Uğur

Yüksel

Ethnic Heterogeneity and Public Goods Provision

Konuralp

Implementation of Sustainable Development Goals Through the Equimarginal Principle and Circular Economy

Oğuz

Assoc. Prof.

Buket

Lecturer

Alper

Prof.

The Nexus Between Economic Freedom and Tourist Arrivals: Evidence from Mediterranean Countries

Fatma

Assist. Prof.

This study aimed to firstly establish a performance comparison between Turkish and American commercial banks. It will then present a detailed financial performance analysis of the Turkish commercial banks with a wider range of financial ratios, and finally, it will identify the issues which cause poor performance in the Turkish banks, offering a suggested solution. The CAMELS rating and performance analysis method was chosen for analysis and comparison, given its widespread use in international financial markets. Within this scope, the analysis was carried out using financial ratios for 24 Turkish commercial banks which operated uninterrupted from 2008 to 2018, using the data published by The Banks Association of Turkey in comparison to financial ratios for the American commercial banks that operated uninterrupted during the same time, with data published by the Federal Deposit Insurance Corporation.&nbsp;As a result of the performance analysis comparison between American and Turkish commercial banks, the American commercial banks have shown a generally strong financial performance, with 1–2 points of the CAMELS score, whereas the Turkish commercial banks have generally been within acceptable limits, with 3 points of the CAMELS score. This means that the Turkish banks have issues with financial performance and have not developed sufficient defense against possible shocks. In the examination made on the basis of CAMELS components, it was&nbsp;observed that in comparison of asset quality, the Turkish banks have lent high rates of loans but have been inadequate in recycling loans. In management quality comparison, it was seen that the ratio of operating expenses to the total loans and receivables of the Turkish banks have been high and have increased to high levels of risk, especially in 2018. In a comparison of adequate liquidity, it was observed that the Turkish banks have very high risks in terms of liquidity and they have maintained this level of risk. In the sensitivity to market risk comparison also, it was observed that the Turkish banks have high risk.&nbsp;In performance analysis of the Turkish deposit banks based on CAMELS index values, it was concluded that the banks have experienced some difficulties. Although it is within acceptable limits, they could be vulnerable in times of crisis. When the banks were evaluated on the basis of groups, it was observed that the best financial performance indicator among the public capital banks was of Halk bank, whereas Ziraat bank recorded a performance decrease in 2018. Among the private banks, it was observed that the best performance indicator was of Adabank, whereas İş and Yapi Kredi bank recorded a performance decrease in 2018. Among the foreign banks, it was observed that the best performance indicator has been in Citibank, whereas Burgan Bank, QNB Finansbank, and ICBC Turkey bank have continued their performances at very high risk levels. It was also observed that Denizbank returned to very high risk levels in 2018.When banks with high risk levels were analyzed separately, it was observed that these banks have generally faced liquidity problems, decreased their operating income in total assets, increased their total loans and receivables, and increased their non-performing loans.Nearly the same results were obtained in this study, both as a result of the performance comparison with the American banks and as a result of performance analysis of only the Turkish banks. Therefore, it is advised that the Turkish commercial banks should primarily practice caution regarding loans and receivables, and when return of loans and receivables are at appropriate levels, it is believed that this will simultaneously reduce liquidity and management quality problems.This study has several important limitations. The research examines only commercial banks and the international comparison was only with the American commercial banks. Another limitation is the data in this research being from a certain time period only. Future studies that cover the whole of the banking sector and perform international comparisons with additional countries will be important for the establishing the testability of this study. This study is expected to contribute to the development and expansion of the literature and also to assist professional practitioners in the banking industry.

Comparative Analysis of the Financial Performance Between Turkish and American Commercial Banks

Derya

Res. Assist.

Tuğçe

İsmail

Estimation of the Global-Scale Ecological Footprint within the Framework of STIRPAT Models: The Quantile Regression Approach

Halil

Gülçin

Global neoliberal policies that came into effect after the decline of the welfare state toward the end of the 1970s led to an increasing number of nonprofit organizations performing important functions of social welfare, thereby becoming crucial for economic development and progress. When considering the financial size of the nonprofit sector, these organizations clearly represent a significant economic power, particularly in relation to developed countries. The importance of the sector in the literature is currently limited to the social, cultural, and political fields, although nonprofits have become increasingly important both qualitatively and quantitatively. Moreover, the economic value created by them is not particularly known in the public sector. One of the reasons for this phenomenon is that data on nonprofit organizations are limited and are not collected systematically. In summary, although studies on the relationship between nonprofit sector and economic growth are almost nonexistent, most of the studies are related only to conceptual explanations of the financial size of organizations in the sector. The original and significant work in this study is particularly important because a limited number of the available theoretical and empirical works assessing Turkey’s experience, and no studies, including those on the econometric model, are noted in foreign literature.In this context, the primary aim of this study is to examine the relationship between economic growth and nonprofit organizations during 1975–2006. The causality relationship between nonprofit organizations and economic growth was examined by comparing nonprofit private service organizations’ revenues and gross national product (GNP) variables. According to the results obtained by applying time series methods on annual data, the empirical study performed on Turkey’s sample is considered a foundational contribution to the literature. This study can contribute to the development of the sector by offering information on the nonprofit sector and particular raising the awareness of public institutions. In this context, primarily in terms of the analysis, the conventional unit root tests, namely, Dickey Fuller and Augmented Dickey Fuller, were applied, and the variables were determined as stable at the first difference level with a trend and intercept. According to the results of Zivot and Andrews, applied by considering the structural breaks as the first step in the analysis, which was different from those using in the literature, the GNP was an intercept stationary, and the breaking point for this variable was 2000. We can assume the crisis experienced in November 2000 caused this break. The nonprofit organizations were found to be in a stable trend, with the breaking point in 1993. According to the results of the Toda– Yamamoto approach, which considers structural breaks, no causality was concluded between nonprofit income and economic growth. Since the data covered in the study is attributed to a specific period, the nonprofit sector data should be included in official statistics programs with a more comprehensive and detailed approach to increase the representative power of the obtained results and to conduct more comprehensive research.In summary, although the share of the nonprofit sector revenue in Turkey’s GNP is increasing and has achieved financial rates of a magnitude equal to that of developed countries, we found no correlation when comparing economic growth in Turkey. The establishment of an effective sector in social and financial fields and forming this structure on a strong foundation is critical to Turkey’s social structure and sustainable development. The liberalization of the market as well as the nonprofit sector and the abandonment of the government’s role in social welfare to an effective nonprofit sector are the most crucial factors in the&nbsp;formation of this structure. To achieve this, the relationships of the public sector with the nonprofit sector must first be arranged within a non-conflicting structure, and a balancing cooperation should be maintained. Although various improvements were made in the European Union accession process in 2004, legal reforms to meet international standards must be implemented and regulated. These improvements should not only be limited to democratic reforms. To support the development of funding strategies for nonprofit organizations, improvements in tax legislation can be applied to solve issues in the financial field. Moreover, similar to developed countries, the diversification of sector actors in accordance with both the legal and social structures can provide solutions to numerous infrastructure problems. However, these reforms should not be copied from a western-centric, reference but should be developed with an appropriate composition, with the development of a new sector model that is adaptable to Turkey’s unique social structure.

Relationship Between Economic Growth and Nonprofit Sector: An Analysis of Structural Breaks and Causality in Turkey

Havva

The explosive growth of international financial transactions and capital flows towards the end of the twentieth century has been one of the most comprehensive economic developments in world history. It has been instrumental in accelerating international capital flows, including economic liberalization in both industrial and developing countries and the trend towards globalization of trade.When we look historically, in the Gold standard system which started to be implemented in 1870, all national currencies were automatically linked to each other with fixed exchange rates, as developed economies tied their national currencies to gold in a standard way. In this system that ended in 1914, the trilemma problem was solved by the free mobility of capital and by preferring a fixed exchange rate. As noted, the major virtue of the gold standard was its long-term price stability. Because the gold standard gave little discretion to the government to use monetary policy, gold-standard economies could be more vulnerable to monetary or real shocks.In the Bretton Woods system, free movement of capital was abandoned, the independence of monetary policy and a fixed exchange rate regime were chosen. After the Bretton Woods system, with the independence of monetary policy and free movement of capital, the floating exchange rate regime was adopted. Furthermore, revolutionary changes in information and communication technologies have effectively transformed the financial services industry worldwide. Computer connections have allowed investors to access information on asset prices in real time at minimal cost while increased computing power has enabled them to quickly calculate correlations between asset prices and other variables. However, new technologies have made it increasingly difficult for governments to control the flows of international capital in or out of the economy whenever they want.The effects of monetary and fiscal policy on the nominal exchange rate, interest rate, and output in the open economies where international factor movements were mutually free in the early 1960s were analyzed by Robert Mundell and Marcus Fleming. One of Mundell’s seminal contributions in the 1960s is that IS-LM is the derivation of the trilemma in the context of an open economy extension of the Neo-Keynesian model. The model considers the exchange rate regime and a small country that chooses financial integration with the global financial market. The analysis is significantly simplified by focusing on polarized binary options i.e., reliably constant exchange rate or floating exchange rate and full capital mobility or financial autarchy.The Trilemma Hypothesis starting with Mundell-Fleming and developed by Frankel shows that in an open economy, the monetary authority cannot apply three policies simultaneously to achieve economic goals. Testing the trilemma hypothesis still remains attractive to developed and developing countries. Implemented economic policies seems to contradict the trilemma hypothesis in Turkey. For this reason, the econometric analysis applied to Turkish economy is important. So, it aims to examine the effect of the real effective exchange rate and total funding imposed by the Central Bank on net international investment position, direct investments, and portfolio investments during the period 2011Q2-2020Q2 in Turkey.In the study, the long-term relationships between the real effective exchange rate and the central bank’s total funding rate, net international investment position, direct investments, and portfolio investments are modeled separately. First of all, the stationarities of the series were analyzed by ADF unit root test, and it was concluded that all series are stationary at level and do not contain unit roots. According to the ARDL bound test results, it was determined that there is a long-term cointegration relationship in all three models. The long-term coefficients and error correction term obtained were found to be statistically significant and compatible with the literature. According to the results, it can be said that the Trilemma Hypothesis is valid.In this study, choosing the central bank total funding rate as an expansionary monetary policy is of particular importance as it has not been encountered in the literature before. In this context, it is thought that this original study can contribute to the literature.

Trilemma Hypothesis: A Different Perspective on Turkey Economy

Meltem

The twin deficit hypothesis is a hypothesis suggesting that the current deficit and the budget deficit move together. While the Traditional Keynesian View argues that there is causality from the budget deficit to the current deficit, the Ricardian Equivalence Hypothesis claims that there is no relationship between two variables. According to the Ricardian view, if the economic administration reduces taxes or goes into borrowing, it will increase the savings of individuals. Because individuals are rational, they are aware that tax cuts in the current period will lead to tax increases in the future. For this reason, they will prefer to save rather than spend on consumption. Another view on the twin deficit is the current account targeting view which is the subject of our study. The current account targeting view, named by Summers, is that, contrary to the Keynesian theory, there is causality from the current deficit to the budget deficit. Summers (1988, p. 349- 386) stated in his study that as a result of a large capital flows, the debts of countries will accumulate and indirectly cause a deficit in the budget.Remembering the concept of the twin deficit after the 2008 financial crisis has led to more research on this issue. Budget deficit and current deficit, which have been among the problems experienced for years, are the variables of the twin deficit hypothesis. Today, still being in the nature of a problem for Turkey indicates that these variables need to be investigated. Therefore, it is important to know whether there is any interaction between the budget deficit and current deficit variables for Turkey which is an emerging economy. If there is an interaction, the direction and degree of this interaction must be determined. Thus, it is expected to provide more positive results of the economic policies to be implemented in Turkey and decisions to be taken in this direction.Most of the studies in the literature investigated how these two variables affect each other and reached various results. In this study, the Current Account Targeting view is analyzed, which inquires whether there is causality from the current deficit to the budget deficit. The Current Account Targeting view within the framework in the period between 2009 and 2020 were investigated whether the current deficit affects the budget deficit in Turkish economy. In the study, first, the stationarities of the series were examined, and their levels were determined. In the next stage, for the budget deficit and current deficit data are compiled as time series, cointegration analysis and the bound test based on the Autoregressive Distributed Lag model approach were applied. As a result of these tests, long-term results between the variables of current deficit and budget deficit have been reached. Then, the Error Correction Model (ECM) was applied and the short-term results between two variables were interpreted within the scope of this model.&nbsp;As a result of the analysis, a statistically significant relationship was found between two variables in the long and short term. Although the direction of the relationship between the current deficit and the budget deficit was negative in the long term, it was found to be significant. When the short term was analyzed, a positive and significant relationship was found. It was determined that while the current deficit variable affects the budget deficit in the same direction in the short term, it affects in the opposite direction in the long term in Turkey. According to the results of the analysis, it has been confirmed that the Current Account Deficit Targeting view, which is not supported in the long term, is supported in the short term.

Twin Deficit Hypothesis and Reverse Causality: An Empirical Study on Turkish Economy

Aynur

Mithat

The Effect of Inward Processing Regime on Foreign Trade: The Case of Automotives and White Goods

Emre

What is wrong in economics or economic policies? The latest 2008 global financial crisis has proved that something is wrong in economics, especially in macroeconomic theory. During the crisis, the DSGE could not explain why the crisis happened and what should be done during the crisis. Therefore, a few problems have emerged in economic theory: (i) What kind of new ideas are needed in economics? (ii) What should be eliminated from economic theory? (iii) Is there a need for a new benchmark model? If so, how should it be? (iv) Will there be a change in paradigm? (v) How should the new models be used? (Vines &amp; Wills, 2018).The effects of the global financial crisis on macroeconomic theories, which is the main subject of this study, have been investigated. Benchmark model has founded conflicting unpleasant assumptions about firms and consumers. Some assumptions, such as the representative agent, have been questioned in economics, so more realistic assumptions, such as the heterogeneous agent, that interact with each other should be developed (Blanchard, 2018; Colander et al. 2008). Although these assumptions may be more simplified, they have to be coherent with reality. Another reason for the failure of the DSGE model is its commitment to the representative rational agent with rational expectations. Moreover, the financial market and behavior of the agent are ignored in the model, which is another reason for the criticism of the DSGE models (Stiglitz, 2014). The ignoring of financial markets in macroeconomic theories and having a&nbsp;rational agent in DSGE models have not been only reason of financial crisis. According to Krugman (2018), another reason why the models failed to predict the global financial crisis is that they ignore macroeconomics data. Krugman (2018) stated that adding finance and financial frictions to macroeconomics is meaningful, but understanding the price dynamics is important in DSGE models.What have we learned from the global financial crisis? After the global financial crisis, agent-based computational economics and complexity economics have been understood as new alternative theories in macroeconomics. Moreover, the complex structure of the financial system and financial improvements have become important in macroeconomics, especially in the development of new theories (Blanchard &amp; Summers, 2017). According to Blanchard and Brancaccio (2019), the following lessons should be learned from the financial crisis:• The first lesson is about the financial system. The role of the financial system in the economy has been very simplified, so many macroeconomic models have not been used to analyze the financial sector; this is a problem. • The second lesson is that different economic policies should be used to control the financial system and avoid risks. • The third lesson is about regulation. When a regulation is implemented, people try to find deficiencies in the regulation. Moreover, the successful implementation of a regulation takes time. Therefore, policymakers should be careful when implementing a regulation. • The fourth lesson is that when crisis hit economies, they fluctuate around the trend and return to equilibrium on their own. The view that the economy is stable is wrong. • The last lesson from the global financial crisis is about the rise of populism. Economic insecurity and the rise in inequality are the main cause of populism.The global financial crisis has raised these questions: What do we expect from the benchmark models? How should economics education be carried out? Should it be simple? It can be simplified, but it should not be away from realities. Moreover, it has been proved that unorthodox monetary policies should be used&nbsp;to overcome a financial crisis. Therefore, quantitative easing, forward guidance, and zero lower bound have been frequently used as monetary policy tools. Although, different monetary policy tools have been used during the crisis, it has not enough to use them alone. Fiscal policy should be implemented with monetary policy during a financial crisis. Fiscal policy has a different way of reducing the effect of economic depression and ensuring income distribution, which is the main reason why fiscal policy is used.

Theoritical Seekings in Macroeconomics

Sefa

Although social policy is defined in various ways in the literature, it can be broadly identified as policies that address and seek to find solutions to the problems of society. Social policy is designed and implemented by multiple actors, the most powerful of which is the state. Some studies argue that the state is the primary actor in social policy and that other stakeholders are only complementary actors. From this point of view, it is possible to argue that the social policy-state relationship is generally shaped around the concept of the welfare state.The informal economy began to attract attention globally starting in the 1960s and since then has been the subject of various studies. The informal economy has not only emerged for reasons that vary across countries, societies, and regions, but it also has both positive and negative consequences. The informal sector can affect state revenues due to its close ties with the formal economy, and its size is important for economic policies as well as other policies of the state.Like all public policy, social policies are financed from the central government’s general budget. Thus taxes, which represent the largest source of income of the state, are key in terms of social policy. In turn, the size of the informal economy is directly or indirectly related to social policies.This study examines the relationship between the informal economy and social policy, two leading subjects in the social science literature. The impact of the informal economy on social policy formulation was explored by considering various empirical studies on the informal economy in the context of the main areas&nbsp;of social policy including unemployment, income distribution-poverty, immigration, and unregistered employment.Existing studies of the relationship between unemployment and the informal economy have revealed that the unofficial sector has both positive and negative consequences for unemployment. While the negative consequences generally emerge in terms of constraints on social rights, a decrease in unemployment rates in the short term can be considered a positive outcome. Some studies have concluded that this relationship is uncertain; however, in studies examining the relationship between income distribution and poverty with the informal economy, it is generally found that the informal economy negatively affects income distribution equality in the long-term and results in increased poverty levels. Studies on the relationship between immigration and the informal economy have concluded that the informal economy is both a cause and a result of immigration. In other words, the fact that immigrants tend to work in the informal sector, where jobs can be found more quickly to generate income or to adapt to a new city, is considered one of the primary drivers of the informal economy. Cross-border immigration of people to countries with more labor opportunities to find jobs in the informal sector is also one of the consequences of the informal economy. Unregistered employment, considered one of the most important fields of activity of the informal economy, is a reflection of the informal economy on labor markets.It is clear that the informal economy has both positive and negative effects on the most fundamental areas of social policy. It is thus crucial to consider the dynamics of the informal social when developing social policies to avoid aggravating current social problems. Whether it is more beneficial to shrink the informal economy or to produce direct solutions to social problems may vary depending on the particular socio-economic conditions of each country.

The Importance of the Informal Economy for Social Policy

Muhittin

Metehan

Res. Assist. Dr.

Changing the Course of Tax Narrative: Relationality, Sociality, and Postcapitalist Possibilities

Sergei

Effects of the EU’s CBAM on Eurasian Countries

Murat

Serdar

Parla

The Rise of Household Debt in Global Economy and Türkiye

Hamza

Prof. Dr.

Havanur

Assoc. Prof. Dr.

The Impact of Globalization with its Different Aspects on Economic Growth: The Case of Turkey

Burcu

Abdulkadir

Determining the Criteria Affecting Tax Ethics in Türkiye Using the Fuzzy DEMATEL Method

Zeynep

Do People Adapt to Unemployment? Findings from Türkiye

Ferda

The Importance of Space in Comparative Capitalism Analyses: A Comparison of Varieties of Capitalism and Variegated Capitalism Approaches

Burak

Ahmet

Fatih

Merve

Macroeconomic Determinants of Tourism Demand Toward Emerging Markets

Historicizing National Socialism and Mehmet Genç

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Özgür

Sultan

The Causal Relationship Between Economic Growth and Export: The Case of Russia

Ümit

The Monetary Policy Reaction Function in Turkey: Evidence from Fourier-Based Time Series Methods

Kalim

The US Economy, Global Imbalances and Recent Development: A Critical Review

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Recep

Nowadays, tax expenditures are extensively applied in many countries in order to achieve certain economic and social goals more effectively and quickly. This situation reveals the importance of fiscal discipline in OECD countries, one of which is Turkey. In recent years, the increasing need for public services has led to increases in demand for public expenditures. In this context, tax which is the most important resource of financing public expenditures, has become an important implementation tool of fiscal policies. In addition to the implementation of tax as a fiscal policy tool for the purpose of financing public expenditures, it can also be applied indirectly in the form of tax expenditures in place of forgone tax revenues, for the purpose of economic and social policies.Tax expenditures, which were introduced for the first time in the 1960’s and which are extensively applied in many countries in order to achieve certain economic and social goals more effectively and quickly, constitute an important discussion topic. Thus, tax expenditures generally represent forgone tax revenues&nbsp;and are generally applied in the form of tax exemption and exceptions, reductions, credits, low tax ratios and tax deferrals. The fact that tax expenditures have the qualifications of extra budgetary public expenditures and the transfer of funds from the public sector to the private sector increases these discussions further. Therefore, the efficient and effective implementation of tax expenditures is becoming more and more important in terms of income and expenditure policies.In this study, prepared in order to analyse the development of tax expenditures in Turkey, first the concept of tax expenditures and the theoretical framework and implementations were examined, then the volume of tax expenditures, increase ratios, distribution according to the categories of taxes, and ratios to various macro indicators were analysed, using the estimated tax expenditures of the 2015-2021 period in Turkey. Then, the functional distribution of tax expenditures was covered and it was determined which areas these expenditures are directed towards. Finally, the ratio of tax expenditures in Gross Domestic Product (GDP) in various countries and the situation in Turkey were examined, and an attempt was made to develop some policy recommendations in order to apply tax expenditures more efficiently and effectively.The findings of the study show that tax expenditures are extensively applied in both developed and developing countries and they continue to increase despite efforts to decrease tax expenditures in the context of fiscal discipline practices. In Turkey, tax expenditures have attained a significant level and in addition to tax laws, there are tax incentives in the form of tax expenditures in many laws. In Turkey, it is envisaged that tax expenditures which are 79,6 billion TL in 2015 will reach 230 billion TL in 2021, by increasing with an annual average 19,3% ratio. In addition, significant increases have been realised in tax expenditures, especially in 2017, 2018 and 2019. This data shows that tax expenditures are extensively applied in Turkey especially in recent years, as an active fiscal policy tool besides the other policy measures, in order to revive the economy.The Income Tax takes the highest share of the tax expenditures in Turkey. In 2018, 38,4% of total tax expenditures comes from the Income Tax, 27,7% from the Value Added Tax, 15,6% from the Corporate Tax, 14% from the Special Consumption Tax and 4,3% from the other taxes. In 2018, 55,9% of the tax expenditures in the Income Tax consisted of the minimum living allowances. This ratio constitutes 21,8% of total tax expenditures. The fact that the highest shares of tax expenditures are the the Income Tax and the minimum living allowances in the Income Tax, is also important in terms of showing that the tax expenditures are applied to improve the income distribution.In 2018, the ratios of tax expenditures to tax revenues obtained in the same categories of taxes were 41,7% the Income Tax, 29,9% the Corporate Tax, 23,5% the Value Added Tax, 15,8% the Special Consumption Tax and 7,1% under the other laws in Turkey, while the majority of tax revenues consist of indirect taxes, the implementation of tax expenditures mostly to taxes on income decreases the balance in tax distribution.Regarding the functional distribution of the tax expenditures in Turkey, labor market development, wages and employment has a share of 24,5%, development of the business world and increasing of investments has a share of 20,7%, infrastructure, energy and transportation has a share of 18,5%, increasing of domestic savings and deepening of the financial markets has a share of 14,7%. These are followed by tax incentives for agriculture with 9,9%, tax expenditures for health and social purposes with 9%, Research &amp; Development, innovation and design activities with 2,4%, tax expenditures in education, culture, sports and arts with 0,4%.The functional distribution is important in terms of showing how tax expenditures are applied within the scope of determined economic and social goals. In recent years, implementations such as minimum living allowances, private pensions, business incentives, research and development incentives, important infrastructure, energy and transportation projects, and agricultural supports show that tax expenditures are extensively applied within the scope of these determined economic and social goals.In 2018, while the ratio of tax expenditures in GDP was 4,1% in Turkey, the share of tax expenditures in budget revenues, tax revenues, and budget expenditures were 19,9%, 24,3% and 18,2% respectively. These ratios are significant when they are compared to many countries’ ratios. In 2018, Canada with 18,6%, Australia with 9,3% and The United States of America (USA) with 6,7% are ranked among the countries with the highest ratio of tax expenditures in GDS. Turkey with 4,1% ratio of tax expenditures in GDP is one of the countries where tax expenditures are extensively applied for the purpose of various economic goals outside public expenditures.In this context, some policy recommendations such as a more effective realisation of cost-benefit analyses on tax expenditures, the calculation of tax expenditures in the most realistic manner with minimum error, the determination of the tax expenditures’ objectives and the explication to the public opinion, the regular and more detailed reporting of estimated tax expenditures/continue to be reported, the functional classification of tax expenditures by sectors, the submission of the reports to the public opinion within the annual budget, the monitoring of the harmony level between the expenditures and the goals and the explication to the public opinion, the termination of ineffective tax expenditures or the replacement with the effective tax expenditures, the simplification of the Tax System, the inclusion of the tax incentives other than tax laws in the form of tax expenditures and providing transparency in resource allocation on tax expenditures are presented in order to apply tax expenditures more efficiently and effectively in Turkey. With these policies, it is envisaged that tax expenditures will contribute positively to Turkey’s economic performance in such a way that the efficiency and effectiveness of tax expenditures are increased and fiscal transparency is achieved.

The Development of the Tax Expenditures in Turkey: 2015-2021

Süleyman

Liberalization process of the capital markets in Turkey began by July 1984 dated number 30 executive order of the government and the process has continued with executive order number 32 on August 1989. New regulations allow domestic and foreign individuals and institutions to open bank accounts, invest in Turkish debt and stock markets in Turkish Lira and foreign currency with some restrictions on borrowing with foreign currency. Short and long term capital flows increased with the liberalization of capital markets in Turkey.Deposit and credit dollarization of banking system is defined as ratio of foreign exchange deposits and credit to the total deposits and credits. In between 2003- 2019 (the sample period of this study), the dollarization (both deposit and credit) of Turkish economy followed a volatile path (Figure I). Dollarization which was around 45% at the beginning of 2000’s declined below 30% until year 2010. After the modifications in the framework of the monetary policy implementation, both deposit and credit dollarization began to rise. The simultaneity of the modification in the monetary policy framework and the rise in dollarization may be related to the fact that required reserve ratios of Turkish lira deposits increased while those of foreign currency decreased were decreased by the monetary authority. During the same period, a simultaneous elevation of volatility of the Turkish lira US dollar exchange rate was observed. In the literature the relationship between deposit dollarization and exchange rate volatility has been showed in multiple studies (Akçay 1997, Honohan, 2006, Corrado, 2008, Yinusa 2008 Mengesha and Holmes, 2013), yet the impact of credit dollarization on exchange rate has not been investigated in our best knowledge. In this paper, we investigate the effects of credit and deposit dollarization and portfolio capital flows on volatility the Turkish Lira (TL) US Dollar (USD) exchange rate. For this purpose we employed the EGARCH-M model. This paper, contributes to literature by its comprehensive approach of examining exchange rate volatility relationship with dollarization of both kinds, portfolio flows and country risk factor (CDS).Empirical results provide insights to the dynamics of Turkish lira US dollar exchange rate volatility since 2003. According to this, increase in deposit and especially credit dollarization elevate conditional volatility of the TL-USD exchange rate. On the other hand, portfolio flows reduce it. In addition to conditional volatility findings indicate that higher deposit interest rate spread between TL and USD deposits, appreciate the TL-USD exchange rate, while higher spreads in loan interest rate TL-USD depreciate TL. These results are in line with theory and literature.Findings of this study indicate that dollarization of the financial system through deposit and credit dollarization elevate volatility of the exchange rate risk in Turkey. So, reducing dollarization of the financial markets gradually decrease exchange rate volatility and risk, eventually attracting foreign portfolio flows by increasing return per unit of risk (Sharpe ratio) which in turn reduce volatility further more. This virtuous cycle eventually reduce volatility more and stabilize exchange rate, increase investments and lead to economic growth and prosperity

The Relationship between Dollarization, Portfolio Flows and Exchange Rate Volatility for the Turkish Economy during the 2003-2018 Period

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Istanbul Journal of Economics-İstanbul İktisat Dergisi is an open access, peer-reviewed, scholarly journal published two times a year in June and December. It has been an official publication of Istanbul University Faculty of Economics since 1939. Starting from 2023, except for the articles in process, the journal has started to consider manuscripts in English for evaluation and publication language has become English. Before 2023 the publication languages of the journal were English and Turkish.

Being one of the earliest peer-reviewed academic journals in Turkey in the area of economics, Istanbul Journal of Economics-İstanbul İktisat Dergisi aims to provide a forum for exploring issues in basicly economics and publish both disciplinary and multidisciplinary articles.

Economics is the main scope of the journal. However, multidisciplinary and comparative approaches are encouraged as well and articles from various social science areas such as sociology of economics, history, social policy, international relations, financial studies are welcomed in this regard. The target group of the journal consists of academicians, researchers, professionals, students, related professional and academic bodies and institutions.

As of 2024, the print version has been stopped. The journal has become an online-only publication.

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Istanbul Journal of Economics

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Istanbul Journal of Economics-İstanbul İktisat Dergisi is an open access, peer-reviewed, scholarly journal published two times a year in June and December. It has been an official publication of Istanbul University Faculty of Economics since 1939. Starting from 2023, except for the articles in process, the journal has started to consider manuscripts in English for evaluation and publication language has become English. Before 2023 the publication languages of the journal were English and Turkish.Being one of the earliest peer-reviewed academic journals in Turkey in the area of economics, Istanbul Journal of Economics-İstanbul İktisat Dergisi aims to provide a forum for exploring issues in basicly economics and publish both disciplinary and multidisciplinary articles.Economics is the main scope of the journal. However, multidisciplinary and comparative approaches are encouraged as well and articles from various social science areas such as sociology of economics, history, social policy, international relations, financial studies are welcomed in this regard. The target group of the journal consists of academicians, researchers, professionals, students, related professional and academic bodies and institutions.

Aim and Scope

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Indexing and Abstracting

The journal is committed to upholding the highest standards of publication ethics and pays regard to Principles of Transparency and Best Practice in Scholarly Publishing published by the <a href="https://publicationethics.org/" target="_blank">Committee on Publication Ethics (COPE)</a>, the <a href="https://doaj.org/apply/transparency/#principles-of-transparency-and-best-practice-in-scholarly-publishing" target="_blank">Directory of Open Access Journals (DOAJ)</a>, the <a href="https://oaspa.org/" target="_blank">Open Access Scholarly Publishers Association (OASPA)</a>, and the <a href="https://www.wame.org/" target="_blank">World Association of Medical Editors (WAME)</a> on <a href="https://publicationethics.org/resources/guidelines-new/principles-transparency-and-best-practice-scholarly-publishing" target="_blank">https://publicationethics.org/resources/guidelines-new/principles-transparency-and-best-practice-scholarly-publishing</a> The subjects covered in the manuscripts submitted to the Journal for publication must be in accordance with the aim and scope of the Journal. Only those manuscripts approved by every individual author and that were not published before in or sent to another journal, are accepted for evaluation.Changing the name of an author (omission, addition or order) in papers submitted to the Journal requires written permission of all declared authors.Plagiarism, duplication, fraud authorship/denied authorship, research/data fabrication, salami slicing/salami publication, breaching of copyrights, prevailing conflict of interest are unethical behaviors. All manuscripts not in accordance with the accepted ethical standards will be removed from the publication. This also contains any possible malpractice discovered after the publication. Plagiarism Submitted manuscripts that pass preliminary control are scanned for plagiarism using iThenticate software. If plagiarism/self-plagiarism will be found authors will be informed. Editors may resubmit manuscript for similarity check at any peer-review or production stage if required. High similarity scores may lead to rejection of a manuscript before and even after acceptance. Depending on the type of article and the percentage of similarity score taken from each article, the overall similarity score is generally expected to be less than 15 or 20%. Double Blind Peer-Review After plagiarism check, the eligible ones are evaluated by the editors-in-chief for their originality, methodology, the importance of the subject covered and compliance with the journal scope. The editor provides a fair double-blind peer review of the submitted articles and hands over the papers matching the formal rules to at least two national/international referees for evaluation and gives green light for publication upon modification by the authors in accordance with the referees’ claims.

Policies

The journal is an open access journal and all content is freely available without charge to the user or his/her institution. Except for commercial purposes, users are allowed to read, download, copy, print, search, or link to the full texts of the articles in this journal without asking prior permission from the publisher or the author. This is in accordance with the <a href="https://www.budapestopenaccessinitiative.org/read" target="_blank">BOAI</a> definition of open access.The open access articles in the journal are licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International (<a href="https://creativecommons.org/licenses/by-nc/4.0/deed.en" target="_blank">CC BY-NC 4.0</a>) license.

All expenses of the journal are covered by the Istanbul University. Processing and publication are free of charge with the journal. There is no article processing charges or submission fees for any submitted or accepted articles.

Authors publishing with the journal retain the copyright to their work licensed under the Creative Commons Attribution-NonCommercial 4.0 International license (<a href="https://creativecommons.org/licenses/by-nc/4.0/" target="_blank">CC BY-NC 4.0</a>) (<a href="https://creativecommons.org/licenses/by-nc/4.0/" target="_blank">https://creativecommons.org/licenses/by-nc/4.0/</a> ) and grant the Publisher non-exclusive commercial right to publish the work. CC BY-NC 4.0 license permits unrestricted, non-commercial use, distribution, and reproduction in any medium, provided the original work is properly cited.

Editor should consider publishing correction if minor errors that do not effect the results, interpretations and conclusions of the published paper are detected. Editor should consider retraction if major errors and/or misconduction that invalidate results and conclusions are detected.Editor should consider issuing an expression of concern if there is evidence of research or publication misconduct by the authors; there is evidence that the findings are not reliable and institutions of the authors do not investigate the case or the possible investigation seems to be unfair or nonconclusive. The guidelines of <a href="https://publicationethics.org/resources/flowcharts/complete-set-english" target="_blank">COPE</a> and <a href="https://www.icmje.org/recommendations/" target="_blank">ICJME</a> are taken into consideration regarding correction, retractions or expression of concern.

To guarantee that all papers published in the journal are maintained and permanently accessible, articles are stored in Dergipark which serves as a  national archival web site and at the same time permits LOCKSS to  collect, preserve, and serve the content.Additionally, authors are encouraged to self-archive the final PDF version of their articles in open electronic archives with  that conform to standards of Open Archives Initiative (<a href="https://www.openarchives.org/" target="_blank">https://www.openarchives.org/</a>). Authors should provide a link from the deposited version to the URL of IUPress journal website.

Istanbul Journal of Economics-İstanbul İktisat Dergisi is committed to upholding the highest standards of publication ethics and pays regard to Principles of Transparency and Best Practice in Scholarly Publishing published by the <a href="https://publicationethics.org/" target="_blank">Committee on Publication Ethics (COPE)</a>, the <a href="https://doaj.org/apply/transparency/#principles-of-transparency-and-best-practice-in-scholarly-publishing" target="_blank">Directory of Open Access Journals (DOAJ)</a>, the <a href="https://oaspa.org/" target="_blank">Open Access Scholarly Publishers Association (OASPA)</a>, and the <a href="https://www.wame.org/" target="_blank">World Association of Medical Editors (WAME)</a> on <a href="https://publicationethics.org/resources/guidelines-new/principles-transparency-and-best-practice-scholarly-publishing" target="_blank">https://publicationethics.org/resources/guidelines-new/principles-transparency-and-best-practice-scholarly-publishing</a>All submissions must be original, unpublished (including as full text in conference proceedings), and not under the review of any other publication synchronously. Authors must ensure that submitted work is original. They must certify that the manuscript has not previously been published elsewhere or is not currently being considered for publication elsewhere, in any language. Applicable copyright laws and conventions must be followed. Copyright material (e.g. tables, figures or extensive quotations) must be reproduced only with appropriate permission and acknowledgement. Any work or words of other authors, contributors, or sources must be appropriately credited and referenced.Each manuscript is reviewed by one of the editors and at least two referees under double-blind peer review process. Plagiarism, duplication, fraud authorship/denied authorship, research/data fabrication, salami slicing/salami publication, breaching of copyrights, prevailing conflict of interest are unnethical behaviors.All manuscripts not in accordance with the accepted ethical standards will be removed from the publication. This also contains any possible malpractice discovered after the publication. In accordance with the code of conduct we will report any cases of suspected plagiarism or duplicate publishing.

Ethics

Journal of Economics adheres to the highest standards in research ethics and follows the principles of international research ethics as defined below. The authors are responsible for the compliance of the manuscripts with the ethical rules.-    Principles of integrity, quality and ransparency should be sustained in designing the research, reviewing the design and conducting the research.-    The research team and participants should be fully informed about the aim, methods, possible uses and requirements of the research and risks of participation in research.-    The confidentiality of the information provided by the research participants and the confidentiality of the respondents should be ensured. The research should be designed to protect the autonomy and dignity of the participants.-    Research participants should participate in the research voluntarily, not under any coercion.-    Any possible harm to participants must be avoided. The research should be planned in such a way that the participants are not at risk.-    The independence of research must be clear; and any conflict of interest or must be disclosed.-    In experimental studies with human subjects, written informed consent of the participants who decide to participate in the research must be obtained. In the case of children and those under wardship or with confirmed insanity, legal custodian’s assent must be obtained.-    If the study is to be carried out in any institution or organization, approval must be obtained from this institution or organization.-    In studies with human subject, it must be noted in the method’s section of the manuscript that the informed consent of the participants and ethics committee approval from the institution where the study has been conducted have been obtained.

It is authors’ responsibility to ensure that the article is in accordance with scientific and ethical standards and rules. And authors must ensure that submitted work is original. They must certify that the manuscript has not previously been published elsewhere or is not currently being considered for publication elsewhere, in any language. Applicable copyright laws and conventions must be followed. Copyright material (e.g. tables, figures or extensive quotations) must be reproduced only with appropriate permission and acknowledgement. Any work or words of other authors, contributors, or sources must be appropriately credited and referenced.All the authors of a submitted manuscript must have direct scientific and academic contribution to the manuscript. The author(s) of the original research articles is defined as a person who is significantly involved in “conceptualization and design of the study”, “collecting the data”, “analyzing the data”, “writing the manuscript”, “reviewing the manuscript with a critical perspective” and “planning/conducting the study of the manuscript and/or revising it”. Fund raising, data collection or supervision of the research group are not sufficient roles to be accepted as an author. The author(s) must meet all these criteria described above. The order of names in the author list of an article must be a co-decision and it must be indicated in the <a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/8137CF88D98D446BA7C14A96AC5893D9" target="_blank">Copyright Agreement Form</a>. The individuals who do not meet the authorship criteria but contributed to the study must take place in the acknowledgement section. Individuals providing technical support, assisting writing, providing a general support, providing material or financial support are examples to be indicated in acknowledgement section.All authors must disclose all issues concerning financial relationship, conflict of interest, and competing interest that may potentially influence the results of the research or scientific judgment.When an author discovers a significant error or inaccuracy in his/her own published paper, it is the author’s obligation to promptly cooperate with the Editor-in-Chief to provide retractions or corrections of mistakes.

Editor-in-Chief evaluates manuscripts for their scientific content without regard to ethnic origin, gender, sexual orientation, citizenship, religious belief or political philosophy of the authors. He/She provides a fair double-blind peer review of the submitted articles for publication and ensures that all the information related to submitted manuscripts is kept as confidential before publishing.Editor-in-Chief is responsible for the contents and overall quality of the publication. He/She must publish errata pages or make corrections when needed.Editor-in-Chief does not allow any conflicts of interest between the authors, editors and reviewers. Only he has the full authority to assign a reviewer and is responsible for final decision for publication of the manuscripts in the Journal.Reviewers must have no conflict of interest with respect to the research, the authors and/or the research funders. Their judgments must be objective.Reviewers must ensure that all the information related to submitted manuscripts is kept as confidential and must report to the editor if they are aware of copyright infringement and plagiarism on the author’s side.A reviewer who feels unqualified to review the topic of a manuscript or knows that its prompt review will be impossible should notify the editor and excuse himself from the review process.The editor informs the reviewers that the manuscripts are confidential information and that this is a privileged interaction. The reviewers and editorial board cannot discuss the manuscripts with other persons. The anonymity of the referees must be ensured. In particular situations, the editor may share the review of one reviewer with other reviewers to clarify a particular point.

Only those manuscripts approved by its every individual author and that were not published before in or sent to another journal, are accepted for evaluation.Submitted manuscripts that pass preliminary control are scanned for plagiarism using iThenticate software. After plagiarism check, the eligible ones are evaluated by editor-in-chief for their originality, methodology, the importance of the subject covered and compliance with the journal scope.The editor hands over the papers matching the formal rules to at least two national/international referees for double-blind peer review evaluation and gives green light for publication upon modification by the authors in accordance with the referees’ claims.

Peer Review

Editor-in-Chief evaluates manuscripts for their scientific content without regard to ethnic origin, gender, citizenship, religious belief or political philosophy of the authors. He/She provides a fair double-blind peer review of the submitted articles for publication and ensures that all the information related to submitted manuscripts is kept as confidential before publishing.Editor-in-Chief is responsible for the contents and overall quality of the publication. He/She must publish errata pages or make corrections when needed.Editor-in-Chief does not allow any conflicts of interest between the authors, editors and reviewers. Only he has the full authority to assign a reviewer and is responsible for final decision for publication of the manuscripts in the journal.Reviewers must have no conflict of interest with respect to the research, the authors and/or the research funders. Their judgments must be objective.Reviewers must ensure that all the information related to submitted manuscripts is kept as confidential and must report to the editor if they are aware of copyright infringement and plagiarism on the author’s side.A reviewer who feels unqualified to review the topic of a manuscript or knows that its prompt review will be impossible should notify the editor and excuse himself from the review process.The editor informs the reviewers that the manuscripts are confidential information and that this is a privileged interaction. The reviewers and editorial board cannot discuss the manuscripts with other persons. The anonymity of the referees must be ensured. In particular situations, the editor may share the review of one reviewer with other reviewers to clarify a particular point.

Only those manuscripts approved by its every individual author and that were not published before in or sent to another journal, are accepted for evaluation.Submitted manuscripts that pass preliminary control are scanned for plagiarism using iThenticate software. After plagiarism check, the eligible ones are evaluated by Editor-in-Chief for their originality, methodology, the importance of the subject covered and compliance with the journal scope. Editor-inChief evaluates manuscripts for their scientific content without regard to ethnic origin, gender, citizenship, religious belief or political philosophy of the authors and ensures a fair double-blind peer review of the selected manuscripts.The selected manuscripts are sent to at least two national/international external referees for evaluation and publication decision is given by Editor-in-Chief upon modification by the authors in accordance with the referees’ claims.Editor-in-Chief does not allow any conflicts of interest between the authors, editors and reviewers and is responsible for final decision for publication of the manuscripts in the journal.Reviewers’ judgments must be objective. Reviewers’ comments on the following aspects are expected while conducting the review.- Does the manuscript contain new and significant information?- Does the abstract clearly and accurately describe the content of the manuscript?- Is the problem significant and concisely stated? - Are the methods described comprehensively? - Are the interpretations and consclusions justified by the results?- Is adequate references made to other Works in the field?- Is the language acceptable?Reviewers must ensure that all the information related to submitted manuscripts is kept as confidential and must report to the editor if they are aware of copyright infringement and plagiarism on the author’s side.A reviewer who feels unqualified to review the topic of a manuscript or knows that its prompt review will be impossible should notify the editor and excuse himself from the review process.The editor informs the reviewers that the manuscripts are confidential information and that this is a privileged interaction. The reviewers and editorial board cannot discuss the manuscripts with other persons. The anonymity of the referees is important.

LanguageThe language of the journal is English. Submitted article must include an abstract in EnglishManuscript Organization and FormatAll correspondence will be sent to the first-named author unless otherwise specified. Manuscpript is to be submitted online via <a href="https://dergipark.org.tr/en/pub/istjecon" target="_blank">https://dergipark.org.tr/en/pub/istjecon</a> and it must be accompanied by a cover letter indicating that the manuscript is intended for publication, specifying the article category (i.e. research article, review etc.) and including information about the manuscript (see the Submission Checklist). Manuscripts should be prepared in Microsoft Word 2003 and upper versions. In addition, a <a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/8137CF88D98D446BA7C14A96AC5893D9" target="_blank">Copyright Agreement Form</a> that has to be signed by all authors must be submitted.1. The manuscripts should be in A4 paper standards: having 2.5 cm margins from right, left, bottom and top, Times New Roman font style in 10 font size and line spacing of 1.5 and “justify align” format. For indented paragraph, tab key should be used. One line spacing should be used for the tables and figures, which are included in the text.2. The manuscripts should contain between 4500 and 10000 words and the page numbers must be at the bottom and in the middle.3. The name(s) of author(s) should be given just beneath the title of the study aligned to the right. Also the affiliation, title, e-mail and phone of the author(s) must be indicated on the bottom of the page as a footnote marked with an asterisk (*).4. Before the introduction part, there should be an abstract of 120-250 words in English.  Summarizing the scope, the purpose, the results of the study and the methodology used is to be included following the abstracts. Underneath the abstracts, 3 keywords that inform the reader about the content of the study should be specified in English.&#34;According to the field of study, at least one and at most three Jel codes should be added under the keywords. Please visit <a href="https://www.aeaweb.org/jel/guide/jel.php" target="_blank">https://www.aeaweb.org/jel/guide/jel.php</a> for the JEL classifications that should be chosen according to the article's topic. JEL classification codes will be given below the English abstracts.5. The manuscripts should contain mainly these components: title, abstract and keywords; sections, footnotes and references.6. Tables, graphs and figures can be given with a number and a defining title if and only if it is necessary to follow the idea of the article. Otherwise features like demographic characteristics can be given within the text.7.  In articles, decimal numbers are separated by a comma or dot for the entire article. The two points should not be used simultaneously. In order to ensure the formal integrity of the article, it should be preferred to use commas or dots and this usage should be applied for the whole article. This rule should also be followed in the display of econometric findings.8. A <a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/0215D45F250E49898162B610275C8D6E" target="_blank">title page</a> including author information must be submitted together with the manuscript. The title page is to include fully descriptive title of the manuscript and, affiliation, title, e-mail address, postal address, phone, fax number of the author(s) and ORCIDs of all authors (see The Submission Checklist).9. The scientific and legal responsibility for manuscripts submitted to our journal for publication belongs to the author(s).10. The author(s) can be asked to make some changes in their articles due to peer reviews.11. A copy of the journal will be sent to each author of the accepted articles upon their request.12. The studies that were sent to the journal will not be returned whether they are published or not.13. &#34;iThenticate&#34; document is mandatory for article submission (Maximum15%).

Author Guidelines

Before beginning the online submission process please read the Information for Authors and make sure you have the followings available:Cover letter to the editor<ul type="disc"> <ul type="circle"> <li style="text-align: left;">The category of the manuscript</li> <li style="text-align: left;">Confirming that “the paper is not under consideration for publication in another journal”.</li> <li style="text-align: left;">Including disclosure of any commercial or financial involvement.</li> <li style="text-align: left;">Confirming that the statistical design of the research article is reviewed.</li> <li style="text-align: left;">Confirming that last control for fluent English was done.</li> <li style="text-align: left;">Confirming that journal policies detailed in Information for Authors have been reviewed.</li> <li style="text-align: left;">Confirming that the references cited in the text and listed in the references section are in line with APA 6.</li> </ul> </ul><a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/8137CF88D98D446BA7C14A96AC5893D9" target="_blank">Copyright Agreement Form</a>Permission of previous published material if used in the present manuscript<a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/F2C472301B83408FAB8CDFA957D3BCC7" target="_blank">Title page</a><ul type="disc"> <ul type="circle"> <li style="text-align: left;">The category of the manuscript</li> <li style="text-align: left;">The title of the manuscript both in Turkish and in English</li> <li style="text-align: left;">All authors’ names and affiliations (institution, faculty/department, city, country), e-mail addresses</li> <li style="text-align: left;">Corresponding author’s email address, full postal address, telephone and fax number</li> <li style="text-align: left;">ORCIDs of all authors.</li> </ul> </ul>Main Manuscript Document<ul type="disc"> <ul type="circle"> <li style="text-align: left;">The title of the manuscript both in Turkish and in English</li> <li style="text-align: left;">Abstracts (120-250 words) both in Turkish and in English</li> <li style="text-align: left;">Key words: 3 words both in Turkish and in English</li> <li style="text-align: left;">Extended Abstract (600-800 words) in English (only for Turkish articles)</li> <li style="text-align: left;">Main article sections</li> <li style="text-align: left;">Acknowledgement (if exits)</li> <li style="text-align: left;">References</li> <li style="text-align: left;">All tables, illustrations (figures) (including title, description, footnotes)</li> </ul> </ul>Manuscript Submission<ul type="disc"> <li style="text-align: left;">DergiPark manuscript submission site of the journal is: <a href="https://dergipark.org.tr/tr/journal/2248/submission/step/manuscript/new" target="_blank">https://dergipark.org.tr/tr/journal/2248/submission/step/manuscript/new</a>   </li> <li style="text-align: left;">The manuscript must be submitted through the account of the corresponding author. The account of authors other than the corresponding author or someone else who is not included as an author in the work must not be used for submission. All correspondence regarding the submission is made with the corresponding author through e-mail via the DergiPark system.</li> <li style="text-align: left;">While uploading Main Document, make sure that the main document has no information that clarify the author’s identity. Due to double blind peer review, Main Document must not include Title Page, the name of author or any other detail that can disclose the author identity. </li> </ul>Files to be uploaded separately<ul type="disc"> <li style="text-align: left;">Copyright Agreement Form</li> <li style="text-align: left;">Permissions obtained for previously published material if used in the present manuscript</li> <li style="text-align: left;">Title page</li> <li style="text-align: left;">Main Manuscript Document</li> </ul><ul type="disc"> <ul type="circle"> <li style="text-align: left;">The title of the manuscript both in Turkish and in English</li> <li style="text-align: left;">Abstracts (120-250 words) both in Turkish and in English</li> <li style="text-align: left;">Key words: 3 words both in Turkish and in English</li> <li style="text-align: left;">Extended Abstract (600-800 words) in English (only for Turkish articles)</li> <li style="text-align: left;">Main article sections</li> <li style="text-align: left;">Acknowledgement (if exists)</li> <li style="text-align: left;">References</li> <li style="text-align: left;">All tables, illustrations (figures) (including title, description, footnotes)</li></ul></ul>

Although references to review articles can be an efficient way to guide readers to a body of literature, review articles do not always reflect original work accurately. Readers should therefore be provided with direct references to original research sources whenever possible. On the other hand, extensive lists of references to original work on a topic can use excessive space on the printed page. Small numbers of references to key original papers often serve as well as more exhaustive lists, particularly since references can now be added to the electronic version of published papers, and since electronic literature searching allows readers to retrieve published literature efficiently. Papers accepted but not yet included in the issue are published online in the Early View section and they should be cited as “advance online publication”. Citing a “personal communication” should be avoided unless it provides essential information not available from a public source, in which case the name of the person and date of communication should be cited in parentheses in the text. For scientific articles, written permission and confirmation of accuracy from the source of a personal communication must be obtained.Reference Style and FormatIstanbul Journal of Economics-İstanbul İktisat Dergisi complies with APA (American Psychological Association) style 6th Edition for referencing and quoting. For more information:-    American Psychological Association. (2010). Publication manual of the American PsychologicalAssociation (6th ed.). Washington, DC: APA.-    <a href="http://www.apastyle.org/" target="_blank">http://www.apastyle.org</a>Accuracy of citation is the author’s responsibility. All references should be cited in text. Reference list must be in alphabetical order. Type references in the style shown below.Citations in the TextCitations must be indicated with the author surname and publication year within the parenthesis.If more than one citation is made within the same paranthesis, separate them with (;).Samples:More than one citation;(Esin et al., 2002; Karasar, 1995)Citation with one author;(Akyolcu, 2007, p. 17)Citation with two authors;(Sayıner &amp; Demirci 2007, p. 72)Citation with three, four, five authors;First citation in the text: (Ailen, Ciambrune, &amp; Welch, 2000) Subsequent citations in the text: (Ailen et al., 2000)Citations with more than six authors;(Çavdar et al., 2003)Citations in the ReferenceAll the citations done in the text should be listed in the References section in alphabetical order of author surname without numbering. Below given examples should be considered in citing the references.Basic Reference TypesBooka) Turkish BookKarasar, N. (1995). Araştırmalarda rapor hazırlama (8th ed.) [Preparing research reports]. Ankara, Turkey: 3A Eğitim Danışmanlık Ltd.b) Book Translated into TurkishMucchielli, A. (1991). Zihniyetler [Mindsets] (A. Kotil, Trans.). İstanbul, Turkey: İletişim Yayınları.c) Edited BookÖren, T., Üney, T., &amp; Çölkesen, R. (Eds.). (2006). Türkiye bilişim ansiklopedisi [Turkish Encyclopedia of Informatics]. İstanbul, Turkey: Papatya Yayıncılık.d) Turkish Book with Multiple AuthorsTonta, Y., Bitirim, Y., &amp; Sever, H. (2002). Türkçe arama motorlarında performans değerlendirme [Performance evaluation in Turkish search engines]. Ankara, Turkey: Total Bilişim.e) Book in EnglishKamien R., &amp; Kamien A. (2014). Music: An appreciation. New York, NY: McGraw-Hill Education.f) Chapter in an Edited BookBassett, C. (2006). Cultural studies and new media. In G. Hall &amp; C. Birchall (Eds.), New cultural studies: Adventures in theory (pp. 220–237). Edinburgh, UK: Edinburgh University Press.g) Chapter in an Edited Book in TurkishErkmen, T. (2012). Örgüt kültürü: Fonksiyonları, öğeleri, işletme yönetimi ve liderlikteki önemi [Organization culture: Its functions, elements and importance in leadership and business management]. In M. Zencirkıran (Ed.), Örgüt sosyolojisi [Organization sociology] (pp. 233–263). Bursa, Turkey: Dora Basım Yayın.h) Book with the same organization as author and publisherAmerican Psychological Association. (2009). Publication manual of the American psychological association (6th ed.). Washington, DC: Author.Articlea) Turkish ArticleMutlu, B., &amp; Savaşer, S. (2007). Çocuğu ameliyat sonrası yoğun bakımda olan ebeveynlerde stres nedenleri ve azaltma girişimleri [Source and intervention reduction of stress for parents whose children are in intensive care unit after surgery]. Istanbul University Florence Nightingale Journal of Nursing, 15(60), 179–182.b) English Articlede Cillia, R., Reisigl, M., &amp; Wodak, R. (1999). 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Editor(s)	Muhittin Kaplan
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