important. Necessary improvements in the financial sector are discussed in conjunction with the long term sustainability of economic growth rates.
Citation Count: 5
Re-Considering the Linkage Between the Antecedents and Consequences of Happiness
(Elsevier Science Bv, 2016) Yeniaras, Volkan; Akkemik, K. Ali; Yücel, Eray
A growing number of studies examine the antecedents of happiness but only a handful of them appear to undertake an analysis of its consequences. Employing a unique cross-sectional data set of 413 adults we examine the relationship of the antecedents of happiness on its outcomes via mediation analysis. We show that the web of relations in this domain is more complicated than it is commonly understood. We provide empirical evidence that income enhances individuals' life satisfaction. We also find a non-linearity in the relation of age to frugality and to attitude towards debt. Whereas a positive relationship exists between employment and frugality income negatively affects frugality. We find strong evidence to suggest that life satisfaction reverses the relationships of employment and income to frugality. Additionally we obtained empirical evidence to suggest that employment income and sex positively affect attitude towards debt. Furthermore we provide empirical evidence that the relationships of age and. income to attitude towards debt are complementarily mediated by frugality while frugality competitively mediates the relationship of employment to attitude towards debt. Finally the results reveal that there exists an indirect-only effect of life satisfaction to attitudes towards debt through frugality. (C) 2016 Elsevier B.V. All rights reserved.
Citation Count: 3
Recent Industrial Policies in Japan
(Springer International Publishing, 2015) Akkemik, K. Ali
Traditional Japanese industrial policies have since the 1990s evolved towards knowledge-based industrial policies. In this chapter we first explain the salient features of both the traditional and knowledge-based industrial policies and compare them from the perspective of the role of the government. Knowledge-based industrial policies emphasize the role of the government as a facilitator and coordinator rather than a guide. Accordingly the policy instruments differ as well. The changing global economic environment in the era of the knowledge economy and the emergence of new regional rivals Korea and China also led to significant changes in policy design and corporate governance styles as well. On the other hand we argue that there is still an influence of the developmental state practices in policy-making. To present a full account of the recent industrial policies in Japan we present the recent changes in the policy-making process as well as the economic mindset with reference to the official documents on industrial policies. © Springer International Publishing Switzerland 2015.
Citation Count: 0
The Relation Between Worldviews and Intergenerational Altruism in Turkey: an Empirical Approach
(Univ Babes-Bolyai, 2016) Bulut, Mehmet; Akkemik, K. Ali; Göksal, Koray
Intergenerational altruism is an important area of research to understand the impact of culture on economic outcomes. We hypothesize based on recent research about intergenerational altruism and tough love model that worldviews religious beliefs and people's confidence about their worldviews affect intergenerational altruistic economic behaviour. We extend the research on the impact of worldviews on intergenerational altruism by focusing on Turkey. In the empirical analysis we run probit regressions using data from a large national survey. We find that worldviews religiosity and confidence of individuals about their worldviews impact on intergenerational altruistic economic behaviour in Turkey.
Citation Count: 2
Toward a Wider Market Definition in Broadband: the Case of Turkey
(Elsevier Science, 2015) Oğuz, Fuat; Akkemik, K. Ali; Göksal, Koray
As broadband Internet transforms the way people connect with others the boundaries between different modes of communications become vague. In recent years the scope of voice and broadband markets has become a matter of concern for both policymakers and researchers. Until recently it was thought that DSL and mobile broadband markets were separate markets and therefore they were separately regulated. However recent empirical evidence in some countries shows that fixed and mobile broadband services are likely to be substitutes. If this is true the definition of the relevant market for broadband has to be expanded to include mobile networks. This implies that they should be subject to the same regulatory framework. In order to follow this change we look into the Turkish broadband market as it is one of the fastest growing in Europe. The paper provides empirical evidence on the existence of fixed-mobile substitution in broadband Internet services in Turkey. We show that fixed and mobile broadband are substitutes in Turkey and they have to be included in the same relevant market definition. As differences between them in terms of speed reliability and price diminish customers increasingly see them as substitutes. These changes in the market environment require a reconsideration of the regulatory environment of fixed and mobile broadband markets. (C) 2015 Elsevier Ltd. All rights reserved.
Citation Count: 0
Whither Developmental State in East Asia
(Nova Science Publishers Inc., 2017) Akkemik, K. Ali; Tiryakioğlu, Murad
[Abstract Not Available]

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