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Understanding the causes of child labor and its sectoral distribution in Turkey
Both in world and in Turkey, child labor still continues to be a major problem. The nature of describing the causes of this issue is complex. However, this dissertation focuses on the causes of child labor and its sectoral distribution in Turkey. In this focus, this thesis explains that the causes of child labor using probit and weighted probit models with several factors such as characteristics of households, children related factors, demographic decomposition of household and spatial factors. Moreover, multinomial logit model is used to which sectors are considerably affected by these factors.
Trends of financial allocations for The Kurdistan Regional Government of The Iraq federal budget
The imbalance in Iraq's federal budget after 2003 was mostly an estimated not a real deficit. The real deficit is the actual or nominal deficit adjusted for inflation's effect on the debt. In particular the real deficit equals the nominal deficit minus the inflation rate time the total debt in a given year. The significant escalation in public revenues as a result of the increase in oil prices and exported quantities exceeded estimates. Consequently, the accumulation of foreign reserves increased. Another reason for reducing or eliminating the deficit in the budget could be the incomplete implementation of the public expenditures because of the poor execution and delay in approving the budget. That ultimately led to a surplus in the general budget and foreign reserves. Thus, it can state that the deficit in the public budget caused by lower oil revenues and the increase in public expenditures. The allocation of a fixed share of 17% of the federal budget to the Kurdistan Regional Government led to tremendous economic development during the period from 2003 to 2014. However, from 2014 to 2018, the federal government cut (stopped sending) Kurdistan's allocation from the federal budget, which affected negatively on the region's economic growth. This study aims to clarify the operational and investment allocations for federal budgets and elucidate the operational and investment assignments to the Kurdistan Regional Government. Also, it seeks to identify the feasibility of the Kurdistan Regional Government's commitment to the federal budget law. Furthermore, it evaluates the negative and positive impacts of the lack of responsibility of the Kurdistan regional government to abide by the federal budget law. Iraq and the Kurdistan Region are the central areas of the study, and the first period is from 2006 to 2018. The most relevant results that this study came up are the followings: 1. The oil sector is the primary source of the financial funding of the federal budget and also in attracting foreign currency to assist in advancing economic development. Oil revenues were (42287900) million dinars in the (2006) and increased to (77160392.64) million dinars in 2018). That is because: (A) The Iraqi economy relies on the oil sector to finance the federal budget. (B) The drop in the price of oil in 2016 was because of the emergence of shale oil. (C) OPEC's insistence on the same amount of production for maintaining its hare in the world oil market. 2. While the contribution of investment expenditure reached 18.19% in (2006), it increased to %23.56 in 2018. Even though these proportions in the investment agreement, there is no tangible presence on the ground of prosperity and development. That indicates that there is a waste in the money allocated for investment and not being implemented. As a result of financial and administrative corruption. 3. The regional government abides the federal budget law from 2006 to 2013, which led to the development of the infrastructure and services to the residence of the region and increased economic well-being. However, Kurdistan's government did not abide by the law of the federal budget from 2014 to 2018. That resulted in the loss of expenditure investment (21934640.89 million) and the paralysis of thousands of investment projects in the region. According to the results of the study, the following recommendations made:- 1 - Cleansing the state agencies, even at a high level, from corruption and mischief in Iraq and the Kurdistan region. Avoiding, ultimately, all forms of nepotism in executing small and enormous projects. Improving the managerial performance of the entire state agencies and enhancing their abilities. Encouraging the spirit of transparency and accountability for achieving the principle of equal opportunities and respecting the law. That is all to maintain public and private money. 2- Decreasing the spending at the expense of the operational budget in Iraq and the Kurdistan Region. Increasing the expenditure at the expense of the investment budget because it contributes really to achieving economic development. 3- Diversifying the sources of public revenues, particularly tax revenues, finding an effective tax system in Iraq and the Kurdistan region. 4- the responsibility of all the minister in ninth Cabinet to head towards the agreement with the federal government for ensuring public expenditure (operational expenditure and investment expenditure) General Budget, Public Expenditure, Iraqi Economy, Total Revenues. Keywords:
Essays on the rebound effects of the energy efficiency
The industry contributes the most to the world's energy savings in all sectors through more efficient energy use (IEA, 2018). Yet, the literature provides evidences that the potential Energy Efficiency (EE) savings in the industry are not fully achieved. The gap between the potential EE measures and the actual implemented measures is called "energy efficiency gap" and might offset the increase in energy savings. In this thesis, we firstly measure the size of energy efficiency gap, resulted from the energy efficiency improvements (EEI) aiming to save electricity and heat within the fourteen sub-sectors in the Turkish industry. Secondly, we reveal the reasons for the energy efficiency gap by focusing on behavioural and organizational responses to EEI the Turkish industry. To this end, we developed a questionnaire, which consists of questions that if the implementer of an EEI considers a factor as a barrier and driver. We conducted a questionnaire survey with 135 industrial enterprises that have completed at least one state-funded Efficiency Improvement Project (EIP). 86 of them responded to the survey. The results show that the energy intensity level and scale of enterprises take the lead in the importance of perceived barriers and drivers. The findings also suggest that the average scores of the perceived barriers in Small and Medium-sized Enterprises [SMEs] are mostly higher than those in Large-sized enterprises [LEs]. This finding reveals that the tendency of considering a factor as a barrier diminishes as the scale becomes larger. Finally, we applied the PLS-SEM methodology to the primary data. Specifically, the results demonstrate that increasing awareness, improving techno-economic capability, reinforcing subsidies and incentives, mitigating economy, information, and competence-related issues would result in improving EE. If the performances of EIPs, sectoral experiences, and good practices about them, energy conservation opportunities through them are shared among the firms, EE improves.
Pricing behavior in a dynamic duopoly: An experimental study
This thesis experimentally explores the two pricing equilibria proposed by Maskin and Tirole (1988b): monopoly pricing via tacit collusion (kinked demand equilibrium) and the Edgeworth cycle. We designed a laboratory experiment, precisely following Maskin and Tirole (1988b), involving an alternating-move duopoly game in which subjects decide on the price level. Three treatments are conducted, differing in initial price and discount rate as the experiment parameters. Kinked demand equilibrium is tested as the null hypothesis and is rejected by price responses collected from the experiment. We also observe that the Edgeworth cycle is not prominent in the data to its fullest extent. The results reveal myopic pricing behavior, with subjects predominantly lowering prices to undercut rivals. Furthermore, convergence to the low markup equilibrium is common in almost all treatments. Therefore, participants primarily follow a myopic Bertrand strategy, resulting in a low markup equilibrium over the marginal cost.
Constructing fragility indices for islamic banks: Definition impact on the predictive power of an early warning system
This study examines the Early Warning Systems (EWSs) based on banking sector fragility indices (BSFIs) for Islamic banks. To this aim, we construct various BSFIs for Islamic banks and detect EWS models which will produce substantial predictive power results for Islamic banking crises utilizing data from 81 banks in 12 countries over a recent time period 2008-2018. We provide solid BSFI definitions for Islamic banks by discovering the significant risk factors and their proxies to improve the predictive performance of the EWS models. We examine the impact of BSFI definitions on the predictive power of EWS models through constructing various indices. The definitions of BSFIs differ both in terms the risk factors that Islamic banks are exposed to and, the proxies to measure those risk factors. Our results suggest that different BSFI definitions identify different indicators of Islamic banking crises. The predictive power of an Early Warning System (EWS) for Islamic banks is highly sensitive to the definition of BSFIs.
Economic growth in Iran from the gender perspective
Feminist economics which emerged during women's movement in the nineteenth century has developed the concept of gender relations in the various aspects of social and economic life. It challenges the male-dominated economic methods and questions why women have been ignored in economic activities and seeks to improve the economic situation of women. In traditional economy, domestic work which is the cheapest and most difficult phase of production has been considered as a woman task. However, women have the largest share of world unpaid jobs, but their participation of the world's total workforce is more than past years. Some economic analysts like Kenny Dawn argue that if women were hired in jobs with pay, the world's economic situation was much better than the current one. In this thesis we will try to introduce the feminist economics which is a new subject to the literature, gives a new perspective on economic life, make contributions to the feminist movement and examine female prespective on economic approaches. A review of studies up today, mostly reveal that the status of women in the economy has been ignored. Also, in this study, it was aimed to investigate the woman's perspective on the economics. For this purpose, in the first chapter after the concept of feminism is explained, the emergence process of feminism is set forth. Different types of feminist economics theories has formed the second part of study. The last part of the study describes the contribution of feminist economics in the economic and social life and feminist economics point of view regarding the concept of women in the economy has been explained with reference to the views of feminist economists. Actually by means of gender inequality factor, we analyzed the economic growth in Iran. We investigate whether gendered outcomes in labor markets and education have macroeconomic effects and, in particular, whether gender inequality affects the rate of economic growth. Based on the results obtained in this study, it can be argued that reducing gender inequality increases the rate of economic growth. Decreasing gender inequality in employment and education increases the rate of economic growth, in other words, empowering women and increasing the participation of them in economic activities will lead to a high growth rate of economy. Keywords: Economics, Feminism, Feminist Economics, Gender inequality, Growth
Political economy of eurozone debt crisis in the context of varieties of capitalism debate
After the collapse of the Soviet Union, capitalism became the dominant economic system that attracted academia to the subject. While most of the studies on capitalism put "state" at the center of their analysis/theories, the varieties of capitalism (VoC) theory put the firm at the center of its analysis, which made it popular in the last two decades. VoC classifies the economy according to firms' strategy to overcome five spheres where potential problems arise: industrial relations; vocational training and education; corporate governance; inter-firm relations; and employees. VoC also makes a classification of national economies: liberal market, coordinated market, and mixed market economies. This study analyzes the Eurozone debt crisis within the framework of VoC theory and takes the German economy as the case study to link the debt crisis with the national economies and the existing economic and monetary policies of the Eurozone (Economic and Monetary Union, EMU). Germany is examined in terms of its economic characteristics; her role in the establishment of EMU policies; and her response during the Eurozone debt crisis. The scope of analysis is limited to the time period between the establishment of EMU and Eurozone debt crisis, and to the geography of the Eurozone continent (Northern and Southern economies). The methodology of the research is a desk-based analysis of macroeconomic statistical data. The basic argument of this study is that the existing EMU policies are designed to contribute to national economies of the northern countries (coordinated market economies) denoted by the basic macroeconomic indicators and the conclusion of this study concludes that Eurozone debt crisis was a consequence of common policies of Eurozone that neglected the unique peculiarities of member states' economies. The findings of this study suggest that instead of uniformity of economic and monetary policies, unity in diversity would be a better solution to the problems of EU in times of crisis.
An assessment of new regionalism: the case of Turkey
This study analyzes the New Regionalism literature, and evaluates the renewed planning agenda which is assigned for sub-national regions in Turkey by making use of the New Regionalism. For that purpose, initially, the history of regional development planning following the establishment of the Republic of Turkey in 1923 is discussed. Later, New Regionalism is examined, starting with an evaluation of its origins. The main concepts of the literature are introduced, and the severe criticisms raised against it are studied in depth. Today, New Regionalism provides the dominant discourse in regional studies, and contributes drastically to the regional planning agendas of international institutions. The European Union, which has a significant impact on Turkey's political and economic issues, is one of these institutions. Therefore, after the intensified relations with the European Union following the Helsinki Summit, it was inevitable that the literature would penetrate into Turkey's regional development strategies. This thesis searches for exactly these specific regional development strategies which can be grouped under the diffusion of New Regionalism. To this end, some public plans and documents, which are prepared by the State Planning Organization, Small and Medium Enterprises Development Organization, and Ministry of Industry and Trade in the last decade, are covered. The conclusion reached is that, as they are addressed by a step by step evaluation of these plans, most of them are heavily characterized by the New Regionalism literature. This study paves the way for possible future research which will seek to reformulate Turkey's New Regionalist policies, by taking account of the criticisms.
Three essays on the dynamics of global financial contagion: A macroeconomic analysis of intangible capital
The dissertation intricately explores the global economic responses to shocks with a nuanced focus on capital structures across different geographies. The first chapter examines the recovery patterns post-economic shocks, revealing how disparities in tangible and intangible capital ownership impact economic outcomes. A significant emphasis is placed on the distinction between core regions rich in intangible assets, such as R\&D, and peripheries dependent on external capital and burdened with knowledge rent obligations. Chapter two delves deeper into the mechanics of financial shocks within a globalized framework, employing a two-country macroeconomic model to distinguish between core and periphery economies. Our research indicates that intangible assets, serving as stable collateral, respond more robustly to economic shocks than traditional physical forms. Moreover, the study highlights the complex transmission mechanisms of productivity and leverage shocks, revealing that while the financial sector effectively assimilates the positive economic outcomes resulting from a productivity shock, leverage shocks, despite depleting capital, paradoxically stimulate overall economic output. In the third chapter, empirical methods test theoretical models to scrutinize the transmission mechanisms of macroeconomic shocks and their impacts on advanced versus emerging economies. This analysis supports a profound relationship between the proportion of intangible to tangible capital and an economy's ability to withstand financial shocks. Economies with lower shares of intangible capital showcase increased susceptibility, particularly to monetary and leverage shocks, reinforcing the disproportionate effects experienced in peripheral regions.
Gender and business performance in Turkey: Evidence from World Bank enterprise survey
In this paper, gender gaps in business performance between women and men shared, owned or led businesses in Turkey are analyzed, using the World Bank Enterprise Survey Data of 2019. We estimate the differences by Ordinary Least Squares regression. The main findings show that women shared and led firms perform better in sales revenue and profits while women owners have significantly worse sales revenue outcomes. In addition, firms led by women tend to grow significantly less than men-led firms. As an indicator of efficiency, value added is used and among our findings we see that while women shared firms are more efficient, there are no gender differences for managers and owners. Part of the reason why women shared firms perform better is that, women sharers concentrate on sectors that are bigger in sales revenue and more efficient. Further, we find women shared firms to be more likely to apply for loans, and no gender differences for managers and owners.
Politicians, parties, and tenure: How public procurements are affected in Turkey on municipality level
This research uses the Difference-in-Differences method to study the impact of a ruling party change in a metropolitan municipality on procurements. Municipalities with a change in the ruling party were compared with the others according to the procurement contract data from Turkey. Results show that cities with newly elected mayors perform better than others in most parameters. They use competitive and transparent methods more, and additionally make more savings. Little to no differences were found in mechanisms that have been previously associated with abuse of power, but abuse may not be the case in the period that has been inspected in this thesis. Overall, it can be said that the ruling party change resulted in better outcomes in the matter of procurements.
1500'den 2000'e küresel nüfus hareketlerinin analizi
This thesis explores the main reasons behind human mobility since 1500, focusing on the different regional effects of various economic, political, social, and geographic factors. The initial cross-country analysis highlights the significant impact of geographic elements and historical influences on migration. The bilateral data structure in the second analysis allowed us to examine the effects in both source and destination countries at the same time, along with bilateral factors. Three main conclusions emerged from this study. First, migration is influenced by both source and destination countries, requiring an origin-destination framework for accurate historical migration assessment. Second, analyzing deep-rooted factors at the regional level provides more accurate results, as shown by the differences between the Eurasia and Sub-Saharan Africa regions. A global analysis might lead to biased results. Lastly, historical migrations were shaped by complex economic, political, and geographic influences in unique ways. Although often used as natural experiments in economic analysis, colonial migrations are affected by a complex network of factors and need to be considered carefully.
Environmental Kuznets Curve and trade liberalization
This thesis investigates the potential effects of trade liberalization on the functional relationship between pollution and income, namely the Environmental Kuznets Curve, for a sample of 52 developing countries. Using GDP per capita as a measure of income and CO2 emissions per capita as a measure of pollution, this study shows that trade liberalization has a signicant effect on the hypothesized relationship. Our results indicate that pre-liberalization period is characterized by a linear relationship. However, trade liberalization does not induce the pattern towards an inverted U-shaped relation. Instead, it accelerates income driven pollution. This finding is in line with the pollution haven hypothesis which claims that trade liberalization can be a trigerring factor in the relocation of the dirty industries via foreign direct investment (FDI) from the developed countries to the developing countries where the environmental standards are relatively less strict
Türk bankacılık sektöründe finansal teknoloji ürünleri: Müşteri kullanımı üzerine inceleme
Finans ve teknoloji dünyasının gelişimi ve birleşimi beraberinde finansal teknoloji kavramını ortaya çıkarmıştır. Finansal teknoloji ile finansal hizmetler, teknolojiyle gerçekleştirilebilmekte ve bu kavram her geçen gün yaygınlaşmaktadır. Finans sektörünün en güçlü aktörlerinden bankacılık sektörü de gelişim ve değişimle birlikte, geleneksel bankacılık ürünlerinin yerini finansal teknoloji ürünlerine bırakmaya başlamıştır. Genel araştırmalarda dijital bankacılık ürünleri araştırılırken bu çalışmada; Türk bankacılık sektöründeki ürünlerden, müşterilerin finansal teknoloji ürün tercihlerini ve bu tercihleri doğrultusunda ürün kullanımlarını ele almaktadır. Nitel araştırma yöntemlerinden görüşme tekniği kullanılarak, aktif banka müşterilerinin bankacılıktaki finansal teknoloji ürün tercihleri tespit edilmiş, müşteri ürün kullanım detayları incelenmiştir. Müşterilerin ürünleri tercih etme nedenlerinin çoğunlukla hız, kolaylık, zaman ve para tasarrufu olduğu görülmektedir. Ek olarak müşterilerin finansal teknoloji ürünlerini güvenli bulma durumunda çoğunluğun kullanımı güvenli bulduğu tespit edilmiştir. Bu tercihlerin bankacılık sektöründe yarattığı durumlara; sektördeki teknolojik gelişim, operasyonel masrafların azalması gibi durumlar açısından olumlu bakılırken, şubelerin azalarak çalışan sayısının düşmesi ve benzeri durumlar olumsuz olarak değerlendirilmektedir. Tüm araştırma ve değerlendirmeler sonucunda, müşterilerin yeni finansal teknoloji ürünlerine dair görüşleri de dikkate alınarak ürünlerin gelişimi için önerilerde bulunulmuştur.
Global sürdürülebilirlik hedeflerine yönelik blokzincir teknolojisi çözümleri ve uygulamaları
Bu araştırma günümüzün devrimsel bilgi ve iletişim teknolojilerinden birisi olan blokzincir teknolojisinin kurumların global sürdürülebilir kalkınma hedeflerine yönelik amaçlarına aracılık edebilmesine yönelik yapılmış bir çalışmadır. Günümüzde önemi daha fazla hissedilen sürdürülebilirliğin sosyal, çevresel ve yönetimsel başlıkları gerek hükümetler gerek organizasyonlar ve gerekse kar amacı güden ticari kurumlar tarafından somut bir şekilde ele alınmaktadır. Özellikle de son dönemde kanun koyucular piyasaları yönlendirme gücü olan banka ve yatırım şirketleri gibi fon sağlayıcılarını kullanarak global sürdürülebilirlik hedeflerine çok daha hızlı ulaşılması ve anlamlı bir yol verilebilmesi için çeşitli çalışmalar yürütmektedir. AB taksonomisi bu konudaki öncülerden olup Türkiye'de Çevre ve Şehircilik Bakanlığının oluşturduğu iklim kanunu; Türkiye Yeşil Taksonomi buna örnektir. Bu noktada sürdürülebilirlik hedeflerine ulaşım aşamalarında güvenilirlik, şeffaflık, merkeziyetsizlik ve izlenebilirlik özellikleri ile ön plana çıkan blokzincir teknolojisi araç olmakta, dünya genelinde bu alandaki uygulamalar giderek çoğalmaktadır. Blokzincir kripto ekonomisinin çok daha ötelerine uzanan diğer yapay zeka, nesnelerin interneti (IoT) başta olmak üzere birçok teknoloji ile uyumlanarak klasik süreçlere göre verimliliği arttıran, maliyetleri azaltan, bugünün ve geleceğin teknolojisi olarak çok önemli olduğu kabul görmektedir. Bu çalışmada blokzincir teknolojisinin çalışma mantığından ve genel olarak hangi alanlarda kullanıldığından bahsedilmiş olup, ardından sürdürülebilirlik hedeflerine ulaşmak üzere karbon emisyon ticareti, yeşil ekonomi, ReFi (Onarıcı Finansman) ve döngüsel ekonomi gibi önemli başlıklarda blokzincir teknolojisinin kullanıldığı proje örneklerine yer verilmiştir. Ayrıca son olarak Türkiye'deki şirketler üzerinde bu konulardaki farkındalığı ölçen anket çalışması ve sonuçları yer almaktadır. Bu anlamda Türkiye'de bu bilgilerin ve teknolojik altyapılarının yetersiz olduğu bunun çözümüne yönelik birçok kamu ve özel sektörün acil eylem planı oluşturması gerektiği önerilmektedir.
The welfare effects of changes in global food prices on income distribution in Turkey
This study examines the pass-through effects of global food prices on food prices in Turkey, and the welfare effects of food price changes on income distribution in Turkey. Food products are the indispensable part of the consumption basket for entire households, especially for low-income groups. Therefore, food price changes can directly influence the living conditions of people positively or adversely. To figure out these impacts in Turkey, we first obtain the pass-through coefficients for the selected food groups using econometric tools. Then, we integrate these coefficients and Turkish household groups, which are divided into five brackets based upon nominal income, into the CGE analysis. This analysis allows us to estimate how an economy can react to changes in a part of the economy under the determined framework. Finally, we apply both a positive 5% shock and a negative 5% shock to world food prices. According to the findings, the income of all household groups declines when global food prices surge. However, rising food prices have a more adverse effect on low-income household groups, and accordingly distort income distribution in Turkey. Inversely, under the scenario wherein world food prices decline, low-income households are affected more positively in wealth terms. It is observed that income distribution in Turkey recovers slightly. Meanwhile, disruptive impact of increased food prices is stronger than remedial impact of tumbled prices on income distribution.
Comparing systemic risk measures during a financial crash
This paper investigates 2000 Turkish Banking Crisis utilizing market based and network based systemic risk measures. In this investigation, MES, SRISK and ΔCoVaR are taken as market based measures whereas Degree centrality, Closeness centrality and Betweenness centrality are evaluated as financial network measures. The analyses are performed for 12 Turkish Banks and the performance of the inherently different systemic risk measures in identifying and detecting the stress of the banking sector are compared with an event study. The findings suggest that different systemic risk measures point out different systemically important financial institutions (SIFI). Empirically, we derive that (1) SRISK is capable of capturing a too-connected-to-fail bank, Demirbank, despite its market based nature and that (2) MES is the only measure providing statistically significant results for market, too-connected-to-fail banks and too-big-to-fail banks together.
Macro stress testing on the credit risk of the banking sector in Turkey
In our thesis research we conduct a stress test of banking sector in Turkey. Firstly, we develop a model where we regress total and sectoral NPL rates on their lags and macroeconomic indicators. By using the results of the regression we conduct stress tests. As stress test scenarios we use 3 cases. We analyze how the NPL rates of Turkish banking sector would respond to the 2001 and 2008 crisis scenarios and we also look at baseline scenario based on the expectation of OECD on Turkish economy. Based on the results of stress test, not all of the banks in Turkey meet the capital adequacy ratio requirement and under the 2008 crisis scenario total NPL rates rise up to 6.07\%. Our sectoral regressions suggest that while our macroeconomic variables are all significant in defining the total NPL rates, some sectoral NPL rates do not necessarily depend on all of them.
A system dynamic macroeconomic model for an inquiry of income inequality and environmental impact
Ending hunger, reducing poverty and inequalities, and climate action are the main objectives of the political agenda in the recent years. However, these objectives may be in conflict. Economic growth is promoted to end hunger and reduce poverty; however, a growing economy may well increase human impact on the environment. It is also true that an income redistribution scheme may increase aggregate demand—hence, the economic activity and subsequently the environmental impact. In this thesis, we build a system dynamic macroeconomic model to cope with the intricate relationships among income distribution, economic growth, and human impact on the environment. The model is based on macroeconomic accounting principles, and represents a closed economy with a representative firm, three heterogeneous households, and a simple banking sector. We argue that an aggressive income redistribution scheme can achieve the whole objectives in the policy agenda, while a mild redistribution scheme may worsen the environmental problems. This thesis contributes to the recent Ecological Macroeconomics literature by examining the relationship between income distribution and environmental impact of the human activity by relying on a system dynamics approach.
The effects of index constituent changes to Borsa Istanbul's Bist 100 and Bist 30 indices
This thesis examines the quarterly index revisions of BIST 100 and BIST30 indices of Borsa Istanbul Stock Exchange and tries to capture the effects and implications of these events on the prices and the volumes of the revised stocks. The purpose of this study is to search the effects of being in the scope of BIST 100 or BIST 30 indices on the stock performance by using abnormal return and abnormal volume concepts with the event study method. It is examined for a total of 296 changes in BIST 100 index and a total of 96 changes in BIST 30 index for the period of 2009 through 2017. The results have shown that although both of the stocks that included to BIST 100 index and BIST 30 index have positive abnormal returns, the results are statistically insignificant. However, the stocks excluded from the indices have statistically significant negative abnormal returns. Nevertheless, abnormal volumes exist with statistically significant results for both of the index composition change events.
The informal borrowing ratio in Turkey
This study aims to analyze empirically the behavior of individuals with respect to the choice between formal and informal borrowing. Informal borrowing stands for the borrowing practiced through informal institutions such as friends, relatives, moneylenders, other informal financial institutions whereas formal borrowing is defined as borrowing from banks and other formal credit institutions. The examination of the reasons behind the preference of informal versus formal type of borrowing is expected to contribute to the understanding of the structure of credit markets with a demand side analysis. Data from the Credit Card Consumer Survey conducted in 2009 in Turkey is used, in which 1014 participants have positive debt. The zero/one inflated beta regression model is utilized to estimate the proportion of informal borrowing in total debt, allowing the possibility that the boundary values of zero and one are generated through different decision processes. The results indicate that while informal borrowing cannot be completely eliminated since it is an option especially for people who borrow in higher amounts or people who are credit constrained, it can be reduced by policy makers and pioneers of the financial sector through enhancing integration to formal financial services and finding solutions to credit constraints.
The effect of Syrian refugees on the school enrollment of youth in Turkey
Since the beginning of the Syrian conflicts, many people took refuge in neighboring countries. Turkey is the top refugee-hosting country today with the number of nearly 3.6 million registered refugees. This study is conducted to estimate the effect of Syrian refugees on the high school and school enrollment of native youth. Instrumental variable approach is employed by exploiting the variation in the refugee fraction. Since both timings of the influx of Syrian individuals and the implementation of new education reform coincide, controlling for the effect of education policy makes notable differences in the results. I find that there is no significant effect of Syrian refugees on the high school enrollment of both male and female youth. However, there are some significant and positive impacts on the school enrollment. Individuals who have more educated household heads and males whose household heads are formally working increase their school enrollment as a response to the refugee influx. The reason of finding a positive effect would be that 18-year-old individuals have lower enrollment rates than other age groups since these significant results disappear if individuals who are at the age of 15-17 are included in the sample.
Using machine learning to develop an asset allocation application
This paper aims to analyze factor mimicking portfolio (FMP) construction in the context of Machine Learning and use it in a practical application. Inflation is chosen as the target macroeconomic factor in this study. We show that in the FMP construction process, Linear regression model performs better than LASSO and Ridge regression. In order to provide an application with FMP, Random Forest model is utilized in forecasting future inflation values so that asset allocation in the FMP can be done accordingly. While forecast accuracy of the Random Forest model is better than 1-period lag and simple moving average models, Rolling ARIMA model has smaller forecast error. However, FMP which is updated by the inflation forecasts from Random Forest provide more profit, higher Sharpe and Sortino ratios, and smaller maximum drawdown than the one with the Rolling ARIMA. Lastly, we follow a strategy such that we invest 95% of the initial capital to equally weighted portfolio and 5% of the initial capital to the FMP. We show that the proposed model outperforms the market where equally weighted portfolio of the same assets is used as market benchmark.
Symmetric equilibrium in contests: Evidence from a TV show
This paper analyzes symmetric equilibrium resolving the behaviors of the contestants in a cooking contest where points are revealed at the end of each stage. There is an independent observer who evaluates the cook without revealing her grades until the last stage. This research differs from the past papers regarding these two issues. The focus is on the paper by Schüller et al. (2014) where the pro-social behavior in another cooking contest "Come Dine with Me" is analyzed. This paper depicts the differences and compares the results with that research. It constructs equilibrium for this multi-stage game with the assumption that the contestants are rational. It is also observed that the contestants indeed converge to this suggested equilibrium most of the time; although, coordination is not always possible among the contestants. Moreover, this paper explains the deviations from the equilibrium in behavioral concepts. Furthermore, it is examined that the first contestant is disadvantageous, and that the independent observer has an immense impact on the results.
The role of technological optimism in international climate agreements
This research aims to explore the role of technological optimism in international climate agreements and how technological optimism affects the climate-related behaviors of countries. To this end, I built upon the dynamic game with stocks proposed by Harstad (2012, 2016), which takes emissions and green technology investments as contractible strategies. An R&D project that aims to invent a technology that will decrease the accumulation of greenhouse gases is introduced into the model. A comparison between my model, where the R&D dimension is exclusively considered, and the baseline model proposed by Harstad will capture how technological optimism may alter the behavior of countries. With the presence of an R&D project, emission levels and the greenhouse gas stock increase, and the global stock of green technology and its investments decrease for all countries in both the first-best (cooperative) and the business-as-usual (non-cooperative) outcomes. The effect of technological optimism increases when the R&D project is expected to invent a more robust technology to decrease greenhouse gas accumulation. My model explores how relying on a future technology affects the current action plan to tackle climate change, thus contributing to the literature on international climate agreements, dynamic games and technological optimism.
Welfare analysis of regional population distribution in Turkey
Rapid urbanization in the last century has been accompanied with growing number of studies on spatial economics. Determining which factors affect households' location choices is one of the most prominent topics that has been worked on in the literature. The aim of this thesis is to analyze region-specific characteristics and to examine their relative importance on location choices of households in Turkey at NUTS-2 level. The thesis contributes to the current literature by providing model-based estimates for the importance of region-specific characteristics on the population allocation and welfare in Turkey, which are also used for conducting counterfactual exercises. For this purpose, a stylized spatial macroeconomic model as postulated by Desmet and Rossi-Hansberg (2013) is utilized. In the model households make consumption, investment, work and location choices by assessing three region-specific characteristics, namely regional productivity levels, amenities and excessive frictions. The counterfactual exercises, which involve eliminating one or more of the differences in characteristics across regions, result in modest increases in welfare (about 1%-2%), but large population reallocations across regions.
Sequential tasks and moral hazard
A principal owns a two-stage project consisting of two tasks with a finish-to-start dependency where there exists an outcome externality between these tasks. A success in the first task may affect the probability of success of the second task in a positive or negative way, which refers to synergistic and conflicting tasks, respectively. We analyze the optimal incentive schemes where both the number of agents and the order of the tasks are endogenous. We find that, regardless of the optimal set of agents, when both tasks are synergistic, the task with the greater impact is delegated first, while when tasks are conflicting, the one with the lower impact is scheduled first. When one task is synergistic and the other one is conflicting, the principal prefers the synergistic task to be completed first. When the task order is endogenously determined, the principal prefers to employ two identical agents for two different tasks when the tasks are synergistic and a single agent for two tasks when both tasks are conflicting. Since the task allocation is endogenous, we let one task to be synergistic and the other one to be conflicting, in which case it is optimal for the principal to hire two different agents. These results are robust to a possible wage payment after the completion of each task.
Multidimensional poverty in forced displacement: A comparison of Syrian and native households in Turkey
This study addresses the limitations of traditional measures of poverty that focus solely on income or consumption expenditure and instead adopts a multidimensional approach inspired by Amartya Sen's capabilities perspective. Combining various statistical approaches with normative considerations, a multidimensional poverty index (MPI) is constructed for Syrian refugees in Turkey, a context that has received relatively less attention in the literature compared to other host countries. Using the Turkey Demographic and Health Survey (TDHS) 2018, the study examines and compares the diverse deprivations faced by displaced and non-displaced households. A dimension on financial security is incorporated in addition to three standard dimensions used in the literature (education, health, and living standards). The analysis reveals significant disparities, with Syrian households experiencing a seven times higher incidence of multidimensional poverty compared to native Turkish households. The overall MPI score for the refugee community is 33 percentage points higher than the host community. Particularly, informal employment emerges as a nationwide issue. The findings contribute to the understanding of the well-being of Syrian refugees in Turkey and highlight the urgent need for targeted policies and interventions to address the simultaneous deprivations they face.
Suç ekonomisi içinde kara paranın yeri ve ekonomi üzerine etkileri
Suç ekonomisi, her türlü gayri meşru (yasa dışı) yoldan elde edilen ancak ekonomik bir faaliyet sonucu oluşan bir değer olup ekonomik bir takım sebep sonuç ilişkilerini bünyesinde barındırmaktadır. Suç ekonomisinin konusunu oluşturan yasa dışı faaliyetlerden elde edilen ve kara para olarak adlandırılan gelirler ise günümüzde göz ardı edilemez miktarda ekonomilerde yer almaktadır. Ancak bu gelirler yasal yollardan ülke ekonomilerine dâhil olmadıklarından, ekonomiler açısından sürdürülebilir bir girdi kalemi olamayacağı gibi yeni ekonomik sorunları ve hukuk ihlallerini beraberinde getirecek sorun alanı oluşturacaktır. Bu bakımdan kara para konusunun irdelenmesi sürdürülebilir bir iktisadi büyüme ve kalkınma açısından önem arz etmektedir. Bu tez çalışmasında; suç, suç ekonomisi, suç ekonomisinin yaşam alanı izah edilerek bu ekonomide oluşan kara paranın tanım ve teorik çerçevesi belirlenmiş, kara para aklama yöntemleri, kara paranın ekonomi üzerindeki etkileri makroekonomik göstergeler üzerinden açıklanarak kara paranın sürdürülebilir bir ekonomileri açısından olumsuz etkilere neden olduğunu açıklamak hedeflenmiştir. Çalışmada teorik ve resmi bilgiler kullanılmıştır. Çalışmanın birinci bölümünde suç, suç ekonomisi, suç ekonomisinin kaynakları izah edilmiş; ikinci bölümde suç ekonomisi içinde kara para tanımı, kaynakları, aklama yöntemleri, yasal mevzuattaki durumu üzerinde durulmuş ve çalışmanın üçüncü bölümünde ise kara paranın ekonomi üzerindeki etkileri ve kara parayla mücadele yöntemleri açıklanmıştır. Çalışma, ulaşılan sonuçlar, bu sonuçlara bağlı değerlendirmeler ve kara parayla mücadeleye yönelik öneriler ile neticelendirilmiştir.
Taxation of financial instruments in Turkey
ABSTRACT The content of financial markets, their kinds, characteristics, operation of financial system, and the taxation of financial markets are complicated in Turkey, the positions of financial organizations in a financial system and their individual characteristics are explained and their taxation process is described in this thesis by using tables and graphs. Financial institutions and their place in financial system are explained. Financial institution are considered as direct tax payers. Also investment funds, investment trust, individual retirement funds and insurance companies, from this point of view, are discussed. This is how the financial system operates; The ones who make the financial transaction are subjected to taxation The tax load imposed on the financial earnings acquired by means of the financial instruments may either encourage or deter the persons who both demand and supply such financial instruments. In this thesis, compared to the banking sector financial investment market is not yet developed because of tax and interventing party costs and other complex issues. Other dilemna can be named as transperancy, market discipline, company and investor know-how that can be solved in the long run. In Turkey, as of now, investors that come to Stock Exchange Bureau have no purpose of becoming a partner or receiving dividends of that company. Furthermore, companies in Stock Exchange Bureau have no intention to create an atmosphere for them. So it should not be expected for Stock Market to grove and improve only bu speculative trade of shares. On the other hand, it is vitally important to collect taxes from income and gains that are obtained from financial instruments of national and international flow of funds. That is why in Turkey, many exemptions are applied to tax collection. Besides not having enough savings and not using them effectively in productive areas budget deficit are inevitable. In Turkey, due to the administrative, legal, political and economic risks, the issue of taxation of financial income and gains is highly important. In contrast, in recent years, implemented structural reforms and regulations to join into the European Union have caused serious expectations on reducing these risks. Insufficient accumulation of capital, undeepened financial markets and weak financial instruments. Increases of tax load collected from properties and services ruins the price mechanism Thus, altough there are increasing indirect tax rates, it has never been possible to collect more tax in totals just because of tax base narrowed. This is why the conclusion ve attained from the regression formula certififes the interpretation of this thesis. vx
An exploratory study on development and application of integrated customer loyalty management model (iclmm) -the case of a bank
AN EXPLORATORY STUDY ON DEVELOPMENT AND APPLICATION OFINTEGRATED CUSTOMER LOYALTY MANAGEMENT MODEL (ICLMM)THE CASE OF A BANKbyHülya Gürsözer BÜYÜK SKENDERABSTRACTIn the 21st century, the importance of customer?s share is taking place in the market. Mostcompanies mention that their organizations are customer-centric organizations. Theycontinue; ?Our customers are important to us.? ?Our product designs are formed according toour customer needs and wants.? etc. but few companies fulfill this organizational modelperfectly.The aim of this thesis study is to reveal ?what the Bank is supposed to offer? and ?theperceived service level offered to the customers in this Bank? and to determine if a gap existsbetween the view of the employees and the perception of customers.In this research, the survey technique was used. For this thesis study, 2 field studies weredone. One of them is the ?Integrated Customer Loyalty Management Model? (ICLMM)survey; the other is ?e-banking Customer Loyalty? survey. All questions for both ICLMM ande-banking customer surveys were classified by three experts. The field study results wereanalyzed and interpreted by using SPSS tool.In the ICLMM field study, the Bank?s employees evaluated the bank?s vision, mission, workprocesses, e-banking processes, human resources etc. This survey has 119 questions, 113employees answered. (50% Head Office employees, 50% branch employees) The aim of thissurvey is to understand the management capabilities, loyalty management and the e-bankingprocesses of this Bank.In the e-banking customer loyalty field study, e-banking processes evaluation of this Bankwas done by e-banking users. This survey has 92 questions, 140 users answered. The aim ofthis survey is to understand how customers perceive e-banking services given by this Bank.At the end of this field study, all customers? answers revealed how they perceive the Bank?smanagement capabilities about e-banking.Finally, the 2 survey results were compared and they revealed that the evaluation byemployees and the perception by users were almost the same and there is no big gap.
Türkiye'de bölgesel temelde çevre kalitesinin belirleyicileri
This PhD thesis explores the intricate relationship between economic growth and environmental sustainability, emphasizing the indispensable role of the environment in sustaining economic activities in Turkey. Central to the investigation is the Environmental Kuznets Curve (EKC) hypothesis, which posits an inverse U-shaped relationship between per capita income and environmental degradation. The study extends its focus to the Turkish context, bridging theory with empirical evidence and emphasizing the unique dynamics of the nation's international trade relations. Empirical results highlight the phenomenon of carbon leakage, indicating that developed countries transfer pollution-intensive production to Turkey, while Turkey reciprocates in trade with certain regions. The lack of environmental policies in Turkey's economic relations raises critical implications for future research, emphasizing the need to scrutinize the impact of foreign trade on environmental degradation. In conclusion, this research contributes to the ongoing discourse on sustainable development by providing a nuanced understanding of the interplay between economic growth and environmental stewardship. The research's novelty lies in its depth of analysis on specific variables and regional focus, offering practical insights for policymakers, scholars, and concerned citizens grappling with the challenge of balancing economic development with environmental responsibility.
The effects of energy consumption on sustainable economic development: Environmental consequences
Energy consumption plays a critical role in the economic growth processes of countries. The sources of energy, their consumption and effects on the environment affect the sustainable development of countries. Access to reliable and affordable energy enhances productivity, supports industrialization, and improves living standards. Conversely, inadequate energy infrastructure can hinder economic growth and exacerbate development challenges. Therefore, strategic investments in energy systems are essential to promote balanced and sustainable economic progress (Dinçsoy and Doğan, 2023). Although the tendency towards renewable energy resources is increasing, especially in developed countries, non-renewable energy (NRNW) resources are still being used intensively. As a result, the threat of increasing Greenhouse Gas (GHG) emissions on the environment continues. Dangerous GHG such as Carbon Dioxide (CO2) cause significant environmental problems (Intergovernmental Panel on Climate Change (IPCC), 2013). It aims to prevent environmental problems by reducing GHG Emissions through international organizations, agreements, and conferences. This thesis aims to explain the hypothetical relationship between Economic Growth and the Environment, within the framework of Sustainable Development. The Environmental Kuznets Curve (EKC) Hypothesis was used to explain the hypothetical relationship between economic growth and the environment. The EKC Hypothesis suggests that economic growth reduces environmental problems after a certain income level (Kuznets, 1955). In that context, this thesis aims to contribute to the literature on Sustainable Economic Development from a different perspective by analyzing 124 countries in four groups, taking into account socioeconomic factors such as education, life expectancy, and income level. The empirical results of this thesis reveal that the EKC Hypothesis is not valid for any country group and that more comprehensive and varied policies are required for the success of Sustainable Development.
GVCs embeddedness and its effects on industrial productivity: Evidence from Turkish manufacturing industries
This dissertation investigates the embedding degree and embedding position (referred to as GVC embeddedness throughout this study) of Turkish manufacturing industries in Global Value Chains (GVCs) and their implications for industrial Total Factor Productivity (TFP) levels and growth. This study aims to understand the mechanisms through which GVC participation impacts industrial performance and explores potential variations in these effects across different technologically intensive industries and classes. Utilizing quantitative methods, data from the Trade in Value Added (TiVA) database were employed to analyze GVC embeddedness, allowing for comparisons among industries and technological classifications. Additionally, a dynamic panel data estimator, the two-step system GMM, is applied to examine the relationships between GVC embeddedness and TFP levels and growth, while addressing endogeneity issues. Data from reputable sources, including the Turkish Statistical Institute (TUIK), International Financial Statistics (IFS), and OECD-WTO TiVA database, among others, provide a robust basis for analysis. The findings reveal distinct patterns of embeddedness across different industry sectors: the "Electrical Equipment" and "Basic Metals" industries consistently display the highest levels of embeddedness across all industries, while the "Other Transport Equipment" industry consistently lags behind. The medium-low-tech class demonstrates the highest degree of embeddedness in GVCs, whereas the high-tech class displays the lowest, indicating its reliance on foreign intermediate inputs for production. Our findings for the overall industry analysis reveal that while GVC embedding degree and embedding position have insignificant effects on TFP levels, they do have a significant impact on TFP growth. FDI, financial development, government subsidies, and trade openness significantly influence both TFP and TFP growth. In low-tech industries, the GVC embedding degree, FDI, R&D expenditures, and trade openness play crucial roles in influencing TFP levels, whereas for TFP growth, the GVC embedding degree, FDI, and financial development exhibit significant effects. In high-tech industries, the direct impact of GVC embeddedness on TFP and TFP growth is limited, along with other factors such as FDI, financial development, government subsidies, human capital, R&D expenditures, and trade openness displaying significant influences. The findings have significant implications for policymakers, industry practitioners, and researchers. Specifically, the significant positive impact of GVC embedding degree on TFP growth in low-tech industries emphasizes the importance of fostering greater integration into GVCs for productivity improvement. Moreover, the limited direct influence of the GVC embedding position on TFP suggests that positioning within the value chain may not be a decisive factor in productivity gains. Instead, attention should be directed towards promoting financial development, human capital, and R&D investments to foster productivity growth in both the low-tech and high-tech sectors. The heterogeneity of the effects across industries and technological classifications calls for tailored strategies to address specific challenges and opportunities. Overall, this study enhances the understanding of how GVC embeddedness influences productivity in the Turkish manufacturing sector and supports evidence-based policymaking and industry strategies for sustained economic growth.
Din ve ekonomi: Din önemli mi?
The main objective of this thesis is to discuss what economics brings new in the scientific analysis of religion and to empirically investigate the relationship between religiosity and several socio-economic and demographic variables as well as economic development indicators using LSS individual data in Turkish population where empirical studies on this topic were very limited until recently. Although there are differences between genders, education and income are found to be negatively associated with religiosity in the analysis of micro data used to determine significant associates of religiosity in terms of individual socio-economic and demographic caharacteristics. Macro data analysis revealed that there is significant negative correlation between religiosity and level of development accross provinces.
Azerbaycan'da gölge ekonomisinin ekonomik büyüme üzerine etkileri
The Effects of Shadow Economy on Economic Growth in Azerbaijan Shadow economy is a complex economic issue that countries have to deal with. Although the shadow economy is believed to have certain negative impacts on the economy, there might be some positive effects. This study aims to analyze the effects of the shadow economy on Azerbaijan's economic growth. The study analyzes the effects of the shadow economy in the period 19912017 in Azerbaijan. In order to analyze the relationship between the shadow economy and economic growth in Azerbaijan, VAR and VAR Granger Causality analyses have been utilized. Although the study finds no significant connection between shadow economy and economic growth, the VAR Granger Causality test indicates that the shadow economy and economic growth cannot forecast each other and there is not any type of relationship. Keywords: Shadow economy, Economic growth, VAR model, VAR Granger Causality, Azerbaijan.
Using cash transfer conditions to the benchmark the assessment of social assistance as a poverty reduction strategy: Case of Mogadishu IDPs inhabitants
Almost 1.1M Somalis internally displaced and other 1M crossed the border to the neighbor countries, while around 3.2M declared severely foodinsecurity because of droughts in 2017. These droughts however, originally caused by natural climate change as well as political and security instability in the country for the last three decades. In that response, there were $3M budget allocated by US and other international partners through international NGOs, for crises response as well as mitigating and alleviating the risk of vulnerability in the country. Nonetheless, in an attempt to identify the extent of solutions done, this study tends to assess the manner in which those social assistances could be evaluated as poverty alleviation strategy in Somalia. Furthermore, the study by focusing on some concepts regarding the poverty and its determinants thereof addressed social assistance as a tool of mitigating the vulnerability in the country through using transfer conditions. On the other hand semi-structured interview tool which is open and allowing new ideas to be brought by the interviewees were used throughout the investigations; thus, throughout this study qualitative research method in which is based on 25 semi-structured interviews with Mogadishu IDPs inhabitant beneficiaries and 15 in-depth interviews with social safety nets staffs was used. However, unconditional cash transfers and vouchers are mostly used by the Non-state social assistance providers such as the NGOs in Somalia as strategy of poverty alleviation. Despite it is being essential for poverty alleviations in the country, but on the other hand, according to the participants' perceptions, it was widely agreed and underlined that these kinds of social assistances creates economic and social disadvantage including laziness, culture of dependency as well as stress and conflict among the households. Keywords: Cash transfers, Poverty alleviation, resilience, social safety nets, welfare state.
Obezitenin belirleyicileri
The aim of this study is to compare and identify the risk factors related to obesity in Türkiye, based on statistical data, and to establish correlations in order to develop appropriate prevention strategies and measures. In this study, determinants of obesity were investigated using the 2019 Türkiye Health Survey data. During the statistical analysis phase of the study, frequency analysis, Chi-Square test, and logistic regression analyses were applied. In the initial phase, frequency analyses of demographic characteristics were presented for the participants. Percentage (%) and frequency (n) values for each group were displayed together in the frequency analyses. In the second phase, Fisher's Exact Test and Pearson Chi-Square tests were employed to examine the relationships between obesity and independent variables. In the third phase, logistic regression analysis was conducted to determine the relationships between obesity and independent variables. Obesity is a type of disease characterized as a modern epidemic. While gender and environmental factors are more prominent, genetic factors can also be considered. The recovery process of other diseases associated with obesity also prolongs. Obesity imposes a significant burden on the Turkish economy. Gender, occupation, age, and other variables should be combined to clearly understand the source of obesity. According to the analysis results, factors that increase obesity include older age (between 35-54), low education level, divorced status, unbalanced diet, and low household income. Having a regular job and engaging in exercise emerged as factors that decrease obesity significantly. Additionally, women have a higher risk of obesity compared to me. The analysis results can be used to develop various policy recommendations for preventing obesity. Effective solutions to the obesity problem can be provided through public service announcements informing citizens about the effects of obesity and promoting healthy living, as well as through taxation systems and sanctions applied to health insurances. Most importantly, individuals should be encouraged to change their lifestyles and lead active and healthy lives through awareness-raising efforts.
Factors affecting the profitability of Turkish deposit banks
This thesis explores the factors influencing profitability in Turkish deposit banks over the period from 2016 to 2022, utilizing a panel data analysis. The study encompasses 16 prominent Turkish deposit banks, including Akbank, Alternatif Bank, Anadolu Bank, Denizbank, Fibabank, HSBC Bank, ING Bank, Odea Bank, QNB Finansbank, Şeker Bank, Ziraat Bank, Garanti Bank, Halk Bank, İş Bank, Vakıfbank, and Yapı Kredi Bank. The financial data, sourced from the Banks Association of Turkey (TBB). Key financial ratios are employed as independent variables to assess their impact on two core profitability indicators: Return on Assets (ROA) and Return on Equity (ROE). The analysis utilizes advanced panel data techniques within the Stata software, applying thorough diagnostic tests such as the Hausman test for model specification, along with heteroscedasticity and autocorrelation tests to ensure the reliability of the results. Additionally, the Variance Inflation Factor (VIF) test is utilized to address potential multicollinearity among the variables. The findings reveal that the Capital Adequacy Ratio (CAR), Liquid Assets to Total Assets Ratio (LATA), and Personnel Expenses to Other Operating Expenses Ratio (PEOE) emerge as critical determinants of profitability in the Turkish banking sector. Specifically, CAR exhibits a strong positive correlation with both ROA and ROE, underscoring the significance of a robust capital base for financial stability and enhanced profitability. Similarly, LATA, reflecting a bank's liquidity position, positively influences both profitability measures, highlighting the necessity for effective liquidity management. Furthermore, PEOE's positive impact, although marginally significant, on ROE indicates that prudent management of operating expenses other than the personnel expenses is essential for maximizing equity returns. This research offers deep insights into the key drivers of profitability in Turkish deposit banks, providing valuable guidance for bank managers, investors, and policymakers. The study underscores the imperative of strengthening capital adequacy, optimizing liquidity management, and enhancing operational efficiency to sustain long-term profitability in the banking sector.
A critical analysis of Bitcoin through the efficient market hypothesis
The efficiency of markets has been an important criterion in examining various stocks in the financial literature. The examination of this hypothesis, which examines the predictability in markets based on price movements, is carried out through various econometric and economic analyses. It can be posited that in an efficient market, price movements exhibit a stochastic nature. In such a market milieu, it becomes evident that price movements succinctly encapsulate the assimilation of all pertinent information. This type of analysis is necessary to ensure that the criteria in an investor's or economist's orientation towards the asset under consideration coincide with rational economic behavior. Bitcoin, the subject of the thesis, is an economic object about which there are many speculative discourses. Its qualities make it quite revolutionary, as it is the first real-world application of Blockchain, thus necessitating the need to examine Bitcoin's place in the economic field. Because Bitcoin's revolutionary qualities make it a first in its field, whether it is money, a commodity or an investment asset should be subjected to various economic analyses. The main purpose of this research is to examine the efficiency findings in the price movements of Bitcoin as a revolutionary product. However, since econometric studies alone will not be sufficient to understand the efficiency and economic role of information in it, it is aimed to examine the distribution of information in its own market within the scope of security and third parties through the examination of Bitcoin as a Blockchain technology. Another aim is to try to determine its place and status in the economic world by comparing its structural features with traditional financial instruments. Within the framework of all these investigations, various unit root tests and variance ratio analyses were carried out within the scope of this research. Through these tests, the existence of the random walk movement has been proven, and in this context, it has become possible to say that Bitcoin is efficient at the empirical level. In a qualitative sense, it would be correct to say that Bitcoin is similar to money, commodities, and investment assets on many levels, but it is a distinct investment instrument as it has different qualities than traditional financial instruments. As a result, Bitcoin is a revolutionary financial instrument whose market efficiency has been proven by examining it in a separate context.
Tarihi süreçte faiz ve faizsiz finans kavramlarının gelişimi ve faizsiz finans sisteminin uygulama pratiği
Faiz, insanlığın para kazanmaya başladığı ilk çağlardan beri gündemde olup çokça tartışılmıştır. Dini, sosyal, ekonomik ve hukuki boyutlarıyla tarihin hemen hemen her döneminde farklı uygulamalara konu olmuştur. Yasal anlamda ilk defa Hammurabi Kanunlarıyla sınırlamalara tabi tutularak, faizsiz ekonomik araç haline getirilmiştir. Bu tez, faizin ve faizsiz finans sisteminin toplumlarda yarattığı yaygın etkiyi ve gerekliliği ortaya koymak amacıyla kaleme alınmıştır. Faizsiz küresel bir ekonomi mümkün müdür sorusundan hareket edilmektedir. Buna göre çalışmanın kapsamı, iki ana araştırma konusu üzerine oturtulmaktadır. İlkini tarihi süreçte kapitalizmin ve para kazancı olarak faizin gelişimi oluşturmakta iken ikinci ana bölümü faizsiz finans uygulamaları oluşturmuştur. Bu çerçevede, faizin ve kapitalizmin gelişimi, Osmanlı ve Türkiye'deki uygulamalar, İslami bankacılığın geleneksel bankacılıktan ayrılan özellikleri, İslami finans yöntemlerinden beklenen faydalar, İslami Bankacılığın tarihi, nasıl mütevazi ölçekte başlayarak nasıl uygulanabilir ve verimli kurumlar haline geldiği açıklanmaktadır. Faizsiz enstrümanları kullanan ülkelerin bu alandaki sektör payları ve gelişimleri, karşılaştırma ve betimleyici yöntemler kullanılarak niteliksel araştırmalarla desteklenmektedir. Tez araştırma yöntemi olarak nitel araştırma yöntemleri kullanılmıştır. Literatür taramasına başlamadan önce, İslam ekonomisi altındaki faizsiz finans sektörünün yaygınlaşmasının, başta kapitalizmin gücü ve faizin yaygınlığı karşısında hiç şansı olmayacağı düşüncesi akla gelebilmektedir. Fakat çalışma sonuçlandırıldığında görülmektedir ki faizsiz sistemler, pek çok faizli ve faizsiz oluşumlarla birlikte ekonomilerde yer almış ve küresel olarak kendine büyümekte olan bir alan açmıştır. Faiz de alternatifleri karşısında vazgeçilebilir/alternatif bir araç haline gelmiştir. Bu tez, İslami Bankacılığın artık Uluslararası düzeyde iyi kurulduğunu, ülkelerin teorik ve pratik verileri, piyasa paylarının artışı üzerine sonuçlandırmış bir çalışmadır. Teorik çerçevede ilerleyen İslam ekonomisi alanı, yapılan çalışmalar ve sonraki dönemlerde sayısı artırılacak simülasyon çalışmaları ve piyasa uygulama sonuçlarıyla, ampirik (deneysel) literatür kıtlığından çıkarılmaktadır. Literatür taramalarında gelinen aşamada artık İslami finansın, teori ve modern deneyselliğin harmanlandığı çalışmalarla ele alındığı görülmektedir. İslam iktisadı ve finansı, akademik çevrelerce temel bir disiplin olarak kabul görmeye başlamıştır. Avrupa'da faizsiz bankacılık ve İslam ekonomisi alanında sayısı artırılmış pek çok akademik çalışmaya rastlanırken, Türkiye'nin, alanda uzmanlaşmış insan ihtiyacı ve özellikle son yirmi yılda literatüre katkı sağlamaya başladığı halde akademik çalışma sayısının halen yetersiz bulunduğu görülmüştür. Anahtar Kelimeler: Faiz, nitel yöntem, faizsiz finans.
Danıştay kararları ışığında usulsüzlük kabahatleri
Devlet üstlendiği sorumlulukları yerine getirebilmek amacıyla anayasanın vermiş olduğu haklar çerçevesinde çeşitli kaynaklardan gelirler elde etmektedir. Elde edilen bu kamu gelirleri içerisinde vergiler % 80 - % 90 gibi oranda önemli bir paya sahiptir. Vergi, devletin gerçek ve tüzel kişilerin ödeme güçlerine göre ve herhangi bir kamu ihtiyaçlarını karşılamak üzere hizmete karşılık olmaksızın cebri olarak alınan parasal yükümlülüklerdir. Temelinde zorunluluğun var olması ve vergi ödemenin karşılığının bulunmaması vergilerin, ödenmesinde birçok sorunu da beraberinde getirmektedir. Örneğin bireyler, vergiler karşısında doğrudan fayda sağlamadıkları için ödemeleri gereken vergileri azaltmaya çalışmaktadırlar. Eğer bu çabalar yasal ise sorun içermemektedir. Ama yasal olmayan yollara bireylerin başvurmaları durumunda, vergi kaybı nedeniyle vergi kabahat ve cezalarını ortaya çıkarmaktadır. Vergi kabahat ve cezaları, vergi ceza hukukunun ilgili alanına girerek, cezaların tespiti ile birey ve devlet arasındaki vergi uyuşmazlıkları, usulsüzlükleri ve kabahatlerinin Vergi Kanunları'nda gösterilen maddi ve biçimsel yükümlülüklere göre çözümlenmesi amaçlanmıştır. Bu çalışmada öncelikli olarak verginin tarihsel gelişimine yer verilip, vergi ödemenin önemi ve gerekliliğinden bahsedilerek ardından Vergi Usul Kanunu'nda yer alan usulsüzlük kabahatlerini oluşturan eylemlere uygulanan yaptırımlar, usulsüzlük kabahatlerine pişmanlık indirimleri, usulsüzlük kabahatlerinin tebliği, itiraz yolları, bu kabahatleri sona erdiren durumları ile usulsüzlük kabahati yaptırımları incelenmektedir.
Merkez Bankası rezerv yönetimi
Özellikle EMC'lerde parasal otoritelerce yapılmış benzeri görülmemiş döviz rezerv birikimi bir takım önemli konuları gündeme getirmiştir. 1990'ların ikinci yarısında ve yeni yüzyılın başlarında ortaya çıkan Meksika, Asya, Brezilya, Rusya, Türkiye ve Arjantin krizleri, rezervlerdeki hızlı artışın finansal krizlere karşı likidite sigortası olarak kullanılmasına neden olmuştur. Bu ciddi finansal krizlerin ardından, gelişmekte olan birçok piyasa ülkesi, döviz kurlarında potansiyel risklere daha etkin bir şekilde başa çıkmak için döviz rezervleri oluşturmuştur. Bununla birlikte, rezervlerin yeterliliği için kullanılabilecek pragmatik değerlendirme olan kıyaslama yaklaşımı göstermektedir ki, özellikle Asya ülkeleri başta olmak üzere pek çok gelişmekte olan piyasa ülkesinde döviz rezervleri seviyesi, ihtiyaç duyulan makul bir sigorta seviyesini aşan büyüklüklere ulaşmıştır. Bu, risklere karşı sigorta ihtiyaçlarının ötesinde oluşan birikimlerin ardındaki nedenleri sorgulamayı gerektirir. Özellikle de ihracatın yol açtığı ekonomik büyümeyi sürdürmek için, bir takım ülkeler, döviz kurlarını ülkenin menfaatlerini göz önünde bulundurarak belli bir düzeyin ötesinde tuttuğu ileri sürülmektedir. Büyük miktarlardaki resmi rezerv birikimi, artan para cinsi çeşitliliğine yol açabilir. Döviz rezerv varlıklarının para birimlerine dağılımı belirleyen faktörler, risk çeşitliliği, etkin getiri, rezerv tutulan dövizin ülkesindeki finansal piyasaların likidite ve varlık çeşitliliği, dış ticaretin coğrafi yönelimi ve sermaye hesabı işlemleri, dış borç kompozisyonu ve muhtemelen politik kaygılardır. Çok büyük rezerv biriktiren ülkeler, döviz varlıklarının önemli bir bölümünü rezerv dövizin ait olduğu ülkelerindeki finansal varlıklara yatırım yaparak küresel dış dengesizliklerin finansmanında kullanmakta önemli bir rol oynamaktadır. Global küresel cari dengesizliklerin sürmesi ve bunu takiben büyük ölçüde rezerv birikimiyle sonuçlanması EMC'leri bir takım önemli zorluklarla karşı karşıya bırakmaktadır. Bu problemleri çözmek çeşitli taraftan harekete geçilmesi gerektirecektir. 1999'dan beri rezervlerini ikiye katlayan on EMC'ye bakıldığında, rezervlerin biriktirildiği kanalları üç farklı grup ortaya çıktığı görülecektir: (i) cari hesap fazlası ülkeler (Rusya, Ukrayna ve Malezya) (ii) sermaye hesabı fazlası ülkeler (Çek Cumhuriyeti, Meksika, Romanya ve Güney Afrika); ve (iii) hem cari hem de sermaye hesabı fazlalarını yaşayan ülkeler (Çin, Hindistan ve Güney Kore) . Hızlı biriktiricilerin gruplara bölünmesi, birikimin altında yatan nedenler üzerine tartışmanın yapılandırılması açısından faydalıdır. Büyük cari işlemler fazlası ve rezerv birikimi arasında doğrudan bir nedensel ilişki olmadığı unutulmamalıdır.
Otel işletmelerinde çalışan personelin sahip olduğu iletişim becerisinin yükseköğretim mezunu müşteriler tarafından değerlendirilmesine yönelik gaziantep'te bir uygulama
Otel işletmeleri; hem çalışan hem de müşteri memnuniyetinin önem arz ettiği emek yoğun işletmelerdir. Turizm sektörü içerisinde yer alan otel işletmelerinde, iletişim sürecinde insan kaynağı en önemli sermayeyi oluşturmaktadır. Hizmeti hazırlayıp sunan da satın alan da insandır. Hizmetlerin yerine getirilmesi, makine ve teçhizatla birlikte daha çok insan gücüne dayanmaktadır. Dolayısıyla insanın olduğu bir toplulukta iletişimin olmaması mümkün değildir. Bu işletmelerdeki hizmet kalitesi, çalışanların tutumu ve müşterilerle kurdukları ilişki iletişim becerisiyle doğru orantıda olacaktır. Bu nedenle otel işletmelerinde hizmeti oluşturan insanın bir çalışan olarak, otel işletmesini başarıya götürebilmek için etkin bir iletişime sahip olması gerekmektedir. Bu araştırma, Gaziantep otel işletmelerinde çalışan personelin sahip olduğu iletişim becerisini belirlemek ve bu konudaki sorun ve engelleri tespit etmek amacıyla yapılmıştır. Araştırmadaki veriler anket tekniği ile toplanarak, otellerde konaklayan yükseköğretim mezunu müşterilere uygulanmıştır Bununla beraber, yükseköğretim mezunu müşterilerin otel personelinin iletişim beceri düzeyi konusundaki görüşleri ile cinsiyet, medeni durum, eğitim durumu, sahip oldukları meslekler ve otel işletmesini kullanma sıklığı değişkeni açısından, istatistiksel olarak anlamlı farklılıklar olup olmadığına bakılmıştır. Yapılan analizler sonucunda otel işletmelerinde çalışan personelin sahip olduğu iletişim becerisinin yeterli düzeyde olduğu sonucuna varılmıştır. Anahtar Kelimeler: Otel İşletmeleri, Otel Personelinin İletişim Becerisi, Gaziantep
Otel işletmelerinde sosyal güvenlik haklarının uygulanmadüzeyinin personeller tarafından değerlendirilmesineyönelik bir araştırma
Otel işletmeleri; kesintisiz hizmet veren, emek-yoğun sektörlerin başında gelen ve otomasyon sistemini uygulamanın pek mümkün olmadığı işletmelerdir. Sürekli değişen teknoloji, hizmet ve sunuma anında ulaşılabilirlik ve artan müşteri beklentileri rekabet koşullarını her geçen gün zorlaştırmaktadır. Bu nedenle, otel işletmelerinin artan müşteri beklentilerine cevap vermesi, değişen rekabet koşullarına uyum sağlaması ve doğru konumlanması açısından daha kaliteli, daha hızlı ve düşük maliyetli hizmet üretmeleri gerekmektedir. Bu üretimin ortaya çıkmasını sağlayacak en önemli unsurun personeller olduğu yadsınamaz bir gerçektir. O halde, otel işletmelerinde çalışan personellerin kanunla belirlenmiş sosyal güvenlik haklarından tam ve zamanında yararlanmaları başta olmak üzere, onların moral-motivasyonunu yükselterek iş verimini artıracak her türlü imkâna kavuşturulmaları işletmelerin başarısı ve devamlılığıyla birlikte üretilen hizmetin beklentileri karşılayacak düzeye ulaşması açısından son derece önemlidir. Her açıdan personel memnuniyetinin sağlanması ve haklarının tam olarak teslim edilmesi, müşteri memnuniyetini de beraberinde getirecektir. Bu çalışma, Gaziantep ilinde bulunan otel işletmelerinde çalışan iş görenlerin Sosyal Güvenlik Haklarının uygulanmasına yönelik bir araştırmadır. Araştırmada Gaziantep ilinde faaliyet göstermekte olan otel işletmelerinde çalışan personelin sosyal güvenlik haklarıyla ilgili görüşleri incelenmiştir. Araştırmadaki veriler anket tekniği ile toplanarak, Gaziantep'te otel işletmelerinde çalışan personellere uygulanmış ve bu görüşler doğrultusunda otel işletmelerinde çalışan personelin sosyal güvenlik haklarının durumu değerlendirilmiştir. Bununla beraber, otel işletmelerinde çalışan personelin sosyal güvenlik hakları ile ilgili görüşleri ile cinsiyet, eğitim durumu, yaş, kıdem ve otellerin yıldız durumu değişkeni açısından, istatistiksel olarak anlamlı farklılıklar olup olmadığına bakılmıştır. Yapılan analizler sonucunda göre Gaziantep ilinde faaliyet göstermekte olan yıldızlı otel işletmelerinde çalışan personelin sosyal güvenlik hakları çoğunlukla işveren tarafından korunduğu sonucuna varılmıştır.
Katma Değer Vergisinin "vergiyi doğuran olay" başlıklı bölümü ve Vergiyi doğuran olayda özellik gösteren durumlar
Katma Değer Vergisinin "vergiyi doğuran olay" başlıklı bölümü ve Vergiyi doğuran olayda özellik gösteren durumlar tezin konusu¬nu oluşturmaktadır. Vergilendirme sürecinin ön koşulunu oluşturan vergiyi doğuran olaydır. Vergiyi doğuran olay ile başlayan vergilendirme süreci, idarenin tarh, tahakkuk ve tebliğ işlemleri ile somutlaşarak kesinlik kazanmakta ve tahsil edilmesiyle de sona ermektedir. Bu sebeple vergiyi doğuran olayın doğru olarak ve zamanında saptanması oldukça önemlidir. Bu noktada da söz konusu vergiyi doğran olayın ve dolayısıyla vergininin doğduğu zamanın tespiti gerekmektedir. Katma Değer Vergisinde vergiyi doğuran olay konusunda ortaya çıkan sorun¬ların esas nedeni, KDV Kanunu ve diğer Vergi Kanunları arasındaki uyuşmazlıklar oluşturmaktadır. Çalışmamızda bu doğrultuda tespitlerde, değerlendirmelerde bulunulmaktadır.
Eğitim harcamalarının ekonomik büyüme üzerindeki etkisi (Türkiye örneği)
Ülkeler arasında ekonomik büyüme ilgili karşılaştırmalar yapılırken birçok farklı kriter kullanılmaktadır. Bu kriterler parasal ölçeğe dayalı unsurlar olabileceği gibi sosyal alanda özellikle beşeri sermayeye ilişkin kriterler de olabilmektedir. Sosyal sermaye içinde ise en önemli etken eğitim harcamalarının aldığı paydır. Bu nedenle eğitim harcamaları emek verimliliği üzerinde oluşacak etkinin temel yapısını oluşturmaktadır. Eğitim harcamalarının ekonomik büyüme içindeki payının nasıl şekillendiği ve etkisinin nasıl olacağının belirlenmesi bu çalışmanın amacını oluşturmaktadır. Bu çalışmada, eğitim harcamaları ve ekonomik büyüme arasındaki ilişkinin açıklanması için Zaman Serileri Analizi kapsamında Vektör Otoregresif (VAR) Model oluşturulmuş, Türkiye'nin 1997-2017 yılları arasına ait 21 yıllık verileri kullanılmıştır. Gayri Safi Yurtiçi Hasıla, Eğitim Harcamaları, Okullaşma Oranı, Eğitim Endeksi, Araştırma ve Geliştirme Harcamalarının Gayri Safi Yurtiçi Hasıla İçindeki Payı, Kamu Harcamalarının Gayri Safi Yurtiçi Hasıla İçindeki Payı, Eğitim Harcamalarının Gayri Safi Yurtiçi Hasıla İçindeki Payı değişkenlerinden yararlanılmıştır. Analiz sonucunda GSYH değişkeni ile eğitim harcamları değişkeni arasındaki ilişkinin anlamlı olduğu yani eğitim harcamalarındaki değişimlerin ekonomik büyümenin nedeni olduğu sonucuna ulaşılmıştır.
Gambia'da ekonomik büyüme belirlemeleri: Bir zaman seri analizi
The main objective of this study is to investigate the determinants of economic growth in the Gambia during the period 1970- 2018. The Autoregressive Distributed Lag (ARDL) approach to Co-integration and Error Correction Model are applied in order to investigate the long- run and short- run relationship between the dependent variable (real GDP) and its determinants. The findings of the study shows that there is a stable long run relationship between the variables of real GDP, physical capital, human capital, export, aid, external debt and inflation. The empirical findings reveal that both physical capital and human capital are found to have a positive impact on economic growth while debt affects the growth of the economy negatively and statistically significant at 1 percent. However, the study found out that physical capital, foreign aid and inflation have statistically insignificant effect on economic growth in the long run. This study also has an important policy implication. The findings of this study indicated that economic growth can be significantly improved when the physical capital and human capital increases. Hence the government and/ or policy makers should strive to increase capital formation (investment) which is a back bone of growth and allocate adequate finance for human capital, which can help to improve on the quality of education and providing basic health services to the community. Additionally, to avoid misallocation and mismanagement of external debt problem, there should be a close monitoring and consistent debt management strategies. Key words: Economic growth, Physical capital, Human capital, Export of goods and services, Foreign aid, External debt and Inflation.
Optimal auditing for tax evasion
In tax evasion literature, many studies take tax rate, penalty rate, and audit rate exogeneously. The main aim of this study is to endogenise the audit rate and differentiate utility function for taxpayers according to their risk parameters. Tax payers decide whether or not to evade depending on tax rate, penalty rate, and audit rate imposed by the government and their own risk behavior, from there the rate of evaders is found. And by using this rate, the audit rate that maximizes the tax revenue function is found. Our results show that, in some cases while the highest audit rate provides the maximum tax rate, in other cases lower audit rate maximizes the tax revenue depending on the level of tax rate and penalty rate.
Attitude towards incentives for blood donation in Europe
Obviously there are many factors which motivate blood donors during the donation process. Materials incentives can be a policy tool for increasing blood donor recruitment. To shed more light on factors that affect blood donation, we analyze Euro-barometer survey (82.2) which conducted in October 2014 with 27868 individuals in EU counties. This thesis demonstrates how selected material incentives especially monetary incentives are perceived generally among European individuals. Thus, we examine monetary incentives' encouragement, discouragement or make no difference towards blood donation within demographic groups (Gender, education, and marital status), social economics variables (occupation, community and household), wealth index (ownership durables), GDP per capita and blood donation sites (Countries). We find that the rate of individuals who don't accept cash payment for blood donation in 28 EU countries is above 15%, except individuals who located in Czech Republic, Latvia and Romania. For people who have higher scores on wealth index are less likely to accept cash incentives for blood donation. In addition GDP per capita of each country of EU is statistically significant determinant of attitude towards blood donation. That is, in high GDP per capita countries, potential donors' interest in monetary incentives falls. Keywords: Monetary incentives, altruism, blood donation