Department of Economics

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Open Access
Introduction to the research handbook of financial markets
(Edward Elgar Publishing, 0018-05-20) Gürkaynak, Refet S.; Wright, Jonathan H.
This introduction sets the background to the Handbook of Financial Markets; a volume of 22 chapters on the state of different financial markets. It gives a discussion of the historical background to financial markets and the linkages between finance and the broader economy, emphasizing the importance of central banks in modern finance. It explains how the chapters are linked together and are not just a collection of standalone essays. The introduction gives a roadmap of the sections of the book, on central banking, financial intermediaries, money markets, capital markets, and derivative markets; and describes how the book addresses both historical background and recent market developments, as well as highlighting open questions.
Open Access
The influence of money and the rate of interest on the rate of inflation in a financially repressed economy: The case of Turkey
(1987) Togan, Sübidey
This study takes as its task the explanation of movements in the rate of inflation. It seeks to discover the dynamic process by which monetary expansion and changes in the rate of interest have their effects upon the level of prices.
Open Access
Structural adjustment and trade in Turkey: Investigating the alternatives "beyond export-led growth"
(Elsevier, 1989) Yeldan, A. E.
The article searches for a viable alternative for Turkey's economy to resolve its current confrontation with the dilemma of stabilization and growth. With the aid of a dynamic, computable, general equilibrium model, it is argued that an integrated, industrialization strategy that combines a domestic-demand-based, wage-goods-oriented public investment program with a selective export-promotion scheme promises to be the most appropriate one serving Turkey's long-term industrialization interests. The model results further emphasize the pressing need for the revitalization of the domestic demand and the importance of the agricultural productivity growth in promoting Turkey's overall objectives of industrialization, income equity, and foreign trade over the Fifth and Sixth Plan periods. © 1989.
Open Access
Spectral analysis of the relationship between energy consumption, employment, and business cycles
(1990) Erol, U.; Yu, E. S. H.
Through the use of cross-spectral techniques, we identify the dependence of U.S. industrial energy consumption on the industrial production index and total non-farm employment over business cycles. In particular, total energy consumption, mainly due to its industrial component, responds to changes in the production index. It is found that the industrial demand for energy is fairly sensitive to business cycles, while the household energy consumption and transportationsector energy consumption are not significantly affected by the expansion and contraction phases of the economy. In addition, there is a significant degree of correlation between the total non-farm employment and energy consumption over the business cycle frequencies. The evidence indicates a simultaneous response of employment and energy consumption to business cycle movements of the production index and suggests neutrality between energy and labor employment. © 1990.
Open Access
Behavior of systematic risk in a regionally integrated model for stock prices
(1992) Akdogan, H.
Regional (EC) capital market integration is examined by monitoring the behavior of systematic risk vis-à-vis a single index time series return generating model. Evidence supports that the EC markets for securities have gradually become more integrated and that the capital controls are important sources of segmentation.
Open Access
Macroeconometric modelling and Pakistan's economy. A vector autoregression approach
(1992) Chishti, S. U.; Hasan, M. A.; Mahmud, S. F.
Recent applications of the Vector Autoregression (VAR) technique pioneered by Sims, Litterman and Doan has become popular in macroeconomic modelling, particularly when knowledge about 'true' structural relations is absent. This study represents the first attempt to apply such a technique to Pakistani data for ten key macroeconomic variables. Unlike some of the earlier studies on Pakistan's economy our empirical results are intuitive and consistent with the predictions of the standard new neoclassical model. More importantly, based on these results, perhaps, one may also shed light on some of the dominant recurring macroeconomic issues of Pakistan's economy. © 1992.
Open Access
Is money an omitted variable in the production function? some further results
(Physica-Verlag, 1993) Hasan, M. A.; Mahmud, S. F.
In recent years, numerous studies have emphasized the role of real balances in the production function in terms of money being useful: as an intermediate good; as liquid reserves for investment; and also serving as a link between aggregate supply and the nominal interest rate. In this paper we report new Canadian empirical evidence regarding the important role of money in the production process of aggregate manufacturing industries based on a flexible translog cost function approach. In general, our results support the hypothesis that money is an important factor in the production function and that there are potential supply side effects of a change in the interest rate. © 1993 Physica-Verlag.
Open Access
Opportunism and the dynamics of the incomplete contracts
(Wiley-Blackwell Publishing, Inc., 1993) Bac, M.
This paper studies a buyer-seller relationship where "quality" is not contractible but is affected by effort and the seller's privately known innate value. The seller's cost of effort is also private knowledge. Assuming constant outside opportunities, we show that more than two contracts is redundant, the sequence of contracts exhibits increasing prices and durations, and commit- ments for prices beyond the actual contract invite opportunism, not effort. The seller uses effort during the screening process, which improves noncontract- ible quality. As a result, type-related information may have negative value when contracts are incomplete.
Open Access
Die wirtschaftliche Entwicklung der Türkei von 1923 bis 1980
(Suedosteuropa-Gesellschaft e.V., 1993) Yilmaz, B.
Open Access
Die Turkei als regionale wirtschaftsmacht
(Deutsche Gesellschaft fuer Auswaertige Politik e.V., 1993) Yilmaz, B.
Open Access
How to assess the significance of export incentives: an application to Turkey
(Springer, 1993-12) Togan, S.
This paper analyzes the changes in the structure of export incentives in Turkey from 1983 to 1990. It shows that during the 1980s the level of the economy-wide subsidy rates and that of the inter-industry dispersion of incentives have substantially been lowered. Using the estimates of the effective subsidy figures it is shown that the Turkish export- and import-competing industries have benefited from the export incentives more than the other sectors. Finally, it is emphasized that the system of export incentives is too complicated and is therefore blurring the transparency of the incentive system.
Open Access
Turkish agriculture under structural adjustment: a general equilibrium analysis
(Institut National de la Recherche Agronomique, 1994) Cakmak, E. H.; Yeldan, A. E.
Open Access
Currency substitution in Turkey
(Chapman & Hall, 1994) Selçuk, Faruk
Although currency substitution is a widely observed phenomenon in both developed and developing countries, most of the studies on currency substitution in small open economies have focused on high inflation South American countries. This paper extends the previous analysis to a newly industrializing, high-inflation economy, namely Turkey. A vector autoregression model has been estimated employing the certain policy variables to investigate the dynamics of currency substitution in the economy. Dynamic impulse responses show that the residents have a preference for substituting foreign currencies for domestic currency because of real-exchange-rate depreciations. The results suggest that to stop or to reverse the on-going currency-substitution process a policy aiming to increase the expected real return on domestic assets should be adopted.
Open Access
Tariff equilibrium with customs union
(Pakistan Institute of Development Economics, 1994) Togan, S.
It is well known from Kemp and Wan (1976) that under customs union an increase in group welfare can occur without affecting that of the rest of the world whenever the common external tariff is positioned in a way so as to offset exactly the terms of trade and export quantity effects felt by it. The purpose of this paper is to study the effects of the customs union starting from arbitrary given initial tariff rates and determine cases when the union as well as the non-union countries may gain from the formation of the customs union.
Open Access
Perspektiven der politischen und wirtschaftlichen Zusammenarbeit in der Schwarzmeerregion und in Mittelasien –Prospects of Political and Economic Cooperation in the Black Sea Region and Central Asia-
(Oesterreichische Mineralogische Gesellschaft, 1994) Irbec, Yusuf Ziya
Open Access
Polymorphism of spermatocytic seminoma. A morphometric study
(Hindawi Publishing Corporation, 1994) Frasik, W.; Okoń, K.; Sokołowski, A.
Spermatocytic seminoma (SS) is one of the testicular tumours. It is distinguished from other germ cell neoplasms by a special type of polymorphism. The aim of the present study was a morphometric analysis (Microplane II image system) of this phenomenon. In histological slides we measured the profile area of nuclei in about 500 adjacent cells. The basic material consisted of 12 cases (c.) of infiltrating SS, and the comparative material included intracanalicular SS (IcSS-1c.), other types of seminoma - typical (TS-2 c.), anaplastic (AS-2c.) and spermatogenesis in an elderly man (Sg-1 c.). We carried out a statistical analysis of the populations of cellular nuclei: we determined nuclear population similarities and differences, as well as their relation to various types of standard distributions such as Erlang, gamma, lognormal, normal and Weibull. Part of the SS histograms including IcSS showed similarities. The mean value of the profile area range from 32.5 to 56.5 μm2. In other types of seminomas this value was much higher. The Kolmogorov-Smirnov two-sample test showed differences between the compared nuclear populations. Lack of the differences was found only between certain SS (including IcSS). The results of comparisons of the populations studied with standard distributions showed that the analysed nuclear populations can be successfully described by more than one theoretical distribution. However, among the spermatocytic seminomas analysed, in contrast to TS and AS, we found distributions not corresponding to any of the standard distributions. The results of our findings argue also against the occurrence of haploid nuclei in SS cells. In slides from SS there were forms much larger than the nuclei of spermatocytes in Sg. In combination with the data concerning ploidy of the neoplasm we postulate that SS nuclear polymorphism is dependent both on maturation and atypia.
Open Access
Turkey's new role in international politics
(W. Bertelsmann Verlag GmbH & Co. KG, 1994) Yilmaz, B.
The disintegration of the Soviet Union seemed to create new opportunities for Turkey. Independent countries emerged in the southern part of the former USSR which were receptive to the reactivation of bonds with Turkey rooted in their Muslim cultural tradition and, to a great extent, their affiliation to the family of Turk peoples. Their impression was that Ankara he/,d the key to sociopolitical modernisation and economic prosperity. As Bahri Yilmaz, Professor at the Bilkent University in Ankara, exp/aim, the meam at Turkey's disposal were ove"ated by far. The reduction . of the Turkish influence this implied was compounded by growing Russian efforts to regain lost political and military te"ain in Tramcaucasia and Central Asia. Comequently, Ankara again finds itself primarily relying on the links with NA TO and Western Europe which existed up until the upheavals which reshaped the international political landscape between 1989 and 1991. Bahri Yilmaz works on the assumption that Turkey's traditional orientation towards the political values of the West remains unbroken.
Open Access
Interindustry variation in the costs of job displacement
(The University of Chicago Press, 1994-04) Carrington, W. J.; Zaman, A.
Job displacement entails a substantial wage reduction for most dis- placed workers. We show that the mean reduction, the tenure profile of reductions, and the experience profile of reductions all vary sub- stantially across industries. We then link this interindustry variation to analogous variation in firm size, unionization, wage levels, and the incidence of employer-provided training. While these industry char- acteristics explain some of the interindustry variation in mean wage reductions, they do not explain variation in the tenure or experience profiles of wage reductions.
Open Access
Prioritäten der türkischen Politik
(1995) Bahri, Y.
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Open Access
An integrated analysis of Turkish inflation
(Wiley-Blackwell Publishing Ltd., 1995) Metin, K.