Browsing by Author "Yucel, E. M."

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    Effects of USD-Euro parity on a small open economy: evidence from Turkey
    (Routledge, 2008) Berument, Hakan; Yucel, E. M.
    This study assesses the effect of USD-Euro parity on a small open economy where exports are predominantly denominated in Euros and imports are denominated in USD. Empirical evidence from Turkey suggests that a positive change in the USD value of the Euro appreciates the local currency, decreases inflation and increases output.
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    Long live Fenerbahçe: the production boosting effects of football
    (Elsevier BV, 2005) Berument, Hakan; Yucel, E. M.
    The connection between Turkish industrial production performance and the success of a popular Turkish football team, namelyFenerbahc¸e, is the central theme of this article. The success of Fenerbahc¸e is interpreted as a proxyfor the workers mood or morale. Performing a transfer function analysis on our monthly data set, we reveal positive feedback from Fenerbahc¸e s success, which proxies workers mood/morale, to economic performance such that the monthlyindustrial growth rate increases by0.26% with the number of games won byFenerbahc¸e in European cups regardless of where the game is played. Evidence of the effects of games against domestic rivals on industrial performance is not statistically significant. 2005 Elsevier B.V. All rights reserved.
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    Money and productive efficiency: evidence from a high-inflation country
    (Routledge, 2007) Başçı, E.; Mahmud, S. F.; Yucel, E. M.
    This paper examines how money balances held by manufacturing firms affect their efficiency in generating sales revenue in a high-inflation economy. The analysis employs data from Turkish firms to estimate a stochastic frontier model, finding a strong positive association between the firms' money holdings and their efficiency. However, the role of money balances seems to diminish as firms hold higher raw material inventories. © 2007 M.E. Sharpe, Inc. All rights reserved.
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    Return and maturity relationships for treasury auctions: evidence from Turkey
    (Wiley-Blackwell Publishing, Inc., 2005) Berument, Hakan; Yucel, E. M.
    The relationship between the interest rate and the maturity of newly issued bonds provides information on the debt dynamics of an economy as well as on the sustainability of its debt. Such information is crucial especially for countries that have debt-rollover concerns due to financial stress and/or macroeconomic instability. This study investigates the relationship between treasury auction maturity, which also dictates the debt maturity, and auction interest rates. When the Turkish treasury auction data from 1988 to 2004 are analysed, a reciprocal linkage between auction interest rates and maturities can be observed, especially for the 1995-2000 period, when there were chronic high inflation, high political uncertainty, high public deficits and unsuccessful attempts at stabilisation. This suggests that under an adverse shock, the Treasury decreases the auction maturity in order not to increase interest rates too much. A change in this reciprocal relationship is also reported for the post-2001 era, which is characterised by decreasing inflation, higher political stability, lower public deficits and successful stabilisation attempts. © Institute for Fiscal Studies, 2005.
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    Success in soccer and economic performance: evidence from Beşiktaş-Turkey
    (Springer, 2006) Berument, Hakan; Ince, O.; Yucel, E. M.
    This paper investigates the connection between Turkish industrial production growth and the success of Beşiktaş, which is a popular Turkish soccer team. The empirical evidence provided in the paper suggests that industrial production growth tends to increase with the success of Beşiktaş in European cups. Moreover, if the winnings are in displacement, the increase in industrial production is higher than if the winnings are in the home field. On the other hand, findings on the effects of domestic games on industrial performance are not statistically significant.
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    Testing Marshall-Lerner condition: a non-parametric approach
    (Routledge, 2004) Mahmud, S. F.; Ullah, A.; Yucel, E. M.
    In this study, non-parametric kernel estimation technique has been employed to estimate import and export price elasticities for six developed countries. Based on the estimates of these elasticities Marshall-Lerner condition has been examined. In general the condition is only partially satisfied in the sub-sample periods. The results also suggest that the condition is more likely to be satisfied under fixed exchange rate regime. © 2004 Taylor and Francis Ltd.