Ekonomi Bölümü Koleksiyonu

Permanent URI for this collectionhttps://hdl.handle.net/20.500.12469/57

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Citation - WoS: 55
Citation - Scopus: 78
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 - WoS: 6
Citation - Scopus: 9
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 - WoS: 29
Citation - Scopus: 33
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 - WoS: 23
Citation - Scopus: 23
Declining Poverty and Inequality in Turkey: the Effect of Social Assistance and Home Ownership
(Routledge Journals Taylor & Francis Ltd, 2018) Tekgüç, Hasan
Social assistance has become prominent in combating poverty in developing countries and has also contributed to the popularity and election success of governments implementing it. In this paper I employ household surveys and investigate the effect of social assistance on poverty and income inequality in Turkey. I also review the recent literature on poverty as well as different components of social protection spending: education health pensions and housing. In the empirical analysis I show that pensions still constitute the bulk of public transfers to households. Moreover home ownership ameliorates poverty and inequality for Turkey. Despite its modest amounts social assistance reduces poverty and its marginal effect on income inequality is larger than other income sources. These findings suggest that increases in social assistance budgets should accompany other policy measures in combating poverty and inequality.
Citation - WoS: 16
Citation - Scopus: 16
Detecting Structural Changes Using Wavelets
(Academic Press Inc Elsevier Science, 2015) Yazgan, M. Ege; Ozkan, Harun
We propose a powerful wavelet method to identify structural breaks in the mean of a process. If there is a structural change in the mean the sum of the squared scaling coefficients absorbs more variation leading to unequal weights for the variances of the wavelet and scaling coefficients. We use this feature of wavelets to design a statistical test for changes in the mean of an independently distributed process. We establish the limiting null distribution of our test and demonstrate that our test has good empirical size and substantive power relative to the existing alternatives especially for multiple breaks. (C) 2014 Elsevier Inc. All rights reserved.
Citation - WoS: 10
Citation - Scopus: 12
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 - WoS: 6
Citation - Scopus: 8
Does Migration Contribute To Women's Empowerment? Portrait of Urban Turkey and Istanbul
(Routledge Journals Taylor & Francis Ltd, 2019) Eryar, Değer; Tekgüç, Hasan; Toktaş, Şule
This article empirically investigates the impact of internal migration on women's empowerment in urban areas of Turkey. Based on data from a nationally representative household survey we find that migration exerts a positive impact in urban settings through improvements in educational attainment and labor market outcomes. Migration contributes to women's empowerment by raising their education levels and lowering the gap in schooling between men and women. Migration also allows migrants both men and women and particularly those with tertiary education to access jobs and occupations in high wage regions like Istanbul. However unlike in education a gender wage gap persists even after migration.
Citation - WoS: 18
Citation - Scopus: 18
A Dynamic Game Theory Model for Tourism Supply Chains
(Sage Publications, 2021) Keskin, Kerim; Ucal, Meltem Şengün
This article contributes to the game-theoretic analysis of tourism supply chains. We start with a baseline model including three types of agents: (a) one theme park, (b) multiple accommodation providers, and (c) multiple tour operators. We investigate the strategic dynamics (i.e., collaboration and competition) embedded in a market with two different tourism supply chains, and then we extend our model to an infinite-horizon repeated game arguing that agents would face the same decision problem in each week of every holiday season in each year. We show how agents in a tourism supply chain end up with higher profits in any given period of a repeated game compared with their profits in the static version of the game.
Citation - WoS: 28
Citation - Scopus: 36
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 - WoS: 57
Citation - Scopus: 64
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 - WoS: 13
Citation - Scopus: 14
Energy-Saving Behavior of Turkish Women: a Consumer Survey on the Use of Home Appliances
(Sage Publications Ltd, 2017) Ucal, Meltem Şengün
This paper focuses on energy-related attitudes and behaviors of Turkish women who are the main users of electrical home appliances responsible for most household energy consumption. Answers from 1323 female respondents surveyed through a unique questionnaire formed the dataset. The results from analysis of variance show that education has a significant effect on the relationship between energy saving and awareness and attitudes about climate change. Significant differences also exist between education level groups in terms of knowledge of the classification of energy-saving electrical home appliances. Responses to questions related to energy-saving purchasing behaviors are consistently higher for knowledgeable respondents. The paper then uses factor analysis and ordinal logit models to reveal interactions between energy-saving behavior regarding electrical home appliances and several factors namely awareness sensitivity essentials and receptiveness. The identification of these factors can provide useful insights for policy makers that enable them to construct energy-saving policies specifically tailored toward women.
Citation - WoS: 5
Citation - Scopus: 7
Ethnic Fractionalization Conflict and Educational Development in Turkey
(Pergamon-Elsevier Science Ltd, 2019) Oyvat, Cem; Tekgüç, Hasan
We examine the impact of ethnic fractionalization and conflict on limiting the educational development in Southeastern Turkey. Our estimates show that although the armed conflict in the region did not directly hinder education investments it reduced school enrolment rates at middle and high school levels while increasing enrolment at the primary school level. Moreover we show that provinces with higher percentages of Kurdish population received less education investment. These results suggest that the neglect of Kurdish areas is an important factor behind Southeastern Turkey's educational underdevelopment while land inequality and the armed conflict had mixed effects on education in the region.
Financialization: the Economics of Finance Capital Domination
(Edward Elgar Publishing Ltd, 2016) Orhangazi, Özgür
[Abstract Not Available]
Citation - WoS: 15
Citation - Scopus: 13
Gender and the Wage Gap in Turkish Academia
(Routledge Journals Taylor & Francis Ltd, 2015) Ucal, Meltem Şengün; O'Neil, Mary Lou; Toktaş, Şule
Turkey maintains one of the lowest female labour force participation rates in Europe but also boasts an above average number of female professors. Turkey is well above the European average (15 per cent) with approximately 28 per cent of full professorships being occupied by women. Despite these seemingly positive indications do men and women in Turkish academia earn the same wages? This study explores whether or not there exists a gendered pay gap in Turkish academia. Using data collected from a survey of more than 700 Turkish academics we observed that there is a gendered wage gap that disadvantages women but only at the highest pay levels found at private universities indicating the existence of intra-class inequality where men and women despite occupying the same class position are compensated differently.
Citation - WoS: 1
Citation - Scopus: 2
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 - WoS: 8
Citation - Scopus: 10
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 - WoS: 4
Citation - Scopus: 5
Housing Prices in a Market Under Years of Constant Transformation: a County-Based Analysis of Istanbul
(Cracow Univ Economics, 2020) Ucal, Meltem; Kaplan, Uğur
Objective: The objective of the article is to present a comprehensive approach to analysing Istanbul's housing prices, using a hedonic price model with a large dataset and a single variable for locational attributes. Research Design & Methods: The analysis of consequent housing prices in Istanbul's counties with hedonic price modelling and the extrapolation of results by comparing the prices to the human development level of counties. We use multiple regression and Ordinary Least Squares (OLS) methods to estimate two semi-log hedonic price models for two time periods. Findings: The relationship between socioeconomic development levels and housing prices varies for counties under different urban transformation processes. Implications & Recommendations: The results are useful for the housing price analysis in Istanbul. The housing prices appear to follow the socioeconomic development level of the county in which a house is located, thus showing variations between different counties. The relationship between housing prices and urban transformation processes should be approached with caution by policymakers, as the outcomes may disturb both the sociological and economic balance in the long run. Contribution & Value Added: The study contributes to the existing research on housing price analysis by interpreting locational attributes as a whole and housing research at large by combining hedonic price modelling and case study methods.
Citation - WoS: 5
Citation - Scopus: 4
Is Fiscal Policy Sustainable in Turkey?
(M.E Sharpe Inc., 2010) Ucal, Meltem Şengün; Alici, Asli
The issue of the budget deficit has become one of the main themes of the economic policy implemented in Turkey and backed by the International Monetary Fund (IMF) following the economic crisis of 2001. The main motivation for this study is the question of whether or not the government's financial policy is sustainable and satisfies the government's long-term budget constraint. The empirical analysis is based on tests of whether government expenditure and revenue are cointegrated considering the economic liberalization period of 1989-2008. The stability of fiscal policy is examined using the Johansen multivariate cointegration method. The findings of the sustainability tests indicate that fiscal policy from the liberalization of the economy up until the 2001 economic crisis was not sustainable.
Citation - WoS: 19
Citation - Scopus: 18
Is It Merely a Labor Supply Shock? Impacts of Syrian Migrants on Local Economies in Turkey
(Sage Publications, 2021) Cengiz, Doruk; Tekgüç, Hasan
The authors use the occurrence of a large and geographically varying inflow of more than 2.5 million Syrian migrants to Turkey between 2012 and 2015 to study the effect of migration on local economies. They do not find adverse employment or wage effects for native-born Turkish workers overall or for those without a high school degree. These results are robust to a range of strategies to construct reliable control groups. To explain the findings, the authors document the importance of three migration-induced demand channels: the complementarity between native and migrant labor, housing demand, and increased entrepreneurial activities.
Citation - WoS: 92
Citation - Scopus: 91
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.

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