This paper aims to analyze the economic relationship between Turkey and Uzbekistan, placing speci... more This paper aims to analyze the economic relationship between Turkey and Uzbekistan, placing special importance on trade relations. To this end, the data of selected macroeconomic indicators, selected development indicators, selected demographic indicators and indicators for technology and communication, tourism and foreign direct investments are reported and examined. In order to analyze the trade patterns between Turkey and Uzbekistan, as a contribution to the existing literature, in this paper, we will use a complementarity index and bilateral revealed comparative advantage indexes simultaneously to evaluate the trade relations between Turkey and Uzbekistan in detail. The findings of the paper show that there is huge potential to further develop economic relations between Uzbekistan and Turkey. Strengthening and developing Uzbekistan-Turkey relations will create gravity for the other countries in the region and will play a key role in sustaining not only the relations between Turk...
Technological developments have transformed every area of life in various ways throughout history... more Technological developments have transformed every area of life in various ways throughout history. The fourth industrial revolution also affects all areas of social life. These effects that have emerged recently are also called digital transformation. The purpose of this study is to evaluate the effects of digital transformation on the economy. For this purpose, the issue is handled within the framework of the effects of digital transformation on production, employment and foreign trade, respectively. Methodically, in addition to the literature review, examples from country and industry experiences were examined. In addition, various data representing digital transformation were used. The findings of the study draw attention to the importance of the adaptation of the economic field to this transformation along with the theory of economics. The literature indicates that awareness is increasing in all segments of the society on the subject. While production cost decreases and personal...
Bu calismanin amaci Turkiye icin ithalat talep fonksiyonunu ARDL sinir testi yontemiyle ve esnekl... more Bu calismanin amaci Turkiye icin ithalat talep fonksiyonunu ARDL sinir testi yontemiyle ve esneklikler yardimiyla tahmin emektir. Calismada kullanilan zaman serileri OECD ve FRED veri tabanlarindan edinilen ithalat, reel gayrisafi yurtici hasila ve reel efektif doviz kurudur. Bu seriler 1970-2016 arasini kapsayan yillik serilerdir. Calismanin sonunda ithalat, reel gayrisafi yurtici hasila ve reel efektif doviz kuru arasinda es butunlesme saptanmistir. Ayrica ithalatin gelir esnekligi beklenildigi gibi pozitif (0,872) ve reel doviz kuru esnekligi de negatif (-0,629) hesaplanmistir.
19 th century is a period where nation-states have emerged and strengthened in Europe. Strengthen... more 19 th century is a period where nation-states have emerged and strengthened in Europe. Strengthening of the central government can be represented by the increase in public expenditures the sources of which are of great importance. In this study, relationship between the increase in public expenditures and developments in economic, political, commercial, and fiscal fields is analyzed for Belgium, England, France, Spain, and The Netherlands for the period between the beginning of the 2 nd quarter of the 19 th century and the outbreak of World War I. The main contribution of this study is that it helps to explore the political economic properties of the period and also the relationship between the state and market through time series analysis.
The effects of trade on growth have been one of the most popular issues in economic literature. T... more The effects of trade on growth have been one of the most popular issues in economic literature. Though there is a vast number of a theoretical and empirical study concerning the topic, there is still an ongoing debate over to what extent and in which direction growth is affected by trade. The main purpose of this paper is to obtain comprehensive empirical findings and find out whether trade has a significant effect on growth and also whether this effect differentiates for countries with different income levels. The direction, degree and power of the effects of trade on growth are investigated by considering exports, imports and trade volume. Since we have taken into consideration the fact that this effect may differ in countries of different income levels, we have adopted a classification of countries suggested by the World Bank depending on income levels of the countries, and an annual data set comprising the period between 1995 and 2015 is used for the selected countries. Panel data analysis is conducted and more specifically, common correlated effects initially introduced by Pesaran (2006), and panel autoregressive distributed lag models put forward by Pesaran, Shin and Smith (1999) are estimated since the series have both cross-sectional and time series properties. Empirical findings suggest that trade affects national income positively. We have strong evidence that trade leads to growth mainly in high income countries. Besides, country specific estimates are also presented unlike the literature.
The relationship between international trade and growth is one of the most
popular debates in int... more The relationship between international trade and growth is one of the most popular debates in international economics literature. Although there are numerous theoretical approaches and empirical studies about the issue, the direction of the causality and the magnitude of the interaction still remain unclear. In this study, qualitative comparative analysis introduced by Ragin (1987) is applied, different from the previous empirical studies on the topic. The results present the conditions for growth in the country groups involved. The findings imply that trade policy is still of great importance in terms of stimulating growth in developing countries, while it has little importance in developed countries.
In this paper, the relationship between the inflation gap and output gap is investigated by adopt... more In this paper, the relationship between the inflation gap and output gap is investigated by adopting the Markov switching model and using monthly data between 1990:1 and 2008:5. To the findings, the relationship between inflation gap and output gap is nonlinear. The major contribution of this study is that regime probabilities are computed in the context of Markov switching model by following Chen (2006). ENFLASYON VE ÇIKTI AÇIKLARININ DEĞERLENDİRİLMESİ: ASİMETRİLER VE TÜRKİYE EKONOMİSİ İÇİN DOĞRUSAL OLMAYAN PHILLIPS EĞRİSİ KANITI Özet Bu çalışmada, 1990:1 – 2008:5 dönemi aylık verileri kullanılarak, Türkiye ekonomisi açısından enflasyon farkı ile çıktı açığı arasındaki ilişki araştırılmış ve Markov rejim değişim modeli yardımıyla, söz konusu ilişkinin doğrusal olmadığı yönünde bulgulara ulaşılmıştır. Çalışmanın temel katkısı, Markov rejim değişim modeli çerçevesinde, Chen (2006) tarafından önerilen geçiş olasılıklarının hesaplanmış olmasıdır. Anahtar Sözcükler: (1) Phillips eğrisi, (2) Para politikası asimetrisi, (3) Taylor kuralı, (4) Markov rejim değişim modeli, (5) Rejim olasılıkları.
The relationship between balance of payments and economic growth is investigated with the concept... more The relationship between balance of payments and economic growth is investigated with the concept of “balance of payments constrained growth”. Although Dornbusch (1971) stated that economic growth is not associated with the balance of payments in small open economies, this discussion became very popular in the last decades. In a Keynesian framework, when it is assumed that prices are sticky, exchange rates are fixed and exports are exogenous, one can conclude that balance of payments deteriorates following a positive economic growth. The reason is that an increase in national income leads to an increase in imports demand. This discussion has started with Thirlwall (1979) (Thirlwall’s Rule). According to this rule, economic growth is closely related to the balance of payments. The reason is that the balance of payments surplus or deficit affects the demand. In this paper, Thirlwall’s Rule is investigated in selected European economies by applying an ARDL model.
This paper aims to analyze the economic relationship between Turkey and Uzbekistan, placing speci... more This paper aims to analyze the economic relationship between Turkey and Uzbekistan, placing special importance on trade relations. To this end, the data of selected macroeconomic indicators, selected development indicators, selected demographic indicators and indicators for technology and communication, tourism and foreign direct investments are reported and examined. In order to analyze the trade patterns between Turkey and Uzbekistan, as a contribution to the existing literature, in this paper, we will use a complementarity index and bilateral revealed comparative advantage indexes simultaneously to evaluate the trade relations between Turkey and Uzbekistan in detail. The findings of the paper show that there is huge potential to further develop economic relations between Uzbekistan and Turkey. Strengthening and developing Uzbekistan-Turkey relations will create gravity for the other countries in the region and will play a key role in sustaining not only the relations between Turk...
Technological developments have transformed every area of life in various ways throughout history... more Technological developments have transformed every area of life in various ways throughout history. The fourth industrial revolution also affects all areas of social life. These effects that have emerged recently are also called digital transformation. The purpose of this study is to evaluate the effects of digital transformation on the economy. For this purpose, the issue is handled within the framework of the effects of digital transformation on production, employment and foreign trade, respectively. Methodically, in addition to the literature review, examples from country and industry experiences were examined. In addition, various data representing digital transformation were used. The findings of the study draw attention to the importance of the adaptation of the economic field to this transformation along with the theory of economics. The literature indicates that awareness is increasing in all segments of the society on the subject. While production cost decreases and personal...
Bu calismanin amaci Turkiye icin ithalat talep fonksiyonunu ARDL sinir testi yontemiyle ve esnekl... more Bu calismanin amaci Turkiye icin ithalat talep fonksiyonunu ARDL sinir testi yontemiyle ve esneklikler yardimiyla tahmin emektir. Calismada kullanilan zaman serileri OECD ve FRED veri tabanlarindan edinilen ithalat, reel gayrisafi yurtici hasila ve reel efektif doviz kurudur. Bu seriler 1970-2016 arasini kapsayan yillik serilerdir. Calismanin sonunda ithalat, reel gayrisafi yurtici hasila ve reel efektif doviz kuru arasinda es butunlesme saptanmistir. Ayrica ithalatin gelir esnekligi beklenildigi gibi pozitif (0,872) ve reel doviz kuru esnekligi de negatif (-0,629) hesaplanmistir.
19 th century is a period where nation-states have emerged and strengthened in Europe. Strengthen... more 19 th century is a period where nation-states have emerged and strengthened in Europe. Strengthening of the central government can be represented by the increase in public expenditures the sources of which are of great importance. In this study, relationship between the increase in public expenditures and developments in economic, political, commercial, and fiscal fields is analyzed for Belgium, England, France, Spain, and The Netherlands for the period between the beginning of the 2 nd quarter of the 19 th century and the outbreak of World War I. The main contribution of this study is that it helps to explore the political economic properties of the period and also the relationship between the state and market through time series analysis.
The effects of trade on growth have been one of the most popular issues in economic literature. T... more The effects of trade on growth have been one of the most popular issues in economic literature. Though there is a vast number of a theoretical and empirical study concerning the topic, there is still an ongoing debate over to what extent and in which direction growth is affected by trade. The main purpose of this paper is to obtain comprehensive empirical findings and find out whether trade has a significant effect on growth and also whether this effect differentiates for countries with different income levels. The direction, degree and power of the effects of trade on growth are investigated by considering exports, imports and trade volume. Since we have taken into consideration the fact that this effect may differ in countries of different income levels, we have adopted a classification of countries suggested by the World Bank depending on income levels of the countries, and an annual data set comprising the period between 1995 and 2015 is used for the selected countries. Panel data analysis is conducted and more specifically, common correlated effects initially introduced by Pesaran (2006), and panel autoregressive distributed lag models put forward by Pesaran, Shin and Smith (1999) are estimated since the series have both cross-sectional and time series properties. Empirical findings suggest that trade affects national income positively. We have strong evidence that trade leads to growth mainly in high income countries. Besides, country specific estimates are also presented unlike the literature.
The relationship between international trade and growth is one of the most
popular debates in int... more The relationship between international trade and growth is one of the most popular debates in international economics literature. Although there are numerous theoretical approaches and empirical studies about the issue, the direction of the causality and the magnitude of the interaction still remain unclear. In this study, qualitative comparative analysis introduced by Ragin (1987) is applied, different from the previous empirical studies on the topic. The results present the conditions for growth in the country groups involved. The findings imply that trade policy is still of great importance in terms of stimulating growth in developing countries, while it has little importance in developed countries.
In this paper, the relationship between the inflation gap and output gap is investigated by adopt... more In this paper, the relationship between the inflation gap and output gap is investigated by adopting the Markov switching model and using monthly data between 1990:1 and 2008:5. To the findings, the relationship between inflation gap and output gap is nonlinear. The major contribution of this study is that regime probabilities are computed in the context of Markov switching model by following Chen (2006). ENFLASYON VE ÇIKTI AÇIKLARININ DEĞERLENDİRİLMESİ: ASİMETRİLER VE TÜRKİYE EKONOMİSİ İÇİN DOĞRUSAL OLMAYAN PHILLIPS EĞRİSİ KANITI Özet Bu çalışmada, 1990:1 – 2008:5 dönemi aylık verileri kullanılarak, Türkiye ekonomisi açısından enflasyon farkı ile çıktı açığı arasındaki ilişki araştırılmış ve Markov rejim değişim modeli yardımıyla, söz konusu ilişkinin doğrusal olmadığı yönünde bulgulara ulaşılmıştır. Çalışmanın temel katkısı, Markov rejim değişim modeli çerçevesinde, Chen (2006) tarafından önerilen geçiş olasılıklarının hesaplanmış olmasıdır. Anahtar Sözcükler: (1) Phillips eğrisi, (2) Para politikası asimetrisi, (3) Taylor kuralı, (4) Markov rejim değişim modeli, (5) Rejim olasılıkları.
The relationship between balance of payments and economic growth is investigated with the concept... more The relationship between balance of payments and economic growth is investigated with the concept of “balance of payments constrained growth”. Although Dornbusch (1971) stated that economic growth is not associated with the balance of payments in small open economies, this discussion became very popular in the last decades. In a Keynesian framework, when it is assumed that prices are sticky, exchange rates are fixed and exports are exogenous, one can conclude that balance of payments deteriorates following a positive economic growth. The reason is that an increase in national income leads to an increase in imports demand. This discussion has started with Thirlwall (1979) (Thirlwall’s Rule). According to this rule, economic growth is closely related to the balance of payments. The reason is that the balance of payments surplus or deficit affects the demand. In this paper, Thirlwall’s Rule is investigated in selected European economies by applying an ARDL model.
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popular debates in international economics literature. Although there are numerous
theoretical approaches and empirical studies about the issue, the direction of the
causality and the magnitude of the interaction still remain unclear. In this study,
qualitative comparative analysis introduced by Ragin (1987) is applied, different from
the previous empirical studies on the topic. The results present the conditions for
growth in the country groups involved. The findings imply that trade policy is still of
great importance in terms of stimulating growth in developing countries, while it has
little importance in developed countries.
Dornbusch (1971) stated that economic growth is not associated with the balance of payments in small open economies, this discussion became very popular in
the last decades. In a Keynesian framework, when it is assumed that prices are sticky, exchange rates are fixed and exports are exogenous, one can conclude that
balance of payments deteriorates following a positive economic growth. The reason is that an increase in national income leads to an increase in imports
demand. This discussion has started with Thirlwall (1979) (Thirlwall’s Rule). According to this rule, economic growth is closely related to the balance of payments.
The reason is that the balance of payments surplus or deficit affects the demand. In this paper, Thirlwall’s Rule is investigated in selected European economies by
applying an ARDL model.
popular debates in international economics literature. Although there are numerous
theoretical approaches and empirical studies about the issue, the direction of the
causality and the magnitude of the interaction still remain unclear. In this study,
qualitative comparative analysis introduced by Ragin (1987) is applied, different from
the previous empirical studies on the topic. The results present the conditions for
growth in the country groups involved. The findings imply that trade policy is still of
great importance in terms of stimulating growth in developing countries, while it has
little importance in developed countries.
Dornbusch (1971) stated that economic growth is not associated with the balance of payments in small open economies, this discussion became very popular in
the last decades. In a Keynesian framework, when it is assumed that prices are sticky, exchange rates are fixed and exports are exogenous, one can conclude that
balance of payments deteriorates following a positive economic growth. The reason is that an increase in national income leads to an increase in imports
demand. This discussion has started with Thirlwall (1979) (Thirlwall’s Rule). According to this rule, economic growth is closely related to the balance of payments.
The reason is that the balance of payments surplus or deficit affects the demand. In this paper, Thirlwall’s Rule is investigated in selected European economies by
applying an ARDL model.