Browsing by Author "Orhangazi, Özgür"

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Citation Count: 0
2000’li Yıllarda Yapısal Dönüşüm ve Emeğin Durumu
(DİSK Birleşik Metal-İş, 2019) Orhangazi, Özgür
Türkiye ekonomisi 2000’li yıllarda büyük bir yapısal dönüşüm yaşamış ve tarımın milli gelir ve istihdam içerisindeki payı hızlı bir biçimde düşmüştür. Bu süreçte proleterleşme artmış ve Türkiye giderek daha fazla bir ‘ücretliler toplumu’ haline gelmiştir. Ne var ki ekonominin ve özellikle sanayi sektörünün istihdam yaratma kapasitesi görece düşük kalmıştır. Bunun sonucu yüksek işsizlik oranları ve düşük işgücüne katılma oranları olarak karşımıza çıkmaktadır. Dış sermaye girişlerine bağımlı, borç artışına dayanan, inşaat odaklı bir büyüme modelinin hakim olduğu ve uygun istihdam ve sanayi politikalarının geliştiril(e)mediği bu dönemde istihdam ağırlıklı olarak üretkenliği düşük hizmetler sektöründe yoğunlaşmıştır. İşgücü piyasalarının temel özellikleri olarak işsizlik oranlarının yüksek olması, yedek işgücü ordusunun genişliği ile sendikalaşma ve toplu iş sözleşmesi oranlarının oldukça düşük olması öne çıkmıştır. Aynı zamanda işgücü piyasaları giderek güvencesizleştirilerek taşeronlaşma ve esnek istihdam biçimleri yaygınlaştırılmaya çalışmıştır. Bu dönemde yine de reel ücretlerde belirli bir yükselme gözlemlense de bu, verimlik artışının ve dolayısıyla GSYH artışının gerisinde kalmıştır.
2001 Sonrası Türkiye'de Bankacılık Sektörü
(Kadir Has Üniversitesi, 2016) Genç, Tolga; Orhangazi, Özgür
Bu çalışmada öncelikli olarak 2001 krizi sonrasında ekonomi ve bankacılık sektörünün genel durumu tespit edilmeye çalışılmıştır. 2001 yılında gerçekleşen ekonomik daralma, kurlardaki hızlı iniş çıkışlar, enflasyon, işsizlik gibi gelişmelerin dalgalı kur sistemine geçilmesi, enflasyon hedeflemesinin uygulanmaya başlanması, Merkez Bankasının bağımsızlığını sağlanmasına yönelik yasanın çıkartılması ile sonuçlanmıştır. Banka sayısı, hizmet çeşitliliği ve teknolojik altyapı olarak ilerlemiş olan bankaların öz kaynak yetersizliği, iç kontrol ve risk algılama sistemlerinin zayıflığı, düşük aktif kalitesi gibi problemleri yaşanan makroekonomik istikrarsızlık ile birlikte bankacılık sektörünün ciddi bir krize sürüklenmesine sebep olmuştur. Bu yapısal sorunların giderilmesi amacıyla "Bankacılık Sektörü Yeniden Yapılandırma Programı" başlatılmış ve sektörün sayı olarak ayıklanması ve güçlendirilmesi hedeflenmiştir. Bankacılık sektöründe 2000'lerin başından itibaren bugüne kadar banka sayısı, şube sayısı, istihdam, aktif büyüklüğü, kredi-mevduat oranları ve yoğunlaşma anlamında yaşanan gelişmeler sayı olarak analiz edildiğinde sektörde yoğunlaşmanın olduğu, siyasi gelişmelere paralel katılım bankacılığının hızla geliştiği, kredilerde mevduata göre hızlı bir büyüme söz konusu olduğu görülmektedir. Banka karlılıkları konusunda yerli ve yabancı literatürde yapılan çalışmalar tek ülke verileri ve çok ülke verileri olmak üzere iki başlık altında toplanmaktadır. Banka karlılığı üzerine yapılan çalışmalarda bağımlı değişken olarak Aktif Karlılığı (Return on Asset-ROA), Özkaynak Karlılığı (Return on Equity-ROE) kullanılmıştır. Bağımsız değişkenler olarak, bankalara özel ve sektörel verilerle makroekonomik değişkenler kullanılmıştır. Çalışmanın amacı, Karlılık Analizi dahilinde örnek olarak seçilen 18 kamu, özel ve yabancı sermayeli mevduat bankasının karlılığa dayalı performansının incelenmesi ve bankaların karını etkileyen değişkenler konusunda değerlendirmesini yapmaktır. Çalışmada bankaların karlılık göstergeleri olan Aktif Karlılığı (ROA) ve Öz Kaynak Karlılığı (ROE), banka özelinde, sektör bazında ve makroekonomik değişkenlerle açıklanmaya çalışılmaktadır. Çalışmada seçilen 18 adet bankanın toplam, 2008 Krizi öncesi dönem ve sonrası olarak 2 grup, yoğunlaşma açısından ilk beş sırada yer alan 5 banka ve kalan 13 banka olarak 2 grup, yerli ve yabancı sermaye sahibi bankalar olarak 2 grup olarak 7 grupta ROA ve ROE değerlerinin belirlenen değişkenler ile ilişkilerine bakılmıştır. Buna ilave olarak Sıradan En Küçük Kareler Yöntemi ile belirlenmiş olan değişkenlerin toplu halde ROA ve ROE ile ilişkileri de değerlendirilmiştir. Bankaların aktif büyüklüklerinin, sermaye yeterliliğinin, yoğunlaşmanın, mevduat ve kredi hacimlerinin, net faiz gelirleri ve net faiz dışı gelirlerinin karlılığa pozitif bir etkisi olduğu görülmektedir. Mevduatların kredileri karşılayabilme durumları, takipteki krediler, enflasyon, TL / USD Döviz Kuru ise karlılığı negatif olarak etkilemektedir.
Citation Count: 0
Back To Full Employment
(Routledge Journals Taylor & Francis Ltd, 2013) Orhangazi, Özgür
[Abstract Not Available]
Citation Count: 13
Capital Flows and Credit Expansions in Turkey
(Sage Publications Inc, 2014) Orhangazi, Özgür
Literature on capital flows identifies various channels through which capital inflows could create financial fragility and economic instability in developing and emerging economies. Domestic credit expansion is one such channel. Capital inflows can lead to rapid expansion of domestic credit even create credit bubbles and thus result in an increased fragility of the economy. I analyze the link between private capital inflows and bank credit to the private sector in the case of Turkey between 2003 and 2013 and ask whether surges in private capital inflows accelerate growth of credit. I employ a logit model to investigate the link between capital inflows and periods of rapid credit expansion. The findings suggest that net private capital inflows after controlling for other determinants of credit are positively correlated with periods of rapid credit expansion.
Citation Count: 7
Capitalism Crisis and Class: the United States Economy After the 2008 Financial Crisis
(Sage Publications Inc, 2014) Dufour, Mathieu; Orhangazi, Özgür
The literature on the outcomes of the financial crisis in low- and middle-income countries in the post-1980 era presents three broad findings: first the burden of crises falls disproportionately on labor in general and low-income segments of the society in particular. Wages and the labor share of income fall unemployment increases the power of labor declines and income inequality and poverty increase. Capital on the other hand recovers quickly and gains more ground. Second government policies favor capital especially financial capital at the expense of the larger public. Crises also present opportunities for further deregulation and liberalization in financial markets and the rest of the economy. Third following financial crises foreign capital inflows may increase as international capital seeks to take advantage of the crisis and acquire assets at fire-sale prices. The 2008 U.S. financial crisis provides an opportunity to extend this analysis to a leading high-income country. By examining the experience of the United States after the financial crisis in terms of the questions and issues typically raised in examinations of low- and middle-income countries this paper makes an original contribution while at the same time contributing to the gradually emerging literature on the consequences of the U.S. financial crisis. We first look at the distributional effects of the financial crisis and compare this with the impacts of the crisis on capital. Then we investigate the changes in income shares of labor and capital before shifting our attention to changes in inequality and poverty. Next we focus on the role of government policies through an analysis of government taxation and spending policies. Finally we examine the changes in capital inflows before concluding with a discussion of our overall findings and further research areas.
Citation Count: 11
Competition and Monopoly in the U.s. Economy: What Do the Industrial Concentration Data Show?
(Sage Publications, 2021) Davis, Leila; Orhangazi, Özgür
A recent series of academic studies, think-tank reports, and news articles shows widespread attention to rising industrial concentration and market power in the U.S. economy. In this paper, we focus on concentration in the U.S. nonfinancial corporate sector to make three contributions to the literature. First, we use examples from the debate on industrial concentration to show that there are often-divergent predictions in the theoretical literature surrounding the expected consequences of concentration and monopolization for nonfinancial firms. Second, we use industry-level concentration data to describe recent trends in average concentration. We show that, while concentration increases across the majority of industries after the late 1990s, the retail and information-services sectors are particularly key for understanding recent trends in average industrial concentration. Third, we link our industry-level analysis with firm-level data to describe the relationship between industrial concentration and nonfinancial corporations' profitability, markups, and investment. Consistent with the ambiguities in the theoretical literature, we find that these relationships are not uniform: while some highly concentrated industries confirm standard expectations with high markups, high profitability, and low investment rates, other highly concentrated industries earn lower-than-average markups and profits, suggesting that - in some industries - increased concentration and intensified competition may go hand in hand.
Citation Count: 3
Contours of Alternative Policy Making in Venezuela
(Sage Publications Inc, 2014) Orhangazi, Özgür
The economic policies of the Venezuelan government in the last decade represent a significant departure from neoliberal orthodoxy. This departure consists of a focus on greater national autonomy, a return to some of the macroeconomic policies of earlier eras, and increased state involvement in the economy through interventions and social programs. While these policies have resulted in improved social indicators, they also have provided space for a set of "transformative" initiatives, including experiments with worker co-management, cooperatives, and participatory planning, all of which seek alternatives to the capitalist organization of the economy. Although the Venezuelan experience could be considered sui generis, especially with the economy's dependence on oil, a critical evaluation of the policies implemented in Venezuela would contribute to discussions on the alternatives to both neoliberal policies and capitalism in general. This paper provides an analysis of the break with neoliberal economic policies and of the transformative initiatives, as well as an evaluation of their achievements together with a discussion on their likely future path.
Citation Count: 1
Contradictions of Capital Accumulation in the Age of Financialization
(Edward Elgar Publishing Ltd, 2016) Orhangazi, Özgür
[Abstract Not Available]
Corporate Leverage, Monopolization, Zombification: an Analysis of the U.s. Nonfinancial Corporate Sector
(Kadir Has Üniversitesi, 2021) Sancaklı, Berke; Orhangazi, Özgür
The U.S. non-financial corporations hit record debt levels and leverage ratios even before the COVID-19 pandemic. A recent series of reports, news articles and academic studies show widespread attention to the increasing indebtedness of the non-financial corporate sector and raise concerns about the increases in corporate debt. Using firm-level data from a sample of the U.S. non-financial corporations covering from 1980 to 2019, I find that large firms rapidly increased their leverage ratios without increasing the corresponding level of real investment in last decade. In addition to leverage, most of the outstanding debt is held by very large firms. High profitability and low interest rates allow them higher interest coverage ratios. I also show that leverage is higher in highly concentrated industries and intangible intensive firms, potentially indicating a link between market power and debt levels. Concurrently, although smaller firms face lower leverage ratios, they also have lower interest coverage ratios. A remarkable proportion of firms now become zombie or ponzi units.
Determinants of Investment in the Manufacturing Sector in Turkey
(Kadir Has Üniversitesi, 2017) Doruk, Ömer Tuğsal; Orhangazi, Özgür
This dissertation focuses on the determinants of investment in Turkish manufacturing sector. it gives a detailed framework and complementary analysis of the determinants of investment in Turkish manufacturing sector. First i examine the financing constraints hypothesis for the manufacturing sector. The financing constraints have a controversial place in the current literature and for Turkey there has been a limited literature in this field even-though the relation between financing constraints and investment has traditionally had a special place in investment studies. Second i analyze the relation between cash holding or staying liquidity and investment as well as the effect of cash holdings on investment. Third i examine the effect of profitability on investment for Turkish manufacturing sector. Fourth i review the effect of free cash flow on investment. i use free cash flows to examine the relationship between underinvestment and financing constraints. i also investigate the effect of different institutional aspects of investment such as holding structures and TUSiAD membership. This dissertation offers a detailed contribution to the understanding of investment behavior of publicly held firms in the manufacturing sector in Turkey. Moreover this dissertation gives a comprehensive framework for measuring financing constraints for investment decisions. Finally this dissertation makes a significant contribution to linking the conditions of financing constraints and underinvestment.
Citation Count: 9
Determinants of Investment in Turkey: a Firm-Level Investigation
(Routledge Journals Taylor & Francis Ltd, 2019) Gezici, Armağan; Orhangazi, Özgür; Yalçın, Cihan
In this article we analyze the financing constraints-investment link for the case of Turkey between 1996 and 2013. As different from the existing studies on Turkey we use a more comprehensive data set that includes both publicly-traded and privately-owned firms and analyze the differences in constraints across small- and medium-sized firms and large firms. In addition to the commonly used cash-flow sensitivities we use alternative measures of constraints build from multiple firm specific variables. We find that small- and medium-sized manufacturing firms in Turkey are subject to financing constraints regardless of the measure used.
Citation Count: 0
Financial Deregulation and the 2007-08 Us Financial Crisis
(Edward Elgar Publishing Ltd, 2015) Orhangazi, Özgür
[Abstract Not Available]
Citation Count: 0
Financial Deregulation and the 2007–08 Us Financial Crisis
(Edward Elgar Publishing Ltd., 2015) Orhangazi, O.
[No abstract available]
Citation Count: 2
Financial Deregulation and the 200708 Us Financial Crisis
(Edward Elgar Publishing Ltd., 2015) Orhangazi, Ö.
[No abstract available]
Financial Liberalization and Direction of Interenational Capital Flows
(Kadir Has Üniversitesi, 2013) Ozdemir, Onur; Orhangazi, Özgür
This study examines the direction of capital flows between developed and developing countries. Primarily almost all restrictions on capital mobility have reduced following the financial liberalization all over the world after 1980 period. One of the most important aim behind the liberalization policy is the providing of the resource allocation from capital-abundant developed countries to capital-scarce developing countries and thereby the stimulation of economic growth. in other words by doing so developed countries would become net capital exporter. However the analysis depending developing countries case and covering 2000-2011 period put different result. Actually capital is on net outflowing from developing countries to developed countries due to various reasons such as interest payments dividend payments past borrowings and copyright and patent fees. in other words contrary to the theoretical concept of the mainstream finance developing countries is placed as a net capital exporter in this period instead of developed countries. The main indicators which are using so as to reach this result are the current account and its two sub-items which are net income and royalty and licensing fees. Changings in both measures statistically prove that the developing countries are net capital exporter to developed countries. -- Abstract'tan.
Citation Count: 0
Financialization and the Nonfinancial Corporate Sector
(Edward Elgar Publishing Ltd, 2015) Orhangazi, Özgür
[Abstract Not Available]
Citation Count: 0
Financialization: the Economics of Finance Capital Domination
(Edward Elgar Publishing Ltd, 2016) Orhangazi, Özgür
[Abstract Not Available]
Citation Count: 8
Growth and Distribution After the 2007-2008 Us Financial Crisis: Who Shouldered the Burden of the Crisis?
(Edward Elgar Publishing Ltd, 2016) Dufour, Mathieu; Orhangazi, Özgür
The post-1980 era witnessed an increase in the frequency and severity of financial crises around the globe the majority of which took place in low-and middle-income countries. Studies of the impacts of these crises have identified three broad sets of consequences. First the burden of crises falls disproportionately on labor in general and low-income segments of society in particular. In the years following financial crises wages and labor share of income fall the rate of unemployment increases the power of labor and labor unions is eroded and income inequality and rates of poverty increase. Capital as a whole on the other hand usually recovers quickly and most of the time gains more ground. Second the consequences of crises are visible not only through asset and income distribution but also in government policies. Government policies in most cases favor capital especially financial capital at the expense of large masses. In addition many crises have presented opportunities for further deregulation and liberalization not only in financial markets but in the rest of the economy as well. Third in the aftermath of financial crises in low-and middle-income economies capital inflows may increase as international capital seeks to take advantage of the crisis and acquire domestic financial and non-financial assets. The 2007-2008 financial crisis in the US provides an opportunity to extend this analysis to a leading high-income country and see if the patterns visible in other crises are also visible in this case. Using the questions and issues typically raised in examinations of low-and middle-income countries we study the consequences of the 2007-2008 US financial crisis and complement the budding literature on the 'Great Recession.' In particular we examine the impacts of the crisis on labor and capital with a focus on distributional effects of the crisis such as changes in income shares of labor and capital and the evolution of inequality and poverty. We also analyse the role of government policies through a study of government taxation and spending policies and examine capital flow patterns.
Citation Count: 2
Heterogeneous Effects of Minimum Wage on Labor Market Outcomes: a Case Study From Turkey
(Walter de Gruyter, 2020) Işık, Enes; Orhangazi, Özgür; Tekgüç, Hasan
We assess the effects of a sharp minimum wage increase on wages, informality, and employment in Turkey, a large developing economy with one of the highest minimum wage-to-average wage ratios among OECD countries and widespread discrepancies between labor market outcomes of women and of men. We look at the quasi-experimental 2016 minimum wage increase and pay attention to identifying information coming from demographic groups. We find that the increase in the minimum wage had an economically substantial and statistically significant positive impact on wages. Despite the positive wage effects of the increase, we find no negative employment effects. However, we show that the minimum wage increase may have caused an increase in the share of informal employment among workers with less than tertiary education, especially for such workers working for small firms
The Impact of Borrowing on Household Saving Behavior the Case of Turkey 2003 – 2012
(Kadir Has Üniversitesi, 2018) Şenol, Serdar; Orhangazi, Özgür
The aim of this Ph.D. thesis is to contribute to the vast literature on the determinants of household saving and reassess the precautionary saving preferences of Turkish households by introducing liquidity and debt related factors aside from the general saving contributors. The precautionary saving motive against future income uncertainties defined as one of the leading indicators of saving preferences is effected through liquidity effects especially in less financialized economies with uneven income distributions. The sharp decline in Turkish households‘ saving ratio in the global financialization period is a good example of the changing saving dynamics with liquidity and debt concepts. in my thesis i use the Turkish Household Budget Surveys for the period of 2003 to 2012. in addition to the socioeconomic and demographic information in these surveys i also utilize generated liquidity and debt indicators. Descriptive analysis confirms the predictions of the saving literature showing young and impatient households to be less inclined to save. Education level improves while employment focuses on the service sector. Uneven income distribution is one of the major factors to limit saving and also precautionary saving opportunities for a significant portion of observations and elevates the importance of liquidity conditions. Empirical analysis confirms the presence of precautionary saving in Turkish households while its significance is lower after the 2008 crisis once liquidity effects are introduced. Moreover wealthy and entrepreneur households are observed to be natural savers. Presumably liquidity constrained households do not demonstrate a difference in precautionary saving preferences but confirming the predictions of the liquidity constraint households hypothesis they dissave with easier liquidity conditions. The presence of debt is an additional saving motive. it is suggested that an improvement in income distribution and a decline in the liquidity constrained households‘ share would rebalance the low saving level of Turkish households.