Turkish Economy

Son yirmi yıllık süreçte enflasyon hedeflemesi birçok ülkenin merkez bankası tarafından para politikası olarak kabul edilmiştir. Gelişmiş ve gelişmekte olan ülke merkez bankalarının ulaştığı başarılı sonuçları takiben Türkiye Cumhuriyeti Merkez Bankası 2002 yılında enflasyon hedeflemesi uygulamasına başlamıştır. Bu çalışma enflasyon hedeflemesinin önkoşullarını Türkiye açısından sınayarak Türkiye Cumhuriyeti Merkez Bankası’nın söz konusu politikadaki başarı şansını sınamayı amaçlamıştır. Çalışmanın ampirik kısmında VAR ve VEC modelleri kullanılarak para politikası araçları ile enflasyon oranı arasındaki ilişki incelenmiştir. Sonuç olarak Türkiye’nin yüksek borç düzeyinin enflasyon düzeyinin temel para politikası aracı olan kısa vadeli faiz oranları ile kontrol altında tutulmasının önünde bir engel olarak durduğu ortaya çıkartılmıştır.ABSTRACTMEHMET AKİF MOROĞLUDanışman: Prof. Dr. AYSU İNSELInflation targeting has been accepted as the monetary policy by several central banks in the l...

This chapter explores the governmental remittance-related development strategies in monarchist and socialist Yugoslavia. It analyzes administrative practices and language regarding the actual or envisaged utilization of remittances. It stresses in particular the policymakers’ misconception regarding the nature of remittances as being private and not a disposable public resource as they assumed. This assumption facilitated grand yet impossible developmental designs based on an anticipated transformative impact of remittances. By establishing a comparative perspective with corresponding Turkish developments in the 1970s and 1980s, this chapter investigates whether the Yugoslav economic failure or Turkish relative success of the 1980s can be related to their previous histories of remittance management.

In the s, Turkey, like many other countries similarly situated in the world economy, 1 had changed its economic strategy from a protectionist model characterized by heavy state intervention to a more outward-looking and market-oriented one. This change is often interpreted in terms of a basic dichotomy between the state and the market, and in this article I explore the changing place of the economy in Turkish society to highlight the limitations of the dichotomy in question. ''The place of the economy in society'' is a phrase introduced and used by Karl Polanyi to investigate the basic coordinates of the livelihood of the individual in society. 2 For Polanyi, economy is ''an instituted process,'' and the way it is instituted in a given society can be analyzed by looking at the relative importance played by the integrating principles of exchange, redistribution, and reciprocity in the allocation of resources. Exchange denotes the nonenduring and unbinding relations between anonymous individuals on competitive markets. Redistribution characterizes the role that the state plays in the economy via taxation and government spend-

Abstract. China is one of the most dynamic economy in the world.China’s average economic growth rate since 1980 is higher than many countries average economic growth rate due to the China’s export based regime.In this article, the impact of China’s economic growth and external debt on China’s FDI rate measured.It has been found that China’s external debts have significant influence on FDI rates in SPSS analysis within the periods of 1982 –2010.Moreover,China’s economic growth rates have significant impact on China’s FDI rates in the same period.Although both China’s external debt and China’s economic growth has significant impact on China’s FDI, China’s external debt forecasting rate is higher than China’s economic growth forecasting rate for calculation of China’s FDI rates.In addition, according to Granger causality analysis, there is a causality between China’s economic growth and China’s FDI rates.

Bu çalışma, savunma harcamalarının makroekonomik göstergelerden: dış ticaret dengesi, istihdam, işsizlik, enflasyon, gayri safi yurt içi hasıla, ekonomik büyüme; sosyoekonomik değişkenlerden: jeopolitik risk ve politik istikrar endeksi ile ilişkisini araştırmaktadır. Çalışmanın amacı, ülkelerin mecburi olarak gerçekleştirdikleri savunma harcamalarının makroekonomik ve sosyoekonomik etkilerini saptayarak pozitif dışsallıklar sağlayacak politika önerilerini tespit etmektir. Bu kapsamda çalışma savunma harcamalarına ilişkin dört bölüm ve üç makaleden oluşmaktadır. Tüm makalelerde nicel yöntemler kullanılmıştır. Veriler Eviews 12 programı ile analiz edilmiştir. Bir ülkenin ekonomik yatırımlarının artması ve ekonomik büyüme hedeflerine ulaşabilmesi için jeopolitik risk endeksi ilişkisinden hareketle ülkede güvenliğin sağlanması gereklidir. Güvenlik ön şartı için savunma harcamaları jeopolitik risk endeksini en düşük seviyelere gelmesini sağlayacak miktarda yapılmalıdır. Savunma sektörüne yapılan yatırımlarda kullanılan ve geliştirilen teknolojiler diğer sektörlere ülke içinde aktarılmalı, oluşabilecek dışlama etkisinin önüne geçilmelidir. Savunma sanayinde ortaya çıkan buluşların ihracatı teşvik edilmeli, ülkeye döviz girişi gerçekleştirilerek dış ticaret dengesine pozitif dışsallıklar sağlanmalıdır. Sektörde kullanılan girdilerin olabildiğince ithalattan bağımsız elde edilmeye çalışılması ile net ihracatın azalmasının önüne geçilmelidir. Kamu harcamalarından ayrılan payın artması yerine özel sektörün savunma alanında yatırımlar yapması teşvik edilerek, bütçe üzerindeki yükün artmasına engel
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olunmalıdır. Böylece para arzı artışı ile oluşabilecek bir enflasyonun ve yerel para biriminde değer kaybının önüne geçilecek, özel sektörde istihdam artışı sağlanacak ve aynı zamanda savunma harcamaları artışının diğer olumlu etkilerinden yararlanabilecektir. Teorilerin geçerliliğinin kısa ve uzun dönemde değişmesinden hareketle gelecekteki çalışmaların bu ayrımı dikkate alarak yapılması ile ülkelerin kısa ve uzun vadeli politikalarının daha doğru önerileri sağlanabilecektir.

This paper aims to lay bare healthcare inequality and spatial interaction in health services in Turkey for the period 1997-2006. While inequality was explored using Theil index, Moran I and LISA ststistics were used in order to reveal spatial interaction. The obtained results indicate that both intra-regional and inter-regional inequality decreased during the mentioned time period. Furthermore, it was determined that the inequality concerning the specialist physician group is higher than the practitioner and total practitioner groups. Also, there is evidence of significant spatial clustering for all three physician groups.

The purpose of this study is to examine the impact of food prices on the macroeconomic variables of Turkey. The effects are investigated using monthly data for the period January 1980-January 2016. A structural vector autoregressive (SVAR) model is employed for the analysis. Impulse response functions are obtained to assess the impact of food price shocks on the macroeconomic variables of Turkey. To this end, SVAR model is employed as suggested by . The impulse responses gathered suggest that the food price causes Turkish Lira (TRY) to appreciate and inflation to increase contemporaneously. This study provides an important contribution to the literature in terms of determining the factors and presenting the measures to be taken against these factors for Turkey which is a developing country and sensitive to macroeconomic factors.

Middle income trap is the condition of having the per capita income in a specific level and not having any increase in this income level for many years. The concept of middle income trap is a subject that is frequently discussed in the economic literature in recent years. In this study, it is aimed to evaluate whether Turkey is in middle income trap or not. In addition, the effect of manufacturing industry’s share in GDP, schooling rate in higher education and the share of domestic savings in GDP on per capita income level was examined by time series analysis in this context and arguments related with the middle income trap was made. The relationship between the variables in the study was analyzed by Engle Granger cointegration and Engle Granger causality analysis methods. According to the obtained results, a long term relationship was found between the variables which we use. The share of the manufacturing industry within GDP occurred as the cause of the per capita income level. No...

Trade liberalization and its effects on the economies of developing countries have been investigated by many different studies, and some of them have focused on its impact on the current account balance. Turkey, as being one of the countries, which has liberalized its foreign trade in the 1980s, also needs to be studied in terms of the impact of liberalization on current account deficits. Therefore, the aim of this study is to find out whether trade liberalization has affected Turkey's trade and current account balances. In order to determine this, yearly data of Turkey from 1980 to 2013 is used. As liberalization dummy, the year 1989, which was set for Turkey, is selected. Structural break test and model estimation results show that trade liberalization has a negative impact on trade balance but do not have a significant impact on the current account balance.

The accelerating erosion of regulatory safeguards, widening wealth inequality, entrenched elite influence, and the proliferation of surveillance regimes mark a new phase in the global crisis of corporate capitalism-one that is narrowing the normative and institutional gap between liberal democracies and authoritarian states. Building on Karl Polanyi's notion of the double movement and Fernand Braudel's distinction between market exchange and capitalist domination, this article develops a comparative political economy framework to examine how structural disruptions in capitalism are reshaping global governance and fueling the rise of populist authoritarianism. The analysis contrasts the institutional trajectories of the United States, the European Union, and China, highlighting both convergent and divergent patterns in their responses to this systemic crisis. By integrating insights from political economy, comparative governance, and authoritarian studies, the paper advances a theoretical synthesis that explains the mechanisms of "authoritarian convergence" without reducing them to a deterministic path. It concludes that resisting this drift requires re-embedding markets within democratic institutions and forging a renewed, inclusive global social contract capable of constraining both corporate and state power.

Degisen ve giderek karmasik hale gelen dunyada yuzyillar icerisinde bilimin koklu degisimlere ugradigini soylemek mumkundur. Ozellikle fizikteki gelisim ve yeniliklerin tum bilimleri etkiledigi ve yeni donemler actigi iddia edilebilir. Đktisat bilimi fizigin yuksek derecede etki yarattigi bilim dallarinin basinda gelmektedir. Klasik iktisadin deterministtik dunya gorusunun hakim oldugu Newton fizigi uzerine insa edildigi soylenebilir. Yirminci yuzyilda fizikteki determinist dunya gorusunun terk edilip, fizigin koklu degisimlere ugramasi, iktisat bilimi uzerinde de onemli degisimlere neden olmustur. Yasanilan karmasik dunyada geleneksel iktisat kuramlarinin belirli olgulari anlamada yetersiz kalmasi ve istatistiksel fizik tekniklerinin dogrusal olmayan dinamiklerle bir araya gelerek bu karmasik yapiyi aciklamadaki gucu, ozellikle 1990’larin basinda fizikcilerin, son yillarda ise iktisatcilarin ilgisini cekmistir. Bu dogrultuda yapilan calismalar daha onceleri sadece fizik dergilerind...

www.erc.metu.edu.tr *This paper is based on Mustafa Ismihan's Ph.D. thesis (Ismihan, 2002) being prepared under the co-supervision of Aysit Tansel and Kivilcim Metin-Ozcan at Department of Economics, METU. First author would like to thank Merih Celasun and Nazim Ekinci for helpful comments and discussions on his Ph.D. thesis. Substantial revisions of this paper was performed during Mustafa Ismihan's stay in the University of York as a Visiting Scholar, he thanks Turkish Academy of Sciences (TUBA), Gulcin Ozkan and the Department of Economics and Related Studies of the University of York. Our special thanks go to Gulcin Ozkan whose comments and discussions have greatly improved this paper. We are also grateful to Karim Abadir and Fatma M. Utku-Ismihan for helpful comments.

This paper explores sources of growth in the Turkish economy by performing growth accounting exercises over the 1960-2004 period and relevant subperiods. It also analyzes the role of a number of important policy-related factors, such as infrastructure investment, macroeconomic instability, and imports, on total factor productivity (TFP) by performing cointegration and impulse response analyses. The results suggest that both TFP and capital accumulation were crucial sources of growth during the sample period. Nevertheless, TFP growth displayed enormous variation from 1960 to 2004. The descriptive and empirical evidence suggests that TFP is positively affected by imports and public infrastructure investment and negatively affected by macroeconomic instability.

This paper explores sources of growth in the Turkish economy by performing growth accounting exercises over the 1960-2004 period and relevant subperiods. It also analyzes the role of a number of important policy-related factors, such as infrastructure investment, macroeconomic instability, and imports, on total factor productivity (TFP) by performing cointegration and impulse response analyses. The results suggest that both TFP and capital accumulation were crucial sources of growth during the sample period. Nevertheless, TFP growth displayed enormous variation from 1960 to 2004. The descriptive and empirical evidence suggests that TFP is positively affected by imports and public infrastructure investment and negatively affected by macroeconomic instability.

Bilim yapmak, özgür bir üniversitenin varlığını gerektirir. Ancak bu koşul her geçen gün zorlaşmaktadır. Bunun temel nedeni, liberal demokrasinin erozyona uğramasıdır. Küresel ölçekte artan göç hareketleri ve ekonomik sorunlar, ırkçı partilerin birçok ülkede seçimlerde başarı elde etmesine neden olmaktadır. Dünya, adeta iki büyük savaş arası Almanya ve İtalya'ya benzemektedir. Buna rağmen, bilim yapma çabasını sürdürmek zorundayız. EfilJournal olarak biz de bu çabaya destek vermeye çalışıyoruz ve umarız bu çabamız sonuç verir.

İşletmelerin temel görevi, faaliyet alanları içerisinde üretim yapmaktır. Enflasyon ve faiz oranlarının düşük olduğu istikrarlı bir ekonomide işletmelerin göstereceği reaksiyon, ellerinde biriken fon fazlasını reel ekonomide yatırımda kullanmaktır. Ancak Türkiye'de uzun yıllar yaşanan yüksek enflasyon ve faiz oranları, işletmeleri öz kaynaklarını koruma kaygısına düşürmüştür. Bundan dolayı, işletmeler tasarruflarını rant ekonomisi içerisinde spekülatif yatırımlarda kullanmışlardır. Günümüzde ekonomik göstergelerde iyileşme olmasına rağmen bu durum alışkanlık halini almış ve halen devam etmektedir. Bu çalışmada, ülkemizde ekonomik krizin işletmelerin gelir elde etme davranışlarını nasıl etkilediği araştırılmaktadır.

İşletmelerin temel görevi, faaliyet alanları içerisinde üretim yapmaktır. Enflasyon ve faiz oranlarının düşük olduğu istikrarlı bir ekonomide işletmelerin göstereceği reaksiyon, ellerinde biriken fon fazlasını reel ekonomide yatırımda kullanmaktır. Ancak Türkiye'de uzun yıllar yaşanan yüksek enflasyon ve faiz oranları, işletmeleri öz kaynaklarını koruma kaygısına düşürmüştür. Bundan dolayı, işletmeler tasarruflarını rant ekonomisi içerisinde spekülatif yatırımlarda kullanmışlardır. Günümüzde ekonomik göstergelerde iyileşme olmasına rağmen bu durum alışkanlık halini almış ve halen devam etmektedir. Bu çalışmada, ülkemizde ekonomik krizin işletmelerin gelir elde etme davranışlarını nasıl etkilediği araştırılmaktadır.

Several key sectors play a critical role in supporting both global and national economic development. For coastal countries such as Türkiye, the fisheries and maritime freight transport sectors are particularly significant drivers of economic growth, primarily through their export-oriented activities. This study analyses the effect of Türkiye's fisheries and maritime freight exports on economic growth over the period 2000-2019, using various econometric techniques. These include cointegration tests, Fully Modified Ordinary Least Squares (FMOLS), Dynamic Ordinary Least Squares (DOLS), Canonical Cointegration Regression (CCR), Granger causality tests, and variance decomposition analysis. The findings show that in the short term, combined exports from fisheries and maritime freight sectors Granger-cause economic growth at the 0,01 level of significance. In the long term, both types of exports positively affect economic growth. By the sixth year, their contributions become almost equal, indicating a long-run equilibrium and co-movement. By the nineteenth year, fisheries exports explain 19.7% of the changes in economic growth, while maritime freight exports account for 18.3%, highlighting the strategic role of both sectors in Türkiye's economic performance.

Bu makalede, Türkiye Cumhuriyeti'nin kuruluşu ile 1960'lara kadar geçen geniş bir zaman aralığında Kemalist Devletçilik'in doğuş koşullarını, uygulanma biçimini, etkilerini ve Demokrat Parti döneminden sonraki iktisadi politika değişimlerini ele alınmaktadır.

Dünyanın dört bir yanında yaşayan halklar tarihte hiç olmadıkları kadar borçlular. Merkez bankalarına, devletlere, finans çevrelerine… Dünyada küresel ölçekte kamu borcu, 100 trilyon doları ilk kez 2024 yılında geçti. Yoksul veya gelişmekte olan ülkelerin 2024 yılında yalnızca faiz için ödediği miktar 921 milyar dolar. Durumun vahametini sadece borç olarak ödenen miktarlar üzerinden kavramak zorsa, mesele şöyle de ifade edilebilir: Bugün dünyada 3,4 milyar insan, sadece faiz ödemelerinin dahi sağlık ve eğitim gibi alanlarda yaptıkları harcamaları katbekat aşan ülkelerde yaşıyor. Başka bir deyişle, eğitim, sağlık ve beslenme gibi alanlara ayrılması gereken kısıtlı kamu kaynaklarından alınıyor, (çoğunlukla) Batı menşeli alacaklılara veriliyor. Yani, söz konusu olan servet transferi. Borç krizi derinleşmesine rağmen bu meselenin güncel siyasi tartışmalarda, seçim kampanyalarında önemli bir yer tuttuğunu iddia etmek pek mümkün değil.

Ağustos'ta reel kesimin genel gidişat ve güven endeksleri yükselmiştir. Üretim-istihdam-yatırım beklentileri gerilemiş, ihracat beklentileri artmıştır. Kapasite kullanım oranı gerilemiştir. Maliyet ve satış fiyatları beklentileri yükselmiştir.

This paper aims to investigate the relationship between inflation and inflation uncertainty in the Turkish economy by using contemporaneous Exponential GARCH (EGARCH) estimation methodology. Our findings indicate that inflation leads to inflation uncertainty, and dealing with the information content of this relationship, the conditional variance of inflation reacts more to past positive shocks than to negative innovations of equal size. Causality analysis between inflation and inflation uncertainty reveals that inflation Granger-causes, or in other words, precedes inflation uncertainty, but no clear-cut and significant evidence in the opposite direction can be obtained. Furthermore, generalized impulse response analysis estimated in a vector autoregressive framework yields supportive results to these findings.

In this paper, we try to examine the Turkish M2Y broad money demand and its determinants for the period 1987.1-2004.2 with quarterly data. For this purpose, we first specify the construction of a money demand model, and give a literature review of international evidence for empirical studies carried out. By using modern econometric techniques, then, we construct an empirical broad money demand model for Turkish economy, and compare the estimated results with the findings of some other empirical money demand studies carried out on Turkish economy. The main findings of our study indicate that the broad money demand is insensitive to real income, and we attribute this case to the highly unstable growth performance of the economy and the rapid financial innovation process which decreases the correlation between monetary and income agregates. Money demand function indicates instabilities within estimation period, probably because of domestic economic crises conditions and political uncertanties. Also, the main determinant of our money demand model is estimated as inflationary expectations.

This paper aims to investigate the relationship between inflation and inflation uncertainty in the Turkish economy by using contemporaneous Exponential GARCH (EGARCH) estimation methodology. Our findings indicate that inflation leads to inflation uncertainty, and dealing with the information content of this relationship, the conditional variance of inflation reacts more to past positive shocks than to negative innovations of equal size. Causality analysis between inflation and inflation uncertainty reveals that inflation Granger-causes, or in other words, precedes inflation uncertainty, but no clear-cut and significant evidence in the opposite direction can be obtained. Furthermore, generalized impulse response analysis estimated in a vector autoregressive framework yields supportive results to these findings.

This paper investigates whether the money multiplier process in the Turkish economy is stable and can be forecasted. Research results show that the processes which convert the base money supply into the final monetary aggregates are unstable and decrease the effectiveness of monetary policies pursued by the CBRT. In addition, the sub-components of the money multiplier do not support a stable money multiplier process, indicating that traditional monetarist prescriptions for the conduct of economic policy are not appropriate for the Turkish economy. 

Purpose: Remittances from overseas workers constitute a significant contribution to Bangladesh's foreign exchange earnings. This study aims to examine the major determinants of remittance, with a focus on the skill composition of labor migrants and the sustainability of remittance inflows in Bangladesh. Methods: This paper employed the ARDL Bound testing approach for estimation because of several advantages. To verify the consistency of the ARDL method's results, this study also employed the Dynamic OLS and Fully Modified OLS methods. This study used annual time series data from 1976 to 2021. Data are collected from the Bureau of Manpower Employment and Training, World Development Indicators, and International Financial Statistics. Results: This paper found that unskilled labor migrants are a significant determinant of remittance inflows in Bangladesh. This is a new finding, differing from previous empirical findings for Bangladesh. Moreover, the domestic country's GDP, petroleum price, and exchange rate also significantly influence the inflows of remittances in Bangladesh. Additionally, it was found that remittance inflows followed an upward trajectory, with a sharp increase since 2001 and sustained over the period. By employing the ARIMA (12,1,11) forecasting model using monthly data, it is also found that given the current policies and existing migration trends, remittance flows are expected to increase in the upcoming years. Implications: The findings of this study suggest that the inflow of remittances can be influenced by implementing proper policies in Bangladesh. As unskilled labor migrants are one of the significant determinants of remittance inflow in Bangladesh, it is necessary to explore new countries, except the GCC, based on those countries' needs and willingness to hire migrant workers from Bangladesh. Moreover, allowing the depreciation of exchange rates consistent with economic fundamentals will increase the inflow of remittances in Bangladesh. Originality: This paper focuses on the skill composition of labor migrants as a determinant of remittance inflows and analyzes the sustainability and near-term outlook of remittance inflows in Bangladesh.

Using Argentinean firm-level data, we identify and quantify the factors that influence the environmental actions of Argentinean firms. We examine various aspects of a firm"s environmental actions (EAs), including the range of EAs adopted, the motives for such adoption and the obstacles that hinder EA adoption. In each case we investigate the role played by firm-level characteristics, paying particular attention to foreign ownership, spillovers from foreign to domestic firms and networks between firms. We find that foreign firms are more likely to adopt EAs than domestic firms and environmental spillovers are more likely to move from one foreign firm to another than from foreign firms to domestic firms. Additionally, we find that foreign firms" motives for undertaking EAs and the obstacles that hinder them are often different to those experienced by domestic firms.

Utilizing a comprehensive dataset for Turkish manufacturing firms over 2003-2011, we analyse the differentials in the post-entry effects of exporting to markets with different income levels. We employ propensity score matching techniques together with a differences in differences methodology. Controlling for the quality of exports, we explore whether the post-entry effects on productivity are driven by changes in real productivity, as opposed to quality/price markup effects. Our results confirm the learning by exporting hypothesis and suggest real productivity gains in particular for exports to high income (HI) countries as opposed to middle low income (MLI) countries even after controlling for the composition of exports. This suggests that where a firm exports does matter.

The paper analyzes the relationship between innovation dimensions, according to the European Innovation Scoreboard, and the entrepreneurship rate in a group of moderate innovator countries. Using the Pearson linear correlation, the author conducted a data analysis based on an empirical study using open data from the Summary Innovation Index -European Innovation Scoreboard (SII-EIS) and Eurostat for 2013-2019. This period covers the moment when all the countries of the Visegrad Group (i.e., the Czech Republic, Hungary, Poland, and Slovakia -the V4) were classified into the same innovation group according to EIS. However, due to the volume limitations of the article, it was decided that Moderate Innovators from 2019 would be included in the comparative analysis, i.e., when the V4 were last collectively classified as Moderate Innovators. The results of the research positively verify the initial research hypothesis that the EIS indicators show a different strength of relationships with the entrepreneurship rate in the V4 and among other economies classified as Moderate Innovators (according to SII-2020). The variables that describe the quantity and quality of entrepreneurs' innovations strongly and positively impact the V4 countries' entrepreneurship rate. In other countries, the variables derived from the investment attractiveness of economies show a significant and positive correlation with the entrepreneurship rate. Based on the analysis of the results, it can be concluded that there is a strong positive correlation between the entrepreneurship rate and the total innovation index, which is compiled each year based on a set of variables for the European Union countries. The study showed that the entrepreneurship rate in these countries is strongly impacted by indicators representing the following groups: Innovators (small and medium-sized enterprises (SMEs) with product or process innovations; SMEs with marketing or organizational innovations,

verilerinin güveni azaltması ve ihracat verilerinin güveni arttırması beklenmektedir. İthalat, ihracata bağımlılığın göstergeleridir ve ihracat, üretimde bir artış olduğunu göstermektedir. Öte yandan, araştırma bulgularına göre bu yaklaşım Türkiye'ye uygun değildir, çünkü güven endeksleri uluslararası ticareti etkilememektedir.

This paper examines interactions and feedbacks between categories of capital flows and economic growth in Turkey for the 1992:01-2009:08 period. Our empirical analysis is based on a new version of the causality test of John Geweke (1982, p. 77) and Yuzo Hosoya (1991, p. 88) in the frequency domain proposed recently by Jörg Breitung and Bertrand Candelon (2006, p. 132). In addition, using standard methods in spectral analysis, we decompose the total covariance between capital flows and growth across main frequency bands and capture lead/lag interactions between them. Some of our findings are as follows: Variance decompositions over frequency bands reveal that variations in individual capital flow categories are largely concentrated over high (seasonal) frequencies. The nature of the interaction/feedback between growth and capital flows varies significantly over frequency bands and subcategories of flows. Over business cycle frequencies, two out of four subcategories of inflows, short-term external borrowings and portfolio investments on government bonds, drive growth whereas the other two components, long-term borrowings and portfolio investments on shares, are driven by growth. Furthermore, for the post-2001 financial crisis period we found significant bidirectional causality between long-term external borrowings and growth whereas portfolio investments, bond flows and short-term external borrowings do not affect growth in the long run.

In this study, the validity of the quantity theory of money is tested for the Turkish economy over the period 2006:01-2022:12. For this purpose, the unit root and co-integration tests that do not neglect structural breaks are employed. Findings from the Maki co-integration test reveal that M1, M2, and M3 money supplies are co-integrated with the inflation rate. Then, the breaks from the Maki test are integrated into the DOLS model for the long-run coefficients. According to the DOLS estimator, a 1% increase in M1, M2, and M3 causes an increase in the inflation rate by 0.24, 0.58, and 0.81 percent, respectively, in the long-run. Finally, the causality analysis also verifies the unidirectional relationship from the money supply to the inflation rate. The results indicate that the quantity theory of money is largely valid for the Turkish economy.

Since 1980's, Turkey's economy has undertaken a series market reforms, including opening its financial markets. The aim of the paper is to analyze the effect of financial globalization on the financial sector in Turkey since 2002. When the financial sector was analyzed by its size, structure and efficiency, it was observed that there is a remarkable performance after 2002 in banking sector in Turkey.

Tarim sektoru yasamsal temel ihtiyac olan gidanin ana temin kaynagi olmasi sebebiyle buyuk bir oneme sahiptir. Bununla birlikte ulkelerin milli gelirine, istihdamina, dis ticaretine olan etkileri ve sanayiye hammadde temini acisindan degerlendirildiginde ise stratejik onem arz etmektedir. Bu nedenle ulkeler tarim sektorune yonelik dogru ve surdurulebilir politikalar uretmeye ve uygulamaya ozen gostermektedir. Turkiye acisindan tarim politikalarinin belirlenmesi ve uygulamasi asamasinda Avrupa Birligi (AB) ile olan entegrasyon calismalari onemli yer tutmaktadir. Dolayisiyla AB ile olan iliskilerin gelisim sekli ve sonuclari Turk tarim sektoru uzerinde cok yonlu etkiler ortaya cikarmaktadir. Bu calismada AB ile Turkiye tarimi arasinda tarimsal nufus, ekonomik ve yapisal acidan buyuk farkliliklarin bulunmasi uyumu zorlastiran etkenler olarak tespit edilmistir. Bu cercevede AB’nin Ortak Tarim Politikasi’na (OTP) uyumun ve tam uyeligin getirecegi maliyetin boyutu hem AB hem de Turkiye ic...

1. Introduction; Sibylle Heilbrunn and Rosa Lisa Iannone -- 2. Umayyad: A Syrian Refugee Business in Bremen, Germany; Aki Harima, Manal Haimour and Jorg Freiling -- 3. The Story of the Syrian-German Cheese Manufacturer, Cham Saar; Carina Hartmann and Katharina Schilling -- 4. "Our Table": Between Activism and Business in Dublin, Ireland; Joachim Kolb -- 5. The Story of an Adolescent Afghan Refugee who became an Entrepreneur in France; Crista Plak and Vincent Lagarde -- 6. "FluchtlingMagazin" (Refugee Magazine): A Syrian Social Business in Hamburg, Germany; Julia Freudenberg -- 7. The Story of Jonny, an Eritrean Entrepreneur in Tel Aviv, Israel; Sibylle Heilbrunn and Anna Rosenfield -- 8. A Case Study of an Ethiopan Refugee in Germany; Bamrot Yekoye Abebe and Petra Moog -- 9. The Blessing African Boutique and City Market Food: A Congolese Refugee Business in Darwin, Australia; Jane Ruparanganda, Edouard Ndjamba Ndjoku and Ram Vemuri -- 10. Refuge to Centre Stage: ...

This article carries out a detailed descriptive analysis of employment dynamics of new firms, using comparable and highly representative data for 19 countries. It does so by using a novel analytical decomposition of the contribution of new firms to job creation, which allows to separately focus on different margins. In particular, the contribution of new firms to job creation can be expressed as a combination of four different elements: start-up ratio; survival share; average size of firms at entry; and average post-entry growth rate of survivors. This comprehensive characterization of entrants' employment dynamics points to regularities and differences in business dynamism across countries, and can be used as an important diagnostic tool by policy makers.

Finansal krizler genelde dünya ekonomisinde, özelde ise gelişmekte olan ülkelerde 1990 sonrasında en önemli iktisadi sorunların başında gelmektedir. Farklı makroekonomik büyüklüklerin krizlerin oluşmasından önce nasıl bir değişim gösterdiği ve buna göre krizlerin önceden tahmin edilip edilmeyeceği Probit ya da Logit modellerle belirlenebilmektedir. Bu bağlamda çalışmanın temel amacı, finansal kriz teorilerin, dünya ekonomisi ve Türkiye ekonomisinde 1990 sonrası ortaya çıkan finansal krizlerin temel sebep ve sonuçlarını incelemek, Türkiye ekonomisinde finansal krizleri Probit model analizi yardımıyla modellemek, finansal krizlerin öngörülmesi ve önlenmesine yönelik politika öneriler geliştirmektir.

This study examines the effects of debt policies on capital accumulation and social transformation in the neoliberal period in Turkey. In the post-1980 period, neoliberal policies reinforced the dominance of financial capital while making debt mechanisms one of the main instruments of social control. Especially with the liberalization of capital movements in 1989, financial capital accumulation and debt strategies gained a new dimension. The politics of debt in Turkey has been shaped by the state's transfer of resources to finance capital through domestic borrowing, the marketization of public services and the inclusion of households in the financial system. This study argues that the neoliberal debt regime is not only an economic strategy, but also plays a central role in the construction of social control and disciplinary mechanisms. While ensuring the sustainability of capital accumulation, this regime reorganized the power relations between social classes in favor of finance capital.

Bu çalışmada Türkiye’nin 1990:Q1-2011Q2
dönemine ait çeyreklik verilerle, dış borç stokunun gayri safi milli hasılaya
oranı ve toplam borç servisinin gayri safi milli hasılaya oranı değişkenlerine
yapısal kırılmaları dikkate alan Zivot-Andrews (1992) ve Lee-Strazicich
(2003,2004) birim kök testleri uygulanmıştır. Bulgular, 1980’li yılların başında
ve 1990’lı yılların sonunda yapısal kırılma olduğunu göstermiştir. Bulunan kırılma
tarihleri Türkiye ekonomisinin dönüşüm yaşadığı dönemlerdir. 1980’ler başları Türkiye’nin
finansal serbestleşme ile birlikte dünyaya açıldığı ilk yıllardır. 1990’ların
sonu ise Asya ve Amerika kıtalarında krizlerin yoğun olarak yaşandığı ve Türkiye’nin
IMF ile olan ilişkilerinin zirve dönemidir. Kısaca bulgular hem teknik olarak hem
de iktisadi açıdan anlamlı çıkmıştır.

This paper aims to lay bare healthcare inequality and spatial interaction in health services in Turkey for the period 1997–2006. While inequality was explored using Theil index, Moran I and LISA ststistics were used in order to reveal spatial interaction. The obtained results indicate that both intra-regional and inter-regional inequality decreased during the mentioned time period. Furthermore, it was determined that the inequality concerning the specialist physician group is higher than the practitioner and total practitioner groups. Also, there is evidence of significant spatial clustering for all three physician groups.

Our paper analyzes two models of economic development: Sweden and Turkey. The main objective of this analysis is to highlight in which way two countries with different development strategies, economic geography, mentality and culture have managed to maintain growth before and during the global economic crisis, becoming gradually genuine models of welfare state. The analysis undertaken in this paper is, consequently, divided into two parts. The first shows the Swedish model of welfare state, that was an inspirational one in the '70 and '80, and its specific strengths and vulnerabilities. The second part summarizes Turkey's economic development over the past decade, emphasizing comparative advantages that have made it the 16 th largest economy of the world and its strategy in terms of managing the international economic crisis. The final part of our comparative approach aims to respond to the following question: may those two economic models be considered proper economic lessons for the other states that are confronted with economic vulnerabilities?

The nexus between foreign direct investment (FDI) and economic growth has been the main focus of extensive academic research over the past few decades. This paper contributes to the literature by investigating the effects of FDI on growth to identify the mechanism via which FDI affect growth, and to explain the reasons that account for ambiguity of empirical findings. This assessment was conducted through a review of available documentation. The study reveals that FDI promotes the recipient country’s economic growth via various mechanisms: raises capital formation of the host country, increases growth by the transfer of new technologies and knowhow (new production processes and techniques, managerial skills, and varieties of capital goods) and increases competition in the host country. However, the majority of empirical investigations reveal that recipient countries need to pass a certain level of absorptive capacity (degree of financial development, human capital development, techn...