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of financial institutions, the traditional forms of borrowing, referred to as “informal” by the financial system, have been replaced by “formal” (bank credits).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;

Sosyal Politikaların Finansallaşması Bağlamında  Hanehalkı Borçluluğu

Kadir

Covid–19 Pandemi Döneminde Petrol fiyatı, Altın fiyatı ve VIX  Endeksindeki Oynaklıkların Türkiye BİST 100 Endeksi Üzerindeki Etkileri

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;

İnsani Gelişmişliğin Büyüme Etkisi: Gelişmiş ve  Gelişmekte Olan Ülkeler Karşılaştırması

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;

İbn Battuta Seyahatnamesi’nde Uluslararası Ticarete Konu Olan Mallar

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;

Dinamik Sermaye Yapısı Belirleyicileri ve Optimal  Kaldıraç Oranı Uyarlama Hızı: Türkiye’de Finans  Şirketleri Üzerine Bir Çalışma

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;

Türkiye Ekonomisinin Dış Borç Döngüleri:  Krizden Kaçış Mümkün Mü?

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

Türkiye’de Yatırım ve Kalkınma Bankalarının Kredi Verme Davranışı: Nicel Regresyon Yaklaşımından Kanıtlar

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;

Ekonomik Büyüme ve İşsizlik Oranı Arasındaki İlişki:  Kesirli Frekanslı Fourier ARDL Sınır Testi Yaklaşımı

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;

Toplam Faktör Verimliliğinin Makroekonomik  Belirleyenleri: OECD Ülkeleri Örneğinde Bir Analiz

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;

Dış Borçlanmaya Dayalı Büyüme Hipotezinin Türkiye  Ekonomisi için Markov Rejim Değişim Modelleri ile İncelenmesi

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;

Katılımcı Bütçeleme: Eleştirel Bir Yaklaşım

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.

Döviz Kuru ve Petrol Fiyatlarındaki Dalgalanmaların Hisse Senedi Getirileri İle İlişkisi: Borsa İstanbul Sektör Endeksleri İçin Bir Uygulama

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;

Çevre Kalitesi-Ekonomik Karmaşıklık İlişkisi: Türkiye  Ekonomisi Üzerine Fourier Eşbütünleşme Analizi

Gökhan

Betül

Ahmet

Prof. Dr.

Estimation of the Distribution and Demand Dynamics in Turkey: Structural Vector Autoregression Approach to a Post-Keynesian Model

Bükre

Gülden

İsmail

Ozan

Banks operating in Türkiye and traded in the ISE100 banking sector can be&nbsp;classified into three subsections: State banks owned by the country, private banks&nbsp;established by local holdings, and foreign banks that carry out their oversea&nbsp;activities in the country. Although they have different purposes, they are mostly&nbsp;affected by the same events at the same time. Each element in the banking system,&nbsp;especially banks themselves, cannot act individually and are affected alltogether&nbsp;by current economic and political factors. Therefore, one cannot expect these&nbsp;banking stocks that are traded in the stock market to behave independently. In&nbsp;addition to this, the decisions regulators and bank supervisors make regarding&nbsp;certain economic circumstances may also cause some simultaneous effects.&nbsp;Historically, the entire banking sector has been seen to contract and expand in&nbsp;some cases. Each stock price change can cause another related stock price to&nbsp;increase or decrease. In particular, sectors where a strong dependence exists, such&nbsp;as banking experience these co-movements more intensely.Given the capital importance the banking sector holds in the Turkish economy, investigating the interdependence of these assets can help one better interpret these stocks both in regard to individual behaviors as well as to an integrated market setup. One can extract valuable information for this purpose using the flexibility of the vine copula approach that has been added to commonly used time series models. The underlying motivation for favoring the vine copula model over the high-dimensional copula model is to be able to consider the multivariate dependence within an unconfined approach. Due to high-dimensional copulas presenting a computational challenge, vines are more comprehensive and flexible in examining the dependency risk dynamics of portfolios under high-risk market conditions.In this respect, the contributions of this study are twofold: First, it models the time-varying dependence structure of the 11 banking sector stocks that were traded on the ISE100 from 1/3/2018 to 9/222022, by integrating a combined generalized auto-regressive conditional heteroskedasticity (GARCH) and regular&nbsp;vine (R-vine) copula model. Second, the study estimates the value-at-risk (VaR) and expected shortfall (ES) risk measures of the 11-dimensional equally-weighted portfolio using a 250-day rolling window approach based on this dependence structure. An equally-weighted portfolio approach allows one to track the dependence structure, as well as to observe and measure the changes in the portfolio based on differences in dependence. This study compares the results of the proposed model with the traditional GARCH-based portfolio risk measures, providing evidence that the proposed R-vine copula-based GARCH (VGARCH) model improves the price estimations. With regard to the calculated risk measures (VaR and ES), the VGARCH model with Student’s t innovations outperforms the classical GARCH model’s results at a 95% significance level.The results show that, while banks with a high market capitalization generally exhibit a symmetrical tail dependence (YKBNK, AKBNK, and GARAN stock listings), banks with relatively small market capitalization tend to have lower-tail dependence (ALBRK, SKBNK, TSKB, and ICBCT stock listings). The tree structure of the R-vine copula model indicates the ISCTR and VAKBN stocks to be the most interconnected central nodes. This indicates that these may be the two most important financial institutions that need to be focused on in order to achieve a faster recovery in times of financial stress. Based on the application, the survival Gumbel copula, which appears in maximum numbers, clearly also plays an important role in the dependency structure of the banking sector stocks. The prevalence of the survival Gumbel copula in the banking sector can be interpreted as a sign of the high probability that unfavorable events become extreme and easily transform into systemic risk. These results provide important implications regarding financial institutions’ economic decisions, capital regulations, the governtment’s arrangement of legislation and regulations, supervisory agencies, and investors’ risk-management decisions in the financial market.

Dependence Analysis of the ISE100 Banking Sector Using Vine Copula

Selim

The Possible Effects of the Belt and Road Initiative on Turkey’s Foreign Trade within the Scope of the Gravity Model: A Modes of Transportation Approach

Melike

Suzan

Environmental pollution is an important problem threatening the world, and countries have implemented environmentally friendly policies in order to improve environmental quality and sustain economic growth. However, globalization, which expresses the economic, social, and political integration of countries, is an important factor in terms of environmental quality, especially with regard to CO2 emissions, because globalization increases countries’ interactions with each other economically, socially, and politically, and the interactions between different countries inevitably affect CO2 emissions. Globalization can affect environmental quality in two ways. Firstly, globalization can improve environmental quality by reducing CO2 emissions. Secondly, globalization can harm environmental quality by increasing CO2 emissions. Therefore, determining the nexus between globalization and environmental quality can help both governments and policy makers regulate their environmental policies. This study investigates the relationship between economic growth and different types of globalization (e.g., economic, social, political) within the framework of the environmental Kuznets curve (EKC) hypothesis for the period of 1970-2018 in Türkiye. Previous papers have addressed the general globalization index and investigated its effect on environmental quality (Acheampong et al., 2019; Chishti et al., 2020; Sheraz et al., 2021; Yang et al.,&nbsp;2021). Based on the EKC hypothesis, this paper differentiates itself from others by analyzing the impacts different types of globalization (e.g., economic, social, political) have on environmental quality for Türkiye within the scope of the vector error correction model (VECM). In order to analyze the nexus of the variables, the study first conducted a stationarity test for the series using the augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) tests. The long-term relationships among the variables were investigated using the Johansen cointegration test, then the long-term coefficients were determined using fully modified ordinary least square (FMOLS) and dynamic ordinary least square (DOLS) estimators. Afterward, the short- and longterm causality nexus was analyzed using the VECM Granger causality test. Lastly, variance decomposition and impulse-response functions were used to examine the effects of shocks. According to the findings from the ADF and PP unit root tests, the variables of CO2 emissions per capita, GDP per capita, economic globalization, social globalization, and political globalization were found to be stationary at the first difference. Johansen cointegration test findings indicate that long-term relationships exist among CO2 emissions per capita, GDP per capita, economic globalization, social globalization, and political globalization in Türkiye. According to the findings from the VECM Granger causality test, short-term one-way causality nexuses occur from economic globalization to CO2 emissions and from social globalization to political globalization. In addition, the negative sign and statistical significance of the error correction coefficient reveal the presence of long-term causality nexuses from economic globalization, social globalization, and political globalization to CO2 emissions. After determining the presence of longterm relationships among the variables, the long-term coefficients were estimated using the FMOLS and DOLS estimators. The long-term estimators reveal CO2 emissions per capita to be significantly and positively affected by GDP per capita, economic globalization, and social globalization, while being significantly and negatively affected by the square of GDP per capita and political globalization. In addition, the results from the relevant tests have revealed evidence for the validity of the EKC hypothesis in Türkiye. Lastly, the study also performed impulse response functions and a variance decomposition analysis. According to the impulse response functions, per capita CO2 emissions reacted positively in the fourth period to a shock of one standard deviation in per capita GDP before stagnating. While per capita CO2 emissions react positively to a shock to the standard deviation as seen in economic globalization in the second period, per capita CO2 emissions had reacted positively to a standard deviation shock, as seen in social globalization and political globalization in the first period. The variance decomposition approach shows a change in CO2 emissions per capita to have mostly been self-caused, followed by economic globalization, political globalization, GDP per capita, and social globalization, respectively. In other words, while 56.73% of the one-unit change in CO2 emissions per capita in the tenth period is self-explained, the contributions from economic growth, economic globalization, social globalization, and political globalization toward CO2 emissions for the tenth period were 4.78%, 30%, 0.93%, and 7.45%, respectively. The findings reveal the various types of globalization (e.g., economic, social, political) to affect environmental degradation differently. In this context, environmental policies should be designed by considering how each type of globalization affects environmental quality. In addition, policies need to be implemented to reduce environmental pollution without reducing the growth rate.

Analyzing the Environmental Kuznets Curve Hypothesis in Terms of  Economic Growth and Different Types of Globalization in Türkiye

Mesut

Ayşe

Serhat

The concept of cryptocurrency entered the world for the first time in 2008 with an article by Satoshi Nakamoto: it maintained its importance in 2009 with Bitcoin as the first cryptocurrency in addition to Bitcoin, cryptocurrency types such as Ethereum, Ripple, and Litecoin are also used these days. Addressing the words crypto and cryptology would be useful when explaining the concept of cryptocurrency. Cryptology is narrowly defined as the science of encryption. Due to cryptology, all kinds of data (e.g., letters, numbers, symbol) are decrypted in a virtual environment and access to much data is provided. The blockchain mechanism creates the infrastructure system for cryptocurrencies. Blockchain has a transparent, decentralized, digital ledger data structure involving a peer-topeer payment system on the Internet.Cryptocurrency has many advantages and disadvantages. Among the advantages of cryptocurrencies are the absence of inflation, unlimited transaction opportunities, low transaction costs, no specific center, ease of use and being seen as a profitable investment tool. Meanwhile, reasons such as being too volatile and being a high investment risk fall among some of its disadvantages. Cryptocurrencies are used by many sectors thanks to the Blockchain system. Sectors that use cryptocurrencies the most can be listed as travel, real estate, social media, education, and retail. The use of cryptocurrencies is becoming widespread in Türkiye as well as throughout the world. Cryptocurrency awareness started in 2017 in Türkiye. Cryptocurrency exchanges have been opened, and trading in these markets has accelerated. In fact, the Bitcoin ATM installed at Istanbul Atatürk Airport was one of the first in the world in this field. Due to the intense interest in cryptocurrency, this study investigates consumers’ attitudes towards cryptocurrency usage as a payment method in their online shopping based on the technology acceptance model (TAM).TAM is not a model that explains the place that information systems will have in human life in the future. Instead, TAM aims to reveal individuals’ attitudes, usage, and behaviors toward information systems. This model uses as few external variables as possible to explain the factors affecting the behaviors of information system users through a theoretically validated model. TAM consists of six interrelated factors: relevance, perceived usefulness, perceived ease of use, attitude, behavioral intention, and transition to current use. TAM’s validity has been tested over many areas, such as e-mail, mobile phones, computers, databases, and online shopping. This study aims to measure the effect of consumers’ attitudes toward cryptocurrencies on cryptocurrency as a payment method for online shopping. For this purpose, the study applies the survey method, which is one of the most used methods in the social sciences and obtains data from primary sources. For the research, online questionnaire forms were sent to participants residing in İzmir between March 15, 2022, and May 5, 2022, via mobile phone and e-mail, with the data being collected through an online response system. All consumers residing in İzmir constitute the main population of the research. However, due to the difficulty of reaching the entire main population. The questionnaires were sent to as many people as possible, of whom 212 participants responded. The sample of the study consists of these 212 participants study, seeks answers for the five hypotheses: regarding convenience: risk, benefit, trust, and attitude.The based study found no significant difference between the variables and genders with respect to consumers’ attitudes toward cryptocurrency usage as a payment method for online shopping, and the t-test and analysis of variance (ANOVA) results. The consumers’ educational and professional statuses were evaluated according to the participants’ ages and monthly income levels. In addition, the TAM based hypothesis tests were estimated through equation modeling with the results from the hypotheses showing the factors of convenience, benefit, and trust to positively affected the factor of attitude, while the factor risk negatively affected attitude in the predicted model. In addition, the factor of attitude emerged as an explanatory factor for the factor of intention. Due to the research topic being new, comparing the study with larger samples in the country and comparing the obtained results using models other than TAM, will be beneficial and contribute positively to the literature.

Investigating Consumers’ Attitudes on Cryptocurrency Usage as an Online Shopping Payment Method in the City of Izmir

Mercan

What Determined Stock Returns in Turkey from 1990 to 2022: Evidence from Structural Break Regression

Abdullah

Veli

This study adds the energy consumption, financial development, foreign trade balance, and capital formation values from 30 developing countries to the model as important components of the Cobb–Douglas production function and examines the relationships among economic growth, energy consumption, financial development, and foreign trade balance. The study uses the least absolute shrinkage and selection operator (LASSO) Graphical Granger Causality (GGN; adaptive LASSO) and truncating LASSO GGN approaches developed byShojaie and Michailidis (2010a) to determine the direction of any causality relationships among the variables. The study obtained annual data regarding the examined country group for the period 1990-2014 from the World Bank Development Indicators electronic database. The examined country group involves Algeria, Argentina, Bangladesh, Bolivia, Brazil, Cameroon, Colombia, Dominican Republic, Ecuador, El Salvador, Gabon, Guatemala, Jordan, India, Iran, Kenya, Malaysia, Mexico, Egypt, Nicaragua, Nigeria, Pakistan, Panama, Paraguay,Peru, Philippines, Senegal, Sri Lanka, Thailand, and Türkiye. The study uses the logarithmic form of the analyzed variables.The logarithmic values for the variables of economic growth, energy consumption, financial development, capital formation, and foreign trade balance are shown respectively as EG, EC, FD, CF, and FTB. The study also uses the series of real GDP per capita (constant 2010 USD), energy use (Kg oil equivalent per capita), domestic credits to the real private sector (percent of GDP), gross capital formation (fixed 2010 USD), and foreign trade balance (percentage of GDP) as the respective indicators of indicators of EG, EC, FD, CF, and FTB.The LASSO GGN and KLASSO GGN methods test the causality relationships by considering the vector autoregression (VAR) models. When examining the findings from the LASSO GGN and KLASSO GGN tests, a unidirectional causality relationship was determined to exist between the variables of EG and FTB in the KLASSO GGN test going from EG to FTB, while the LASSO GGN test resulted in the presence of a bidirectional causality relationship. The findings show the causality relationship to be unidirectional from EC to EG and to be bidirectional between EG and FD. The presence of a causal relationship from EC to EG supports the growth hypothesis, with many studies being found to have detected this finding (see Stern, 2000; Fatai, Oxley &amp; Scrimgeour, 2004; Khan &amp; Qayyum, 2007; Francis, Moseley &amp; Iyare, 2007; Narayan &amp; Smyth, 2008; Tsani, 2010; Kaushal &amp; Pathak, 2015). The causality relationship between EG and FD going from EG to FD supports the demand-following hypothesis Patrick (1966) had proposed. Accordingly, economic growth is a fundamental factor that determines financial development. The direction of causality was found to go from EG to FD by Xu (2000), Eser and Genç (2010), Ozturk, Darıcı &amp; Kesikoğlu (2011), Ozcan and Ari (2011), Shahbaz, Khan &amp; Tahir (2013), and Kar, Nazlıoğlu &amp; Ağır (2014) and also supports the findings from Boutabba (2014) and Kaushal and Pathak (2015). The findings the study obtained also provide evidence for the existence of a relationship between foreign trade and economic growth. Many studies have also found a one-way causality relationship from EG to FTB as obtained from the KLASSO GGN (see Eser &amp; Genç, 2010; Bajwa &amp; Siddiqi, 2011; Shahbaz, 2012; Boutabba, 2014; Kaushal &amp; Pathak, 2015; Shahzad, Kumar, Zakaria &amp; Hurr, 2017), which confirm the present study’s findings. The two-way causality finding between EG and FTB as obtained by the LASSO GGN also supports the findings from the studies of Bajwa and Siddiqi (2011), Asghar and Hussain (2014), and Kar et al. (2014).When evaluating the findings from the applied tests in terms of economics, the increases in real GDP per capita can be said to be based on production. In this context, energy use in developing countries has great importance in ensuring economic growth, production, and investment. Energy imports for production can create pressure on the foreign trade balance by producing a negative effect. On the other hand, the export of goods and services produced after the use of energy can reduce the pressures by creating positive effects regarding the foreign trade balance. For economies where production activities are not dependent on energy imports in particular, exports may have a greater positive effect on foreign trade balance.When evaluating the study’s analytical results, energy consumption and economic growth are seen to have a close relationship. In this sense, priority production areas based on energy consumption should be determined and these resources should be transferred to high value-added production areas in terms of the economy; this structure should positively affect the foreign trade balance by providing high value-added product production and exports. In addition, optimizing income increases within a country must be taken seriously within the scope of alternative and priority policies by creating an economic structure based on domestic inputs. The investment-savings gap should be reduced, and the production structure strengthened by making the capital formation process functional alongside the increased income levels.Considering that the income increase created in a country will be insufficient for capital formation, that country should make legal, structural, and institutional arrangements for eliminating the problems experienced in the financializationprocess. In order to create healthy financial and financial markets in this context, importance should be given to public and private cooperation, and a structure should be established that will ensure effective coordination. Efficiently distributing resources and making financial markets more efficient in such astructure that will make capital flow and formation healthier will have positive effects on economic growth, energy markets, foreign trade balance, and financial development.

Graphical Causality Test Approach to the Relationship Between Economic Growth, Energy Consumption, Foreign Trade Balance and Financial Development

Adem

Mehmet

Oktay

Green Economy in Sustainable Development: An Analysis for OECD Countries

Ebru

Urbanization and Urban-Rural Income Inequality in Latin America

International Knowledge Spillovers and Economic  Growth: New Evidence from High-Tech Imports and  R&D Cooperation

Hüseyin

Sefer

With globalization, the reduced limitations in the circulation of goods and capital has led production to shift to developing countries. This has made significant contributions to developing the production capabilities and growth performance in these countries. This development generally includes laborintensive sectors based on technology transfer but has lost momentum over time, with a significant decline occurring regarding growth performance, especially after the Global Crisis and the contraction in global demand. Meanwhile, developed countries’ strategies have generally focused on critical goods and components that explore innovations through R&amp;D and design studies and contain high technology. These countries have gradually withdrawn from the manufacturing industry, especially from labor-intensive sectors, and increased the importance their services sector have in the economy.Due to the service sector in developed countries that have reached advanced levels of industrialization becoming more prominent, the views in the literature that associate economic success with industrialization and that argue the manufacturing industry to be the best path for economic development have gradually weakened. Moreover, a similar trend has begun to occur in developing countries where industrialization has not yet fully matured. This situation has caused debates regarding the service sector’s contribution to welfare and growth in developed countries, as well as to development in developing countries. Therefore, the industrial sector’s loss of importance in the economies of developed and developing countries has created the impression that this sector, which has carried developed countries to their current levels, is not considered as significant as it used to be.Studies in the literature can approach sectoral changes regarding economic structure from different perspectives. Contrary to the view that the services sector is unable to increase productivity and welfare as much as the industrial sector and that growth will slow down in economies as a result of the services sector’s dominance, some opinions argue the relationship between these sectors to be getting stronger, with the services sector therefore now able to create as much welfare as the industrial sector. When considering the complementary roles these sectors have, the industrial sector’s level of development can also be said to determine the quality of the services sector. Therefore, the services sector in developed countries has been argued to operate in more productive areas, whereas the services sector in developing countries operates in areas with lower productivity. This situation raises the question of how development can be possible in developing countries, as well as how the economic performance of developed countries is affected.This study uses the panel data analysis method to examine the effects the industrial sector and innovation capabilities have on export and competitiveness, which are extremely important in terms of development and sustainable growth. In this context, the study has determined the independent variables to be the added value created in the manufacturing industry, which is the most important branch of the industrial sector, and the expenditures that are made for R&amp;D activities, which form the basis of innovation. Meanwhile, the study takes the Global Competitiveness Index into consideration as the dependent variable for competitiveness and the ratio of exports of goods and high technology exports in exports as the dependent variables for exports. The study covers 35 OECDcountries and limits itself to the 2008-2017 period in order to obtain data on hightechnology exports while avoiding the effects from the methodological changes that have occurred for measuring competitiveness. The performed analyses have determined the value-added growth rate, which expresses development in the manufacturing industry, to positively affect competitiveness and goods exports. In addition, R&amp;D expenditures have been observed to be better determinants of the dependent variables and to positively affect competitiveness, goods exports, and high technology exports. According to the results, a one-unit increase in the manufacturing industry value-added growth rate increases the Global Competitiveness Index by 0.0033 units, while a one-unit increase in the GDP ratio of R&amp;D expenditures increases competitiveness by 0.0926 units. While a one-unit increase in the value-added growth rate increases goods exports by 1.587 units, a one-unit increase in the ratio of R&amp;D expenditures to GDP increases goods export by 36.3 units. However, while statistically significant results could not be reached regarding the effects of the manufacturing industry’s added value on high technology exports, a one-unit increase in the ratio of R&amp;D expenditures to GDP has been concluded to increase the rate of high technology exports by 2.9 units.These results show that the manufacturing industry plays an important role in increasing exports and competitiveness, and this role increases significantly when focusing on innovation. Competitiveness and exports make significant contributions to growth performance and sustainability, as they indicate an increase in the quality of the economy and in production. Therefore, focusing on increasing innovation capabilities, especially R&amp;D activities, by focusing on the industrial sector in the economy is seen to be able to make a significant contribution to growth in developed countries and development in developing countries.

Has the Industrial Sector Lost Its Importance? An Examination of Exports and Competitiveness

İbrahim

Continuous measurement of periodic performance is necessary for businesses in terms of their fundamental objectives of profitability and sustained growth. Financial analysis reveals the current state of the business from the past to the present and contributes to improving the accuracy of managerial decisions by making predictions about its future. Traditionally, financial analysis has focused on balance sheet and income statement information, evaluating these statements based on derived ratios. However, in parallel with the development and change in financial markets, the required information in financial analysis has diversified and expanded, incorporating the need for cash flow information. In this context, the cash flow statement has become the center of attention for business managers, potential investors who invest or intend to invest in the capital market, and credit institutions due to the benefits it provides.In international financial reporting, it is mandatory to prepare cash flow statements and integrate them as an integral part of the financial statements. The cash flow statement displays the cash inflows and outflows generated by an entity during a specific period, categorized under operating, investing, and financing activities. It serves as a bridge between the income statement and the balance sheet, providing users with information that cannot be obtained from these financial statements. The cash flow statement presents a detailed breakdown ofcash flows, offering insights into the operating, investing, and financing activities of the business.The aim of this study is to analyze the impact of cash flow statements on firm performance. Within the scope of this objective, cash flow statements prepared according to the 6-year International Accounting Standards (IAS) for the years 2014 and 2019 were examined for companies listed on Borsa Istanbul’s BIST 100 index. From the cash flow statement data, independent variables were identified as cash flows from operating activities (CFOA), net income (NI), changes in operating working capital (COWC), cash flows from activities (CFFO), cash flows from investing activities (CFIA), cash flows from financing activities (CFFA), dividend payments (DP), and ending cash and cash equivalents (ECE). The dependent variables are return on assets (ROA), return on equity (ROE), and Tobin’s q ratio. Panel data analysis was used to evaluate the impact of cash flow information on firm performance for companies operating in the manufacturing and non-manufacturing sectors of Borsa Istanbul.In the manufacturing sector, a positive relationship was found between ROA and cash flows from operating activities, net income, and dividend payments, while a negative relationship was observed with changes in operating working capital. In non-manufacturing sectors, a positive relationship was identified between ROA and net income as well as between ROA and ending cash. In both the manufacturing and non-manufacturing sectors of Borsa Istanbul, a positive relationship was observed between ROA and net income.In the manufacturing sector, a positive relationship was found between ROE and net income, cash flows from financing activities, and dividend payments, while a negative relationship was observed with changes in operating working capital. For companies operating outside the manufacturing sector, a positive relationship was identified between ROE and net income. In both groups, a positive relationship was observed between ROE and net income.In the manufacturing sector, Tobin’s q was found to have a positive relationship with ending cash. In non-manufacturing sector firms, a positive relationship was observed between Tobin’s q and changes in operating working capital. However, when both groups were evaluated, no consistent relationship was found between cash flow information and Tobin’s q, similar to the findings for ROA and ROE.The study aimed to assess the impact of cash flow information on firm performance. Within the scope of the evaluation, the relationship between cash flow information and the performance evaluation criteria of ROA, ROE, and Tobin’s q was examined using panel data analysis to determine its statistical significance. The findings revealed that cash flow information has a significant influence on firm performance.In academic studies, the impact of cash flow information on firm performance can be evaluated by using different dependent and independent variables. The knowledge that cash flow information affects firm performance can be utilized as a tool by financial market participants in making investment decisions. Cash flow information, which has a lower risk of manipulation compared to balance sheet and income statement data, will contribute significantly as it enhances transparency levels.

The Effect of Cash Flows on Firm Performance: A Research on BIST

Exchange rates are one of the fundamental factors affecting consumer prices. Recent empirical studies have shown a decrease in the exchange rate pass-through (ERPT) in countries that adopt inflation-targeting regimes (Devereux and Yetman, 2003; Saiki, 2004; Nogueira, 2006). Evidence is also found in the literature showing the ERPT on consumer prices to slow down and gradually decrease in economies that switch to a floating exchange rate regime (Kara, Küçük-Tuğer, Özlale, Tuğer and Yücel, 2007; Darvas, 2001).Türkiye is one of the emerging economies to have implemented policies for liberalizing capital markets after the 1980s, and this has led to fluctuations in its exchange rate. After a long history of high inflation, Türkiye started to implement a free-floating exchange rate and inflation-targeting regime in 2006 and reduced its inflation rates to single digits in the following decade (Kara and Öǧünç, 2008). While many studies have investigated the ERPT, only a few have empirically analyzed whether the ERPT changes over time in Türkiye (Kara et al., 2007). Hence it remains essential to examine whether the Granger causality between exchange rate and consumer price index (CPI) changes over time. Thus, this paper examines whether the ERPT effect on aggregate and disaggregated consumer prices changes over time in Türkiye using the time-varying Granger causality (TVGC) test proposed by Shi, Phillips, and Hurn (2018, 2020). This method adds a time dimension to the Granger causality analysis, providing an opportunity to periodically analyze the causal relationship between the exchange rate and consumer prices. The study examines the causality relationships between the US dollar and CPI over the 1986M01-2022M06 period and between the US dollar and euro currency basket and the 12 major groups of consumer expenditures over the 2003M01-2022M06 period.&nbsp;The empirical results show a bidirectional Granger causality to exist between the US dollar and the CPI, while a unidirectional Granger causality occurs from the currency basket to the indexes for the major groups of consumer expenditures. The bidirectional Granger causality relationship between the US dollar and CPI and the unidirectional Granger causality relationship from the currency basket to the indexes for the major groups of consumer expenditures appear stronger for housing, transport, and household equipment in particular. The relatively low causality with food and non-alcoholic beverages may be due to the more significant contribution to this sector from domestic resources, which are relatively less affected by external and exchange rate shocks. When considering a time-varying Granger causality relationship, Granger causality is seen to occur from the US dollar to the CPI during the 1994 and 2001 crises in particular, as well as during the exchange rate shock experienced in 2018. More specifically, the results obtained using the forward expanding (FE), the rolling (RO), and the recursive evolving (RE)windows align with the literature stating the free-floating exchange rate regime and the inflation targeting regime to both reduce the ERPT, thus empirically verifying the that the ERPT effect on consumer prices changes over time.When considering the causality relationship between the currency basket and the indexes on the major groups of consumer expenditures, a Granger causality is found going from the currency basket to food prices, starting with and continuing after the 2018 exchange rate shock. In addition to the exchange rate shock, a Granger causality from the currency basket to house prices was also detected for the 2008 global financial crisis. The ERPT on household equipment is seen to be in question for different periods that require sectoral analysis. Periods with ERPT on transport coincide with global oil prices and exchange rate shocks. The Granger causality from the exchange rate (the US dollar and currency basket) to the aggregate and disaggregated consumer prices was observed to become evident during national and international crisis periods and to have remained high and persistent following the 2018 exchange rate shock due to the deterioration in CPI expectations.&nbsp;

Does Exchange Rate Pass-Through Change Over Time in Türkiye?

Gizem

Demet

Esra

Free zones are areas that occur within the political borders of a country but outside of customs restrictions in terms of foreign trade, taxation, and duty tax. The advantages that accompany free zones come to the fore in countries that do not or only partially apply legal and administrative regulations and that have intense commercial activities. Free zones emerged within the policy of increasing participation in international trade and producing and exporting low-tech laborintensive goods and have also found application in Türkiye, as these zones are a fundamental tool for implementing Türkiye’s export-oriented industrialization strategy. Businesses in free zones, particularly export businesses, can actually have several advantages, including technological and physical infrastructure support, eased procedures, the option to use free zones as stockrooms (rather than having to sell products immediately), export-oriented subsidies, and tax exemptions. However, discussion frequently occurs around free zones’ impact on transit trade, human capital, and labor; the way it facilitates the entry of foreign capital into a country; and its effects on the transfer of new technology. The scope of this study addresses how successfully the free zone formations that emerged with the understanding of free international trade have acted to incentivize exports and employment by designing appropriate economic and commercial reforms. The aim of this study is to empirically investigate and evaluate the relationship imports and exports have with Türkiye’s foreign trade and employment by focusing on the companies that operate in free zones and enjoy many tax advantages, including exemptions from corporate tax, income tax, customs tax, value-added tax, and&nbsp;&nbsp;stamp tax. In this framework, the study establishes seven different models using the determined variables by focusing on the monthly periods between January 2013 and May 2022 and analyzes the models using the Fourier autoregressive distributive lag (ADL) hidden cointegration test. This study analyzes the variables in seven different models by dividing them into negative and positive components, thus aiming to reveal the relationships hidden among the variables. The econometric results the study obtained show exports in free zones and Türkiye’s industrial production to affect total exports in the same direction with regard to the positive components. While a similar relationship is observed between Türkiye’s total exports and free zones, increases in the exchange rate and the world industrial production index are seen to have negative long-term effects on exports in free zones. The model that attempts to explain employment in the context of the positive components is seen to conclude that changes in imports and exchange rates in free zones affect employment in the same direction. The models that analyze negative shocks are seen to conclude increases in total imports in free zones, the exchange rate, and Türkiye’s production index to also result in an increase in total imports. Free zones serve to increase production and employment by increasing the total investment volume in Türkiye’s economy and by developing commercial activities both at the national and international scales. In this regard, the study makes the following important suggestions: The efficiency of the tax incentive system in free zones should be supported by ensuring broad tax incentives in order to strengthen the technological and human infrastructures and by having a qualified workforce in order to develop high-tech production opportunities in these zones. Also, Türkiye should advance with regard to international trade, as well as determine and implement the appropriate fiscal policies. Currently, Türkiye lacks a legal framework for impeding free zones from maximizing their export potential. In order to make the free zones in Türkiye more effective at benefitting from its export potential, current legal decisions should be made to address the issues in this regard, and import-export management should be carried out in a planned manner in line with the needs.&nbsp;

The Relationship Imports and Exports in Free Zones Have with  Türkiye’s Foreign Trade and Employment: The Fourier Autoregressive  Distributive Lag (ADL) Hidden Cointegration Test

Bekir

The Economic Impact of the Paris Agreement on Sectoral Outputs in Türkiye: An Input-Output Approach

Erdem

Zaim

Determinants of Export Performance in Emerging Market Economies: New Evidence from a Panel Quantile Regression Model

Mahmut

Emel

Technological tools and the Internet’s rapid development have directly affected businesses and employees in the age of technology and information. Employees use technological tools and the Internet extensively during work hours but also exhibit cyberloafing behaviors, which are expressed as using the Internet for purposes outside of work (Blanchard &amp; Henle, 2008). Some studies have stated cyberloafing to reduce work performance and productivity ( Johnson &amp; Indvik, 2003; Bock &amp; Ho, 2009; Ramayah, 2010), while other studies have showncyberloafing behaviors to perhaps be essential in reducing the negative effects o job stress (Blanchard &amp; Henle, 2008; Lim &amp; Chen, 2012; Özkalp &amp; Yıldız, 2018). Compared to previous periods in business life, job stress and cyberloafing levels are thought to be able to differ in terms of the different generations of employees that work in the same workplace, the characteristics Generations Y and Z have regarding the Internet and technology, and the characteristics other generations have. Academicians are seen to encounter job stress due to problems such as teaching, academic and administrative work, job insecurity, perceived injustice, and work-life imbalance (Gillespie et al., 2001; Göksel &amp; Tomruk, 2016).This study aims to examine the effect academicians’ cyberloafing behaviors have on their job stress levels with regard to their generation, the antecedents of cyberloafing (i.e., years spent using the Internet for academic research and study, Internet usage skills, knowledge of the institution’s Internet usage policies, time spent using the Internet during work hours), and whether their cyberloafing and job stress levels differ with respect to demographic variables.The research accessed 383 academicians working at universities in different cities of Turkey using the convenience sampling method and sent online questionnaires to the academicians’ institutional e-mail addresses in order to reach data quickly and healthily during the pandemic. The questionnaire form addresses cyberloafing antecedents and demographic questions using the Cyberloafing Activities Scale developed by Örücü and Yıldız (2014) and Job Stress Scale developed by House and Rizzo (1972) and adapted into Turkish by Efeoğlu (2006); the questionnaire also asks about birth dates in order to identify the generations. The study uses average variance extractad (AVE), composite construct reliability (CR), Cronbach’s alpha of reliability, confirmatory factor analysis (CFA), correlation analysis, normality tests, and difference tests to analyze the construct validity and reliability of the data and determined the study to have valid reliable results (standardized factor loading &gt; 0,50; Cronbach’s alpha &gt; 0,70; CR &gt; 0,70; AVE &gt; 0,40). The analyses made over the Cyberloafing Activities Scale and Job Stress Scale show them to have excellent model fit values.The result of the correlation analysis between the variables revealed no significant relationship between cyberloafing (p = 0,425 &gt; 0,05) and job stress. Academicians are thought to perhaps not evaluate their behaviors as cyberloafing or to have made incorrect evaluations due to the following: the intensity of the pandemic during the data collection process, universities’ implementation of distance education, and the flexibility of work hours. Because cyberloafing is a concept that requires being at work and performing nonwork-related Internet activities during work hours, the regression analysis was concluded to be unnecessary due to the lack of any significant relationship. The data from the Cyberloafing Activities Scale and Job Stress Scale were determined to show nonnormal distribution, and so the decision was made to perform non-parametric tests.The cyberloafing levels of the academicians who participated in the research are seen to not differ significantly according to gender, years spent using the Internet for academic research and work, Internet usage skills, knowledge of the institution’s Internet usage policies, or type of university worked at. According to the time spent using the Internet except work hours, those who spend less than 2 hours on the Internet except work hours are seen to exhibit the lowest levels of cyberloafing, while those who spend 5-7 hours on the Internet except work hours exhibit the highest levels of cyberloafing. Academicians with social media accounts have higher cyberloafing levels than those with no social media accounts. More academicians are found to consider cyberloafing acceptable compared to those who find it unacceptable. Academicians who do not warn their colleagues who were cyberloafing were found to have higher cyberloafing levels than those who warn their colleagues. Married academicians were found to have higher cyberloafing and job stress levels compared to single academicians and also women to have higher job stress levels than men. Those with the titles of Research Assistant Doctorate are seen to have the highest levels of cyberloafing and job stress, while those with the title of Professor Doctor are seen to have the lowest levels. Those with 6-10 years of work experience are seen to have the highest levels of cyberloafing, while those with 21 years or more of work experience are seen to have the lowest levels of cyberloafing. The Generation Y academicians are seen to be the group with the highest job stress and cyberloafing levels, while the Baby Boomer Generation of academicians are seen to have the lowest levels. The study results draw attention to the need to reevaluate the negative presuppositions about cyberloafing in universities. When analyzed study, it looks that cyberloafing might be a phenomenon that will be encountered more in the digital age and might take into account intergenerational differences.

Investigating the Effect of Academicians’ Cyberloafing Behaviors on Job Stress by Generation

Veysel

How Vulnerable is the Turkish Stock Market to the Credit Default Swap? Evidence from the Markov Switching GARCH Model

Esat

Halil

The superiority of liberal and neoliberal understanding regarding national and global economic policies, as well as hyper-globalization and its effects, have brought the issue of income distribution to a highly debatable position. This study examines the relationship between economic income distribution as a trend variable and wealth distribution as a stock variable, as well as the effect of ownership and capital ownership on income distribution. The market values of companies publicly traded on countries’ stock exchanges are used to represent the spread of capital and property ownership to the base. The study explains within its scope the concepts of capital markets, public offerings, the spread of capital and property to the base, income distribution, wealth distribution, and class struggle and evaluates the relationships among them. This study proposes the use of wealth distribution instead of income distribution in income distribution studies as a trend indicator. In order to support this proposal, the study examines the differences and relationships between income distribution and wealth distribution and explains them using numerical models.The increase in competitive conditions through globalization have created an important capital need for businesses that want to increase their sustainable competitiveness by benefitting from positive scale economies. The pressures that emerged in the demand for funds due to these enterprises’ capital needs have made borrowing difficult, with methods for incorporating small investors’ savings into the working capital through partnership relations having come to the fore. This step from enterprises is known as a public offering and involves the savings of smaller savers in production; it has emerged as a method that provides resources to businesses without creating debt obligations. The development and widespread use of information and communication technologies through globalization as well as the increase in measures to protect small investors has seen participation from small investors increase with regard to public offerings, and these public offerings have become an important resource for companies. Inn addition to public offerings, the spread of capital or equity ownership, which represents the partnership rights in companies, to the base and the results from this are important issues that need to be examined. This study examines within its scope the effect that the increase in public offerings have on income distribution. As a result of the examination and econometric analysis, significant relations have been identified between income distribution and the market values of the companies traded in stock exchanges, which represents the spread of capital ownership to the base.The study has established relationships among the concepts of public offerings, spread of property to the base, income distribution, and class struggle. The relationships among these variables have not received the attention they require in the literature. This study will fill important gaps in the literature through the causality relationship it has established between income and wealth distribution as well as the answers it provides regarding the effect of wealth ownership on income distribution and the new questions it brings to these issues.According to this study, the spread of capital ownership to the base equalizes income distribution. Again, the spread of capital ownership to the base will reduce the destructive effects of crises that arise in the labor or money markets, as this spread will diversify the types of income that individuals receive from the functional income distribution. For example, in the event of a sudden lack of demand for labor and an increase in unemployment due to changes in production techniques or other reasons, the labor supplier whose labor income has decreased or been completely reset will be able to continue to earn income from other production resources. Therefore, having individuals diversify their production resources will reduce the destructive effects in factor markets. In addition, individuals who engage in economic activity receive a share of the income of all production resources, and this minimizes the class struggle and conflicts of interest that arise with respect to the economic division of labor. In other words, because the labor supplier will also own capital, no significant loss will be experienced in total income when capital takes up a larger share of production. For this reason, the conflicts of interest between classes that are sharply seen will lose their effect, and social peace will increase.The results obtained from the study show the equal distribution of wealth ownership to be an important factor able to create the necessary climate for ensuring equality with regard to individuals’ current income levels. The econometric analysis yielded meaningful results that support the study’s theoretical discourse. According to these results, an increase in the ratio of the market values of stocks traded in the stock market to GDP results in a decrease of the Gini coefficient; in other words, it ensures a more equal distribution of income. This situation is more evident in the Republic of Turkey compared to the other 14 countries whose data were used. An increase in publicly traded stocks’ market value share in the GDP causes income distribution to become more equal and income inequality to decrease.

The Effect of Capital Ownership and Ownership Spread on Economic Income Distribution

Umut

The transition to settled life and the production, consumption, and utilization of goods in line with people’s needs occurring within a social framework has resulted in the problem of who will own these goods and how. Due to all these features, property has become the subject of social order on one hand and social conflict on the other. As a result, who will own property, who will have savings, who will benefit from these, and what will be the boundaries of property have become controversial issues. Thus, property rights are used to express relationships between people regarding the benefits and responsibilities associated with certain objects. For example, when a purchase-sales transaction takes place in the market, essentially two property rights are exchanged. Although the right to own a physical commodity or service is generally defined, the value of the things being exchanged is determined by the property right itself.John Locke was one of the leading representatives of neo-classical economics and defined the right to property as a natural right. According to Locke, the right to property is a natural right that precedes the social contract, and the proper role of government is to protect private property rights against the behaviors and interests of other citizens. A third intermediary and approval/registration mechanism became needed for the transfer of ownership, which has been accepted as a natural right, and for the regulation of property relations. For example, unless otherwise proven regarding intellectual property rights, the ownership of a work is determined by law to belong to its creator. There is a registration requirement for movable goods such as motor vehicles or immovable goods such as houses. A transfer of ownership cannot be registered without a license or title deed. The main reason for this is to prevent problems that may be encountered when the ownership of these goods changes hands.Unlike traditional property relations, blockchain requires no third party or authority to validate or check any transaction. All transactions can be seen on the blockchain’s scanner, so anyone who has Internet access can actually see which wallet owns the unique NFT. The fact that the blockchain infrastructure does not allow things such as repeated NFT sales, copying, or modification has eliminated the need for a third intermediary or approval mechanism regarding property relations, thus making the existence of traditional approval mechanisms questionable. This has paved the way for NFTs worth hundreds of thousands of dollars to be bought and sold without the need for a third-party approval mechanism such as notaries or registry offices.The first NFTs such Quantum and CriptoPunks had been minted as digital art, and many have followed since then. Unlike traditional institutions that validate ownership, all these NFTs have been sold and bought in decentralized market places that require no third party to validate these transactions. Thanks to blockchain scanners, anyone can see the original NFTs, and deceiving buyers with a copy of an NFT is quite difficult. This feature gives all NFT collections the authenticity that all art makers fiercely demand.	A similar situation applies to limited edition collections. Clothing companies in particular apply this method for special brands. With the introduction of 3D printers, the demand for NFTs that can be converted into physical products has also increased. These NFTs, also called phygital products, can be used both to ensure authenticity and to prevent the sale of counterfeit products. As such, these NFTs are traded for thousands of dollars, with Nike making $185 million in sales in 2022. Since the first NFT sale, more than $20 billion in sales has occurred, and this volume keeps growing. However, the vast majority of valuable NFTs are shown to concentrated in a small group, so much so that 10% of NFT trading wallets alone accounted for 85% of all transactions and 97% of all NFT assets (Nadini etc, 2021). A study (Zomblings, 2023) examining NFT sales and wallets containing NFTs revealed 16.7% of wallets to own 80.98% of all NFTs. Thus, one can say that a wealth inequality exists in the sense of NFTs’ value.Blockchain is constantly evolving, and codes are being updated, as NFTs represent a very new technological revolution in terms of use. Therefore, all these areas of use are still in their infancy. NFTs as a result of this revolution can be said to be at the beginning. NFTs cannot be changed or copied by their nature and involve property as well as property rights that arise from social human relations.

Rethinking Property Rights, Relations, and Wealth Inequality in the Age of Non-Fungible Tokens

Abdurrahman

Determinants of Intimate Partner Sexual Violence Against Women in Türkiye According to Socioeconomic and Sociodemographic Factors

Utku

The convergence of technology and finance in recent years has radically changed the understanding of money in daily use. Parallel with this are cryptocurrencies, which emerged in 2009 and have become increasingly popular and more widely used these days, as well as the Blockchain system as the technological power behind these coins. Although cryptocurrencies haveemerged as currency, the formation of price bubbles and volatility in their prices have led to cryptocurrencies being considered as an investment tool. The Blockchain system was created by Satoshi Nakamoto (2008) by combining technology and finance and can be defined as a cryptographic system that allows interpersonal payments without any central authority. This system can keep any data in the digital environment open (distributed) to all users over communication networks and ensure that the data remains the same at all points in this process. The blockchain system started with the Genesis (block zero) installation. Unlike the central banking system and central electronic money, crypto assets are completely decentralized and anonymous. In addition, cryptocurrencies also have various features such as crypto money owner registration and rules for creating new crypto money supplies, with only the owner being able to prove crypto money ownership and to have it change hands. The stored money consists of passwords that are not suitable for memorization and that only the recorded owner of the money will know. Digital currency is issued by a central authority and is also controlled by the same central authority. Due to the absence of any central authority, digital currency transactions are made ‘openly’ with real-identified users, while cryptocurrency transactions are done in secret.The study aims to determine the most appropriate model and bubble price formations for obtaining volatilities by using different conditional variance models for Bitcoin, Ethereum, and Ripple, which have had the highest market values between 2017-2020. The study is thought to be able to make a unique contribution to the literature because it covers the epidemic period and because it also uses volatility and economic balloons. The study consists of three parts. After the introduction on blockchain technology and cryptocurrencies, the first section discusses bubbles and volatility with regard to financial assets. The second section of the study performs a national and international literature review on volatility and bubbles in cryptocurrencies. The study then moves on the third section where it models the volatility features of cryptocurrencies that have come to the agenda with the highest trade volumes since the global crisis (i.e., Bitcoin, Ethereum, and Ripple), and determined the occurrence and dates of price bubbles. After performing the augmented Dickey-Fuller (ADF) and Ng-Perron unit root tests, EGARCH was determined as the best model for Bitcoin and TGARCH for Ethereum and Ripple, after which the analyses were carried out. According to the obtained results, negative coefficients for Bitcoin indicate that negative shocks will increase volatility more than positive shocks. This means a leverage effect is present for Bitcoin. No leverage effect was found for Ethereum or Ripple, and thus positive shocks are understood to increase volatility for them compared to negative shocks. In addition, continuous speculative bubble pricing has occurred for all three cryptocurrencies, with much higher bubble prices occurring for Ethereum and Bitcoin compared to Ripple. The results are remarkable for researchers, professionals, investors, and policy makers who are interested in the subject. The up-to-date nature of the analysis periods has made detecting the effects from the epidemic period and the financial bubbles that occurred toward the end of 2020 possible. According to the obtained results, cryptocurrencies can be considered as an alternative to other investment tools on the assumption that price increases will be continuous during periods when bubbles are detected for risk-favoring investors. Having future studies related to the subject examine the relationship between the spot market and the futures market, especially in price formations, and detect price bubbles in the Bitcoin futures market will progress the research. This study has revealed prices in the crypto-money market to be open to speculation with particular regard to Bitcoin, Ethereum, and Ripple, and the obtained results can be used as indicators for investors while setting up their positions.

Analyzing the Volatility Dynamics of Crypto Currency and the Occurrence of Speculative Bubbles: The Examples of Bitcoin, Ethereum, and Ripple

@JOURNAL_BOX_CURRENT

@JOURNAL_BOX_EARLYVIEW

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

@JOURNAL_BOX_FEATURED

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.

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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

Emerging Sources Citation Index (ESCI) <a href="https://app.trdizin.gov.tr/publication/journal/detail/TVRrNU9Uaz0" target="_blank" style="background-color: transparent;">TÜBİTAK-ULAKBİM TR Dizin</a> EconLit<a href="https://doaj.org/toc/2602-3954?source=%7B%22query%22%3A%7B%22filtered%22%3A%7B%22filter%22%3A%7B%22bool%22%3A%7B%22must%22%3A%5B%7B%22terms%22%3A%7B%22index.issn.exact%22%3A%5B%222602-4152%22%2C%222602-3954%22%5D%7D%7D%5D%7D%7D%2C%22query%22%3A%7B%22match_all%22%3A%7B%7D%7D%7D%7D%2C%22size%22%3A100%2C%22sort%22%3A%5B%7B%22created_date%22%3A%7B%22order%22%3A%22desc%22%7D%7D%5D%2C%22_source%22%3A%7B%7D%7D" target="_blank" style="background-color: transparent;font-size: 13.3333px;">DOAJ (Directory of Open Access Journals)</a><a href="https://dbh.nsd.uib.no/publiseringskanaler/erihplus/periodical/info?id=501980" target="_blank" style="background-color: transparent;">ERIH PLUS</a><a href="https://ciaonet.org/catalog?utf8=%E2%9C%93&amp;searched=yes&amp;search_field=all_fields&amp;q=istanbul+economics" target="_blank" style="background-color: transparent;">Columbia International Affairs Online</a><a href="https://ideas.repec.org/s/ist/journl.html" target="_blank" style="background-color: transparent;font-size: 10pt;">RePEc - IDEAS</a> <a href="https://econpapers.repec.org/article/istjournl/" target="_blank" style="background-color: transparent;">RePEc - EconPapers</a><a href="https://www.econbiz.de/Search/Results?lookfor=%09+2602-3954&amp;type=ISN" target="_blank" style="background-color: transparent;font-size: 10pt;">EconBiz</a> ProQuest Central                ProQuest Turkey Database EBSCO Business Source UltimateEBSCO Central &amp; Eastern European Academic Source SOBİADCabells Journalytics

Indexing and Abstracting

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

Policies

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

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

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

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

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

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

Ethics

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

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

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

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

Peer Review

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

Only those manuscripts approved by its every individual author and that were not published before in or sent to another journal, are accepted for evaluation.Submitted manuscripts that pass preliminary control are scanned for plagiarism using iThenticate software. After plagiarism check, the eligible ones are evaluated by Editor-in-Chief for their originality, methodology, the importance of the subject covered and compliance with the journal scope. Editor-inChief evaluates manuscripts for their scientific content without regard to ethnic origin, gender, citizenship, religious belief or political philosophy of the authors and ensures a fair double-blind peer review of the selected manuscripts.The selected manuscripts are sent to at least two national/international 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)
Front Pages (PDF)

Istanbul Journal of Economics

VOLUME 72, ISSUE 1, 2022

Sosyal Politikaların Finansallaşması Bağlamında Hanehalkı Borçluluğu

Covid–19 Pandemi Döneminde Petrol fiyatı, Altın fiyatı ve VIX Endeksindeki Oynaklıkların Türkiye BİST 100 Endeksi Üzerindeki Etkileri

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

İnsani Gelişmişliğin Büyüme Etkisi: Gelişmiş ve Gelişmekte Olan Ülkeler Karşılaştırması

İbn Battuta Seyahatnamesi’nde Uluslararası Ticarete Konu Olan Mallar

Dinamik Sermaye Yapısı Belirleyicileri ve Optimal Kaldıraç Oranı Uyarlama Hızı: Türkiye’de Finans Şirketleri Üzerine Bir Çalışma

The Effect of Sectoral Bank Loans on Economic Growth in Turkey

Türkiye Ekonomisinin Dış Borç Döngüleri: Krizden Kaçış Mümkün Mü?

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

Türkiye’de Yatırım ve Kalkınma Bankalarının Kredi Verme Davranışı: Nicel Regresyon Yaklaşımından Kanıtlar

Ekonomik Büyüme ve İşsizlik Oranı Arasındaki İlişki: Kesirli Frekanslı Fourier ARDL Sınır Testi Yaklaşımı

Toplam Faktör Verimliliğinin Makroekonomik Belirleyenleri: OECD Ülkeleri Örneğinde Bir Analiz

Dış Borçlanmaya Dayalı Büyüme Hipotezinin Türkiye Ekonomisi için Markov Rejim Değişim Modelleri ile İncelenmesi

Katılımcı Bütçeleme: Eleştirel Bir Yaklaşım

Döviz Kuru ve Petrol Fiyatlarındaki Dalgalanmaların Hisse Senedi Getirileri İle İlişkisi: Borsa İstanbul Sektör Endeksleri İçin Bir Uygulama

Çevre Kalitesi-Ekonomik Karmaşıklık İlişkisi: Türkiye Ekonomisi Üzerine Fourier Eşbütünleşme Analizi

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