Browsing by Subject "Gross domestic product"

Now showing 1 - 6 of 6

Open Access
Determinants of economic growth in Turkey
(Palgrave Macmillan, London, 1998) Togan, Sübidey; Shafik, N.
Rapid, sustained economic growth is one of the main objectives of Turkish policymakers. Because total factor productivity plays a big role in growth, policies that increase education levels, achieve more equitable distribution of income, and secure high rates of investment are essential. In addition, prudent macroeconomic policies are needed to avoid balance of payments crises, eliminate industrial incentives that inhibit competition, and further lower nominal and effective rates of protection.
Open Access
Determinants of workers' remittances: Turkish evidence from high-frequency data
(Routledge, 2006) Alper, A. M.; Neyapti, B.
The potential importance of workers remittances (WR) as a relatively stable source of foreign exchange has been growing across the world. We present time-series evidence on the determinants of WR in a large developing country, Turkey. Using yearly data, Aydas et al. (2005) show that WR flows to Turkey are significantly influenced by the growth rate of the home gross domestic product (GDP); the level of GDP in both home and host countries; interest rate differentials between home and host countries; the black market exchange rate; inflation; and political stability. This study utilizes higher-frequency data to further investigate the issue from both long-term and short-term perspectives. The new evidence supports the earlier findings regarding the long-run investment motive, but it also shows that consumption smoothing is an effective short-run motive for sending remittances to Turkey. © 2006 M.E. Sharpe, Inc. All rights reserved.
Open Access
How to address the Turkish paradox of innovation to build a competitive economy?
(Springer, 2009) Gümüşlüoğlu, Lale; Elçi, Ş.; Aydogan, N.
The ability to innovate has become a crucial prerequisite of strong organizations as well as economies. Theoretical and empirical evidence demonstrates that developing countries with effective innovation policies and well-functioning national innovation systems are better positioned to close the development gap and improve their competitiveness. Turkey started discussing the innovation subject from the policy perspective in the mid-1990s, during the same time as the EU, where—at that time—a wide-ranging debate was stimulated by the “Green Paper on Innovation,” and the government defined its main objective in this topic as “the establishment of the National Innovation System that would enable systematic operation of the whole institutions and mechanisms required to carry out scientific and technological research and development activities and to transform the results of those activities into economic and social benefit.” However, until today, this goal has not been fully achieved and the innovation performance remained below the desired level. Although innovation performance is low, demand for innovative products/services, one of the prime drivers of innovation, is very high in Turkey. Departing from this paradox, this chapter discusses how to increase the innovative capabilities of the Turkish firms in favor of a competitive economy.
Open Access
Impact of macroeconomic indicators on short selling: evidence from the Tokyo stock exchange
(Elsevier Inc., 2012) Solakoğlu, M. Nihat; Orhan, Mehmet; Gregoriou, G. N.
This chapter examines the existence of cointegration between short selling volume and the Nikkei 225 Index to investigate the permanent relation between the two. For this purpose, the Japanese financial markets with monthly data from November 2005 to October 2009 were examined to document if a causality relation exists between short selling volume and macroeconomic variables, such as GDP, bond yield, and exchange rate, as well as the Nikkei 225 Index. Given the characteristics of Japanese short sellers, it is expected that a causal relationship exists between macroeconomic variables and short selling volume, which indicates that Japanese short sellers are informed traders. Based on this finding, it can also be assumed indirectly that the tipping hypothesis does not apply to Japanese short sellers. In addition, the existence of cointegration between short selling volume and the Nikkei 225 Index are investigated to determine whether a long run relationship exists between the two. The study found that the short selling volume, the Nikkei 225 Index, and the exchange rate have unit roots and are thus nonstationary; however, the bond yield rate is stationary. Using the Granger causality test, it also showed bidirectional causality between short selling volume and the Nikkei 225 Index. However, there is no causality between short selling volume and GDP, as well as bond yield rate. The findings also document that exchange rate Granger causes a short selling volume, but short selling volume does not Granger cause exchange rate. These findings thus indicate that the short sellers' information set contains the Nikkei 225 Index and exchange rate movements, but not macro fundamentals. The results also document the permanent long run relationship between short selling volume and the Nikkei 225 Index. © 2012 Elsevier Inc. All rights reserved.
Open Access
Modified GDP through health cost analysis of air pollution: the case of Turkey
(1999) Zaim, K. K.
Economic growth and performance is monitored through the gross domestic product (GDP) of a nation. It has long been recognized that the traditionally computed GDP does not account for gains and losses observed due to the consumption of natural resources and environmental services. Hence, the objective of this study is to modify the Turkish GDP by taking social cost associated with air pollution into consideration. To this end health benefits and economic costs of air-quality improvement are estimated. The computations are based on the dose-response coefficients reported in several studies. The results indicate that a decrease in PM10 and SO2 levels to the WHO guideline would have resulted in a total of 48.309 x 1010 and 153.38 x 1010 Turkish lira savings in 1990 and 1993, respectively. These correspond to 0.12% and 0.08% of 1990 and 1993 GDPs, respectively.
Open Access
Political connection, bank credits and growth: evidence from Turkey
(Wiley-Blackwell Publishing, 2011) Onder, Z.; Ozyildirim, S.
The pervasive existence of government-owned banks in emerging economies is often justified by their provision of access to credit in remote and underdeveloped regions that are ignored by private banks. This paper analyses whether credits provided by government-owned and private banks have a significant role in regional growth and whether this role changes in politically connected areas in Turkey. Our findings imply that private banks significantly improve the economic well-being in all Turkish provinces regardless of their development level or their political connection with the ruling party. However, credits by government-owned banks are found to be positively related to the per capita growth rate only in the less developed provinces that are advocates of the ruling political party and also developed but not politically connected provinces. These results suggest that government-owned bank credits, as implied by the political view, are used for funding politically desirable projects or politically connected borrowers.