Ahmet Ay
Selcuk University (Selçuk Üniversitesi), Economics, Faculty Member
In developing countries such as Turkey, the current account deficit, occuring due to the lack of national savings, is considered to be one of the determinants of economic crisis. At the same time owing to Turkey is dependent on foreign... more
In developing countries such as Turkey, the current account deficit, occuring due to the lack of national savings, is considered to be one of the determinants of economic crisis. At the same time owing to Turkey is dependent on foreign countries for energy resources, current account deficit is highly sensitive to fluctuations in the prices of these resources. This paper, investigates the causal relationship between international oil prices and current account deficit for Turkey using Johansen cointegration and causality tests. The empirical findings show that there is a relationship between two variables in the long term.
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Research Interests: Economics and Humanities
Bu calisma, reel doviz kuru ile cikti duzeyi arasindaki nedensellik iliskisini ve bu iliskinin yonunu zaman serisi analiz yontemleriyle incelemeyi amaclamaktadir. Bu iliskinin arastirilmasinda Turkiye ekonomisinin 1990Q1-2006Q3 donemine... more
Bu calisma, reel doviz kuru ile cikti duzeyi arasindaki nedensellik iliskisini ve bu iliskinin yonunu zaman serisi analiz yontemleriyle incelemeyi amaclamaktadir. Bu iliskinin arastirilmasinda Turkiye ekonomisinin 1990Q1-2006Q3 donemine ait reel GSYIH ve reel efektif doviz kuru degiskenlerine ait veriler kullanilmistir. Literaturde yer alan ilgili calismalara benzer bicimde, cikti duzeyini temsilen reel GSYIH degerlerinden ve doviz kurunu temsil etmek icin de reel efektif doviz kuru degerlerinden faydalanilmistir. Yapilan ampirik calismanin neticesinde ise Turkiye ekonomisinde reel doviz kurunun cikti uzerinde pozitif etkiye sahip oldugu sonucuna ulasilmistir.
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Elektronik ticaretin birkac yilda ulastigi buyukluk, tum zamanlar icinde ekonomik anlamda belki de en hizli degisimin gerceklesmekte oldugunun ispatidir. Bugun Ticaretin tanimi yeniden yapilmis ve pazar kavramina degisik boyutlardan... more
Elektronik ticaretin birkac yilda ulastigi buyukluk, tum zamanlar icinde ekonomik anlamda belki de en hizli degisimin gerceklesmekte oldugunun ispatidir. Bugun Ticaretin tanimi yeniden yapilmis ve pazar kavramina degisik boyutlardan yaklasilmak zorunda kalinmistir. Bunun sebebi sanayi toplumundan bilgi toplumuna geciste geleneksel ticaretin yerini elektronik ticaretin almis olmasidir. Ayrica elektronik ticaretin diger gelisen ekonomilerde oldugu gibi Turkiye Ekonomisi uzerine de etkileri oldugu acikca fark edilmektedir. Bu calismada, elektronik ticaretin temel ekonomik etkileri incelenirken Turkiye Ekonomisi uzerindeki etkilerine de deginilecektir.
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Merkez Bankasi’nin borc veren son merci rolu, bir grup yazar tarafindan 18.yy. sonunda ortaya konmus ve 19.yy’da gelistirilmistir. Bu kavram pek cok ulkede uygulanmis ve test edilmis sonuc olarak beklenmeyen durumlar karsisinda parasal... more
Merkez Bankasi’nin borc veren son merci rolu, bir grup yazar tarafindan 18.yy. sonunda ortaya konmus ve 19.yy’da gelistirilmistir. Bu kavram pek cok ulkede uygulanmis ve test edilmis sonuc olarak beklenmeyen durumlar karsisinda parasal istikrarin saglanmasinda etkili oldugu anlasilmistir. Ozellikle baska ulkelere yayilma ihtimali olan krizler soz konusu oldugunda uluslararasi borc veren son mercii fonksiyonu on plana cikmis ve krizlerin derinlesmesini onlemek amaciyla finansal kaynak saglamasi talep edilmistir. Uzerinde bir fikir birligi bulunmasa da ekonomik krizdeki ulkelerin ulusal anlamda cozemedikleri likidite sorununa cozumu IMF destegi almak olarak bulmalari bu kurumun uluslararasi borc veren son mercii olarak kabul edildiginin bir gostergesi olmaktadir
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Along with the disintegration of the USSR in the early 20th century, globalization has accelerated the process of development. One of the most important arteries of the globalization process has emerged as the liberation of capital flows.... more
Along with the disintegration of the USSR in the early 20th century, globalization has accelerated the process of development. One of the most important arteries of the globalization process has emerged as the liberation of capital flows. The capital stocks held by developed countries are more likely to be scattered and invested into more profitable international areas, leaving local investments at one end. In this context, the capital mobility, which is accepted as a sign of the level of economic growth and development, draws attention as a very important variable in terms of countries. The study carried out by Feldstein and Horioka (1980), and the explanation of the correlation between domestic investments and savings as capital movements, is named as the Feldstein-Horioka Paradox in the economic literature. In this context, if domestic savings were added to the world savings pool and domestic investments were competing for funds in the same world savings pool, there would be no c...
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Bu calismada 1980 sonrasi uygulanan doviz kuru politikasi ele alinacaktir. 1980 yilinda ithal ikamesi politikasindan ihracata donuk politikaya yonelinmistir. Bu donemde doviz kuru politikasi da temelden degismistir. Doviz kurlarinin... more
Bu calismada 1980 sonrasi uygulanan doviz kuru politikasi ele alinacaktir. 1980 yilinda ithal ikamesi politikasindan ihracata donuk politikaya yonelinmistir. Bu donemde doviz kuru politikasi da temelden degismistir. Doviz kurlarinin belirlenmesi piyasa guclerine birakilmistir. Doviz kuru politikasinin temel hedefi disa acilmanin bir parcasi olarak ihracati tesvik etmektir. Bu makalede cevabi aranacak ilk soru doviz kurlarini neyin belirledigidir. Ikincisi ise, 1989 sonrasi finansal liberalizasyonla birlikte kisa donemli sermaye hareketlerinin doviz kurlari uzerindeki etkisini arastirmaktir. Bu makalede 1980 sonrasi disa acilma surecinde Turkiye'de ly-gulanan kur politikalari degerlendirilecektir. Bu amacla oncelikle 240-cak 1980 Ekonomik Istikrar Tedbirleri konusunda kisa bir bilgi verl-dikten sonra disa acilma doneminde uygulanan kur politikalari temel a-yirimlar itibariyle degerlendirilecektir.
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Gelişmekte olan ülkelerin ekonomik kalkınmalarında yüksek teknolojili ürün ihracatı önemli bir faktördür. Bu yüzden yüksek teknolojili ürün ihracatı, özellikle gelişmekte olan ülkelerin ekonomik büyümelerini artırmada büyük önem arz... more
Gelişmekte olan ülkelerin ekonomik kalkınmalarında yüksek teknolojili ürün ihracatı önemli bir faktördür. Bu yüzden yüksek teknolojili ürün ihracatı, özellikle gelişmekte olan ülkelerin ekonomik büyümelerini artırmada büyük önem arz etmektedir. Yüksek teknolojili ürün ihracatı son dönemlerde ekonomi çevrelerinde içerdiği yüksek katma değerden dolayı büyümenin belirleyicilerinden biri olarak kabul edilmektedir. Literatürde yüksek teknolojili ürün ihracatını etkileyen pek çok faktör bulunmaktadır. Bu çalışmada 2000-2012 döneminde gelişmekte olan 12 ülkede doğrudan yabancı sermaye yatırımları ve dışa açıklığın yüksek teknolojili ürün ihracatını üzerindeki etkisi panel veri analizi yöntemi ile araştırılmıştır. Uygulama sonucunda, doğrudan yabancı sermaye yatırımları ve dışa açıklığının yüksek teknolojili ürün ihracatını pozitif etkilediği görülmüştür. Çalışmada elde edilen ampirik bulgular çerçevesinde gelişmekte olan ülkelere yönelik politika önerileri sunulmuştur.High technology produ...
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In recent years, investment in human resources has been important factor for developing countries. So, with the importance of human capital, many studies have been done to indicate the presence of relationship between the health and... more
In recent years, investment in human resources has been important factor for developing countries. So, with the importance of human capital, many studies have been done to indicate the presence of relationship between the health and economic growth. Because, health as human capital affects economic growth for countries. And also, health expenditures seen as a robust predictor of economic growth. In this paper, we aim to investigate the effect of health on economic growth by a panel data analysis. This article consists of data of BRICS countries and Turkey for the period from 2000-2014. Econometric results show that health expenditure has significantly positive effect on economic growth.
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Each country aims a prosperous life standard, and therefore follows socio-economical policies. The consequences of the policies determine their level of growth. There are many indications that show the level of their growth. In 1991,... more
Each country aims a prosperous life standard, and therefore follows socio-economical policies. The consequences of the policies determine their level of growth. There are many indications that show the level of their growth. In 1991, having declared its independence, Uzbekistan has undertaken the role of being a key country in Middle East with its rich cultural values, deep-rooted history, geopolitical location, and its economical potential. In addition, there have been several prominent factors which contribute country's level of growth such as cheap labor, high farming potential, and rich natural resources like oil and gas. In this study, the development of selected macro socio-economic values of Uzbekistan between 1991 and 2016 will be analyzed, and there will be economical and political suggestions for the future.
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1970 sonrasi, dalgali kur sistemi doneminde doviz kurlarindaki degismeleri aciklamada parasal modeller yetersiz kalmislardir. Bunun bir nedeni modellerin temelinde yer alan satin alma gucu paritesi , faiz oranlari paritesi ve piyasa... more
1970 sonrasi, dalgali kur sistemi doneminde doviz kurlarindaki degismeleri aciklamada parasal modeller yetersiz kalmislardir. Bunun bir nedeni modellerin temelinde yer alan satin alma gucu paritesi , faiz oranlari paritesi ve piyasa etkinliginin gerceklesmemesidir. Diger nedenler ise ekonometrik yapidan kaynaklanmakta olup bunlar eszamanlilik, coklubaglantinin varligi, yapisal esitliklerin ve zaman serilerinin istikrarsizligi, beklentilerin modellenmesinde zorluklar, varlik stoklarinin olcumu, para ikamesinin varligidir. Son donemlerde gelisen yeni ekonometrik yontemler bazi sorunlarin giderilmesine onemli katki yaptigi gibi, bircok sorunu da beraberinde getirmektedir. Doviz kurlarinin belirlenmesinde parasal modellerin basarisini etkileyen ve bu calismada anlatilan faktorlerde aciklanan sorunlar giderildiginde bu modellerin aciklayici guclerinin artacagi beklenebilir.Bu nedenle calismada oncelikle parasal modeller genel yapisi tanitilacak, sonrada doviz kurlarinin belirlenmesinde p...
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The concept of development has been evaluated by several economic scholars within different historical processes. The meaning of the concept has changed towards the direction from a single theoretical perspective into a multi-theoretical... more
The concept of development has been evaluated by several economic scholars within different historical processes. The meaning of the concept has changed towards the direction from a single theoretical perspective into a multi-theoretical perspective. One of these perspectives is alleviation of poverty. Poverty appears when people cannot meet basic needs for their lives. Poverty level is total amount of expenditure which is necessary to meet the basic needs. Poverty level is the determinant of welfare level of a country and its regions. Poverty numbers and poverty level are criteria indicating to what extent is development achieved. Income distribution is another issue which must be handled with poverty. Fair distribution of income must be an important policy in alleviating poverty. In this context, impact of income distribution must be positive on development level. In this study, the relationship between poverty and development has been presented within the context of Turkey and it...
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In the broadest sense, immigration is defined as the change of places where people live, and it becomes a more complicated phenomenon when analyzed from the socio-economic, political and psychological aspects. The extent of the impact of... more
In the broadest sense, immigration is defined as the change of places where people live, and it becomes a more complicated phenomenon when analyzed from the socio-economic, political and psychological aspects. The extent of the impact of migration in this context varies according to the conditions of each country, but it is also related to the number of migrants received and the many personal characteristics of immigrants, such as age, education level. Therefore, there is no unanimity on the subject in the literature. The total number of settled migrations of the 25 OECD countries in the last 10 years has been used. The effects of the migrants employed in the labor markets (registered) on the unemployment rates of the selected countries were investigated. The study period was selected as 2008-2018 years. The data was obtained from the OECD and World Bank databases. In this context, panel causality analysis was applied to investigate the short-term effects of the employed migrants on...
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The concept of the middle income trap takes place among the frequently discussed issues in the growth literature in the last periods. There are a number of countries in the world, which cannot move to the high income economic level and... more
The concept of the middle income trap takes place among the frequently discussed issues in the growth literature in the last periods. There are a number of countries in the world, which cannot move to the high income economic level and which squeeze to the middle income trap. These countries overcome the low income category with a rapid growth, however, when they reached the middle income level, they began to get slower and came to a deadlock depending on inadequate productivity. The aim of this study is to examine the concep t of the middle income trap and make a comparison in terms of Turkey and BRICS countries (Brazil, Russia, India, China, South Africa). In the comparison, few factors were taken into consideration, such as human capital, education and innovation. Although Turkey has significantly proceeded in the growth recently, it is not able to reach the high income level, because its existing human capital and innovation level do not seem to be enough. In conclusion, based o...
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This study investigates the dynamic relationship between foreign direct investment (FDI), human capital, economic freedom and economic growth for the period of 2000-2013 covering 39 countries. In this context, we utilized panel... more
This study investigates the dynamic relationship between foreign direct investment (FDI), human capital, economic freedom and economic growth for the period of 2000-2013 covering 39 countries. In this context, we utilized panel cointegration, panel fully modified ordinary least squares (FMOLS), panel dynamic panel ordinary least squares (FMOLS), and panel vector error correction model (VECM) based Granger causality analysis methods. In this study: i) variables are cointegrated in the long term; ii) according to FMOLS results, FDI, human capital and economic freedom have a positive impact on economic growth; iii) according to panel DOLS results, human capital and economic freedom have a positive impact on economic growth, and finally; iv) panel VEC results supports the relationship between variables both short and long term. In the last chapter, we evaluated the findings obtained from the analysis and suggested some policy recommendations.
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Uygulanan ekonomi politikalarinin basarisi oyunun kurallarinin karar birimlerine acik ve net bir sekilde ifade edilmesi ile mumkundur. Iktisatta rasyonellik aksiyomu geregi karar birimleri rasyonel kabul edilir ve bu karar birimlerinin... more
Uygulanan ekonomi politikalarinin basarisi oyunun kurallarinin karar birimlerine acik ve net bir sekilde ifade edilmesi ile mumkundur. Iktisatta rasyonellik aksiyomu geregi karar birimleri rasyonel kabul edilir ve bu karar birimlerinin amaci faydalarini maksimize etmektir. Bu durum karar birimlerinin, iktisat politikalari karsisinda hemen aktif bir tavir takinip iktisat politikalarinin tamamen etkisiz hale gelmesine neden olmaktadir (Politika etkisizligi onermesi). Karar birimlerinin rasyonalitesi, mevcut veriler isiginda kendileri icin en dogru karari vermelerini varsayar. Dolayisiyla karar birimleri politika yapicilarinin olasi butun reaksiyonlarini elde ettikleri belli model cercevesinde kullanarak tahmin etmeye calisacaklardir. Karar birimlerinin bu davranisi politika uygulamalarini etkisiz hale getirecektir. Bunun icin ekonomide izlenen sistematik politikalar basarili olamayacaktir.
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For endogenous growth theories, human capital is accepted as a significant determinant for economic growth. Human capital is determined by improvements in education and health. This paper aims to investigate the effects of health... more
For endogenous growth theories, human capital is accepted as a significant determinant for economic growth. Human capital is determined by improvements in education and health. This paper aims to investigate the effects of health indicators on economic growth in Turkey. In the study, health institutions that have beds and health institutions do not have beds and number of people per health officer were used as health indicators. The results indicate that there is a positive relation, apart from a variable, between health indicators and economic growth in Turkey.
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In recent years, investment in human resources has been important factor for developing countries. So, with the importance of human capital, many studies have been done to indicate the presence of relationship between the health and... more
In recent years, investment in human resources has been important factor for developing countries. So, with the importance of human capital, many studies have been done to indicate the presence of relationship between the health and economic growth. Because, health as human capital affects economic growth for countries. And also, health expenditures seen as a robust predictor of economic growth. In this paper, we aim to investigate the effect of health on economic growth by a panel data analysis. This article consists of data of BRICS countries and Turkey for the period from 2000-2014. Econometric results show that health expenditure has significantly positive effect on economic growth.
There exists vast literature on the determinants and effects of Foreign Direct Investment (FDI). The issue has increased in importance due to strong globalization processes. Many developed and developing countries try to attract FDI to... more
There exists vast literature on the determinants and effects of Foreign Direct Investment (FDI). The issue has increased in importance due to strong globalization processes. Many developed and developing countries try to attract FDI to support their economic growth and development. However, empirical results show an ambiguous relation between FDI and economic growth. In this article, the determinants of FDI in Poland and Turkey are compared based on monthly data from 2000-2009 with help of the Granger causality test and the Vector Auto- regression Model. It is concluded that FDI inflows are positively correlated with market size and openness of the economy in Poland. For Turkey, a bidirectional relationship between FDI and market size as well as between FDI and openness of the economy has been observed. No relation between FDI and inflation has been found.
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Kayit disiekonomi, hukuki olarak belgelenemeyen ve Gayri Safi Yurt Ici Hasila (GSYIH) hesaplamalarinda dikkate alinmayan, resmi kayitlara giren tum ekonomik islemler ve faaliyetleri ifade eder. Kayit disiekonominin ortaya cikmasindaki... more
Kayit disiekonomi, hukuki olarak belgelenemeyen ve Gayri Safi Yurt Ici Hasila (GSYIH) hesaplamalarinda dikkate alinmayan, resmi kayitlara giren tum ekonomik islemler ve faaliyetleri ifade eder. Kayit disiekonominin ortaya cikmasindaki temel nedenler dort grupta toplanabilir. Bunlar: • Asirivergi yuku, enflasyon, ekonomik istikrarsizlik ve krizler gibi finansal ve ekonomik nedenler • Vergi affi, yolsuzluk, rusvet ve kamu muhasebe servisinin yetersizligi gibi yonetimsel ve hukuki nedenler • Kentlere goc, guvenlik olmamasive nufus politikalarinda eksiklik gibi sosyal ve psikolojik nedenler • Siyasal istikrarsizlik ve populist politikalar gibi siyasal nedenler Kayit disiekonomiye yol acan tum bu negatif etkenlere ragmen, kayit disiekonominin ekonomik buyumeyi pozitif ya da negatif etkiledigine dair tam bir fikir birligi yoktur. Bu duruma ragmen, kayit disiekonomiyi onlemek icin bazipolitikalar gelistirilmelidir. Faiz oranlarinin dusurulmesi, vergilendirme sisteminde bazireformlar ya...
Bu calismada reel doviz kuru oynakliginin ihracat uzerinde etkisi Johansen es-butunlesme ve hata duzeltme modeli cercevesinde 1995–2008 donemlerini kapsayan aylik veriler kullanilarak Turkiye icin incelenmistir. Calismada reel doviz kuru... more
Bu calismada reel doviz kuru oynakliginin ihracat uzerinde etkisi Johansen es-butunlesme ve hata duzeltme modeli cercevesinde 1995–2008 donemlerini kapsayan aylik veriler kullanilarak Turkiye icin incelenmistir. Calismada reel doviz kuru oynakliginin hesaplanmasi icin literaturde yaygin olarak kullanilan uc farkli alternatif olcut dikkate alinmistir. Bu olcutler; reel doviz kuru logaritmasindaki degisimlerden hesaplanan basit standart sapma, hareketli ortalamali standart sapma ve GARCH modelleri ile elde edilen kosullu varyansdir. Elde edilen bulgular reel doviz kuru oynakliginin Turkiye ihracatini hem uzun hem de kisa donemde negatif olarak etkiledigini gostermistir. Ayrica, ongoru hatasinin varyans ayristirmasi sonuclari, reel ihracat uzerinde en etkili degiskenin reel doviz kurundaki oynaklik olduguna isaret etmistir. Reel doviz kuru oynakliginin hem kisa hem de uzun donemde ihracat uzerinde negatif bir etkiye neden olmasi, Turkiye’deki ureticilerin riskten cekinen bir yapiya sah...
With each passing day, the importance of citizen satisfaction with the public service is increasing. As a result, citizen-oriented management approach has emerged. In this respect, citizen satisfaction depends on the positive reviews of... more
With each passing day, the importance of citizen satisfaction with the public service is increasing. As a result, citizen-oriented management approach has emerged. In this respect, citizen satisfaction depends on the positive reviews of citizens about public services s/he benefit. Today?s governments make some arrangements to increase the quality of public services. Thanks to these arrangements the satisfaction of citizens with the public services is trying to be provided. A remarkable situation in these arrangements is that, as well as service quality in the delivery of public service, relations arising between officers delivering public service and citizens also directly affect citizen satisfaction with public services. While positive behaviours of officers increase the satisfaction level of citizens with public services, negative behaviours can lead to negative evaluation of public services by citizens and thus considering them as of poor quality and dissatisfaction with public s...
The more a country is open to trade, the more it attracts investors and the faster its economy develops. However, some study showed that sometime it can be the opposite of all this. In this context, the main purpose of this study is to... more
The more a country is open to trade, the more it attracts investors and the faster its economy develops. However, some study showed that sometime it can be the opposite of all this. In this context, the main purpose of this study is to investigate the relationship between trade openness, capital formation and economic growth in African countries. To do so, we collected data of GDP per capita, trade (% of GDP), Gross national expenditure and capital formation variables. The method applied is panel cointegration and causality by using time series of 38 African countries for the period of 1990-2014. According to the results there is long run relationship between all the variables and the cross sectional co-integration test result indicates that there is more cointegration in Comoros, Equatorial Guinea, Niger and Guinea-Bissau. With highest GDP per capita, Equatorial Guinea has more long-run relationship between trade openness, capital formation and economic growth. However, one of the ...
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EU does not have adequate energy resources when it is compared with its grant amount of energy consumption.. Russia is one of the most important traditional suppliers for the EU and is trying to maintain its position in the future. Russia... more
EU does not have adequate energy resources when it is compared with its grant amount of energy consumption.. Russia is one of the most important traditional suppliers for the EU and is trying to maintain its position in the future. Russia sometimes use energy as political tools as it seen in example of Ukraine Crises. So, diversification of energy resources of EU will provide more competitive energy supply and it strength energy security of EU. Therefore, EU needs to regional cooperation for energy diversification. Caspian region is energy rich region. Therefore Turkey’s strategic location makes it a natural "Energy Bridge" between the major oil producing areas in the Middle East and Caspian Sea. This paper tries to examine costs and benefits analyzing between Turkey and EU aspects of energy cooperation. These costs and benefits analyzing also include projects that are under the construction or still project process. Turkey has some benefits from this process. Because pipe...
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With the collapse of USSR in 1991 all countries declared their independence and started to integrated to the World Economy. Since then these countries have made so many effort to developing their economies. This effort exist through... more
With the collapse of USSR in 1991 all countries declared their independence and started to integrated to the World Economy. Since then these countries have made so many effort to developing their economies. This effort exist through economic growth performance and significant improvement of growth dynamics. For these reason, it will be analysis comparatively countries performance through growth rates and growth dynamics. In this paper CIS and Baltic States, which is leaved from USSR, economic performance will be evaluate on economic growth, unemployment rate, inflation rate, foreign trade volume and FDI indicators etc. with TOPSIS method. This paper especially search on 2007 and 2008 crisis whether or not equally effect these countries economic performance.
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The aim of this study is to examine the relationship between climate change and political instability in the MENA region. To this extent, 18 Middle East and North African (MENA) countries are analyzed covering the period 1985:01–2016:12... more
The aim of this study is to examine the relationship between climate change and political instability in the MENA region. To this extent, 18 Middle East and North African (MENA) countries are analyzed covering the period 1985:01–2016:12 with monthly data. In econometric analysis, at first cross-sectional dependency analysis is applied, and existence of cross-sectional dependency among countries is found. Therefore, CADF-second generation panel unit root test applied, and finally, Dumitrescu and Hurlin ( 2012 ) panel causality test that consider the cross-sectional dependency are utilized. For empirical analysis, temperature and precipitation data representing climate change, political instability, and conflict data are employed. According to the findings, there is a causal relationship from climate change to political instability in 16 countries and to conflict in 15 countries. In addition to this, at least one causal relationship is determined from climate change to political instability or conflict in all MENA countries. Therefore, empirical results support the assumption that climate change acts as a threat multiplier in MENA countries since it triggers, accelerates, and deepens the current instabilities.
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The more a country is open to trade, the more it attracts investors and the faster its economy develops. However, some study showed that sometimes it can be the opposite of all this. In this context, the main purpose of this study is to... more
The more a country is open to trade, the more it attracts investors and the faster its economy develops. However, some study showed that sometimes it can be the opposite of all this. In this context, the main purpose of this study is to investigate the relationship between trade openness, capital formation and economic growth in African countries. To do so, we collected data of GDP per capita, trade (% of GDP), Gross national expenditure and capital formation variables. The method applied is panel cointegration and causality by using time series of 38 African countries for the period of 1990-2014. According to the results there is long run relationship between all the variables and the cross-sectional co-integration test result indicates that there is more cointegration in Comoros, Equatorial Guinea, Niger and Guinea-Bissau. With highest GDP per capita, Equatorial Guinea has more long-run relationship between trade openness, capital formation and economic growth. However, one of the...
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In this paper, the effects of corruption and democracy on foreign direct investments are examined empirically for 10 developing countries over the period 1995-2013. Panel unit root tests, panel cointegration test, panel FMOLS estimator,... more
In this paper, the effects of corruption and democracy on foreign direct investments are examined empirically for 10 developing countries over the period 1995-2013. Panel unit root tests, panel cointegration test, panel FMOLS estimator, and panel vector error correction causality methods are employed in the paper. According to the findings, there is a cointegration relationship among corruption, democracy, and foreign direct investments. Decrease of corruption and increase of democracy level, affect foreign direct investments positively in 10 developing countries which constitute panel, in accordance with evaluating estimate results of cointegration coefficients. According to the findings obtained from the causality analysis, there is unidirectional causality from corruption to foreign direct investments in the short run while there is unidirectional causality from corruption and democracy to foreign direct investments in the long run. These findings support the hypothesis which arg...
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According to Romer (1986) and Lucas (1988) endogenous growth models, it is possible to have sustainable growth through physical and human capital accumulation not necessarily based on exogenous technologic development. Because, physical... more
According to Romer (1986) and Lucas (1988) endogenous growth models, it is possible to have sustainable growth through physical and human capital accumulation not necessarily based on exogenous technologic development. Because, physical and human capital accumulation simultaneously brings the
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By Ahmet AY and Pınar YARDIMCI; Abstract: İçsel büyüme teorisi gelişmekte olan ülkelerde dış ticaret ve beşeri sermayenin teknolojik gelişmeyi etkileyerek. ...