Browsing by Subject "Output"

Now showing 1 - 4 of 4

Open Access
3+1 Essays on the Turkish economy
(2005) Yücel, Mustafa Eray
This dissertation comprise of four essays. The first essay studies the relationship between treasury auction maturity and auction interest rates. Using the Turkish auction data from 1988 to 2004, a reciprocal linkage between auction interest rates and maturities is observed, especially for the 1995-2000 period. This suggests that under an adverse shock, 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. The second essay assesses the effect of USD-Euro parity on a small open economy for an economy where its exports are predominantly denominated in Euros and imports are denominated in USD. The empirical evidence suggests that a positive innovation in USD-Euro parity appreciates the local currency, decreases inflation and increases output. The third essay studies the relationship between on-budget and off-budget expenditures in Turkey and concludes that information content of the budget deficit statistics is not empty; however, it might be misleading in assessing fiscal stance for Turkey. The final essay investigates the connection between Turkish industrial production performance and the success of a popular Turkish football team, namely Fenerbahce. The success of Fenerbahce is interpreted as a proxy for the workers' mood or morale. Performing a transfer function analysis on my monthly data set, I reveal a positive feedback from Fenerbahce's success, which proxies workers' mood/morale, to economic performance. Evidence of the effects of games against domestic rivals on industrial performance is not statistically significant.
Open Access
The comparative performance of the public enterprise sector in Turkey: a Malmquist productivity index approach
(Academic Press, 1997) Zaim, O.; Taskin, F.
The public enterprise sector in Turkey has grown appreciably since the 1950's and has made a marked impact on aggregate production, employment, and saving. However, since the early 1980's, public enterprises have been accused of absorbing the government's financial resources and are being held responsible for Turkey's large external debt. The purpose of this study is to compare the performance of the public sector with that of the private sector for the various subsectors of manufacturing in Turkey. The Malmquist productivity index, constructed using nonparametric linear programming methods, is employed for the relevant comparisons. (C) 1997 Academic Press.
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
Output-employment relationship across sectors: A long-versus short-run perspective
(Wiley-Blackwell Publishing, 2015) Şahin, A.; Tansel, A.; Berument, Hakan
This paper investigates the nature of the output-employment relationship by using the Turkish quarterly data for the period 1988-2008. Even if we fail to find a long-run relationship between aggregate output and total employment, there are long-run relationships for the aggregate output with non-agricultural employment and sectoral employment levels for seven of nine sectors that we consider. However, a further investigation for the output and employment relationship within a short-run perspective does not reveal statistically significant relationships for either total employment or non-agriculture employment, or eight of the nine sectors that we consider. Although there are various long-run relationships between output and employment, the short-run links between demand and employment are weak. The various implications of this for the economy and the labour market are discussed. As a result, maintaining high levels of output in the long-run creating demand is essential for employment generation. © 2013 Board of Trustees of the Bulletin of Economic Research and John Wiley & Sons Ltd.