Economics, Administrative, and Social Sciences

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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
Women in banking: A comparative perspective on the integration myth
(1992) Culpan, O.; Akdag, F.; Cindogvlu, D.
This article reports on the results of two similar surveys conducted with professional women bankers, one in the USA and the other in Turkey, to explore socio-economic backgrounds, attitudes towards work, and the nature of the support they receive as such. It also describes the views of women bankers in both cultures with reference to sexual discrimination in the workplace and also their varying levels of job satisfaction and frustration. In the last decade, the number of professional women has increased substantially in the workplace. In particular, women have made significant advancements in the banking industry[l], where 190 of them serve as Presidents at the 14,000 banks in the US, and where the number of them serving as executives has tripled over the last decade. A similar trend also exists in Turkey[2]. The number of women bankers has increased since 1971, and these women have high potential for promotion to executive positions. Because banks are major employers of women, women bankers represent an important case study. Studying women and their professional advancement in banks will provide guidelines for other women professionals striving to achieve professional advancement. A comparative study will help to expand the boundaries of knowledgeability about the advancement of professional women bankers to an international level.
Open Access
The 'Young Tatar' movement in the Crimea: 1905-1909
(EHESS, 1993) Kırımlı, H.
During the 1905 revolution, a nationalist-revolutionary movement emerged among the Crimean Tatar intelligentsia, whose members were called the "Young Tatars." Strongly influenced by the Russian revolutionaries, the Young Tatars engaged in a political and social struggle involving a network of underground cells, as well as legal publications and enlightenment activities. They introduced the political concept of "fatherland," defined by the Crimea, thereby providing a territorial basis for national identity. While endorsing broader Turkic and Islamic allegiances, they concentrated primarily on the Crimean Tatar people as the starting point of their national identity.
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
Naval security in the Black Sea and the Mediterranean: a Turkish view
(Routledge, 1993) Karaosmanoglu, A. L.
Open Access
State elites and democratic political culture in Turkey
(Lynne Rienner Publications, 1993) Özbudun, Ergun; Diamond, L.
Open Access
The Black Sea economic co-operation project: a regional challenge to European integration
(Wiley-Blackwell Publishing Ltd., 1993) Gençkaya, Ö. F.
Open Access
Die neue regionale Rolle der Türkei
(Oberursel/Taunus, 1993) Karaosmanoğlu, A. L.
Die Türkei gehort zu den Landem, die vom Ende des Kalten Krieges und den damit einhergehenden geopolitischen Veranderungen in Eurasien am starksten betroffen sind. Sie befindet sich an zentraler Position in einem bunten intemationalen Umfeld, das sich von der Adria bis zum Westen Chinas erstreckt. Die meisten der in dieser Region lebenden Volker sind ethnisch mit der Tiirkei verbunden und zahlen Millionen von Menschen. Dies neue Umfeld hat der tilrkischen AuBenpolitik neue Perspektiven gegeben. Die vormalige Politik des ,,niedrigen Profits", gekennzeichnet durch Nichteinmischung in regionale Konflikte, ist unter den neuen Bedingungen zunehmend irrelevant geworden. Die Erwartungen regionaler Staaten an die Tiirkei einerseits und die neu eroffneten Moglichkeiten andererseits haben Ankara dazu veranla8t, eine aktive Rolle auf dem Balkan, in der Schwarzmeer-Region, im Kaukasus, in Zentralasien und im Nahen Osten zu iibemehmen.
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.