Scopus İndeksli Yayınlar Koleksiyonu

Permanent URI for this collectionhttps://gcris.khas.edu.tr/handle/20.500.12469/1248

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Citation Count: 52
Assessing the importance of international tourism for the Turkish economy: a social accounting matrix analysis
(Elsevier Science, 2012) Akkemik, K. Ali; Akkemik, K. Ali
The international tourism sector has grown rapidly in Turkey since the 1980s and Turkey ranks among the top ten countries in terms of tourist arrivals and receipts. Previous studies on international tourism in Turkey are partial equilibrium studies which emphasized the importance of the sector for foreign exchange earnings employment creation and economic growth. The social accounting matrix (SAM) modeling approach is superior to partial equilibrium analysis as it takes into account intersectoral linkages. This paper analyzes the contribution of international tourism to the Turkish economy using two SAMs for 1996 and 2002 respectively. Two analyses are conducted using the SAM impact model: (i) sectoral comparison of GDP elasticities and (ii) SAM impact analysis of international tourism on output value-added and employment. The results show that the GDP elasticity of international tourism is relatively low and the impact of foreign tourist expenditures on domestic production value-added (GDP) and employment in Turkey are modest. The results imply the possibility of leakage of foreign tourist expenditures out of the economy. (C) 2011 Elsevier Ltd. All rights reserved.
Citation Count: 2
Bargaining with nonanonymous disagreement: Decomposable rules
(Elsevier Science Bv, 2011) Kıbrıs, Özgür; Tapkı, İpek Gürsel
We analyze bargaining situations where the agents' payoffs from disagreement depend on who among them breaks down the negotiations. We model such problems as a superset of the standard domain of Nash (1950). We first show that this domain extension creates a very large number of new rules. In particular, decomposable rules (which are extensions of rules from the Nash domain) constitute a nowhere dense subset of all possible rules. For them, we analyze the process through which "good" properties of rules on the Nash domain extend to ours. We then enquire whether the counterparts of some well-known results on the Nash (1950) domain continue to hold for decomposable rules on our extended domain. We first show that an extension of the Kalai-Smorodinsky bargaining rule uniquely satisfies the Kalai and Smorodinsky (1975) properties. This uniqueness result, however, turns out to be an exception. We characterize the uncountably large classes of decomposable rules that survive the Nash (1950), Kalai (1977), and Thomson (1981) properties. (C) 2011 Elsevier B.V. All rights reserved.
Citation Count: 6
Between anchors and aspirations: a new family of bargaining solutions
(Springer, 2019) Keskin, Kerim; Keskin, Kerim; Özcan-Tok, Elif
We study the salience and power of reference points in determining the effective anchors and aspirations in bargaining problems. Along this line we enrich the analysis of the standard bargaining model with two new parameters: the first parameter can be interpreted as the effectiveness (or salience) of the reference point in determining the anchor whereas the second parameter can be interpreted as its effectiveness in shaping agents' aspirations. Utilizing these parameters we provide a unifying framework for the study of bargaining problems with a reference point. The two-parameter family of bargaining solutions we obtain encompasses some well-known solutions as special cases. We offer multiple characterizations for each individual member of this family as well as two characterizations for the whole solution family in bilateral bargaining problems.
Citation Count: 6
Can law impose competition? A critical discussion and evidence from the Turkish electricity generation market
(Pergamon-Elsevier Science Ltd, 2014) Oğuz, Fuat; Akkemik, K. Ali; Göksal, Koray
Electricity markets have undergone regulatory reforms since the early 1980s around the world. Technical analyses of these reforms usually pay lip service to the influence of politics over regulatory processes. Existing studies examine certain aspects of the market such as demand pricing and efficiency and they touch upon political issues only passingly when economic models cannot provide sufficient explanation This approach problematically takes politics as an ad hoc variable. This study shows that electricity is intrinsically a 'political good' and argues that any meaningful reform effort should take institutions as the starting point rather than a residual. The argument that politics has to be an endogenous variable in any model aspiring to explain behavior in electricity markets is demonstrated in the paper. The evidence for the political good character of electricity is found by examining the Turkish regulatory reform for Which it is argued that there is not a satisfactory relationship between expected and realized gains. (C) 2013 Elsevier Ltd. All rights reserved.
Citation Count: 13
Capital Flows and Credit Expansions in Turkey
(Sage Publications Inc, 2014) Orhangazi, Özgür
Literature on capital flows identifies various channels through which capital inflows could create financial fragility and economic instability in developing and emerging economies. Domestic credit expansion is one such channel. Capital inflows can lead to rapid expansion of domestic credit even create credit bubbles and thus result in an increased fragility of the economy. I analyze the link between private capital inflows and bank credit to the private sector in the case of Turkey between 2003 and 2013 and ask whether surges in private capital inflows accelerate growth of credit. I employ a logit model to investigate the link between capital inflows and periods of rapid credit expansion. The findings suggest that net private capital inflows after controlling for other determinants of credit are positively correlated with periods of rapid credit expansion.
Citation Count: 7
Capitalism Crisis and Class: The United States Economy after the 2008 Financial Crisis
(Sage Publications Inc, 2014) Orhangazi, Özgür; Orhangazi, Özgür
The literature on the outcomes of the financial crisis in low- and middle-income countries in the post-1980 era presents three broad findings: first the burden of crises falls disproportionately on labor in general and low-income segments of the society in particular. Wages and the labor share of income fall unemployment increases the power of labor declines and income inequality and poverty increase. Capital on the other hand recovers quickly and gains more ground. Second government policies favor capital especially financial capital at the expense of the larger public. Crises also present opportunities for further deregulation and liberalization in financial markets and the rest of the economy. Third following financial crises foreign capital inflows may increase as international capital seeks to take advantage of the crisis and acquire assets at fire-sale prices. The 2008 U.S. financial crisis provides an opportunity to extend this analysis to a leading high-income country. By examining the experience of the United States after the financial crisis in terms of the questions and issues typically raised in examinations of low- and middle-income countries this paper makes an original contribution while at the same time contributing to the gradually emerging literature on the consequences of the U.S. financial crisis. We first look at the distributional effects of the financial crisis and compare this with the impacts of the crisis on capital. Then we investigate the changes in income shares of labor and capital before shifting our attention to changes in inequality and poverty. Next we focus on the role of government policies through an analysis of government taxation and spending policies. Finally we examine the changes in capital inflows before concluding with a discussion of our overall findings and further research areas.
Citation Count: 11
Competition and monopoly in the U.S. economy: What do the industrial concentration data show?
(Sage Publications, 2021) Orhangazi, Özgür; Orhangazi, Özgür
A recent series of academic studies, think-tank reports, and news articles shows widespread attention to rising industrial concentration and market power in the U.S. economy. In this paper, we focus on concentration in the U.S. nonfinancial corporate sector to make three contributions to the literature. First, we use examples from the debate on industrial concentration to show that there are often-divergent predictions in the theoretical literature surrounding the expected consequences of concentration and monopolization for nonfinancial firms. Second, we use industry-level concentration data to describe recent trends in average concentration. We show that, while concentration increases across the majority of industries after the late 1990s, the retail and information-services sectors are particularly key for understanding recent trends in average industrial concentration. Third, we link our industry-level analysis with firm-level data to describe the relationship between industrial concentration and nonfinancial corporations' profitability, markups, and investment. Consistent with the ambiguities in the theoretical literature, we find that these relationships are not uniform: while some highly concentrated industries confirm standard expectations with high markups, high profitability, and low investment rates, other highly concentrated industries earn lower-than-average markups and profits, suggesting that - in some industries - increased concentration and intensified competition may go hand in hand.
Citation Count: 3
Contours of Alternative Policy Making in Venezuela
(Sage Publications Inc, 2014) Orhangazi, Özgür
The economic policies of the Venezuelan government in the last decade represent a significant departure from neoliberal orthodoxy. This departure consists of a focus on greater national autonomy, a return to some of the macroeconomic policies of earlier eras, and increased state involvement in the economy through interventions and social programs. While these policies have resulted in improved social indicators, they also have provided space for a set of "transformative" initiatives, including experiments with worker co-management, cooperatives, and participatory planning, all of which seek alternatives to the capitalist organization of the economy. Although the Venezuelan experience could be considered sui generis, especially with the economy's dependence on oil, a critical evaluation of the policies implemented in Venezuela would contribute to discussions on the alternatives to both neoliberal policies and capitalism in general. This paper provides an analysis of the break with neoliberal economic policies and of the transformative initiatives, as well as an evaluation of their achievements together with a discussion on their likely future path.
Citation Count: 7
Cumulative prospect theory preferences in rent-seeking contests
(Elsevier Science, 2018) Keskin, Kerim
We investigate the equilibrium behavior for agents with cumulative prospect theory preferences in rent-seeking contests. Characterizing the equilibrium effort levels we present results on the existence of equilibrium and total rent dissipation. (C) 2018 Elsevier B.V. All rights reserved.
Citation Count: 17
Declining Poverty and Inequality in Turkey: The Effect of Social Assistance and Home Ownership
(Routledge Journals Taylor & Francis Ltd, 2018) Tekgüç, Hasan
Social assistance has become prominent in combating poverty in developing countries and has also contributed to the popularity and election success of governments implementing it. In this paper I employ household surveys and investigate the effect of social assistance on poverty and income inequality in Turkey. I also review the recent literature on poverty as well as different components of social protection spending: education health pensions and housing. In the empirical analysis I show that pensions still constitute the bulk of public transfers to households. Moreover home ownership ameliorates poverty and inequality for Turkey. Despite its modest amounts social assistance reduces poverty and its marginal effect on income inequality is larger than other income sources. These findings suggest that increases in social assistance budgets should accompany other policy measures in combating poverty and inequality.
Citation Count: 1
Dependence on imported inputs and implications for technology transfer in Turkey
(Springer New York, 2012) Akkemik, K. Ali
Trade and macroeconomic policies in Turkey evolved from import substitution to export promotion and liberalization of commodity and capital markets after 1980. During the 1980s and 1990s Turkey’s exports and imports and their shares in GDP demonstrated an increasing trend. The share of exports in GDP increased from 4.2% in 1980 to 20.3% in 2005 and that of imports rose from 11.4 to 32.2%. Import liberalization was accomplished during the second half of the 1990s and at around the same time direct price support for exports was abolished. © Springer Science+Business Media LLC 2012. All rights reserved.
Citation Count: 13
Detecting structural changes using wavelets
(Academic Press Inc Elsevier Science, 2015) Yazgan, M. Ege; Ozkan, Harun
We propose a powerful wavelet method to identify structural breaks in the mean of a process. If there is a structural change in the mean the sum of the squared scaling coefficients absorbs more variation leading to unequal weights for the variances of the wavelet and scaling coefficients. We use this feature of wavelets to design a statistical test for changes in the mean of an independently distributed process. We establish the limiting null distribution of our test and demonstrate that our test has good empirical size and substantive power relative to the existing alternatives especially for multiple breaks. (C) 2014 Elsevier Inc. All rights reserved.
Citation Count: 9
Determinants of Investment in Turkey: A Firm-Level Investigation
(Routledge Journals Taylor & Francis Ltd, 2019) Orhangazi, Özgür; Orhangazi, Özgür; Yalçın, Cihan
In this article we analyze the financing constraints-investment link for the case of Turkey between 1996 and 2013. As different from the existing studies on Turkey we use a more comprehensive data set that includes both publicly-traded and privately-owned firms and analyze the differences in constraints across small- and medium-sized firms and large firms. In addition to the commonly used cash-flow sensitivities we use alternative measures of constraints build from multiple firm specific variables. We find that small- and medium-sized manufacturing firms in Turkey are subject to financing constraints regardless of the measure used.
Citation Count: 3
Does migration contribute to women's empowerment? Portrait of urban Turkey and Istanbul
(Routledge Journals Taylor & Francis Ltd, 2019) Tekgüç, Hasan; Tekgüç, Hasan; Toktaş, Şule
This article empirically investigates the impact of internal migration on women's empowerment in urban areas of Turkey. Based on data from a nationally representative household survey we find that migration exerts a positive impact in urban settings through improvements in educational attainment and labor market outcomes. Migration contributes to women's empowerment by raising their education levels and lowering the gap in schooling between men and women. Migration also allows migrants both men and women and particularly those with tertiary education to access jobs and occupations in high wage regions like Istanbul. However unlike in education a gender wage gap persists even after migration.
Citation Count: 13
A Dynamic Game Theory Model For Tourism Supply Chains
(Sage Publications, 2021) Keskin, Kerim; Ucal, Meltem Şengün
This article contributes to the game-theoretic analysis of tourism supply chains. We start with a baseline model including three types of agents: (a) one theme park, (b) multiple accommodation providers, and (c) multiple tour operators. We investigate the strategic dynamics (i.e., collaboration and competition) embedded in a market with two different tourism supply chains, and then we extend our model to an infinite-horizon repeated game arguing that agents would face the same decision problem in each week of every holiday season in each year. We show how agents in a tourism supply chain end up with higher profits in any given period of a repeated game compared with their profits in the static version of the game.
Citation Count: 1
An econometric analysis of imported timber demand in Turkey
(WFL PUBL, 2013) Kayacan, Bekir; Kara, Oğuz; Ucal, Meltem Şengün; Öztürk, Atakan; Bali, Ramazan; Koçer, Sacit; Kaplan, Erdem
This paper attempts to understand and explain determinants of Turkish demand for foreign timber imported to Turkey. Explanatory variables in the propounded model include price of imported timber price of domestically-produced sawlog as an imperfect substitute income per capita country population and capacity utilization rates (CUR's) and industrial production indices (IPI's) of forest industry sectors. For empirical purpose we used a time series data covering the 15-year period between 1995 and 2009. The econometric model set for there appears to be able to explain more than 96% of the variation in demand for imported timber with all of the parameter estimates except for population parameter being statistically significant. Estimation results confirm the existence of the price elasticity and substitute cross-price elasticity of demand for imported timber. Results also imply that the Turkish firms importing timber tend to consider domestic sawlog prices as much as even more than the price of foreign timber. The hypothesized effects of production changes in wood products and furniture industries on imported timber demand do not appear to be substantiated by this study which can partly be attributed to the partial method of measuring CUR's and IPI's. Meanwhile possible effects of income population and exchange rate index of the Turkish currency on the imported timber demand of the country are not evidenced by the empirical findings of this research. Finally our model forecasts ceteris paribus that by 2016 the level of Turkish demand for imported timber demand can reasonably be expected to exceed 2 million m(3)/year. This corresponds to the level of timber import observed in the years preceding the global economic crisis in 2009.
Citation Count: 7
Endogenous reference points in bargaining
(Springer Heidelberg, 2018) Keskin, Kerim; Keskin, Kerim
We allow the reference point in (cooperative) bargaining problems with a reference point to be endogenously determined. Two loss averse agents simultaneously and strategically choose their reference points taking into consideration that with a certain probability they will not be able to reach an agreement and will receive their disagreement point outcomes whereas with the remaining probability an arbitrator will distribute the resource by using (an extended) Gupta-Livne bargaining solution (Gupta and Livne in Manag Sci 34:1303-1314 1988). The model delivers intuitive equilibrium comparative statics on the breakdown probability the loss aversion coefficients and the disagreement point outcomes.
Citation Count: 24
Energy consumption and income in Chinese provinces: heterogeneous panel causality analysis
(Elsevier Science, 2012) Akkemik, K. Ali; Göksal, Koray; Li, Jia
Recently energy production in China fell behind energy consumption. This poses important challenges for the rapidly growing Chinese economy. As a consequence the causal relationship between energy consumption and GDP is an important empirical issue. This paper examines Granger causality between energy consumption and GDP in China using province-level data. The current paper extends the Granger causality analysis employed in previous studies by taking into account panel heterogeneity. Specifically four different causal relationships are examined: homogeneous non-causality (HNC) homogeneous causality (HC) heterogeneous non-causality (HENC) and heterogeneous causality (HEC). HC and HNC hypotheses are rejected for causality in either direction from GDP to energy or from energy to GDP which implies that the panel made up of Chinese provinces is not homogeneous. Then heterogeneous causality tests (HEC ad HENC) are conducted for each province. For the causality running from GDP to energy 19 provinces exhibit HEC and 11 provinces exhibit HENC. For the causality running from energy to GDP 14 provinces exhibit HEC and 16 provinces exhibit HENC. The results suggest that the Chinese government should incorporate a regional perspective while formulating and implementing energy policies. (C) 2012 Elsevier Ltd. All rights reserved.
Citation Count: 54
Energy consumption-GDP nexus: heterogeneous panel causality analysis
(Elsevier Science Bv, 2012) Akkemik, K. Ali; Göksal, Koray
Existing studies examining the Granger causality relationship between energy consumption and GDP use a panel of countries but implicitly assume that the panels are homogeneous. This paper extends the Granger causality relationship between energy consumption and GDP by taking into account panel heterogeneity. For this purpose we use a large panel of 79 countries for the period 1980-2007. Specifically we examine four different causal relationships: homogeneous non-causality homogeneous causality heterogeneous non-causality and heterogeneous causality. The results show that roughly seven-tenths of the countries exhibit bi-directional Granger causality two-tenths exhibit no Granger causality and one-tenths exhibit unidirectional Granger causality. (C) 2012 Elsevier B.V. All rights reserved.
Citation Count: 10
Energy-saving behavior of Turkish women: A consumer survey on the use of home appliances
(Sage Publications Ltd, 2017) Ucal, Meltem Şengün
This paper focuses on energy-related attitudes and behaviors of Turkish women who are the main users of electrical home appliances responsible for most household energy consumption. Answers from 1323 female respondents surveyed through a unique questionnaire formed the dataset. The results from analysis of variance show that education has a significant effect on the relationship between energy saving and awareness and attitudes about climate change. Significant differences also exist between education level groups in terms of knowledge of the classification of energy-saving electrical home appliances. Responses to questions related to energy-saving purchasing behaviors are consistently higher for knowledgeable respondents. The paper then uses factor analysis and ordinal logit models to reveal interactions between energy-saving behavior regarding electrical home appliances and several factors namely awareness sensitivity essentials and receptiveness. The identification of these factors can provide useful insights for policy makers that enable them to construct energy-saving policies specifically tailored toward women.

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