Browsing by Subject "Economic development."
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Item Open Access Essays on financial development and economic growth(2007) Şendeniz Yüncü, İlkayThe relationship between nancial development and economic growth is analyzed in this dissertation. The rst essay investigates the roles of banking sector development and stock market development in economic growth and the role of economic growth in banking sector development and stock market development in 64 developed and emerging markets over the period 1994 2003 using dynamic panel data techniques. In emerging markets, a statistically signi cant and positive interdependence is observed both between banking sector development and economic growth and between stock market development and economic growth. The results show that in developed markets, although economic growth positively a ects nancial development, banking sector development and stock market development have no statistically signi cant e ects on economic growth, supporting the demand-following view. In the second essay, the role of futures markets in economic growth is investigated using both dynamic panel data and time-series techniques. Dynamic panel estimation results give evidence of a statistically signi cant and positive relationship between futures market development and economic growth. The results are consistent with models, which predict that well-functioning nancial markets promote economic growth. Time-series analyses results indicate that this relationship is more robust for the countries that have medium-sized futures markets. It is concluded that risk management through futures markets improves economic growth mostly in countries with developing futures markets.Item Open Access Financial development and productivity a panel data approach(2006) Afyonoğlu, BurcuMuch ink has been spilled over the relation of financial market development and economic growth. Productivity growth is one of the main sources of economic growth. In this study we empirically examine the role of financial sector development in enhancing productivity growth, in a group of industrial and developing countries using panel data from 1965 to 1990. The productivity is measured by Malmquist index, introduced by Fare et al. (1994). This measure of productivity change index computes the productivity change from one year to another and furthermore it is possible to decompose the productivity change into efficiency change (diffusion) and technical change (innovation) components. Generalized Method of Moments techniques are applied where the results indicate that there is a significant effect of some financial development not only on Malmquist index but also on its components.Item Open Access The impacts of global crises on developing economies: the case of Turkey(1999) Tekindor, SevinçIn this thesis, after explaining the development of Asian crisis, an attempt is made to show how the Asian crisis affected the Turkish economy within the framework of deficiencies of developing countries during the economic globalization process. Here, it is aigued that globalization in itself is not a bad thing for developing countries, but rather, ‘imperfect globalization’ creates problems for them as the recent Asian crisis demonstrated. Although the Asian crisis did not cause total collapse in the Tmkish economy, it triggered discussions about overhauling of the current economic policies. Without structural adjustments and revision of outmoded mechanisms, no country can be able to catch up with developed countries and benefit from riclmess that globalization promises to bring.Item Open Access Interest groups and institutional evolution(2011) Arasıl, YavuzThis study proposes an original formal political economy model of institutional evolution to analyze the effects of evolving interest groups on institutional change by extending the model of Neyaptı (2010). Institutions are categorized as formal (F) and informal (N) institutions that exhibit different evolutionary patterns. N evolves with capital accumulation, as in learning by doing, and F is optimally chosen by a government who maximizes the weighted sum of the utilities of two different interest groups. The level of informal institutions, which represents business ethics, way of doing business or the level of technological know-how, differs for each group. F and N together define the production technology and affect the income level of each group. The model is such that institutions, as well as the levels of income and capital stocks are dynamically interrelated. The simulations of the model show that F exhibits a punctuated evolutionary path. This path is observed to be affected by income share of the institutions, income share of the capital, saving rate and cost of institutional change.Item Open Access Modelling R&D and human capital for United States and European Union economies(2012) Kara, YaseminIn this thesis, regarding technological improvements and formation of human capital as the engine of growth, I investigated public policy whose objective is to enhance Total Factor Productivity (TFP) through investments in innovation for United States (US) and European Union (EU) economies. To this end, first I documented and compared the R&D expenditures and human capital expenditures of US and EU countries for last two decades. Then, taking 2008 as base year I constructed Social Accounting Matrices (SAM) for both economies. Finally, I conducted subsidization policy with a general equilibrium model and investigated effects of public policy on economic growth, social wealth and welfare. In this study, I found that R&D subsidization policy enhances economic growth, social wealth and welfare in both countries but the enhancement is larger for EU economy.Item Open Access Popular attitudes toward free markets in Turkey, Iran, former Soviet Union and the United States(1997) Özbaflı, AygülIn order to find whether the major obstacles to the success of free markets are “the attitudes, morals, and understandings of the people themselves, not just the institutions or policies they live with,” Robert Shiller, Maxim Boycko, and Vladimir Korobov (1991) conducted surveys of randomly selected individuals in the Soviet Union and in the United States. The same study was repeated in Iran by Nader Habibi (May 1995). The goal of this thesis is, using the same set of questions that Shiller et al. (1991) used, to collect data on popular attitudes toward free markets in Turkey and compare the results obtained from this survey analysis with those in Iran, former Soviet Union and the United States.Item Open Access Productivity and openness in Turkish economy(2000) Pasin, UmutA growth accounting and an econometric exercise are used to provide insights into the evolution o f the Turkish economy over the period 1968-1997. The growth accounting results show that the contribution o f total factor productivity to GDP growth averaged about 20 percent over the period, and this contribution reached its maximum level in the trade liberalization period. My results suggest that trade liberalization has better effects on total factor productivity growth. As a result o f nonparametric analysis I found a positive relation between openness and productivity growth.Item Open Access Regulatory mechanisms for oligopolies(1997) Sağlam, İsmailItem Open Access Stability of covers under different rights structures(2012) Akbulut, ÇiğdemA countryís social welfare depends on Örmsí proÖts and consumersí surplus. Given unions of countries, a countryís aim is to maximize its own social welfare when it decides to enter or exit a union. For examining unions, we use the notion of a cover as elaborated in Koray (2007).We utilize the Öndings of Ilk¨l¨Á · (2010) about the Cournot equilibrium in our setting to examine core stability and e¢ ciency of covers of countries.We adapt di§erent rightsístructures based on; free exit, free entry, approved exit and approved entry introduced by Sertel (1992) to the context of covers, along with introducing some stronger structures and study how stability of covers varies when linkage costs are imposed upon countries.