Başak

Assoc. Prof.

Individuals, households, states, and businesses are concerned about the phenomenon of debt or indebtedness. Although indebtedness is not a new notion, it needs to be reinterpreted from time to time. Governments use loans to invest or implement policies; companies, to increase earnings or expand production capacity; and individuals, primarily to consume. However, in comparison to other units, household economic power is quite limited. Changes in mentality and system are at work in this situation. The scientific revolution’s shift in mentality from “recognition/definition” to “control” has reproduced its financial equivalent in the form of debt supervision. Moreover, the change in economic mentality, which does not correspond with human reality, loses the meaning of balance and savings, and emphasizes consumption, has also caused the phenomenon of indebtedness to rise alongside neoliberalism, globalization, and financialization processes.The financial sector has shifted its focus to households and begun a restructuring process based on new lending strategies. These strategies can be classified into quantitative and qualitative. Under the banner of “financial inclusion,” quantitative strategies are designed to cover all possible population groups, from rich to poor. However, we cannot claim that this inclusiveness is achieved for a social reason. The rich and working classes have put forward a value for the financial sector because of the guarantee they provide to the system in loan repayment. Meanwhile, the poor individuals have put forward a value because of the fractional reserve system and debt-based monetary system, which makes it profitable with each new customer. Furthermore, qualitative strategies have been developed to include individuals who are distant from debt for various reasons or certain population segments. Some of these strategies are ethical banking for socially responsible individuals, gender equality for women, and private pensions promising a better life for the elderly. With the restructuring of financial institutions, the traditional forms of borrowing, referred to as “informal” by the financial system, have been replaced by “formal” (bank credits). However, loans imposed a financial burden on individuals and households due to interest payments.As financialization has increased, some issues in the field of social policies have begun to emerge. Although credit policies strengthened the market power, they also weakened social policies by utilizing economic and non-economic factors (e.g., unpaid household labor and public services), particularly in labor force reproduction. Funds from households and the government began to flow into the private capital sector. Moreover, employee wages and salaries fed the financial system’s earnings due to insufficient income, whereas the inadequacy of pensions due to social security reforms fed the insurance companies through private pension funds. Therefore, the inadequacy of real wages puts financialization pressure on social policies. In other words, the need to feed the deficit created by individual incomes transferred to financial channels via indebtedness causes social policies to become financial system instruments and lose power.Individuals are forced to borrow when the limited increase in real wages is combined with the inadequacy of public services. Although the social aspect of citizenship has weakened, its financial aspect has emerged. Furthermore, welfare states are now paradoxically known as “debtfare states.” The function of social policies has also been raised in this context. Based on a literature review, this study aims to examine the quantitative and qualitative lending strategies of financial institutions and banks that profit from household indebtedness, and their transformative effect on social policies.It has been demonstrated that capitalists will not close the ledger as long as the financial system is fed by household debt. Financialization will continue to set the agenda for the functions of social policies that have been taken over. Moreover,&nbsp;we can argue that preventing the debt cycle through debt restructuring should be one of the primary goals of social welfare states. Furthermore, additional social and economic safeguards should be put in place to prevent predatory financial inclusion based on age, gender, and other disadvantages. In summary, the principle of “first do no harm” (primum non nocere) in medical sciences should also be applied to the social sciences.&nbsp;

Household Indebtedness in the Context of the Financialization of Social Policies

Kadir

The Effects of Volatilities in Oil Price, Gold Price  and VIX Index on Turkish BIST 100 Stock Index  in Pandemic Period

Shagea

Lecturer

Ekrem

Prof.

Impact of Small and Medium-Sized Enterprises (SMEs)  on the Sustainable Development in Yemen during the Period from 2000 to 2018: An Empirical Study

Funda

Assist. Prof.

Yunus

Although development is a multi-directional economic variable, its most important aspect is the increase in production and per capita income, or growth. It is also the economic, cultural, social, and political progress of societies as a whole. Variables such as poverty, income distribution, employment, and the ability to meet basic needs are more focused issues; however, the concept of growth has become an important development issue not only from a single economic point of view, but also with its human dimensions. Man is at the center of development; thus, the human development index obtained by combining indicators such as education, health, and income level are among the most important factors of human life. Growth is also an important tool for measuring the quality of individual life. Some studies show that there is a relationship between economic growth and human development, but the extent of this relationship has not been fully elucidated. In terms of the sub-categories of human development, indicators such as education, health, and income can offer different perspectives in terms of the relationship between the economy and growth.From this point of view, this study determines the relationship between the human development index and growth with the help of panel regression analysis in terms of developed and developing countries. Because human development has an effect on growth, there is a network of relations, in which economic growth will affect human development. The increase in the country’s gross national product is data that can positively affect human development. However, this situation is expressed as an equation that may change from country to country or the effect will not be at the same rate. This is especially relevant to the income distribution of countries. Imbalance in income distribution is a factor that directly affects the relationship between human development and economic growth.This study compares the two country groups by determining the relationship between the human development index and growth of developed and developing countries with panel regression analysis. Cross-section dependence and heterogeneity were obtained for both groups. First- and second-generation unit root tests were applied, and it was determined that the variables were stationary for the first-order difference. In this study, some statistical tests were applied to choose between models. The key question is whether data will be collected across countries and times, as all variables in the models can vary between countries and times. At this stage, the Chow test and Breush-Pagan were used. The Hausman test showed that the random effects model was suitable.The analysis showed that for developed countries an increase by 1 unit in the human development index increases growth by 38.7%. For developing countries, a 1-unit increase in the human development index leads to a 17.4% growth increase. Therefore, the contribution of human development to growth is higher in developed countries than in developing countries. It is important that developing countries implement policies quickly to increase of human development.A more successful human development policy should follow and support the development policies to be formed, as well as the projects prepared by the United Nations in this direction. It should adopt a multi-faceted, sustainable human development approach. An economic growth strategy should be determined, in which people are included in the development in areas such as education, health, nutrition, and income distribution. In order to project the effects of human development into economic growth, per capita education and health expenditures should be increased. On the other hand, for individual development it is important to improve social conditions as well as economic conditions. Economies should adopt policies aimed at improving the quality of life of individuals.&nbsp;

The Growth Impact of Human Development: A Developed- and  Developing-Country Comparison

Muhammed

Travelogues are an important source for the history of economics, particularly for illuminating the period from the 10th to 15th centuries. Understanding Ibn Battuta’s travelogue, also known as the Rıhletü İbn Battuta, is important in terms of economic history, as this travelogue provides important information about the political, economic, and cultural structure of the contemporary Islamic world.The long name of Ibn Battuta, the great traveler of the Middle Ages, was Ebû Abdullah Muhammed b. Abdullah b. Muhammed b. Ibrahim Levati Tanji. In the year 725/1325, the great traveler, then a young man of 22, began his journey and came from the North African coast to Alexandria, intending to perform the pilgrimage. Ibn Battuta traveled from there to Cairo, where he remained for a time before traveling to Lebanon and Syria. The traveler also remained there for a while and then made his first pilgrimage to the Hijaz. Ibn Battuta journeyed to Shiraz from the Iraqi side, visited Cizre and Mardin, returned to Baghdad, made a second pilgrimage, and headed to Yemen via the Red Sea to commence his East African tours. He later went to Yemen and Oman and, after circumnavigating Iran via the Strait of Hormuz, returned to the Hejaz for Hajj. Following visits to Cairo, Gaza, and Latakia, he sailed to the port of Alanya and explored Anatolia. Thereafter, he went to the Crimea via the port of Sinop and passed through Deşti Kıpçak before returning to Istanbul. He subsequently returned to Deşti Kıpçak and reached the Delhi Sultanate via Khwarazm and Khorasan. After staying there for seven years, he went on to the Maldives and remained there for many years, before proceeding to China. He made a return journey via Sumatra to Java, then via Baghdad and Syria back to Egypt and the Hejaz. Ibn Battuta then reached Morocco via Egypt and Tunisia, carried on to Niger via Mali, and returned to Morocco in 754 by the order of the sultan. These journeys took 29 years.Although Ibn Battuta mentions various goods in his travelogue, this study concentrates only on those goods subject to international trade. Textiles played an essential role in trade during this period. As is clear from the travelogue, a wide variety of textile products existed, with linen, cotton, silk, wool, and even coconut&nbsp;fibers being used in fabric production. Ibn Battuta also notes that trade in agricultural products such as wheat, rice, dried fruit, and coconut was widespread. Although the traveler mentions various products that were subject to international trade, including milk, fish, and sheep, he devotes remarkable attention to the trade in horses and dried fish. Ibn Battuta also discusses the trade in timber, pottery, etc.Based on the information given in the travelogue, previous studies have noted that movement along trade routes was not only from east to west. Commercial activity also flowed from west to east, as is evident from the products analyzed in this study. The seyahatname also provides evidence for the timing of changes in the cultural and economic pursuits of Turkish migrants to Anatolia as they transitioned to a sedentary lifestyle. Ibn Battuta emphasizes that Greek women were active in cotton weaving while Muslims were active in wool weaving. This suggests that Turks living in Anatolia were still engaged in animal husbandry rather than agriculture in the 14th century. The travelogue also provides valuable insights into the production of goods and services subject to international trade and the diversity of products that passed along trade routes. Thus, a wide variety of goods, both finished products and raw materials, were used throughout the period.Ibn Battuta’s travelogue provides important information for the evaluation of early mercantilist international trade policies, helping to explain the diversity of raw materials, production, and final products, and the general patterns of international trade in that period.&nbsp;

International Tradable Goods in Ibn Battuta’s Travelogue

Hülya

This study examines whether financial institutions in Turkey revise target debt ratios when determining capital structures, in addition to investigating the speed of adjustment to optimal capital structure in the presence of adjustment costs. The trade-off theory of capital structure proposes that firms consider the costs and advantages of debt and equity prior to making a final decision on an optimal (target) debt-to-equity ratio. According to this theory, firms may deviate from the target debt level and then gradually return to this level due macroeconomic changes and financial and administrative decisions. When firms are over- or under-leveraged in terms of optimal leverage, they tend to adjust capital structures to the targets in the next period. Trade-off theory has been tested using both static and dynamic methods. The static approach assumes that current debt ratios are already optimal, whereas the dynamic approach asserts that optimal debt ratios can only be estimated, as they cannot be directly observed. The underlying assumption of dynamic trade-off theory is that firms cannot maintain optimal debt because of adjustment costs, as it takes some time for firms to adjust current ratios to optimal ratios. Some studies demonstrate that firms in Turkey follow an optimal debt ratio; however, such studies are mostly conducted on non-financial firms. This study attempts to fill the current gap by analyzing financial data from 114 financial institutions between 1996 and 2018. The dependent variable measures total debt ratios, whereas independent variables include lagged-values of total debt, profitability, the tangibility of assets, growth opportunities, and firm size. Blundell–Bond’s (1991) GMM-SYS approach was adopted as the estimation method. The findings indicate that financial firms in Turkey revise target debt ratios when determining capital structures and the speed of adjustment is 26%, with a half-life of 1.93 years. It takes almost two years for financial firms to adjust current debt to half of the target debt ratios. In contrast, the speed of adjustment was around 19% between 2007 and 2010, when the debt ratios plummeted due to the global financial crisis. The speed of adjustment was around 37% between 1996 and 2007, and 43% between 2011 and 2018. The findings also indicate that profitability, the tangibility of assets, growth opportunities, and firm size have no effect on when the lagged version of total debt is endogenized. In contrast, the estimated coefficients for profitability and tangibility seem to follow a pattern across different time periods. While profitability had a positive effect on total debt in all models, the effect was negative during the crisis. Conversely, the effect of tangible assets on total debt almost doubled during the crisis. Based on the results of analysis, it is reasonable to conclude that financial firms conduct balancing behavior around a target debt ratio to maintain optimal debt ratios when structuring capital, rather than making a hierarchical selection among alternative financing options. Due to missing observations in the data set, it was not possible to establish a model that would allow measuring the speed of adjustment during the 2001 economic crisis. The autocorrelation (AR(1) and AR(2)) and Hansen (1982) test results indicate that the models fit the data well. As the study is an exploratory endeavor to determine the speed of adjustment, the factors affecting the adjustment speed and the extent to which these factors increase or decrease adjustment speeds in different periods are beyond the scope of the study. Future research should consider institutional and macroeconomic determinants of adjustment speed to help advise firm executives about the optimal capital structures of their respective firms.&nbsp;

Determinants of Dynamic Capital Structure and the Speed of Adjustment  to Optimal Leverage: A Study on Financial Institutions in Turkey

Tacinur

Res. Assist.

The Effect of Sectoral Bank Loans on Economic  Growth in Turkey

Parla

From the 1820s, the development of finance capital has paved the way for large capital movements from the core to the periphery of the world economy. While these capital inflows are an important source of funding for economic growth in peripheral countries, reversal of capital flows often leads to crises in heavily indebted economies, and in some cases, it generates economic and social devastation. Sanction mechanisms, which are enforced following these crises, have played a significant role in the establishment of the core’s hegemony over the periphery and restructuring the global economy to align with core interests.Peripheral countries’ fall into debt crises, one after the other, like dominoes, in the 1980s had widespread repercussions worldwide. In the economics literature, scholars have turned to researching and understanding the effects of foreign debt generating international crises. The first groundbreaking article was presented by Eaton and Gersovitz (1981) to determine why countries pay their debts asserting that countries pay foreign debts out of concern for long-term reputations. In the event of a possible default, creditors evaluate debtors’ repayment records, and countries with good reputations are able to access foreign funds with lower risk premiums. Conversely, those with bad records are unable to secure funds, resulting in devastating defaults. In short, indebted countries would be able to determine their own future.Although the study received considerable attention, interest in the debt literature in the international arena declined until the late 1980s and early 1990s; however, the Mexican (Tequila) Crisis of 1994, the Asian Debt Crisis of 1997, the Russian default soon after, and even the European Debt Crisis of 2010 rekindled interest in the subject. The world was now witnessing the external debt crises of the peripheral countries in a systematic and cumulative manner; therefore, the sterile theoretical infrastructure that focused only on countries’ internal dynamics was extremely insufficient for explaining the functioning and effects of international credit mechanisms.This study aims to fill this gap in the literature and explores the economic and political dynamics behind peripheral countries’ external borrowing. To determine these dynamics, in the first section, the definition of debt waves is presented within the framework of theoretical arguments. In order to analyze the global development of borrowing and identify economic policy determinants. The second section examines the phases of these waves using an historical perspective, determining the main years wherein borrowing began to rise. Additionally, Turkiye’s indebtedness in these periods is discussed. In the third section, the determinants of falling the debt crisis were empirically tested by considering 21 developing countries between 1970 and 2017. While the findings confirm the significance of interest rates, they also indicate that other macroeconomic variables, such as GDP growth, short term debt to total reserves, and high inflation, which are among the other factors that trigger debt crises. Besides economic dynamics, the presence of a hegemonic power in the world economy is a major political dynamic behind debt cycles. In the presence of a great political power, creditors are better organized and able to impose heavy sanctions on indebted nations. Accordingly, the period of restructuring, which is the third and last phase of the cycle, lasts a very short time under these circumstances. In this context, we discuss contrasting views on the sustainability of external debt and whether it is possible for a heavily indebted economy like Turkey to escape recurring debt crises.&nbsp;

External Debt Cycles of the Turkish Economy: Is it Possible  to Escape the Crisis?

Selma

Hakan

Hande

Öğretim Görevlisi Dr.

Spillover Effects of Stock Markets in the COVID-19  Pandemic Period: Evidence From Central and East  European Countries

Fatih

Onur

The Lending Behavior of Investment and  Development Banks in Turkiye: Evidence from Quantile Regression Approach

Mustafa

Sustainable economic growth is an indispensable condition for improving social welfare. By this way, substantial gains have been achieved in many countries in the last centuries. These gains include not only education and health, but also individual freedoms. However, unemployment has both economic and social costs. As a result, policymakers strive to reduce unemployment while maintaining high growth rates. At first glance, these two goals may appear mutually exclusive, but a lower unemployment rate may not encourage economic growth, or the jobless growth argument may be valid for the economy. Therefore, revealing the relationship between economic growth and the unemployment rate is critical for determining the best economic policy.&nbsp;Within the framework of the Fourier approach, this paper investigates the relationship between economic growth and the unemployment rate in Turkiye. The data set is quarterly and spans the years 2005:Q1 to 2021:Q1. The fractional frequency Fourier Augmented Dickey–Fuller unit root test proposed by Bozoklu, Yılancı, and Görüş (2020) is used to examine the variables’ stationarity of the variables. Meanwhile, their fractional frequency Fourier ARDL bounds test approach (Yılancı, Bozoklu, and Görüş, 2020) is applied to test the long-term relationship between the variables. The causality relationship between the variables is investigated using the fractional frequency Fourier Toda–Yamamoto causality test proposed by Pata and Yılancı (2020). The models based on the Fourier approachbased models detect unknown numbers, locations, and types of structural breaks in variables. These models avoid the loss of test power that occurs in econometric models using many estimated dummy variables. In the presence of structural breaks or nonlinear trends in series, powerful results are obtained (Banerjee, Arcabic, and Lee, 2017). Additionally, the tests used in this study consider fractional frequencies. Thus, information about the permanence of possible structural breaks can be obtained (Christopoulos and Leon-Ledesma, 2011).&nbsp;First, the stationarity of the variables is tested using the fractional frequency Fourier ADF unit root test, and the economic growth and unemployment rate are determined to be I(0) and I(1), respectively. Then, the fractional frequency Fourier ARDL bounds test is applied. The test results reveal a unidirectional relationship between economic growth and the unemployment rate in the long run. The long-term coefficient was negative and significant. A unit increase in economic growth reduces the unemployment rate by 1.48 units in the long run. Similarly, the short-run coefficient is negative and significant. A unit increase in economic growth reduces the unemployment rate by 0.09 units in the short run. The coefficient of the error correction model is negative and statistically significant, indicating provision of the dynamic equilibrium condition and elimination of a deviation from the short-run equilibrium in the long run. Convergence toward the equilibrium path took place at a speed of 0.13%. In other words, imbalances occurring in the short term are balanced after 7.52 periods (approximately 2 years). Finally, the fractional frequency Fourier Toda– Yamamoto causality test investigates the causal relationship between economic growth and the unemployment rate. The test results confirm the findings obtained from the fractional frequency Fourier ARDL bound test.&nbsp;This study reveals that the increase in economic growth led to a significant decrease in the unemployment rate in Turkiye. However, the effect of economic growth on the unemployment rate is extremely limited in the short run; hence, the high growth rate must be sustainable. Meanwhile, the unemployment rate does not affect economic growth. As a result, employment policies cannot be viewed as a tool for stimulating economic growth. These findings also call the jobless growth argument into question. The achievement of the high and sustainable economic growth target is expected to be sufficient to reduce unemployment rate and increase employment in Turkiye.&nbsp;

The Relationship between Economic Growth and Unemployment  Rate: Fractional Frequency Fourier ARDL Bounds Test Approach

Nadide

Fahriye

Productivity shows the relationship between output and inputs in the production function. In this context, productivity expresses the ability to maximize output based on a specific input vector or minimize input based on a particular output vector in the production process. Total factor productivity (TFP) is defined as the productivity of all inputs contributing to the output production. In economies with restrictions on production factors and decreasing returns, sustainable economic growth cannot be achieved by increasing the number of production inputs such as capital and labor. In this case, the primary method to make economic growth sustainable is to increase the productivity of inputs. The increase in productivity based on the measurement method is the easiest one because of increased technical efficiency and technological progress. Countries can boost their production by utilizing their existing capacity. With technological advancement, the potential production limit expands. Moreover, the utilization of a greater portion of current potential or the adoption of new technologies is constrained by the limits of social, political, and institutional structures and economic growth conditions.Within the scope of the dataset, including the period 1990–2017 and 27 OECD countries, this study examines the macroeconomic determinants of TFP, a fundamental determinant of sustainable economic growth. The study includes a two-stage analysis in this context. To begin, the economic stability index, innovation index, technology diffusion index, education index, and economic freedom index are computed. The effect of these variables on TFP is then investigated using panel regression methods in the following stage. Real exchange rate volatility and inflation rate variables are included in the macroeconomic stability index. The innovation index is obtained by high tech product exports, the number of researchers and technicians in the reserach and development (R&amp;D) sector, scientific and technical journal articles, the total number of patents, and R&amp;D expenditures. Additionally, the technology diffusion index is calculated, taking into account the variables of openness and foreign direct investment. The average years of education were scaled as an indicator of the education index and the economic freedom score as an indicator of institutional quality using the same methodology used to calculate indexes. The economic freedom score includes the average value of 12 variables: property rights, judicial effectiveness, government integrity, tax burden, government spending, fiscal health, business freedom, labor freedom, monetary freedom, trade freedom, investment freedom, and financial freedom variables. In this context, the calculated indexes are the model’s independent variables, and the TFV index is the dependent variable.Findings show that the coefficients of the explanatory variables of the innovation index, technology diffusion index, education index, and economic freedom index are positive. Therefore, countries with larger values of these variables tend to have higher TFP increases. Meanwhile, the coefficient of macroeconomic stability index is negative, which means higher values indicate a more unstable economic structure. Therefore, the negative value of this index suggests that TFP will also increase as stability increases. As a result, the signs of the predicted coefficients receive the expected values according to the economic theory and are statistically significant at the 1% significance level. The variable with the greatest impact power on TFV within the studied period and model framework is determined as the technology diffusion index. This variable is followed by the education index and the innovation index. The study’s findings are consistent with the fundamental theoretical framework of endogenous growth theories based on human capital, R&amp;D, foreign direct investment, and international trade. Additionally, the results are consistent with the view that the classical schools will increase productivity through international specialization, division of labor, and resource allocation.&nbsp;The study’s findings indicate that countries seeking to move forward with stable income and economic growth should pursue policies that improve technology production and distribution conditions. Meanwhile, the country’s ability to mass produce advanced technologies is critical for the spread of technology transfer effects. Training a qualified workforce capable of utilizing advanced technology points for effective educational policies in terms of both quality and quantity is important. Developing skills and increasing awareness of new technologies necessitates the activation of lifelong learning processes. Attracting foreign direct investments that will contribute to technology transfers and capability development is also seen as an important policy tool. Meanwhile, innovative ecosystem that will motivate technological progress is determined by social, political, cultural, and macroeconomic variables. Ensuring ease of doing business and establishing institutional structures with precise, clear, and objective rules are important policy areas.&nbsp;

Macroeconomic Determinants of Total Factor Productivity:  An Analysis on the Example of OECD Countries

Yusuf

Deniz

Countries strive to achieve economic growth and development. However, underdeveloped or developing countries struggle to meet these targets due to some factors including insufficient domestic savings, lack of information and technology, the balance of payments deficit, and foreign exchange constraint. Due to the inadequacy of national savings to finance the investments that will necessitate development, countries are forced to resort to external borrowing in addition to domestic borrowing. The effect of external borrowing on economic growth continues to be studied in the economics literature. Some economists believe that the chain reaction that foreign borrowing creates with growth can negatively impact both a country and the world economy. The fact that foreign debts involve interest payments in addition to the principal at the payment stage decreases national income.According to the alternative view, countries with insufficient domestic savings and limited capital should prefer external borrowing, which is an important public financing tool, in order to achieve their growth and development goals. At the time the foreign debts are first received, they provide an additional resource inflow to the country. The new resources entering the country allow for the realization of investments, thus, an increase in national income. External borrowing is believed to be more advantageous than domestic borrowing since there is no problem with the distribution of resources within the country, as is the case with domestic borrowing. However, as stated, the payment stage causes capital outflow from the country, thus, a decrease in domestic resources. Therefore, the revenues of the resources provided by foreign borrowing should be greater than the costs. Otherwise, the country will face an outflow of capital, and the need for resources will gradually increase. Theories and discussions on foreign debt in the economic literature in this framework are given in the article’s first and second sections.The relationship between external debt and economic growth has generally been examined with linear time series models. Despite their usefulness in various applications, linear time series models are generally incapable of representing certain nonlinear patterns such as asymmetry, or volatility clustering. Growth rates, for example, tend to be greater and more persistent during periods of expansion, whereas they are lower and less persistent during periods of recession. It would be unreasonable to expect a linear model to capture these types of characteristics for such a time series.Nonlinear time series models have shown rapid development over a long time. The regime-switching model has become one of the most widely used nonlinear time series models in the econometrics literature. Markov regime-switching models allow us to capture more complex patterns since they introduce timevariation in the parameters in the form of state or regime-specific values, which characterize the time series in different regimes. In Markov regime-switching models, the current state is only determined by the previous period’s state and the transition probabilities matrix. Given the current period’s state, the transition probabilities matrix shows the likelihood of each of the states being visited in the next period. The estimation of state-specific parameters as well as state occurrence probabilities for each of the sample periods allows us to better interpret parameters associated with their specific regimes. The Markov regime-switching model and its main elements have been extensively discussed in the fourth section of the article.The results of the estimated model, which examines the relationship between external debt and economic growth for the Turkish economy with the Markov regime-switching model, are shown in detail in chapter 5 of the article. The chapter also describes variables used in the model, tests, model comparisons, model validity tests, transition probabilities, and estimated regime periods for the model. The final model, in which the parameters are statistically significant, the coefficients are economically valid, and the regime periods corresponding to the periods of expansion and recession dates of the Turkish economy have been meticulously selected among the 18492 models.According to the results of the analysis, it can be concluded that the total gross external debt stock has a negative effect on Turkiye’s growth, while the fixed capital investment, exports, and population growth have a positive effect. These findings of the final model obtained by the Markov regime-switching show that the debt overhang hypothesis is strongly supported. The results and the suggestions are discussed in the last section of the article.&nbsp;

Analysis of External Debt-Based Growth Hypothesis with Markov  Regime Switching Models for the Turkish Economy

Müge

This study examines participatory budgeting practices by covering the benefits and critiques in the theoretical framework. General definitions and characteristics are also provided. Subsequently, different applications from all over the world have been investigated in the context of direct–representative democracy. The restrictions of scope and time were underlined, with the stage in which Turkey currently stands in terms of participatory budgeting being provided. This paper highlights two different issues as its motivation. The first issue is related to the possibility that the process may evolve into political participation rather than individual participation in local administrations that have already been chosen using representative democracy practices because of scope and time restrictions. The second issue involves the risk of further harming groups such as those with the lowest income, who are marginalized, or who are disadvantaged through the efforts aimed at ensuring individual participation using the benefits of technological advancements. Particular policy recommendations are offered when discussing these issues.The first issue of discussion involves this paper questioning whether attaching importance to citizen participation is necessary or realistic, because incumbents are already aware that they have been chosen by representative democratic processes. They feel the support of their voters and may be reluctant to create further participatory mechanisms. If they do not fulfill their commitments to their programs, they receive no sanctions other than the possible change in the next elections. Despite reluctant incumbents, citizens in modern times are supposed to take roles in the processes of planning, executing, monitoring, and auditing. A distinction needs to be made at this point between political participation and individual participation. Strong individual participation should occur more than political participation in order to properly direct democratic practices. This is mostly possible in regard to small-scale local administrations due to time and scale/scope restrictions. Some problems appear when the scope of the population increases. As a result of physical and time constraints, another representative democracy mechanism usually gets set up in the representative democracy. Neighborhoods have to choose a representative, and non-governmental&nbsp;organizations send their spokesperson to the meetings. In this way, after a particular stage, the project and program-based negotiations are at risk of transforming into political debates. Because the incumbents and local administrators are generally members of a political party, once opposition against a project or program the administration supports occurs, those opposition groups may start to be labeled as representatives of the opposition parties. For this reason, individual participation should be strengthened to avoid these types of vicious circles, and the disadvantaged and less-represented social groups should become involved and prioritized in order to gain some concrete results. Undoubtedly, the representatives of non-governmental organizations, foundations, associations, and social movements cannot be excluded from the processes; however, the strongest position should always be appointed to individual participants to ensure that the decisions that are made are transparently dedicated to the projects and programs in order to promote social justice and the economic welfare of the society.The second issue discussed in the paper is the side effect of using technology. Examples are found of online participation where suggestions are collected and project options are provided to the citizens. In such cases, those with no Internet connection, senior citizens, and much less represented disadvantaged social groups get excluded from the election and decision-making processes. Online practices may be seen as a necessity, especially in large cities, but their caveats may invisibly affect inequality in income distribution and in the distribution of public resources.As seen in Latin America and other developing countries, participatory budgeting practices are important in terms of bringing social justice to the front line, giving importance to the less represented disadvantaged social groups, and increasing the living standards of the lowest income groups. However, a gradual approach occurs in these applications. The least represented and lowest income groups should be involved more directly in the decision-making processes in order to determine their actual needs and to increase their living standards.&nbsp;

Participatory Budgeting: A Critical Approach

Buket

Alican

Exchange rates are one of the main financial and economic factors affecting stock value and cash flows. Fluctuations in exchange rates play an important role in the decision investors make while evaluating investment opportunities. The use of exchange rates as an important indicator in investors’ investment decisions is related to the reflections the changes in exchange rates have on companies. Losses resulting from the exchange rate risk companies face will increase their costs and decrease their profitability. On the other hand, companies that can manage exchange rate risk and use fluctuations in currency will be positively affected by changes in exchange rates. In the theoretical framework, changes in oil prices are considered to be one factor affecting stock market returns, the reason being that stocks equal the discounted sum of expected future cash flows. These cash flows are greatly affected by the macroeconomic events that oil shocks can affect. Thus, fluctuations in oil prices can affect stock returns. In addition, oil as a primary energy source is the one of the most important inputs in many sectors. Therefore, increases in oil prices also mean an increase in costs and reduction in company profitability, and thus a reduction in their stock returns. The study additionally researched the effect these fluctuations have on the BIST 100 Index, which represents the Turkish stock market. Therefore, exchange rates and oil prices have been researched both on a sectoral basis and in terms of foreign currency.The study aims to investigate the effects of volatility in exchange rates (USD and EURO) on BIST 100 and 23 sub-sector indexes (i.e., transportation, banking, industry, holding and investment, information technology, food beverage, nonmetal mineral product, real estate invest trusts, basic metal, electricity, financials, services, chem/petrol/plastic, leasing factoring, metal products machinery, insurance, sports, technology, textile/leather, telecommunication, wholesale and retail trade, tourism, wood paper printing) from Borsa Istanbul using monthly data for the years 2008-2021. For this purpose, the long-term coefficient for each model was investigated using the fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) estimators after determining the long-term relationships among the variables with the Johansen cointegration test.According to the analysis results, the dollar (USD) was observed to have a negative effect on all sectors indices. On the other hand, while the coefficient for future transactions of oil prices is positive for most sectors, BIST 100, the coefficient was statistically significant for the industry, holding and investment, food beverage, non-metal mineral product, real estate investment trust, basic metal, financials, chem petrol plastic, metal products machinery, insurance, textile leather and tourism sectors. While an increase in the Euro exchange rate has an increasing effect on index returns only in the transportation, basic metal, electricity, services, and sports sectors, all other models are statistically insignificant.The main conclusion reached from the findings is that the nominal dollar rate is an important cost element for each sector. This result confirms that both BIST 100 companies as well as manufacturing companies operating in each sub-sector in particular feel exchange rate increases more intensely in Turkiye. From the point of view of imports, paying for goods coming into the country in foreign currency is accompanied by increased costs. In addition, the dependence of exporting companies on imports of intermediate goods suffers from increases in exchange rates through the increased input costs. On the other hand, the results show the negative effect from the USD exchange rate to be significant in the banking sector. This situation is known to have several causes. Accordingly, an increase in the exchange rate will first lead to a decrease in the total capital value of the banks, followed by a decline in banks’ net equity growth rates. This increase in capital costs will lead to a decrease in profitability. In addition, the increase in interest rates due to increases in exchange rates revealed the banks’ interest income to decrease. Although the effects from the dollar exchange rate at first glance are seen on the real sector, especially through imports and exports, the effects on the financial sector are more permanent and signal an exchange rateinterest spiral, which will inevitably spread to the real sector in the following stage.

The Relationship of Exchange Rate and Oil Price Volatilities with  Stock Returns: Evidence from Borsa Istanbul Sector Indexes

Sefa

The worldwide ecological deficit is seen to have begun occurring in the 1970s and to have deepened in the 2000s when globalization and industrialization reached high levels. In parallel with the global developments, the ecological openness is observed to have increased in Turkiye with the effects of globalization and industrialization (Global Footprint Network, 2021). Ecological openness began being seen in Turkiye in the 1980s. The process of converting Turkiye’s national currency occurred with the start of commercial liberalization in the Turkish economy in the 1980s. In the 1990s, many obstacles to capital movements were lifted in many countries, including Turkiye. Therefore, the globalization process was seen to have increased all over the world alongside the increase in liberalization, first commercially and then financially. With this process, developments such as increased industrialization, energy consumption, and economic growth have led to an increase in variables such as carbon emissions and ecological footprint, which in turn leads to an increase in ecological openness. In addition to economic growth and energy consumption, this study also investigates the determinants of ecological footprint using the variable of the economic complexity index (ECI). This aspect of the study is thought to contribute to the literature . Meanwhile, other unique aspects of the study are its use of the Fourier ADL cointegration method that has recently been brought to the literature and how it benefits from a current data set.The variable of CO2 emissions is observed to have been frequently used as an environmental quality indicator (Ulucak &amp; Erdem, 2012; Mikayilov et al., 2018; Yurtkuran, 2021). CO2 emissions expresses how greenhouse gases are released into the atmosphere. Variables such as carbon footprint, ecological footprint, biomass, and solid waste are also frequently used in in addition to CO2 emissions (Aşıcı &amp; Acar, 2016; Ulucak &amp; Erdem, 2017; Destek, 2018). Many studies are found to have examined the relationship CO2 emissions as an environmental degradation or environmental quality indicator has with other macroeconomic variables. These studies are seen to have mostly been examined within the scope of the Kuznets curve. The relationship between CO2 emissions and economic growth was determined to have been frequently examined, especially with regard to various forms of the environmental Kuznets curve (EKC; Başar &amp; Temurlenk, 2007; Halicioğlu, 2009; Saatçi &amp; Dumrul, 2011; Öztürk &amp; Acaravcı, 2013; Shahbaz et al., 2013; Dal et al., 2013; Koçak, 2014; Tutulmaz, 2015; Bölük &amp; Mert, 2015; Albayrak &amp; Gökçe, 2015; Yurttagüler &amp; Kutlu, 2017; Ceylan &amp; Karaağaç, 2020). These studies are seen to have investigated the validity of the inverse-U relationship using the variables of CO2 emissions, per capita income, and the per capita income squared. Another model for the validity of the environmental Kuznets curve involves studies that have investigated the validity of the cubic form (Şahinöz &amp; Fotourehchi, 2013; Allard et al., 2018; Manga &amp; Cengiz, 2020; Özdemir &amp; Koç, 2020; Güzel, 2021).In addition to the square form, these studies added the cubed income per capita as a variable to the model, tested the model, and investigated the validity of the N-shaped EKC. Some studies such as Rudolph and Figge (2017), Figge et al. (2017), Ulucak and Bilgili (2018), Destek (2018), Destek and Sarkodie (2019), Baloch et al. (2019), Alola et al. (2019), Apaydın (2020), Yılancı and Pata, (2020) Shahzad et al. (2020), and Gulmez et al. (2021) have examined the relationship between ecological footprint and various socio-economic indicators.This study investigates the relationship between the economic complexity index and ecological footprint in the Turkish economy using 1990-2019 period data. The study has attempted to obtain a wide range of results by adding the variables of energy consumption and economic growth to the model as some important variables that determine the ecological footprint. The political and economic shocks that could cause structural breaks in the Turkish economy over the studied period have necessitated the use of both traditional augmented Dickey-Fuller (ADF) and Fourier ADF unit root tests in the unit root process research. According to the stationarity results, all variables become stationary after taking the first difference. Therefore, the degree of integration of all variables is I(1). For the long-term relationship between the variables (Banerjee et al., 2017), the Fourier ADL cointegration test, which was brought to the literature, was used. Empirical findings have revealed the existence of a cointegration relationship. . The FMOLS test was used to estimate the effects the independent variable included in the model have on the ecological footprint. The FMOLS results indicate that, during the studied sample period, the ecological footprint in Turkiye was increased both in the short and long term by energy consumption and that economic complexity increased the ecological footprint in the short run while increasing it in the long run. Meanwhile, the short-term elasticity of economic growth was concluded to be greater than the long-term elasticity.&nbsp;

The Environmental Quality-Economic Complexity Relationship:  A Fourier Cointegration Analysis of the Turkish Economy

Gökhan

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

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

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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ERIH PLUS

TR Dizin

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EconBiz

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Istanbul Journal of Economics

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Editor in Chief

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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.

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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.

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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). The discursive construction of national identity. Discourse and Society, 10(2), 149–173. http://dx.doi.org/10.1177/0957926599010002002c) Journal Article with DOI and More Than Seven AuthorsLal, H., Cunningham, A. L., Godeaux, O., Chlibek, R., Diez-Domingo, J., Hwang, S.-J. ... Heineman, T. C. (2015). Efficacy of an adjuvanted herpes zoster subunit vaccine in older adults. New England Journal of Medicine, 372, 2087–2096. http://dx.doi.org/10.1056/NEJMoa1501184d) Journal Article from Web, without DOISidani, S. (2003). Enhancing the evaluation of nursing care effectiveness. Canadian Journal of Nursing Research, 35(3), 26–38. Retrieved from http://cjnr.mcgill.cae) Journal Article wih DOITurner, S. J. (2010). Website statistics 2.0: Using Google Analytics to measure library website effectiveness. Technical Services Quarterly, 27, 261–278. http://dx.doi.org/10.1080/07317131003765910f) Advance Online PublicationSmith, J. A. (2010). Citing advance online publication: A review. Journal of Psychology. Advance online publication. http://dx.doi.org/10.1037/a45d7867g) Article in a MagazineHenry, W. A., III. (1990, April 9). Making the grade in today’s schools. Time, 135, 28–31.Doctoral Dissertation, Master’s Thesis, Presentation, Proceedinga) Dissertation/Thesis from a Commercial DatabaseVan Brunt, D. (1997). Networked consumer health information systems (Doctoral dissertation). Available from ProQuest Dissertations and Theses database. (UMI No. 9943436)b) Dissertation/Thesis from an Institutional DatabaseYaylalı-Yıldız, B. (2014). University campuses as places of potential publicness: Exploring the politicals, social and cultural practices in Ege University (Doctoral dissertation). Retrieved from http://library.iyte.edu.tr/tr/hizli-erisim/iyte-tez-portalic) Dissertation/Thesis from WebTonta, Y. A. (1992). An analysis of search failures in online library catalogs (Doctoral dissertation, University of California, Berkeley). Retrieved from http://yunus.hacettepe.edu.tr/~tonta/yayinlar /phd/ickapak.htmld) Dissertation/Thesis abstracted in Dissertations Abstracts InternationalAppelbaum, L. G. (2005). Three studies of human information processing: Texture amplifica&#173;tion, motion representation, and figure-ground segregation. Dissertation Abstracts International: Section B. Sciences and Engineering, 65(10), 5428.e) Symposium ContributionKrinsky-McHale, S. J., Zigman, W. B., &amp; Silverman, W. (2012, August). Are neuropsychiatric symptoms markers of prodromal Alzheimer’s disease in adults with Down syndrome? In W. B. Zigman (Chair), Predictors of mild cognitive impairment, dementia, and mortality in adults with Down syndrome. Symposium conducted at the meeting of the American Psychological Association, Orlando, FL.f) Conference Paper Abstract Retrieved OnlineLiu, S. (2005, May). Defending against business crises with the help of intelligent agent based early warning solutions. Paper presented at the Seventh International Conference on Enterprise Information Systems, Miami, FL. Abstract retrieved from http://www.iceis.org/iceis2005/abstracts_2005.htmg) Conference Paper - In Regularly Published Proceedings and Retrieved OnlineHerculano-Houzel, S., Collins, C. E., Wong, P., Kaas, J. H., &amp; Lent, R. (2008). The basic nonuniformity of the cerebral cortex. Proceedings of the National Academy of Sciences, 105, 12593–12598. http://dx.doi.org/10.1073/pnas.0805417105h) Proceeding in Book FormParsons, O. A., Pryzwansky, W. B., Weinstein, D. J., &amp; Wiens, A. N. (1995). Taxonomy for psychology. In J. N. Reich, H. Sands, &amp; A. N. Wiens (Eds.), Education and training beyond the doctoral degree: Proceedings of the American Psychological Association National Conference on Postdoctoral Education and Training in Psychology (pp. 45–50). Washington, DC: American Psychological Association.i) Paper PresentationNguyen, C. A. (2012, August). Humor and deception in advertising: When laughter may not be the best medicine. Paper presented at the meeting of the American Psychological Association, Orlando, FL.Other Sourcesa) Newspaper ArticleBrowne, R. (2010, March 21). This brainless patient is no dummy. Sydney Morning Herald, 45.b) Newspaper Article with no AuthorNew drug appears to sharply cut risk of death from heart failure. (1993, July 15). The Washington Post, p. A12.c) Web Page/Blog PostBordwell, D. (2013, June 18). David Koepp: Making the world movie-sized [Web log post]. Retrieved from http://www.davidbordwell.net/blog/page/27/d) Online Encyclopedia/DictionaryIgnition. (1989). In Oxford English online dictionary (2nd ed.). Retrieved from http://dictionary.oed.comMarcoux, A. (2008). Business ethics. In E. N. Zalta (Ed.). The Stanford encyclopedia of philosophy. Retrieved from http://plato.stanford.edu/entries/ethics-business/e) PodcastDunning, B. (Producer). (2011, January 12). inFact: Conspiracy theories [Video podcast]. Retrieved from http://itunes.apple.com/f) Single Episode in a Television SeriesEgan, D. (Writer), &amp; Alexander, J. (Director). (2005). Failure to communicate. [Television series episode]. In D. Shore (Executive producer), House; New York, NY: Fox Broadcasting.g) MusicFuchs, G. (2004). Light the menorah. On Eight nights of Hanukkah [CD]. Brick, NJ: Kid Kosher.

<a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/8137CF88D98D446BA7C14A96AC5893D9" target="_blank">Copyright Agreement Form</a><a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/AC76F8CB7ACA46E080DC110CAC47E363" target="_blank">Title Page</a><a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/6BCDBAD61F5946649AE671DC13D38269" target="_blank">Author Form</a>

Ensure that the following items are present:●    Cover letter to the editorü    The category of the manuscriptü    Confirming that “the paper is not under consideration for publication in another journal”.ü    Including disclosure of any commercial or financial involvement.ü    Confirming that the statistical design of the research article is reviewed.ü    Confirming that last control for fluent English was done.ü    Confirming that journal policies detailed in Information for Authors have been reviewed.ü    Confirming that the references cited in the text and listed in the references section are in line with APA 6.●    <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/JTA6CLJ8T5/70298F3E51EC4455892087381B3FCB55" target="_blank">Title page</a>ü    The category of the manuscriptü    The title of the manuscript both in Turkish and in Englishü    All authors’ names and affiliations (institution, faculty/department, city, country), e-mailaddressesü    Corresponding author’s email address, full postal address, telephone and fax numberü    ORCIDs of all authors.●    Main Manuscript Documentü    The title of the manuscript both in Turkish and in Englishü    Abstracts (120-250 words) both in Turkish and in Englishü    Key words: 3 words both in Turkish and in Englishü    Extended Abstract (600-800 words) in Englishü    Main article sectionsü    Grant support (if exists)ü    Conflict of interest (if exists)ü    Acknowledgement (if exists)ü    Referencesü    All tables, illustrations (figures) (including title, description, footnotes)

Issue Type	Regular
Editor(s)	Gökhan Karabulut
Cover (PDF)
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Front Pages (PDF)

Istanbul Journal of Economics

VOLUME 72, ISSUE 1, 2022

Household Indebtedness in the Context of the Financialization of Social Policies

The Effects of Volatilities in Oil Price, Gold Price and VIX Index on Turkish BIST 100 Stock Index in Pandemic Period

Impact of Small and Medium-Sized Enterprises (SMEs) on the Sustainable Development in Yemen during the Period from 2000 to 2018: An Empirical Study

The Growth Impact of Human Development: A Developed- and Developing-Country Comparison

International Tradable Goods in Ibn Battuta’s Travelogue

Determinants of Dynamic Capital Structure and the Speed of Adjustment to Optimal Leverage: A Study on Financial Institutions in Turkey

The Effect of Sectoral Bank Loans on Economic Growth in Turkey

External Debt Cycles of the Turkish Economy: Is it Possible to Escape the Crisis?

Spillover Effects of Stock Markets in the COVID-19 Pandemic Period: Evidence From Central and East European Countries

The Lending Behavior of Investment and Development Banks in Turkiye: Evidence from Quantile Regression Approach

The Relationship between Economic Growth and Unemployment Rate: Fractional Frequency Fourier ARDL Bounds Test Approach

Macroeconomic Determinants of Total Factor Productivity: An Analysis on the Example of OECD Countries

Analysis of External Debt-Based Growth Hypothesis with Markov Regime Switching Models for the Turkish Economy

Participatory Budgeting: A Critical Approach

The Relationship of Exchange Rate and Oil Price Volatilities with Stock Returns: Evidence from Borsa Istanbul Sector Indexes

The Environmental Quality-Economic Complexity Relationship: A Fourier Cointegration Analysis of the Turkish Economy

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