Özgür Orhangazi

Orhangazi, Özgür

Name Variants

Orhangazi, Özgür
Özgür ORHANGAZI
Orhangazi, Ö.
Ozgür Orhangazi
Orhangazi, Ozgur
Orhangazi O.
ÖZGÜR ORHANGAZI
O., Ozgur
Orhangazi Ö.
Orhangazi,Ö.
Orhangazi, Ozgür
O.,Ozgur
Ozgur, Orhangazi
ORHANGAZI, Özgür
Özgür Orhangazi
O., Özgür
Orhangazi,Ozgur
Orhangazi, ÖZGÜR
O. Orhangazi
Orhangazi, O.
ORHANGAZI, ÖZGÜR
Ö. Orhangazi
Orhangazi,O.

Job Title

Prof. Dr.

Email Address

ozgur.orhangazi@khas.edu.tr

ORCID ID

0000-0002-3122-8206

Scopus Author ID

19934133800

Full item page

Scholarly Output

37

Articles

18

Citation Count

159

Supervised Theses

11 Scholarly Output Search Results

Now showing 1 - 10 of 37

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.
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: 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
Citation Count: 0
The Intellectual Odyssey of James R. Crotty: From the War on Vietnam To a Socialist Alternative To Global Capitalism
(Sage Publications inc, 2023) Orhangazi, Ozgur; Dymski, Gary
We summarize the intellectual journey of James R. Crotty in this tribute. We discuss how Crotty's approach to macroeconomics based on Marxian and Keynesian insights led to a series of flexible models based on realistic assumptions that help us better understand the contradictory evolution of capitalism from the 1970s to the 2010s. The basic building blocks of Crottyian macroeconomics consist of the emphasis on macro foundations, focus on the concrete capitalist processes with their endogenous, dynamic, and conflict-ridden nature, and the centrality of money, credit, and competitive dynamics of the capitalist system. We also discuss how a study of these dynamics led to his final work on "liberal socialism" as the way to end the disruptive cycles of capitalism. We argue that those aiming to construct a solid theoretical foundation to guide the understanding, transformation, and transcending of contemporary capitalist societies would find much inspiration in Crotty's intellectual legacy.JEL Classification: E11, E12, B51
Citation Count: 0
Financialization and the Nonfinancial Corporate Sector
(Edward Elgar Publishing Ltd, 2015) Orhangazi, Özgür
[Abstract Not Available]
Türkiye Ekonomisinin İthalat Bağımlılığı (2000-2021)
(2023) Cihan, Ulaş Berkay; Orhangazi, Özgür
Türkiye ekonomisi'nin ithalat bağımlılık karakterini tanımlamaya çalışacağım. Bu çalışmada Türkiye'nin 1980 sonrası dış ticaret verilerini mal grupları ve genel makro verilerle birlikte inceliyorum. Bu dönemde dış ticaret yapısını etkileyen reel kur politikasını ve gümrük teşviklerini inceliyorum. İthalat bağımlılığını arttıran teşvik modeli olarak Dahilde İşlem Rejimi'nin etki düzeyine dair verilerle bu rejimin ithalat bağımlılığını artırdığını buluyorum. Dahilde İşlem Rejimi'nin toplam gerçekleştirilen ihracatı 2021 yılı itibari ile %40 oranında etkilediğini buluyorum. 2000'li yıllardan itibaren döviz kurlarındaki oynaklığın ve yeni ticaret biçimlerinin üretimin ithalata bağımlı olma sorununu şiddetlendirdiği bulmaktayım. 2000'li yıllardan beri üretimin ithalata bağımlılığını 2002 ve 2012 Girdi-Çıktı Tabloları ile inceliyorum. Ayrıca 2000- 2014 dönemi için Dünya Girdi-Çıktı Tablosundan elde ettiğim verilerle Türkiye'nin ithalata bağımlılık eğilimini gösteriyorum. Kimyasal ve kimyasal ürünlerin imalat, ana metaller, motorlu araçlar ve makine ve teçhizat sektörlerinin her iki tablo incelediğinde en yüksek ithal girdi oranına sahip olduğunu buluyorum.
Citation Count: 57
The Role of Intangible Assets in Explaining the Investment-Profit Puzzle
(Oxford Univ Press, 2019) Orhangazi, Özgür
Starting around the early 2000s, and especially after the 2008 crisis, the rate of capital accumulation for US nonfinancial corporations has slowed down despite relatively high profitability; indicating a weakening of the link between profitability and investment. While the literature mostly focuses on financialisation and globalisation as the reasons behind this slowdown, I suggest adding another layer to these explanations and argue that, in conjunction with financialisation and globalisation, we need to pay attention to the increased use of intangible assets by nonfinancial corporations in the last two decades. Intangibles such as brand names, trademarks, patents and copyrights play a role in the widening of the profit-investment gap as the use of these assets enables firms to increase market power and profitability without necessarily generating a corresponding increase in fixed capital investment. After discussing the ways nonfinancial corporations use intangible assets, I look at large corporations in the USA and find the following: (i) The ratio of intangible assets to the capital stock increased in general. This increase is highest for firms in high-technology, healthcare, nondurables and telecommunications. (ii) Industries with higher intangible asset ratios have lower investment to profit ratios. (iii) Industries with higher intangible asset ratios have higher markups and profitability. (iv) The composition of the nonfinancial corporate sector has changed and the weight of high-technology and healthcare firms has increased; but this increase did not correspond to an equal increase in their investment share. The decline in the investment share of durables, nondurables and machinery is matched by an increase in the investment share of location-specific industries with low intangible asset use, most notably firms in energy extraction. In general, these firms have steadier markups and higher investment to profit ratios. (v)Yet, intangible-intensive industries' profitability has increased faster than their share of investment or total assets. All in all, these findings are in line with the suggestion that the increased use of intangible assets enables firms to have high profitability without a corresponding increase in investment.
Citation Count: 3
Turkey in Turbulence: Heterodoxy or a New Chapter in Neoliberal Peripheral Development?
(Wiley, 2023) Orhangazi, Ozgur; Yeldan, A. Erinc
While global monetary tightening by central banks, led by the US Federal Reserve, has heightened concerns about a slowdown in the world's economy and an increased likelihood of debt crises across developing countries, Turkey has attracted attention for doing the opposite. Indeed, the country's economic policy makers have intensified monetary easing towards credit expansion at the risk of increased exchange rate instability. This article analyses the Turkish case and makes four contributions. First, it establishes a framework through which we can understand and interpret the policy choices of the government. Second, it shows the binding effects of the trilemma in the context of an economy fully integrated in the global economy and discusses how the government tried to tackle these effects through a series of ad hoc policy measures. Third, the article discloses the distributional consequences of such policy manoeuvres and argues that the burden of adjustment fell on the shoulders of wage labour, while various competing rentier interests benefited from these policies. Fourth, the authors analyse these policies from a broader perspective of whether they can be interpreted as a courageous attempt by a peripheral developing economy to claim some policy space, or whether these policy choices in essence only amount to a deepening of neoliberal peripheralization.
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.
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.