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Shifts in banking: Rise of fintech companies
In the past few years, the financial market worldwide has experienced unprecedented development, especially in terms of financial technology or shortly "fintech". A massive technological use within digital currencies, innovation in mobile payments, distributed ledger technology, and blockchain technology along with marketplace lending and peer-to-peer lending within the financial institutions have been observed. Subsequent growth of intake innovation has been observed outside the traditional banking and financial system that has been largely given by the non-bank entities such as fintech start-ups and emerging companies along with some non-traditional providers. With the subsequent decline of traditional banks and rising of neo-banks or fintech companies in general, the financial market or industry worldwide has been reshaping. The study evaluates the need for the emergence of financial technology services within traditional banks and tries to understand the adoption of different models for addressing new trends in the finance industry. Therefore, the study evaluates the opportunity, security, and sustainability concerns related to financial technology and fintech companies, and evaluates them within the society in terms of technological advancements. Financial technology has been utilized for helping business owners, companies and consumers managing financial operations and processes with the help of specialized algorithms and software used in computers and smartphones. Compared to the traditional value-adding areas of universal banks, fintech companies have been widely distinguished in their involvement in assessing management payments and financing. "Diffusion of Innovation Theory" has been regarded as a major theory which would be evaluated in this study. The study has followed a positivist philosophy, deductive approach, and exploratory research strategy as this type of strategy has helped the study in exploring the phenomenon of fintech in the current world and its impacts on the traditional banks and financial institutions in general. The study has implemented a qualitative research technique from both primary and secondary sources. The finding of the study represents that the rise of fintech companies has significant influence on the decline of traditional banks and financial institutions in recent times. The inability of traditional banks to effectively implement technology within their operations is the major factor that has initiated the decline of growth for them. For instance, traditional banks would need to have a greater emphasis on customer experience to compete with neo-banks. They also need to collaborate with their service providers while implementing fintech within their own organizations. As per the perspective of most of the managers of traditional banks in the UK implementing financial technology within their company can help traditional banks in generating greater revenues. The use of more innovative and digital solutions by traditional banks can help them effectively manage their risks, especially regarding to the implementation of financial technology. Keywords: banking, fintech companies, financial technology, innovation, digitalization
Exploiting trading volume for volatility forecasting
In this paper, we propose a novel GARCH specification which embraces traded volume in a statistically coherent and computationally efficient way. To capture the dependence between traded volume and asset return volatility, the Mixture of Distribution Hypothesis (MDH) is used. We model the time evolution of the latent variable(return variance) ,which drives the bivariate relation in MDH, in the spirit of Generalized Autoregressive Score modelling technique. The resulting volume enhanced GARCH model has quite parsimonious yet flexible structure. Since the peculiar form of score driven models, the likelihood can be obtained in closed form and hence estimation procedure is computationally inexpensive. In an empirical application with IBM, PG and MSFT stock data, we estimate our novel model with its 3 variants. Moreover, standard GARCH models from the literature are considered for comparison. Our results highlight the superiority of volume enhanced models both in-sample estimates and out-of-sample predictions among competing models. Particularly, when we consider returns as t distributed, the gain from traded volume becomes pronounced in out-of-sample prediction study.
Effects of non-compete agreements on innovation and teamwork
This thesis investigates the effects of non-compete agreements on teamwork and innovation. I argue that patents convey information about the productivity of inventors to the labor market. Therefore, firms have an incentive to manipulate the productivity signal revealed by patents to mitigate competition over their inventors. In particular, the firms adjust the size of teams of inventors strategically, often forming larger teams than what is efficient, before applying for a patent. Since signing non-compete agreements with inventors is an alternative way to address competition for current employees, the feasibility of such contractual clauses reduces the firms' incentives to manipulate team size. In the empirical analysis, I investigate the extent to which my prediction is consistent with the data. Specifically, I use patents issued to inventors by the United States Patent and Trademark Office (USPTO) and the reversal of a Michigan law that prevents the enforceability of non-compete agreements in 1985 to employ a difference-in-differences estimation. My results are consistent with the idea that innovative firms reduce their team size when non-compete agreements are feasible.
The effect of female empowerment on long-term government spending
Female empowerment is a crucial phenomenon taken seriously by many countries. Increased labor force participation, educational attainment and political representation are all the ways that can be used to empower women and make their voices, needs, concerns and demands heard. The importance can be better understood when the differing preferences of men and women are discussed. Women tend to spend the majority of each additional income obtained for their family, the education and health of their children compared to men. Additionally, women are more patient and altruistic. In the light of these pieces of information, it can be said that they would favor a larger share of government spending to be dedicated to longer-term investments that can be considered as altruistic, such as health, education, and environmental protection areas. In this study, it is hypothesized that increased female labor participation share, educational attainment and political representation are correlated with the increased share of government spending on education and health in GDP. A panel of 38 OECD countries is examined and it is revealed that the predicted correlation exists most of the time. However, the observed associations are driven by the effect of time series and they are not as strongly as guided by the cross-country differences since the variation between the countries is too high to be the driving force behind the relationships revealed here.
International students and political preferences
This thesis explores the political impact of international students in the United States in presidential and Senate elections using county-level data from 2000 to 2020. To capture the causality, this thesis uses the Instrumental Variable (IV) approach and exploits the past distribution of international students across U.S. counties by countries of origin as a driver of future migration flows. The primary contribution of this thesis is to demonstrate that an increase in international students decreases the vote share of the Republican Party. Potential underlying mechanisms for this negative relationship are analyzed by referring to the political discourses about international students. The findings also suggest that the political impact of international students is heterogeneous across counties depending on the predominance of Republican voters, and is not contingent upon the academic level.
Refugee resettlement: An impossibility result
Many countries hosting refugees has no particular method of settling them. In most of these countries there are cities with a large concentration of refugees. We propose two Pareto efficient and strategyproof mechanisms to resettle refugees among cities. These mechanisms always yield results where the number of refugees does not increase in over concentrated cities. Further, we compare the success of these mechanisms on reducing the concentration of refugees on particular cities. None of these mechanisms always performs better than the other one, their success depends on the problem we consider. This observation is persistent even under a restrictive assumption. Furthermore, we show that there is no Pareto efficient and strategyproof mechanism that always performs weakly better than both of the mechanisms we offer. For a mechanism, minimizing the concentration of refugees on some cities is not compatible with being Pareto efficient and strate-gyproof.
Assessing trend and cycle components of inflation and employment in Türkiye
In this paper, we investigate the permanent and transitory components of both CPI inflation and Aggregate Employment in Turkiye. We construct an Unobserved Component Analysis Model (UCM) to measure trend inflation (employment) and cycle inflation (employment), and conduct empirical analyses to scrutinize the re- lations among these terms and other several macroeconomic variables such as the USDTRY Parity, Aggregate Credit Stock Growth in Turkiye and the Brent Oil prices. We show that the changes in the USDTRY Parity has statistically signif- icant and positive effect on cycle inflation. Further, we indicate that permanent component of inflation enlarged in recent years and that the volatility of employment increased since 2014. We provide historical decompositions of the CPI inflation and employment in Turkiye, and exhibit our empirical analysis.
Sibling effects on attitudes towards competition
Recent research in economics has explored how competition preferences could be a partial explanation for differences in labor outcomes between men and women. This paper investigates how sibling gender compositions can give insights about competition preferences of young students, which may shape their occupational and economic preferences in the future. To understand the mechanisms behind students' competition preferences, we look at whether younger male siblings affect other predictors of competitiveness, such as risk attitude and self-confidence. For eldest children with a single younger sibling, the gender of the younger sibling is random. Utilizing the random gender assignment, we examine the effect of this on competitive behavior of the eldest child. Our analysis reveals that for eldest girls, having a younger brother increases competitiveness, while having a younger sisters decrease competitiveness. No significant impact is not observed for eldest boy. Additionally, for youngest girls, older brothers increase competition preferences, whereas older sisters have no noticeable impact on preferences for either gender. Self-confidence, rather than risk attitudes, appears to play a role in these impacts.
An experimental study on responsibility as a motivating factor
This study investigates the motivational effects of responsibility, as a prosocial incentive to put effort, compared to only material incentives. In a field experiment on elementary school students, participants were randomly assigned to one of three incentive schemes while completing a simple cognitive task: a material incentive group earning one point per correct answer, a higher-reward material incentive group earning two points per correct answer, and a responsibility group earning one point for themselves and one for an unknown peer per correct answer. The study examines performance differences across treatments, focusing on gender and ability as factors of heterogeneity. Results show that elementary school students' performance is on average insensitive to both material and prosocial incentives. However, girls and boys' effort response to responsibility is different, with responsibility motivating boys more positively than girls. We also analyze the links between altruism and the response to treatments.
Türkiye`de imalat sanayinin sektörel bazda incelenmesi -girdi çıktı yaklaşımıyla-
çıktı analizi, ekonomik yahpının incelenmesini sağlayan en güvenilir araçlardan biridir. Girdi- çıktı tabloları sayesinde, ülke ekonomisi çok yönlü olarak incelenebilmektedir. Ülke ekonomisinin gelecekte nasıl bir şekil alacağı, sektörler arasındaki daralmanın veya genişlemenin gerçekleşebileceği tablolar aracılığı ile belirlenebilmektedir. Ayrıca girdi- çıktı analizi ekonomide karşılaşılabilecek bir krizin ve krize karşı alınabilecek önlemlerin belirlenebimesi açısından da önemli bir yer tutar. Girdi -çıktı tabloları, her yıl hazırlanması çok pahalı ve zaman aldığından tablolar RAS yöntemiyle istenilen yıla güncelleştirilmektedir. Çalışmada girdi- çıktı analizinin ön tanıtımından sonra, 1990 yılı girdi- çıktı tablosu 1995 yılı için güncelleştirilmiştir. Ayrıca 2000 yılı girdi- çıktı akım tablosuda tahmin edilmiştir. Kalkınma stratejilerinde istenilen hedeflere ulaşılırken, sektörel öncelikteki kararlar, hangi bilgilere, kriterlere göre verilmelidir? Bu gibi sorulara verilen cevaplar karşımıza yatırım öncelikli (kilit) sektörler kavramını çıkarmaktadır. 1995 yılı için çalışmanın beşinci bölümünde Türkiye ekonomisi için yatırım öncelikli sektörler belirlenmiştir. Ayrıca 2000 yılı yatırım öncelikli sektörleri de tahmin edilmiştir. Nihai talebin, ihracatın, ithal ikamesinin ve teknolojik gelişmelerin, sektörlerdeki üretim artışlarını etkileme oranlan altmcı bölümün konusunu oluşturmaktadır. Çalışmanın son bölümünde ise Türkiye için uygulanan girdi- çıktı analizi Ege bölgesi için uygulanmıştır. Bölgedeki yatırım öncelikli sektörler152 belirlenerek, bölge ekonomisinin analizi yapılmıştır. Bölge ekonomisi ile Türkiye ekonomisinin bir karşılaştırılması yapılmıştır.
Merkez Bankası bağımsızlığı ve politikaları neticesinde ekonomik büyüme (Türkiye örneği)
1980'li yıllardan itibaren gündem bulan merkez bankası bağımsızlığı, üzerine henüz araştırmaların devam ettiği yeni bir çalışma alanıdır. Zaman tutarsızlığı ve hoş olmayan monetarist görüş gibi temellere dayandırılan bağımsızlık kavramı, bankanın hükümetten bağımsız hareket edebilmesi, aynı şekilde nihai hedeflerini belirlemesi anlamına gelmektedir. Bu durum merkez bankası otoritesinin enflasyonist karşıtı olması sonucunu ortaya çıkarmıştır. Bu çalışmada, merkez bankası bağımsızlık süreci, bu süreci belirleyen etkilerin teorik altyapısı incelenmiştir. Türkiye Cumhuriyeti Merkez Bankası bağımsızlığının enflasyon, üretim, bütçe açığı ve büyüme oranı üzerine etkisi incelenerek ülke ekonomisine etkisi açıklanmıştır.
Coğrafya ve ticaret üzerine üç makale
Economic activity is unevenly distributed across physical space, influenced by the location, climate, and natural resources of a region. This dissertation contributes to the field of economic geography and quantitative spatial modeling through three essays that address key gaps in the literature. The first chapter examines the impact of local markets for non-tradable inputs on urban land prices. By using disaggregated spatial data and a two-stage estimation approach with market access as an instrumental variable, I find that districts with 1% more housing used by professional businesses have land prices that are 0.59% higher on average. This estimate increases to 1.24% when adjusted for potential endogeneity, and with robustness confirmed through alternative market access definitions. The second chapter estimates trade elasticity for Turkish exports at the product level. Utilizing detailed data on import tariffs and trade flows, I analyze the effects of tariff variations on trade flows. The median trade elasticity estimate is -4.48, with differences observed between homogeneous and differentiated goods, as well as between consumption, capital, and intermediate goods. The calculated Turkish welfare gains from trade are 19.8% using a homogeneous aggregate trade elasticity, increasing to 23.8% with heterogeneous trade elasticities in a multi-sector trade model. The third chapter investigates the effects of Turkey's large infrastructure development program (2005-2015) on the size dispersion within local industries. Improved infrastructure, measured by travel time savings, decreases size dispersion by enhancing access to potential suppliers. This effect reduces trade costs and allows smaller firms to access cheaper inputs. No evidence of pro-competitive pressure affecting size dispersion was found. Overall, this dissertation advances our understanding of urban economic outcomes, international trade, and domestic trade by addressing significant gaps in economic geography and spatial modeling literature.
Türkiye üniversite reformu'nun yüksek öğrenim'deki cinsiyet ayrımı üzerine etkileri
This paper analyzes the effects of a university reform on gender gap in higher education. It explores the university reform in Turkey over the past years as a natural experiment. The university reform has two important features, extending the coverage zone of the universities by constructing universities in every province, and increasing the capacity of the existing universities. The main purpose of this reform is to increase accession to higher education and raising qualified employees. This paper focuses on another outcome of this reform; it examines the impacts of the expansion of the number and capacity of the universities in order to eliminate the barriers on the gender gap in higher education in Turkey. In order to conduct this research, the panel data is constructed where the unit of observation is at the province level for the period 2007-2013.
Hayır kuruluşlarına bağış ve yaşam memnuniyeti
In this thesis, the empirical link between individuals donations` to charitable organizations and their levels of life satisfaction is analysed, and the warm glow motive is tested in this context. Using a national representative data from US, I observed that there is a positive correlation between reported life satisfaction and individuals acts of giving. First, I found that individuals who donate to charitable organizations report a higher level of life satisfaction. Second, I found that individuals` reported life satisfaction levels are proportional to their amount of contribution to public goods. Consistent with the warm-glow motive, the life satisfaction level depends individuals` own the act of giving and their amount of donation. Third, by using instrumental variables techniques and selection on observed and unobserved variables method, the causal relation between the act of donation and individuals` reported well-being is shown. Fourth, it is observed that the act of giving a cts the individuals` subjective well-being with regard to which type of organization they donate to. In this regard, the relation between donation to secular and non-secular charitable organizations and subjective well-being is examined. Keywords: Impure altruism model, warm-glow, life satisfaction, donation, instrumental variables technique, selection on observable and unobservable variables, causal relation.
NAFTA sonrası dönemde A.B.D. ithalatı ve ithalatın karbon dioksit içeriği: Sektörel analiz
This thesis examines the changes in the carbon dioxide content of international trade following a multilateral free trade agreement. In this study, the focus is centered on the effects of the North American Free Trade Agreement on the U.S. import flows and the carbon dioxide content of U.S. imports with its major trade partners. In the light of the recent decline in the carbon dioxide emissions generated by the U.S. manufacturing industry, we analyze the value and the carbon content of the U.S. imports from its NAFTA and non-NAFTA importing partners for the implementation period of NAFTA. Using a gravity model of international trade, U.S. imports and carbon dioxide content of U.S. imports are examined for the post-NAFTA period, i.e. 1995-2010, within a panel data framework. With the sectoral trade data and input-output analysis, the direct and indirect carbon dioxide content of trade is computed for the disaggregated imports of U.S. from its NAFTA and non-NAFTA trade partners. The carbon dioxide content of imports is calculated by using the sectoral data of direct carbon dioxide emission coefficients, Leontief inverse matrices and real trade data at a sectoral level. The estimation results indicate that, both the value and the carbon dioxide content of the U.S. imports from NAFTA partners are significantly greater compared to the value and the carbon dioxide content of the U.S. imports from other major non-NAFTA U.S. importing partners within the period 1995-2010.
Aczi takip eden imkanlar üzerine bir oyun modeli
This thesis utilizes the game theory literature with asymmetric information to model post-insolvency options of the indebted firm. We center the study on Turkish bankruptcy system and compare the system to an alternative state, which is namely the Benchmark state. In the first state, the indebted firm has three options: Liquidation, Reorganization, and Adjournment of Bankruptcy; while the last option, which is unique to Turkish system, is not available in the latter. These two systems are compared in terms of resulting welfare of the creditor. The comparison indicates that the Benchmark state generally serves better to creditor. However, in certain cases this relation is reversed and effects of the changes in model parameters in these two states are different.
Ağ çekirdekleri ve dışbükeylik üzerine bazı gözlemler
In this study, we analyze the relationships between the value function - allocation rule setting and the TU game setting induced by value functions. As several different value functions may induce the same TU game, there is some information lost when passing to the TU game setting. We inquire in this study the impact of this lost information upon the preservation of the nonemptiness of the core when we pass from the network to the TU game setting. We pass from a value function to a TU game by associating with each coalition the maximal value of the graphs this coalition can form under the given value function. Conversely, we may associate with each TU game one of the value functions that induce the given TU game. Keeping this fixed, we define the network core as the collection of graphs where no coalition has an incentive to change the cooperation structure in itself, assuming that the rest of the society consists of isolated agents. Besides, we define convexity in the value function setting in an manalogous fashion to convexity for the TU games. As convexity implies the nonemptiness of the core in both settings (a well-known result in the TU setting, and a trivial one in the value function setting), we inquire if convexity is preserved in passing from one setting to the other. We find that convexity of the value function is equivalent to a stronger type of convexity of the induced game. Keywords: value function, convexity, network core IV
Kredi olanakları ve serbest meslek sahibi olmak
This thesis analyzes the impact of access to credit on self-employment. Itexamines the influence of knowing a place to borrow on the likelihood of owning abusiness. The analyses are made on farm and non-farm businesses separately. Theimpacts of different borrowing sources are also discussed. In addition, all these analysesare differentiated between male and female self-employment. It is found that access tocredit is a significant determinant of self-employment, but its impacts vary for differentsources of borrowing, the sector of self-employment and the gender of the people.
Çokuluslu şirketlerin iş gücü piyasalarına etkileri
In this dissertation, the labor market implications of increased foreign rm ac- tivity in the local economy are studied by using a heterogeneous matching model framework. There are a number of unskilled and skilled job seekers, and a number of job vacancies posted by local and foreign rms. In this set up, where all workers can engage in on-the-job search, equilibrium conditions and Nash bargaining approach allows derivation of wages for di¤erent types of workers and rms. Results suggest that wages are a weighted average of labor productivity and unemployment bene t, where the weight depends on the bargaining power of the workers, labor market tightness and the mass of local and foreign vacancies. Results suggest that levels of wages paid by the foreign rm need not always be greater than that paid by the local rm. In fact, the wage di¤erential is found to depend on relative costs, skill endowment and the technological gap between local and foreign rms. An increase in the foreign presence, measured as an increase in the extent of foreign rm vacancy creation, can occur because of an exogenous change in cost of job creation- public policy, technological improvements and skill upgrading. In this context, depending on the cause of an increase in foreign presence we end up with di¤erential relative wage e¤ects. On the other hand, skill intensity of the foreign rms and restrictions iii on labor mobility from foreign to local rms play a crucial role in explaining wage di¤erentials and unemployment.
Stratejik ramsey modelinde statü-arayışı ve yakınsama
This thesis analyzes the qualitative implications of the strategic interaction on the standard Ramsey model in terms of catching up. We have shown that the strategic interaction among agents in the economy leads the poor to be able to catch up with the rich, which is not the case for the standard Ramsey model where the initial wealth differences perpetuate. Secondly, within this framework, we incorporate the relative wealth effect and conclude that the catching up amoung agents depends on the share of two classes in the economy. If the share of two classes is same, there exist unique symetric steady state, whereas if the share of two classes are different the steady state is assymetric. Morever, the steady state level of aggregate capital stock is higher than the that of standard Ramsey model. Finally, we introduce the relative consumption effect and reach the conclusion that whatever the share of classes, the gap between the initial wealth level of two classes will disappear in the long run. In addition, the steady state level of aggregate wealth level is same with the that of standard Ramsey model.
Dış ticaret hadleri ve ekonomik büyüme ilişkisi: Türkiye örneği
Bugüne kadar dış ticaret hadleri kavramı üzerine çeşitli tanımlamalar ve açıklamalarda bulunulmuş, bu kavramla ilgili pek çok teori ortaya konulmuştur. İktisat bilimcilerin dikkatini çeken bu kavram, küreselleşen dünyamızda ticaret yapan ülkeler arasında tarafların kayıp ya da kazanç elde edeceğini belirten bir ölçü birimi görevi görmektedir. Ülkeler arası ticari ilişkilerinin, mal hareketliliğinin arttığı küresel dünyada söz konusu mallarda meydana gelen fiyat değişiklikleri ülkeleri pozitif mi yoksa negatif mi etkileyeceği büyük bir soru işaretidir. Dış ticaret hadleri kavramı, bu anlamda soruların cevaplarını karşılamakta ve iktisat bilimi için önemli hale gelmektedir. En kısa tanımıyla, ihracat fiyatlarının, ithalat fiyatlarına oranı olarak tanımlanan dış ticaret hadleri kavramı, ilk olarak Ricardo ve Mill tarafından ortaya atılsa da ticaret hadleri terimini ilk kullanan Marshall olmuştur. J.Stuart Mill, ülkenin talep edeceği belli miktar ithal malı karşılığında, kendi malından ne miktarda teklifte bulunacağını ifade eden karşılıklı talep kanununu ele alırken, Marshall bu çalışmayı bir ileri boyuta taşıyarak, dış ticaret hadlerini geometrik şekilde ifade etmiş ve ilk kez iki ülkenin eğrilerini simetrik olarak ele almıştır. Böylece teklif eğrileri oluşmuş ve dış ticaret hadleri terimini daha kapsamlı bir şekilde açıklamıştır. Dış ticaret hadlerindeki değişimler ülkelerin ticari ilişkilerinde bir ölçü olsa da, ülkeler üzerinde yaratmış olduğu etki pek çok iktisatçı tarafından görüş farklılıklarına sebep olmuştur. Klasik İktisatçılar, gelişmekte olan, hammadde ve tarımsal ürün ihracatçısı ülkeler için dış ticaret hadlerinin lehine olacağı tezini savunurken, Singer ve Prebish adlı iktisatçılar, uzun dönemde tarımsal ürün ihraç eden ülkelerin dış ticaret hadlerinin aleyhine gelişeceğini savunmuştur. Dış ticaret hadlerinin gelişmekte ve gelişmiş ülkelere olan etkisi tartışmalı bir konu olsa da günümüzde hala bu kavram ticari ilişkilerin sonucunu gösteren önemli bir gösterge olmuştur. Dış ticaret hadlerinde iyileşme söz konusu ülke için bir birim ihraç malı karşılığında daha çok ithal malı elde etmesi anlamına gelmektedir. Aksi durumda ise dış ticaret hadleri ülkenin aleyhine döner. Ülke yaptığı ticaretten zaman içerisinde, refah kaybı yaşar. Bir ekonominin en önemli hedeflerinden birisi ekonomik büyüme oranını arttırabilmektir. Bu hedefe ulaşmak ihracatı arttırmakla mümkündür. Çünkü ihracatın artması, mal ve hizmet üretimini arttırmakla birlikte rekabetin de artmasını sağlar. Rekabetin artması daha iyi yönetim, yeni teknolojilerin artması ve yayılmasını, yeni becerilerin öğrenilmesini ve bu şekilde verimliliğin artmasını sağlar. Yeni teknoloji, verimlilik ise ekonomik büyüme oranını arttırır. Özellikle gelişmekte olan ülkeler, iç pazarı dar olan ülkeler için ihracat, ekonomi için büyümenin motoru rolünü oynamaktadır. Tezin amacı, dış ticaret hadleri kavramının ekonomik büyüme üzerindeki etkilerini Türkiye bağlamında incelemektir. Bu amaçla, çalışmanın birinci bölümünde dış ticaret hadlerinin tanımı, hesaplama yöntemleri sınıflandırılarak anlatılmış, daha sonra dış ticaret hadleri kavramı teorik çerçevede işlenmiştir. İkinci bölümde ise ilk olarak ekonomik büyümenin ülkeler için önemi ve bu kavramı etkileyen doğal kaynaklar, sermaye, emek ve teknolojik gelişme gibi etkenler açıklanmıştır. Geleneksel büyüme teorileri Klasik dönem öncesi yaklaşımlar ve Klasik büyüme teorisi olarak iki başlık altında açıklanmıştır. Daha sonra Keynesgil yaklaşıma dayalı büyüme modeli, Neoklasik büyüme Modeli ve İçsel büyüme modeli başlıkları adı altında son dönem büyüme teorileri açıklanmıştır. Çalışmanın üçüncü bölümünde Türkiye' de Dış Ticaret Hadleri ve Ekonomik Büyüme İlişkisi ekonometrik olarak incelenmektedir. Bu bölümde öncelikle literatür araştırması ve daha sonra model ve veri seti ile ilgili açıklamalar yapılmış olup, durağanlık kavramı ve sahte regresyon konuları açıklanmıştır. Çalışmada OECD ve TÜİK aracılığıyla 1990-2015 çeyreklik verileri ele alınmıştır. Çalışmada, geleneksel birim kök testlerinin yanı sıra tek kırılmalı ve çift kırılmalı birim kök testleri ve ARDL eştümleşme modeli uygulanarak, dış ticaret hadlerinin GSYH üzerindeki etkisi incelenmiştir. Elde edilen ampirik bulgulara göre, dış ticaret hadlerindeki %1 lik bir artış, uzun dönemde ekonomik büyüme üzerinde %0,667 lik bir artışa neden olmaktadır. Bu sonuçtan hareketle dış ticaret hadlerinde meydana gelen pozitif bir gelişmenin reel gelir üzerinde yani ekonomik büyüme üzerinde pozitif etki yarattığını öne süren Harberger- Laurzen-Metzler etkisinin doğruluğu ülkemiz bağlamında ispatlanmaktadır. Reel döviz kurundaki %1 lik bir artış uzun dönem ekonomik büyüme üzerinde %1,526' lık pozitif bir etkiye neden olurken, dışa açıklık (OP) değişkeninin uzun dönem katsayı tahmin sonucuna bakıldığında ekonomik büyüme üzerinde pozitif ve anlamlı bir etkisinin olduğu görülmektedir. Bu bağlamda dışa açıklıktaki %1' lik bir artış ekonomik büyüme üzerinde % 3,35 ' lik bir artışa yol açmaktadır.
Beklentilerin heterojenliği ve servet eşitsizliği
This study examines the effect of expectation heterogeneity on wealth inequality assuming that people with higher income are more optimistic about future returns of their savings, through a modified version of Krusell - Smith heterogeneous agent's model with uninsured idiosyncratic risk and aggregate uncertainty. Our main finding is that wealth distribution is jointly determined by general equilibrium effect, individual policy functions and income mobility under heterogeneous expectations assumption. As a result, an inverse U-shape relation between wealth inequality and level of expectation heterogeneity is observed.
TRİPS anlaşmasının ilaç sektörü ve sağlık sistemi üzerindeki sonuçları : Türkiye örneği
In 1995 with the foundation of World Trade Organisation many binding agreements have been signed among the member states. TRIPS, one of these said agreements, has a revolutionary effect on the intellectual property rights. In many areas, including pharmaceutical industry, after the transition period it is agreed that the member states shall grant the minimum intellectual property rights to the inventor and the author. Pharmaceutical industry has been placed in the centre of these discussions made on this agreement. In this work the strengthening of intellectual property rights based on TRIPS Agreement and its effects on the Turkish Pharmaceutical industry and social security foundations are researched.
Tüketim eylem halinde: Avrupa Birliği'nde enflasyon yayılmaları
Economists and policymakers focus on aggregate inflation measures, such as headline and core inflation. In this thesis, we argue that the inflation spillovers across consumer good sub-categories are as important as their direct contributions to the aggregate inflation measures. We identify and characterize the spillovers among 12 major consumption groups by applying Diebold-Yilmaz connectedness index methodology. We utilize the disaggregated Harmonized Index of Consumer Prices for the European Union member countries, 1996-2017. We estimate the within-country inflation connectedness across 12 groups statically using the data for the full-sample, and dynamically with the rolling-window estimation of 60 months. We observe resembling full-sample networks among 12 groups, which indicates similar inflationary connectedness due to similarities in consumption patterns. The countries experienced different inflationary behavior mostly due to national policy shocks. The rolling-window estimation enables us to trace the connectedness throughout the sample, and we are able to pinpoint the national policy implementation dates. We also estimate the within-group inflation connectedness across EU members. International connectedness increases for Alcohol&Tobacco, Recreational&Cultural Activities and Restaurants&Hotels, positively responding to policy harmonization and developments in openness to trade. We argue that harmonization efforts in policy-making will further increase the inflation connectedness across EU. Keywords: Consumer price inflation, Inflation connectedness, Spillovers, Vector autoregression, Forecast error variance decomposition, Network relations, European Union.
Karar teorisi üzerine makaleler
This thesis consists of three different papers on the subject of decision theory. Economic theory tends to attract attention on binary relations existing between the objects of choice. Any rationalization is based upon a so called "Rationale" that solely depends on the binary relation over objects; however the unobservable concepts that are related to the choice set themselves may affect the choice process. In the first paper, we develop a model, where the decision maker has a concept set associated with each element in the choice set. Accordingly, she has a hierarchy of the concepts in her mind and orders the elements of the choice set with respect to each concept. Then she chooses the top element with respect to the most important concept. We will derive the empirical characterization and explain the scope of the procedure. The second paper suggests a novel way to characterize a certain class of choice procedures which are defined by various conditions put on the consideration parameter. By showing the equality between the consideration parameter and the well-known hazard rate h, we will show that the machinery provided through the hazard rate h will characterize some of the famous stochastic choice procedures based on the consideration parameter directly. In addition, a new stochastic choice procedure based on a similarity relation is introduced and characterized. The last paper connects two empirically observed facts through a new theory. The randomness of the choices people make and their lack of considering the full set of available alternatives are both well-known and empirically supported facts. We present a "theory of selves" approach to build a firm connection between these two observations by assuming that each decision maker (DM) has multiple deterministic consideration filters where she maximizes her well-defined preferences on the consideration sets resulting from these filters. Each consideration filter corresponds to a different self that arises with some probability and thus the choice becomes random. We characterize this "Random Filtering" procedure using some of the influential consideration filter forms from the literature. Several well-known choice anomalies and context effects can be captured by the model.
Türkiye'de borçlanma kısıtları ve tasarruf
Since 2002, Turkish economy experienced financial liberalization with three striking trends: (1) accelerated growth rate, (2) a sharp decline in the real interest rate, and (3) a sustained fall in the saving rate of each age-groups. This thesis studies this period and attempts to explain the evolution of age-saving profile for Turkey with the relaxation of borrowing constraints. We provide micro-level evidence to point the errors of conventional household head approach while calculating age-saving profiles of Turkey. Then, motivated by the evidence, we provide cohort level saving rates through nonlinear least squares estimation. Lastly, we show that using accelerated growth rate and decreased real interest rate of Turkish economy, simple three-period OLG framework account for the change in saving rate for different age-groups between 2004 and 2014. The model's single borrowing constraint mechanism displays substantial quantitative power in explaining the change in savings across cohorts in Turkey over the last decade.