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Istanbul Journal of Economics
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ISSN (Print) 2602-4152 - ISSN (Online) 2602-3954
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  • Graphical Causality Test Approach to the Relationship Between Economic
           Growth, Energy Consumption, Foreign Trade Balance and Financial
           Development

    • Authors: Abdullah GÖV; Veli YILANCI
      Abstract: The aim of this study is to examine the relationships among economic growth, energy consumption, financial development, and foreign trade for 30 developing countries by employing the least absolute shrinkage and selection operator (LASSO) and truncating LASSO (KLASSO) graphical Granger causality (GGN) approaches. The results of the KLASSO GGN test show a unidirectional causality relationship to exist from economic growth to the trade balance, while the findings of the LASSO GGN test indicate a bidirectional causality to exist between these two series. The study has also determined a unidirectional causality to exist from financial development and energy consumption to economic growth. Overall, the empirical findings support the growth hypothesis and the demand-following hypothesis. Evidence has also been obtained showing economic growth to be an important factor affecting the change in the foreign trade balance among the examined country group and period (1990-2019).
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • Determinants of Export Performance in Emerging Market Economies: New
           Evidence from a Panel Quantile Regression Model

    • Authors: Erdem BULUT; Zaim Reha YAŞAR
      Abstract: Export is a key driver of economic growth in emerging market economies, hence, studying the factors that influence export performance is a crucial and important phenomenon. With the use of a panel quantile regression model and annual data, we evaluate the fundamental variables affecting exports in the Brazil, Russia, India, China, and South Africa (BRICS countries), as well as Turkey, Egypt, Indonesia, and Colombia, between 1980 and 2020. Export is the model’s dependent variable, while the nominal exchange rate, foreign direct investments, inflation rate, and the economic growth rate based on Kaldor’s growth model are its independent variables. According to the findings, the nominal exchange rate has a positive impact on export at various export levels. Therefore, at both low and high levels of export, exchange rate has a greater impact on export. On the other hand, export at the lowest levels is positively impacted by economic growth and foreign direct investments. The impact of economic growth and foreign direct investments on export, however, are insignificant as export volume rises. Finally, even if there is a positive correlation between inflation and export when the export volume is high, there is no significant relationship when exports start to increase. The findings demonstrate that macroeconomic factors significantly affect export in emerging market economies.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • Does Exchange Rate Pass-Through Change Over Time in Türkiye'

    • Authors: Mustafa ÇAKIR; Ahmet Ekrem KAYA
      Abstract: This paper investigates whether the effects of exchange rate pass-through on general and disaggregated consumer prices change over time in Türkiye. Using the time-varying Granger causality (TVGC) test, the study examines the causality relationship between the US dollar and the consumer price index (CPI) over the 1986M01-2022M06 period and then the causality relationship between a US dollar and Euro currency basket and 12 main expenditure groups over the 2003M01- 2022M06 period. According to the findings, the effects of exchange rate pass-through (ERPT) on the CPI and major groups of consumer expenditures decreased based on the floating exchange rate and explicit inflation-targeting regime in Türkiye. The findings obtained from the TVGC test showed This paper investigates whether the effects of exchange rate pass-through on general and disaggregated consumer prices change over time in Türkiye. Using the time-varying Granger causality (TVGC) test, the study examines the causality relationship between the US dollar and the consumer price index (CPI) over the 1986M01-2022M06 period and then the causality relationship between a US dollar and Euro currency basket and 12 main expenditure groups over the 2003M01- 2022M06 period. According to the findings, the effects of exchange rate pass-through (ERPT) on the CPI and major groups of consumer expenditures decreased based on the floating exchange rate and explicit inflation-targeting regime in Türkiye. The findings obtained from the TVGC test showed.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • The Effect of Cash Flows on Firm Performance: A Research on BIST

    • Authors: İbrahim KAYA; Hakan ÖZÇELİK
      Abstract: In line with the development and change in the financial markets, the cash flow statement has become an important financial statement, and the strategic value of cash flow information for company managers and investors has increased. In this study; it is aimed to measure the effect of cash flow information on firm performance. Within the scope of the purpose, data of 57 companies operating in manufacturing and non-manufacturing sectors, excluding financial institutions, from BIST 100 companies covering the period of 2014 - 2019 were used. In the model developed in the study, cash flow statement data was used as the independent variable, while the return on assets ratio (ROA), return on equity ratio (ROE) and Tobin q ratio were selected as dependent variables. As a result of the study, it was determined that cash flows influence business performance. The statistically significant positive relationships between cash flows from operating activities and ROA, cash flows from financing activities and ROE, and dividend payments and Tobin’s q ratio with end-of-period cash balance were identified as the prominent results of the study.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • Determinants of Intimate Partner Sexual Violence Against Women in Türkiye
           According to Socioeconomic and Sociodemographic Factors

    • Authors: Abdurrahman KESKİN
      Abstract: The main objective of this study is to reveal the effects of the sociodemographic and socioeconomic factors that cause women between the ages of 15-59 to be exposed to sexual violence by their husbands or partners in Türkiye. This study uses the dataset from the National Research on Domestic Violence Against Women in Türkiye performed by the Turkish Statistical Institute (TurkStat, 2008 and 2014). The 2008 survey interviewed 17,168 households and 12,795 women, while the 2014 survey interviewed 11,247 households and 7,462 women. This study uses the chi-square independence test and multivariate logistic regression method to examine the factors affecting sexual violence. The dependent variable was determined as exposure to sexual violence. Sociodemographic and socioeconomic variables such as education, age group, region, and personal income were used as the independent variables. According to the results, educated women are less frequently exposed to sexual abuse. In addition, women with their own personal income are less exposed to sexual abuse than women who do not have their own personal income. As the education level of the partners of women who’ve been exposed to sexual violence increases, these partners become less prone to sexual violence; whereas partners with higher frequencies of alcohol use are more likely to commit sexual violence. Sexual violence against women was observed to have decreased between 2008-2014 in Türkiye. Sexual violence results in extremely serious consequences such as severe physical injury and death by murder or suicide and is less often the subject of research compared to other types of violence against women. Thus, further scientific research is required to better understand and address sexual violence against women.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • Rethinking Property Rights, Relations, and Wealth Inequality in the Age of
           Non-Fungible Tokens Umut Yertüm

    • Authors: Umut YERTÜM
      Abstract: Blockchain technology and the possibility of its impacts entered the world with the printing of the first Bitcoin block in 2009. Although overshadowed by Bitcoin due to its popularity, blockchain has a potential far beyond Bitcoin. Non-fungible tokens (NFTs) are defined as unique digital assets built on blockchains and constitute one of the most important parts of this potential due to its technological infrastructure. This study aims to compare the reasons for the creation and usage areas of important NFTs that have been actively implemented within the framework of traditional property relations. The information and data in this study were prepared using the literature review method and were obtained through projects’ websites and blockchain browsers. The fact that the blockchain infrastructure does not allow things such as copying or modifying NFTs eliminates the need for a third intermediary or approval mechanism in property relations. This results in thousands of dollars-worth of art, games, physical products, and partnerships paving the way for NFTs to be bought and sold without the need for a third-party approval mechanism such as a notaries or Ted Registry Offices. These NFTs are even traded in decentralized secondary markets like OpenSea and have reached a sales volume of over $20 billion. However, 85% of NFT trades are found to have bene made by thetop 10% wallets. The fact that the vast majority of valuable NFTs are concentrated in a small group reinforces the phenomenon of wealth inequality in blockchain.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • International Knowledge Spillovers and Economic Growth: New Evidence from
           High-Tech Imports and R&D Cooperation

    • Authors: Mustafa GÖMLEKSİZ
      Abstract: The diffusion of knowledge is an essential triggering factor in the phase of economic growth through externalities mostly based on R&D and innovations embodied in technological products or services. As a form of transmission, knowledge spillovers arising from an external source can emerge through various channels. This study investigates the effect of knowledge spillovers via high-tech imports and international R&D cooperation on longrun economic growth, in a panel of selected emerging and developing economies for the 1995-2019 period. Based on the results of second-generation econometric methods that take into account cross-section dependence and parameter heterogeneity, it is concluded that knowledge spillovers via high-tech imports are a prominent determinant of economic growth. The results also confirm the growth-enhancing effect of domestic knowledge stock as a measure of knowledge absorption capacity. However, it is deduced that knowledge spillovers via R&D cooperation have a weak and somewhat insignificant positive impact on economic growth, when ignoring the complementary relationship between incoming knowledge and the absorptive capacity of countries. Accordingly, the results indicate the essential role of increasing absorptive capacity in gains from R&D spillovers. Lastly, human capital seems to be decisive in the growth process.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • Green Economy in Sustainable Development: An Analysis for OECD Countries

    • Authors: Adem BABACAN; Mehmet Ali POLAT, Oktay KIZILKAYA
      Abstract: The understanding of the green economy, which is seen as the main strategy of sustainable development, is considered a remedy to eliminate the concerns between environmental concerns and economic goals. Therefore, measuring and considering the performance of countries in the context of the green economy is important in terms of policies to be implemented. The aim of the study is to measure and evaluate the green economy performance of the 20 founding OECD countries. In this context, a green economy index covering the years 2014-2018 was calculated based on the numerical data of 23 variables, which are thought to represent three different dimensions of the green economy. The contributions of these criteria to the green economy were weighted with the SWARA Method, one of the multi-criteria decision techniques. Using the obtained criteria weights, the green economy performance scores of the countries were determined through the TOPSIS Method. According to the scores obtained, it can be stated that the green economy performances of the 20 founding OECD countries increased in the examined period. In this performance increase, positive developments in economic and social indicators have a large share.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • Estimation of the Distribution and Demand Dynamics in Turkey: Structural
           Vector Autoregression Approach to a Post-Keynesian Model

    • Authors: Betül MUTLUGÜN; Ahmet İNCEKARA
      Abstract: In this study, we present an empirical investigation into demand and distribution dynamics using structural vector autoregression analysis for Turkey between the period 1970-2017. The theoretical analysis is based on a Kaleckian dynamic macro model where distributive shares are determined endogenously by introducing Rowthorn’s conflicting claims on income by workers and firms and labor productivity is allowed to vary with the level of capacity utilization due to economies of scale due to Kaldor–Verdoorn effects and wage-push effects according to Marx. Our findings indicate that increases in wage share lead to an increase in accumulation and growth which suggests wage-led effective demand, while distributive dynamics demonstrate profit-squeeze results, at least in the short run. Moreover, the empirical model confirms most of the typical Kaleckian results.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • Analyzing the Environmental Kuznets Curve Hypothesis in Terms of Economic
           Growth and Different Types of Globalization in Türkiye

    • Authors: Melike ATAY POLAT; Suzan ERGÜN
      Abstract: Environmental pollution has become one of the issues most widely discussed by researchers, scientists, and policy makers these days. In particular, investigating the determinants of CO2 emissions is one of the leading areas of interest for scientists . Meanwhile, globalization causes countries to interact with each other economically, politically, and socially, and this interaction inevitably affects the environment. Therefore, globalization is an important determinant of CO2 emissions. This study aims to evaluate the dynamic effects different types of globalization (economic, social, and political) have on environmental quality in Türkiye with reference to the environmental Kuznets curve hypothesis during the 1970-2018 period using the vector error correction model (VECM). The presence of a long-term relationship among CO2 emissions per capita, GDP per capita, economic globalization, social globalization, and political globalization for Türkiye has been demonstrated using the Johansen cointegration test. According to the results, the VECM Granger causality test has determined a short-term one-way causality nexus from economic globalization to CO2 emissions and from social globalization to political globalization. In terms of long-term estimators, the study has concluded GDP per capita, economic globalization, and social globalization to significantly and positively affect CO2 emissions per capita and the square of GDP per capita and political globalization to negatively affect CO2 emissions per capita at a significant level.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • Investigating Consumers’ Attitudes on Cryptocurrency Usage as an Online
           Shopping Payment Method in the City of Izmir

    • Authors: Mesut FENKLİ; Ayşe Nur ÇIRAK, Serhat SOYLU
      Abstract: Cryptocurrencies that are not affiliated with any certain institution or organization are currencies that cannot be physically held but can be converted into physical currency. The first cryptocurrency appeared in 2009, and since then, the intense interest in cryptocurrency around the world has led to the emergence of 10,266 different types of cryptocurrencies. Due to the intense interest in cryptocurrencies in recent years, this study, investigates consumers’ attitudes towards the use of cryptocurrencies as a payment method for online shopping based on the technology acceptance model (TAM). The study’s data were collected using the survey method applied to 212 participants in Izmir. According to the independent t-test and ANOVA applied to the obtained data, participants’ gender, educational status and occupational status were seen to not result in any were seen to not result in any significant difference regarding attitudes toward using cryptocurrencies, while their age and income status resulted in significant differences regarding their attitude. In addition, the hypotheses created for the research were tested by estimating the structural equation model (PLS-SEM), and the factors of convenience, trust, and benefit were determined to be positively related to attitude, while the factor of risk determined to be negatively related to attitude.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • The Effect of Capital Ownership and Ownership Spread on Economic Income
           Distribution

    • Authors: Esat DAŞDEMİR; Halil TUNALI
      Abstract: This study makes a comparative analysis on the spread of ownership and capital ownership by associating it with income distribution. The spread of property and capital ownership to the base diversifies the type of income individuals receive from the functional income distribution. When these two elements spread to the base, inequality in the functional income distribution will affect the interpersonal income distribution less, and diversity TThis study makes a comparative analysis on the spread of ownership and capital ownership by associating it with income distribution. The spread of property and capital ownership to the base diversifies the type of income individuals receive from the functional income distribution. When these two elements spread to the base, inequality in the functional income distribution will affect the interpersonal income distribution less, and diversity in individuals’ income will contribute to social peace. The study emphasizes within its scope the distinction between income distribution and wealth distribution and numerically explains the relationship income distribution as a flow variable has with wealth distribution as a stock variable. In order to test the study’s theoretical discourse, it conducts a panel data analysis using the annual frequency data from 15 countries covering the 2003-2018 period. The analysis uses the ratio of market value to revenue from publicly offered shares traded in countries’ stock exchanges to represent the spread of ownership and capital to the base. According to the obtained results, an increase in the ratio of publicly traded stocks improves income distribution; in other words, the GINI coefficient decreases. This result was determined to be more intense in the Turkish economy with the dummy variables that were used. An increase in the consumption rate, which was used as a control variable in the model, results in income distribution deteriorating. The study will fill an important gap in the literature with its conclusions, determinations, and policy recommendations.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • Analyzing the Volatility Dynamics of Crypto Currency and the Occurrence of
           Speculative Bubbles: The Examples of Bitcoin, Ethereum, and Ripple

    • Authors: Utku ALTUNÖZ
      Abstract: This study aims to model the volatility features of Bitcoin, Ethereum, and Ripple, which are the cryptocurrencies with the greatest volumes that have come to the agenda since the global crisis, and to determine the presence and dates of price bubbles.After running the ADF and Ng-Perron unit root tests, the EGARCH model was analyzed as the best for Bitcoin and TGARCH for the Ethereum and Ripple. According to the obtained results, negative coefficients for Bitcoin imply that negative shocks will increase volatility more than positive shocks. This means that a leverage effect is present. No leverage effect was reached for Ethereum or Ripple, and positive shocks are understood to increase volatility for them compared to negative shocks. In addition, continuous speculative bubble pricing occurred for all three cryptocurrencies, with much higher bubble prices being understood to have occurred with Ethereum and Bitcoin compared to Ripple.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • The Possible Effects of the Belt and Road Initiative on Turkey’s Foreign
           Trade within the Scope of the Gravity Model: A Modes of Transportation
           Approach

    • Authors: Selim SÜLEYMAN
      Abstract: The Belt and Road Initiative is a project China presented in 2013 to improve intercontinental connections and cooperation. The Belt and Road Project connects East Asia, Central Asia, West Asia, Africa, and Europe by both land and sea and aims to establish partnerships between the countries on the Belt Road, as well as to realize balanced and sustainable development in these countries. Located in the center of the continental juncture of Asia, Europe, and Africa, Turkey has an important place in China’s Belt and Road Initiative due to its geographical and geopolitical location. The aim of this study is to estimate the effect of shortening the distance among countries within the scope of the Belt and Road Initiative with regard to Turkey’s foreign trade using the Gravity Model. This study primarily reviews the literature regarding studies on Belt and Road Initiative, and regional integration in this context. The study calculates the effect of the variable of distance on Turkey’s foreign trade with respect to modes of transportation and estimates the change in Turkey’s foreign trade with the countries within the scope of the Belt and Road Initiative. When evaluating the impact of the Belt and Road Initiative on Turkey’s foreign trade, the study concludes that, although certain acquisitions are gained in exports, the BRI will have a direct negative impact on the foreign trade deficit due to imports being more effective.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • How Vulnerable is the Turkish Stock Market to the Credit Default Swap'
           Evidence from the Markov Switching GARCH Model

    • Authors: Veysel KARAGÖL
      Abstract: This study aims to investigate the effect of the credit default swap (CDS) on the Turkish stock market. More specifically, it analyses whether the relationship between CDS and the Turkish stock market has changed during the period of unprecedented stock returns in 2022. The Markov Switching GARCH method is preferred because of its many advantages in the analysis of the return series of the variables. Two different models are estimated for the full sample weekly period of 2010:01-10/2022:12-11 and the subsample weekly period of 2010:01-10/2021:12-05. The subsample period is more optimal than the full sample period. Nevertheless, the findings of both sample periods are included to make a comparison. The effect of CDS on the Turkish stock market is greater in the high-volatility regime than in the lowvolatility regime. CDS has a negative impact on the Turkish stock market in both low and high volatility periods. The most striking finding is that CDS affects the Turkish stock market approximately twice as much in the subsample period as in the full sample period in both regimes. Policymakers should follow risk-oriented policies instead of policies against the wind against the risk of a possible boom in financial markets.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • Urbanization and Urban-Rural Income Inequality in Latin America

    • Authors: Buket ALTINÖZ; Ebru TOPCU
      Abstract: After the pioneering work by Kuznets (1955), the relationship between urbanization and income inequality is among the topics frequently examined in the literature. However, the number of attempts focusing on this issue in the context of rural and urban income inequality is quite limited. Therefore, the aim of this study is to examine the relationship between urbanization and urban-rural income inequality in Latin America over the period 2000-2018. Panel quantile regression results reveal that urbanization reduces both rural and urban income inequality in all quantiles. In the Latin American context, policies that support urbanization should be implemented to reduce both rural and urban income inequality. Furthermore, causality results present evidence of a bidirectional causality between urbanization and both rural and urban income inequality.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • Has the Industrial Sector Lost Its Importance' An Examination of
           Exports and Competitiveness

    • Authors: Hüseyin KARAGÖZ; Sefer ŞENER
      Abstract: This study examines the effects that the industrial sector, whose share in the economies of countries gradually decreasing, and the innovation that has come to the fore under the competitive conditions of today have on exports and competitiveness. The study covers the 2008-2017 period for 35 OECD countries and has preferred data on the value the manufacturing industry adds for the industry sector and data on R&D expenditures in regard to innovation. The results obtained from the applied panel data analysis method show the increase in the manufacturing industry to have positively affected competitiveness and goods exports and the increase in R&D expenditures to have positively affected competitiveness, goods exports, and high technology exports. As a result, the study concludes the manufacturing industry as the most important branch of the industrial sector to have an important role in the development of competitiveness and exports that bring sustainability to economic growth, with innovation-oriented initiatives suchas R&D activities in this sector also significantly increasing this effect.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • What Determined Stock Returns in Turkey from 1990 to 2022: Evidence from
           Structural Break Regression

    • Authors: Mercan HATİPOĞLU
      Abstract: This study reassesses the impact of key macroeconomic variables (industrial production, interest rate, inflation, money supply, trading volume, US dollar, oil, and gold prices) on Turkish stock from 1990:01 to 2022:01. The article uses a breakpoint regression model considering the possibility of a structural break in the relationship between stocks and economic variables over time. According to the model, the structural break date was determined to be May 2004. Before the structural break, only the interest rate, money supply, and trading volume statistically affected the stock market return. After May 2004, oil prices and the US dollar rate also started to have an impact on the Borsa Istanbul-100 index. The empirical results underline that the effect of economic factors on the stock market is not constant, and investors’ decisions are shaped around reforms that only affect economic policies in Turkiye.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • Investigating the Effect of Academicians’ Cyberloafing Behaviors on
           Job Stress by Generation

    • Authors: Mahmut DEMİRKIRAN; Emel ESEN
      Abstract: This study aims to examine the effect of academicians’ cyberloafing behaviors on work stress by generation and whether cyberloafing and job stress levels differ with respect to demographic variables and the antecedents of cyberloafing. The study accessed 383 academicians in Türkiye using the convenience sampling method and obtained data using the survey method. The study applied a correlation analysis, the Kruskal-Wallis H test, and the Mann-Whitney U test to the obtained data and consequently determined no significant relationship to be present between job stress and cyberloafing. The academicians were seen to exhibit more minor cyberloafing behaviors and to have below-average cyberloafing and job stress levels. The Generation-Y (Millennial) academicians were found to have higher cyberloafing and job stress levels compared to the Generation-X academicians. The study’s use of an academician sample and examination of the generational relationship between cyberloafing and work stress reveals the study’s importance and difference from other studies in the literature.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • The Economic Impact of the Paris Agreement on Sectoral Outputs in
           Türkiye: An Input-Output Approach

    • Authors: Mustafa BORAN; Bekir KAYACAN
      Abstract: This study analyzes the economic impact of the Paris Agreement on sectoral outputs in Türkiye. All member countries are required to reduce their greenhouse gas emissions by the Agreement according to their responsibilities and capabilities. In this regard, developed countries are subject to absolute emission reduction. Türkiye ratified the Agreement in 2021 as a developing country and started implementation in 2022 as stated in the Nationally Determined Contributions. Regarding implementation of theAgreement, three scenarios are analyzed: the business-as-usual (as a developing country), the absolute emission reduction (as a developed country), and the exit (exiting the Agreement). Emission pathways and reduction amounts for each scenario are estimatedaccordingly. An input-output model is used based on 2018 tables for 45 sectors. Five policy options are analyzed regarding how to distribute the emission reduction burden among sectors: all sectors according to their shares in 2018 emissions (option 1); the top 9 sectors whose emission coefficients are above average (option 2); the top 6 sectors whose emission multipliers are high (option 3); the top 11 sectors whose emission multipliers are above average (option 4); the top 12 sectors which are the top 11 in option 4 plus the construction sector (option 5). Reducing emissions significantly reduces sectoral output in all scenarios and policy options. However, the impact of the business-as-usual is less than absolute emission reduction. Targeting only a few sectors in emission reduction results in a lower impact. If policy optionsare sorted by their total cost from smallest to largest, the order would be 3, 2, 4, 5, and 1.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • The Relationship Imports and Exports in Free Zones Have with Türkiye’s
           Foreign Trade and Employment: The Fourier Autoregressive Distributive Lag
           (ADL) Hidden Cointegration Test

    • Authors: Müge Seda ATEŞ; Gizem ATEŞ, Demet TOKTAŞ, Esra CANPOLAT GÖKÇE
      Abstract: Free zones, which are implemented as a development policy on the basis of the objectives of increasing exports, investments, and employment, facilitating imports, contributing to domestic production, ensuring technology transfer, and balancing regional differences, are special areas where tax advantages are offered to companies. The aim of this study is to investigate the level of contribution of firms supported by tax advantages in Türkiye’s free zones to Türkiye’s foreign trade and employment and to investigate the relationship between these variables. Within this framework, data compiled for monthly periods between 2013.01-2022.05 were used. The Fourier ADL hidden cointegration test was conducted by constructing 7 different models with the identified variables. In the study, it is reported that the contribution of free zones import-export with tax advantages to Türkiye’s foreign trade and employment mechanism is weak. In this framework, it has been tried to present policy recommendations for taxation, foreign trade, and employment based on the principles of both integrating free zones into international trade and achieving a more collaborative, innovative, and qualified structure to eliminate regional differences in local economies.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
  • Dependence Analysis of the ISE100 Banking Sector Using Vine Copula

    • Authors: Bükre YILDIRIM KÜLEKCİ; Gülden POYRAZ, İsmail GÜR, Ozan EVKAYA
      Abstract: The frequently observed time-varying trends and dependence in recent years within financial markets have been essential for modeling and pricing. This study aims to analyze the dependence structure of banking sector stocks traded on the ISE100 index using time series and regular vine (R-vine) copula models. The study calculates the risk measures of value-at-risk (VaR) and expected shortfall (ES) and tests with backtesting methods for the portfolio that are constructed by equally weighting the banking stocks. This study’s findings on banking stocks specifically indicate that the application of the R-vine copula combined with the generalized auto-regressive conditional heteroskedasticity (GARCH) model improved the VaR and ES estimates compared to traditional GARCH-based approaches.
      PubDate: Mon, 26 Jun 2023 00:00:00 +030
       
 
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