Ekonomi Bölümü Koleksiyonu
Permanent URI for this collectionhttps://gcris.khas.edu.tr/handle/20.500.12469/57
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Book Part Citation Count: 19The Repurchase Agreement (Repo) Market(John Wıley & Sons Ltd, 2011) Acharya, Viral V.; Öncü, T. Sabri[Abstract Not Available]Article Citation Count: 2Bargaining with nonanonymous disagreement: Decomposable rules(Elsevier Science Bv, 2011) Kıbrıs, Özgür; Tapkı, İpek GürselWe 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.Article Citation Count: 3Modeling and forecasting the demand for industrial roundwood in Turkey: A primary econometric approach(Wfl Publ, 2012) Kayacan, Bekir; Ucal, Meltem Şengün; Öztürk, Atakan; Bali, Ramazan; Koçer, Sacit; Kaplan, ErdemThis study is a primary econometric analysis to explore the factors explaining the changes in industrial roundwood demand in Turkey. The study also includes demand forecasts based on the econometric models proposed herein. We constructed two separate econometric models: one for national demand for domestically-produced saw log, and the other for national demand for domestically-produced non-sawlog industrial roundwood. Models were originally designed in multiplicative form. The original models are then converted into the log-linear form so that the relevant coefficients of the regression equations would immediately reflect the elasticities. Estimation of the model parameters are based on a panel data set of fifteen years (1995-2009) by twenty seven regional forest directorates in the country. In accordance with the maxim of less than the half of the 15 years period of data set, the demand forecasts are made for seven years beyond 2009. In view of the results, the explanatory power of the proposed models can arguably be deemed satisfactory especially considering the lack of earlier studies of this scale and scope. This consequently increases the credibility of the demand projections. Notwithstanding signs of the estimated parameters of the models are for the most part congruent with those expected in light of the economic theory and practice, some intriguing results are obtained. Perhaps most notably, while the sign of the estimated price elasticity of sawlog demand occurred unexpectedly positive, the variation in sawlog demand is explained to a considerable extent by the variation in the price of imported sawlog, hence an expected cross elasticity. Also notable is that the price of imported "fuelwood" holds a positive relationship with the national demand for domestic non-sawlog imdustrial roundwood, which is an expected cross elasticity since virtually all of the imported "fuelwood" is used as raw material for industry (e.g. chip and fiberboard industry). Finally, both models suggest overall boost in demand: yet an upper bound of 4.5 million m(3) for national demand for domestically-produced sawlog, and of 15 million m(3) for national demand for domestically-produced non-sawlog industrial roundwood can be expected by 2016.Article Citation Count: 0Militancy Governance under State Failure: Models of Legitimacy Contestation in Ungoverned Spaces(2017) Ünver, Hamid AkınThis article makes an empirical exposition of militancy governance under state failure by focusing on ISIS (Islamic State in Iraq and Syria), YPG (People's Protection Units), Luhansk People's Republic and Donetsk People's Republic. Specifically, the article discusses how these groups mobilize different types of grievances and frame their propaganda to exert control over areas where states are weakened. Furthermore, how these groups engage in early modes of pre- and post-territorial control, form governance practices and prioritize particular areas for better administration are also elaborated in detail. Ultimately, the paper argues that Violent Non-State Actors (VNSAs) perform better in areas of low loyalty and high resource-generation and if its territorial ambitions are maximalist (expansionist). Through these variables, we are better able to judge how sustainable these groups will be in their respective territories and how should states approach local governance once these groups are defeated.Article Citation Count: 3Housing Prices in a Market Under Years of Constant Transformation: A County-Based Analysis of Istanbul(Cracow Univ Economics, 2020) Ucal, Meltem; Kaplan, UğurObjective: The objective of the article is to present a comprehensive approach to analysing Istanbul's housing prices, using a hedonic price model with a large dataset and a single variable for locational attributes. Research Design & Methods: The analysis of consequent housing prices in Istanbul's counties with hedonic price modelling and the extrapolation of results by comparing the prices to the human development level of counties. We use multiple regression and Ordinary Least Squares (OLS) methods to estimate two semi-log hedonic price models for two time periods. Findings: The relationship between socioeconomic development levels and housing prices varies for counties under different urban transformation processes. Implications & Recommendations: The results are useful for the housing price analysis in Istanbul. The housing prices appear to follow the socioeconomic development level of the county in which a house is located, thus showing variations between different counties. The relationship between housing prices and urban transformation processes should be approached with caution by policymakers, as the outcomes may disturb both the sociological and economic balance in the long run. Contribution & Value Added: The study contributes to the existing research on housing price analysis by interpreting locational attributes as a whole and housing research at large by combining hedonic price modelling and case study methods.Article Citation Count: 1Who wants left-wing policies? Economic preferences and political cleavages in Turkey(Routledge Journals, Taylor & Francis Ltd, 2020) Tekgüç, Hasan; Harma, Mehmet; Tekgüç, HasanWe administer a survey of economic policy preferences to a representative sample of the Turkish voting-age population. We show that policy preferences are distributed in non-linear ways that are at odds with what could be expected from a conventional left-right division. We find that while objective socioeconomic differences are bad at predicting economic policy preferences, the latter are distinctly associated with politically salient cleavages built on religiosity and ethnicity. We also examine how preferences of each party's voters compare with party programmes.Article Citation Count: 3Contours of Alternative Policy Making in Venezuela(Sage Publications Inc, 2014) Orhangazi, ÖzgürThe 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.Article Citation Count: 2Heterogeneous effects of minimum wage on labor market outcomes: A case study from Turkey(Walter de Gruyter, 2020) Orhangazi, Özgür; Tekgüç, Hasan; Tekgüç, HasanWe assess the effects of a sharp minimum wage increase on wages, informality, and employment in Turkey, a large developing economy with one of the highest minimum wage-to-average wage ratios among OECD countries and widespread discrepancies between labor market outcomes of women and of men. We look at the quasi-experimental 2016 minimum wage increase and pay attention to identifying information coming from demographic groups. We find that the increase in the minimum wage had an economically substantial and statistically significant positive impact on wages. Despite the positive wage effects of the increase, we find no negative employment effects. However, we show that the minimum wage increase may have caused an increase in the share of informal employment among workers with less than tertiary education, especially for such workers working for small firmsBook Part Citation Count: 0Macroeconomic adjustment in Asia after the global financial crisis: Japan, Korea, and China(Nova Science Publishers, Inc., 2017) Akkemik, K. Ali; Özdemir, Onur[Abstract Not Available]Article Citation Count: 12Is It Merely a Labor Supply Shock? Impacts of Syrian Migrants on Local Economies in Turkey(Sage Publications, 2021) Tekgüç, Hasan; Tekgüç, HasanThe authors use the occurrence of a large and geographically varying inflow of more than 2.5 million Syrian migrants to Turkey between 2012 and 2015 to study the effect of migration on local economies. They do not find adverse employment or wage effects for native-born Turkish workers overall or for those without a high school degree. These results are robust to a range of strategies to construct reliable control groups. To explain the findings, the authors document the importance of three migration-induced demand channels: the complementarity between native and migrant labor, housing demand, and increased entrepreneurial activities.Article Citation Count: 2Overcoming the Egyptian cotton crisis in the interwar period: the role of irrigation, drainage, new seeds, and access to credit(Blackwell Publishing, 2021) Karakoç, Ulaş; Karakoç, UlaşAfter experiencing a period of spectacular growth during the late nineteenth century, the Egyptian cotton sector underwent a phase of stagnation, which was followed by a gradual and steady increase in output during the interwar period. Drawing on a new panel dataset at the province–year level, this article explores the determinants of the upturn in cotton output, running a horserace between credit, seed technology, and infrastructure. In order to address endogeneity concerns, an instrumental variable approach is adopted, using a modified version of Bartik's shift-share instrumental variable. Our results provide supporting evidence that peasants switched to a lower-yielding cotton variety as a response to changes in relative price. Moreover, our production function estimates show that two key factors had a positive impact on output growth: credit availability and the adoption of new cotton varieties.Article Citation Count: 13A Dynamic Game Theory Model For Tourism Supply Chains(Sage Publications, 2021) Keskin, Kerim; Ucal, Meltem ŞengünThis 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.Book Part Citation Count: 1Contradictions of capital accumulation in the age of financialization(Edward Elgar Publishing Ltd, 2016) Orhangazi, Özgür[Abstract Not Available]Article Citation Count: 2Unveiling the effects of a headscarf ban: Evidence from municipal jobs in Turkey(Academic Press Inc., 2020) Çörekçioğlu, GözdeReligious conservatism is often associated with patriarchal attitudes and deterioration of women's rights. This conventional wisdom has motivated ubiquitous policies that limit public expressions of religion and emphasize secular values. This paper demonstrates that a policy change which undermines secularity ends up empowering women. The current article takes advantage of a unique divergence in political institutions that occurred in Turkey's recent history to explore how revoking a headscarf ban affected employment outcomes of women in the public sector. In a difference-in-discontinuities setting, I exploit the before/after discontinuous policy variation and compare female employment within municipalities that have Islamist and secular mayors. I find that eliminating legal obstacles against observant Muslim women in the labor market improves female employment in Islamist municipalities. Yet, when women are not allowed to wear headscarves to work, Islamist mayors employ less women vis-à-vis secular mayors. Overall, findings point to unintended consequences of headscarf bans on pious women.Article Citation Count: 3Perceived Happiness, Perceived Trust and Perceived Income Levels: The Case of the Reunified Germany(Savez Ekonomista Vojvodine, 2019) Ucal, Meltem Şengün; Günay, SimgeThis study explored the possible impact of perceived income on individual (perceived) happiness in Eastern and Western Germany in relation to perceived trust and four socio-economic variables, namely gender, age, marital status and employment status. To examine the relationship between these variables, a generalized ordered logit model was applied using the World Values Survey data. Bootstrapping and marginal effects were used to obtain a more robust model. The findings provided insights regarding the impact of perceived income and perceived trust on individual (perceived) happiness in both regions after reunification. Perceived income had a positive effect on all happiness categories in both regions. Perceived trust had a stronger positive impact on individual happiness than that of perceived income, although its significance varied across individual (perceived) happiness categories. Analysis of marginal effects revealed differences between the base models.Article Citation Count: 196The role of trade and FDI for CO2 emissions in Turkey: Nonlinear relationships(Elsevier, 2019) Haug, Alfred Albert; Ucal, Meltem ŞengünThis paper examines the effects of foreign trade and foreign direct investment (FDI) on CO2 emissions in Turkey. We consider linear and nonlinear ARDL models and find significant asymmetric effects of exports, imports and FDI on CO2 emissions per capita. However, FD1 has no statistically significant long-run effects. In the long run, decreases in exports reduce CO2 emissions per capita but increases in exports have no statistically significant effects. Increases in imports push up CO2 emissions per capita, while decreases in imports have no long-run effects. On the other hand, CO2 intensity, which measures CO2 emissions per unit of energy, is not influenced by exports and imports, nor by FDI. Instead, it is affected positively by financial development and urbanization. Also, we find that an environmental Kuznets curve is present for both CO2 measures so that increases in real GDP per capita have led to reductions in CO2 emissions for at least the most recent decade, controlling for other confounding factors. Furthermore, the sectoral shares of CO2 emissions in total CO2 emissions change asymmetrically with foreign trade for two of four sectors, with export increases leading to lower CO2 shares and imports having the opposite effect. (C) 2019 Elsevier B.V. All rights reserved.Article Citation Count: 11Female employment status: a survey analysis of selected member states of the Arab League(Springer Heidelberg, 2019) Ucal, Meltem Şengün; Günay, SimgeLow female labor force participation is a conspicuous issue in the literature. Based on this information, women's perspectives of the determinants of female labor force participation in 13 member states of the Arab League in relation to the region's patriarchal culture and conservative social norms are discussed in this paper. Probit modelling is applied to the sixth wave of the World Values Survey data (2010-2014), in order to examine the relationship between female labor force participation and socio-cultural variables, such as women's perceptions about the importance of religion, the priority of religion compared with science, the importance of traditions for women, the priority of men concerning the right to a job and the importance of a job for women's independence, and personal characteristics, such as women's social class, marital status, number of children, educational level and age. The results indicate that the number of children and the importance given to tradition and religion by women are obstacles to increasing their labor force participation.Article Citation Count: 53Multidirectional Relationship between Energy Resources, Climate Changes and Sustainable Development: Technoeconomic Analysis(Elsevier, 2020) Ucal, Meltem Şengün; Xydis, GeorgeGlobal changes in temperature will likely change energy use and electricity production capacity. Considering the relationship between climate change and energy resource use, changes in temperature and the frequency and intensity of extreme events will affect how much energy is produced and consumed. The green economy and green growth are located at the heart of the fight against climate change in creating sustainable development. This paper considers the multidirectional relations between climate change, energy resources, and sustainable development including the perspective of a green economy via a technoeconomic analysis. A link among energy resources, climate changes and sustainable development has been displayed via a technoeconomic analysis in the case study, which was focused on taking into consideration the needs of the hydroponic units, the product selling price, the electricity price of the wind farm (WF), and at the same time the energy demand, under a nexus approach. Via the technoeconomic analysis, it was proven that moving on to smaller investments of 2 MWs is more efficient compared to larger projects e.g. 18 MWs, however, this cannot be considered immediately as the preferred solution since it is always a matter of impact on the local society.Article Citation Count: 0Kalkınma, kapitalizmin mantığı ve eşit olmayan gelişme(İ.Ü. İktisat Fakültesi Mezunları Cemiyeti, 2011) Orhangazi, ÖzgürKapitalizm, ortaya çıkışından bu yana dünya üzerinde eşit olmayan bir gelişme üretmiştir. İlk başlarda, kapitalizmin ortaya çıktığı bölgeler ve bunların uzantılarıyla dünyanın geri kalanı arasında kurulan ilişkilerin yarattığı eşit olmayan gelişme dinamikleri, sistemin mantığı tarafından sürekli yeniden üretilmektedir. Dünyanın belirli yerlerinde ortaya çıkan iktisadi gelişme, çoğu zaman başka bölgelerde ‘azgelişme’ yaratmaktadır. Gerek 1980 öncesinin devletçi kalkınma politikaları gerekse daha sonra devreye sokulan neoliberal politikalar, ‘azgelişmiş’ ülkelerin ‘gelişmiş’ ülkeler seviyesine ulaşmasını sağlayamamıştır. Gerçek anlamda bir kalkınmadan söz edebilmek için bu piyasacı/devletçi kalkınma ikileminden koparak yeni bir paradigmanın arayışı içerisine girilmesi ve hem iktisadi hem de insani kalkınmanın sermayenin ihtiyaç ve kararlarının insafına bırakılmaması gerekmektedir.Article Citation Count: 0Rapid Economic Growth and Its Sustainability in China(T.C. Dışişleri Bakanlığı Stratejik Araştırmalar Merkezi, 2015) Akkemik, K. AliChina has recorded remarkable growth rates for three and a half decades. Recently, the annual growth rate has slowed down and is projected to decline gradually to 5 % by 2030. This article examines how high economic growth was realized in the past and whether it can be sustained in the future. In doing this, the paper takes into consideration the projections about future growth rates. The article emphasizes that the main reason for the reduction in the future growth rates is the unsustainability of the currently high investment rates in the long run. In addition, the diversification of financial instruments for the already high savings is important. Necessary improvements in the financial sector are discussed in conjunction with the long term sustainability of economic growth rates.
