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Journal Cover Turkish Economic Review
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  This is an Open Access Journal Open Access journal
   ISSN (Online) 2149-0414
   Published by KSP Journals Homepage  [6 journals]
  • Access to Finance in Turkey

    • Authors: Baybars KARACAOVALI
      Pages: 1 - 18
      PubDate: 2017-04-09
      DOI: 10.1453/ter.v4i1.1239
      Issue No: Vol. 4, No. 1 (2017)
  • The Effect of Corruption on Foreign Direct Investment: A Panel Data Study

    • Authors: Manamba EPAPHRA, John MASSAWE
      Pages: 19 - 54
      Abstract: . Foreign direct investment (FDI) has become an important factor of development in low income countries. At the same time, corruption continues to be one of the greatest obstacles to economic and social development in these countries. However, in East Africa, the study of the nature of corruption as well as its relationship with FDI is scanty in socio-economic literature. In addition, the existing literature provides controversial results. Motivated by these issues, this paper examines the effects of corruption on FDI inflows by incorporating an econometric method based on panel data from 5 East African countries over the 1996-2015 period. The paper contributes to the existing literature by modeling the relationship between corruption and FDI inflows using two measures of corruption, namely corruption perception index (CPI) and control of corruption (CC). Equally important, both economic factors such as GDP per capita, GDP growth, inflation and degree of openness, and quality of institutions or governance indicators such as voice and accountability, political stability and absence of violence, government effectiveness and rule of law are considered in the analysis. Data were obtained from Transparency International, World Bank Development Indicators, Worldwide Governance Indicators and United Nations Conference on Trade and Development. Analytically the paper uses fixed effects (FE) as the preferable model. The results show that the corruption level in the host country has an adverse effect on FDI inflows when eliminating GDP per capita in the regression. Nonetheless, the results show that the GDP per capita as a proxy for market size and country’s quality of institutions are more important than the level of corruption in encouraging FDI inflows into the country. The key implication of these results is that improvement in the quality of institutions and control of corruption may be an important strategy for increase FDI inflows. The key implication of these results is that an increase in the real GDP per capita, improvement in the quality of institutions as well as control of corruption may be an important strategy for increase FDI inflows.Keywords. Corruption, Foreign direct investment, Quality of institutions.JEL. C23, F21, F23, E02, O16.
      PubDate: 2017-03-31
      DOI: 10.1453/ter.v4i1.1234
      Issue No: Vol. 4, No. 1 (2017)
  • The Emerging Market Manufacturing Business Groups (EMBGs) and the
           Interplay between Innovation in Environmental Sustainability,
           Digitalization, Internationalization and Corporate Governance Structures:
           The Case of Turkish Holding Companies

    • Authors: Anıl AR, Aysun FICICI
      Pages: 55 - 65
      Abstract: . The purpose of this research is to explore the Emerging Market Manufacturing Business Groups’ (EMBG’s) innovation processes through their internationalization activities and the interplay between innovation in environmental sustainability, digitalization, networks, and corporate governance structures. This study focuses on the business dynamics of manufacturing Turkish Business Groups, namely Turkish Holding Companies. It gives a clear illustration of how manufacturing can be innovative in environmental sustainability while internationalizing and exceling its competitive advantage through utilizing both foreign and domestic resources and digitalization. The paper also demonstrates how these companies share continuous knowledge across subsidiaries and other network systems with the support of their organizational forms and/or corporate governance structures. The study comprises Turkish manufacturing multinationals that operate in the continent of Europe. It examines 15 parent firms and 200 subsidiaries that conduct manufacturing operations in countries, such as United States, Germany, Spain, Italy, Netherlands, and United Kingdom.Keywords.Emerging market manufacturing business groups, Environmental sustainability, Innovation, Digitalization, Network systems.JEL.O31, O32, O35, G34, F23, D21.
      PubDate: 2017-03-01
      DOI: 10.1453/ter.v4i1.1221
      Issue No: Vol. 4, No. 1 (2017)
  • How Government Policy and Demographics affect Money Demand Function in

    • Authors: Umbreen IFTEKHAR, Dawood MAMOON, Muhammad S. HASSAN
      Pages: 66 - 74
      Abstract: . Money demand has a key position in macroeconomics generally and monetary economics particularly. The improved economic condition of any country is a sign of increasing money demand and deteriorating economic climate is a sign of decreasing money demand (Maravic & Palic, 2005). In this study, Autoregressive distributed lag (ARDL) approach of co-integration developed by Pesaran et al., (2001) is used to estimate the money demand function. Real interest rate, GDP per capita, exchange rate, fiscal deficit, urban and rural population are selected to determine money demand function in Bangladesh over the period from 1975-2013. The co-integration analysis reveals that interest rate and per capita GDP exerts significant effect upon money demand both in long run and short run as well. Both urban and rural population have significant effect on money demand in the long run and short run and money demand function is found stable over time.Keywords. Bangladesh, Money demand, Per Capita GDP, Real interest rate, Exchange rate, Fiscal deficit, Urban and Rural Population.JEL. E41, G18, N30.
      PubDate: 2017-02-14
      DOI: 10.1453/ter.v4i1.1184
      Issue No: Vol. 4, No. 1 (2017)
  • Bosnia and Herzegovina vs. Her Trading Partner from Southeast Europe

    • Authors: Safet Rasim KURTOVIC, Blerim HALILI, Nehat MAXHUNI
      Pages: 75 - 85
      Abstract: . It is well known that there is a strong relationship between real depreciation of the real exchange rate and the trade balance. Therefore, in this paper we investigated the presence of the J-curve between Bosnia and Herzegovina and seven leading trading partners in Southeast Europe. In the study we have used time series of disaggregated data from 1999 to 2015 and econometric techniques such as co-integration analysis, vector error correction, Johansen's co-integration test, diagnostic tests and tests of stability. The results have shown that there is a co-integration and the presence of the phenomenon of J-curve in the case of Romania and Bulgaria, while this effect is absent in other countries.Keywords. Trade balance, J-curve, Exchange rate, Cointegration, Elasticity.JEL. F14, F31, F32.
      PubDate: 2017-02-24
      DOI: 10.1453/ter.v4i1.1130
      Issue No: Vol. 4, No. 1 (2017)
  • Free Trade and FDI in Kosovo: Prospects for Integration into the EU and
           Turkish Production Networks

    • Authors: Petrit GASHI
      Pages: 86 - 95
      Abstract: . Kosovo has recently signed two major trade agreements, the SAA with the EU, andan FTA with Turkey. However, as the experience from developing countries shows, trade liberalisation is a precondition, but it does not ensure economic growth and prosperity, especially when the supply-side constraints limit country’s ability to reap the benefits of free trade. Violencein the nineties; years of underperforming post-war institutions; the neglect of policy reforms, especially poorly managed privatisation process; reduced greatly Kosovo’s industrial base and its manufacturing capacities. Moreover, these factors, coupled with problems with the rule of law, produced a high-risk environment that is deterring the inflow of foreign capital. Following the signing of the two agreements, one can expect that Kosovo will become more attractive tothe European and Turkish investors. In addition to other benefits, the flow of foreign capital may enable Kosovo’s industries to integrate intothe global value chains. However, as with free trade, the impact of FDI inflow and the integration into global value chains depend largely on domestic market conditions. This paper provides a discussion on the developments regarding trade liberalisation and FDI, and the opportunities the latter create on the integration of Kosovo’s industries into global production networks. In terms of policy directions, the paper argues that, although the trade liberalisation will act as a pull factor, the existingstructural impediments in Kosovo will mostlikely limit the flow of foreign capital and the impact of the existing FDI in Kosovo, specifically, integration into global value chains.Keywords. Trade liberalisation, FDI, GVC, Kosovo.JEL. F15, F23, F60.
      PubDate: 2017-03-01
      DOI: 10.1453/ter.v4i1.1134
      Issue No: Vol. 4, No. 1 (2017)
  • Corruption Forms and Heath Care Provision in Douala Metropolis Public
           Hospitals of Cameroon

    • Authors: Benjamin YAMB, Oscar BAYEMI
      Pages: 96 - 105
      PubDate: 2017-03-10
      DOI: 10.1453/ter.v4i1.1206
      Issue No: Vol. 4, No. 1 (2017)
  • The Impact of Economic Growth and Foreign Direct Investment on CO2
           Emissions: The Case of Turkey

    • Authors: Oktay KIZILKAYA
      Pages: 106 - 118
      PubDate: 2017-04-09
      DOI: 10.1453/ter.v4i1.1173
      Issue No: Vol. 4, No. 1 (2017)
  • James Bessen, Learning by Doing: the Real Connection between Innovation,
           Wages, and Wealth

    • Authors: Scott Alan CARSON, Paul E. HODGES
      Pages: 119 - 121
      PubDate: 2017-03-18
      DOI: 10.1453/ter.v4i1.1255
      Issue No: Vol. 4, No. 1 (2017)
  • The Effectiveness Analysis of Public Education and Health Expenditures

    • Authors: Gulizar Seda YILMAZ
      Pages: 122 - 129
      Abstract: . This study examines the links between public education and health expenditures, and education and health outcomes- measured by the school life expactancy and rate of child (under five) mortality, life expactancy at birth. It also investigates the role of governance on the effectiveness of public education and health expenditures. The effectiveness of public education and health expenditures is examined within education and health production function by using 2002- 2012 data. Empirical results show that effects of socioeconomic and environmental factors and demographic structure on education and health outcomes are similar to those in previous studies. The results indicate two important findings. First, public education and health expenditures remain incapable to explain outcomes when compared to other socioeconomic variables. Second, increase in public education and health expenditures is associated with improved outcomes just in countries where regulatory quality and control of corruption is high. With a general expression, public education and health expenditures become more effective in countries with high governance level.Keywords. Public education expenditures, Public health expenditures, Child mortality rate, Life expactancy at birth, School life expactancy.JEL. I18, I28, H51, H52.
      PubDate: 2017-03-18
      DOI: 10.1453/ter.v4i1.1256
      Issue No: Vol. 4, No. 1 (2017)
School of Mathematical and Computer Sciences
Heriot-Watt University
Edinburgh, EH14 4AS, UK
Tel: +00 44 (0)131 4513762
Fax: +00 44 (0)131 4513327
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