Call for Papers for the Special Issue "JEPR: 10th Anniversary"

İlhan

Prof.

Emre

Res. Assist.

Şevket

Asım

Studies on market efficiency are often used to examine the behavior of stock markets. The basic assumption of the efficient market hypothesis (EMH) is that the prices of financial assets reflect all available information. In an efficient market, prices reflect all information and investors cannot make abnormal profits, nor can predictions be made about the future using past stock prices, with this being characterized by the random walk process. Stock prices that have a random walk process where the unit root process is namely integrated as I(1) show the efficient market hypothesis to be valid. The study uses the unit root approach in this context to determine the validity of the efficient market hypothesis. In this case, the effect from shocks will be permanent and therefore, predicting the future based on past price movements will not be possible. If stock prices follow a static process where the unit root process integrates as I(0), then the EMH is invalid. In this case, shocks will have a temporary effect, and predictions about the future price can therefore be obtained by using the past price movements of a stock.Testing stock prices with traditional unit root tests will result in low power characteristics. When using tests with low power characteristics, false inferences can be made about market efficiency. In this context, the study takes nonlinearity, non-normal distribution, and Fourier breaks in the data into account by analyzing the behavior of the series for G8 countries, which constitute the sample group of the study. G8 countries constitute 48% of gross world product, 35% of total exports, 37% of imports, 49% of foreign direct investments, and approximately 13% of the total population of the world. In this context, G8 countries have an important place in the functioning of the economy.&nbsp;The study examines the validity of EMH for G8 countries using unit root tests with different specifications and reveals new evidence from the tests using Fourier breaks.&nbsp;&nbsp;According to the augmented Dickey-Fuller (ADF) test, which is the classical unit root test, EMH was concluded to be valid for seven countries, while the Fourier-Kapetanios-SnellShin (Fourier-KSS) test, which most comprehensively takes the structure in the data into consideration, showed EMH t be valid in only three countries. All the unit root tests examined in Germany, France and Japan revealed the markets to be effective (i.e., EMH to be valid); this shows that investors cannot make above-normal profits in these markets. Therefore, investors who will invest in the stock market indices of this country will be able to earn the best returns in the market by following the buy-and-hold strategy.Obtaining different results from tests that take into account different features of the data structure in empirical analysis reveals the importance of the test used.. In this regard, the study suggests that researchers that first determine the method to use in their analysis by examining the structure of the data. The study also draws attention to the effect of using the method that will strongly explain the data in terms of the results.&nbsp;&nbsp;

Testing the Efficient Market Hypothesis in G8 Countries:  New evidence from Unit Root Tests with Fourier Shifts

Christopher

Emerson

The Econometrics of Factor Loadings and Implications  for Monetary Policy in a Small Open Economy (2005- 2020) – Sierra Leone

Orhan

Osman

The housing market is due to its interdependence with many other sectors. It is one of the key indicators that influence household consumption and saving decisions, as well as economic growth, employment, domestic demand volume, and other similar variables. It is aimed, particularly during periods of economic contraction, to revitalize the economy in the housing market by implementing expansionary monetary policies. This situation reveals that the market in question is important in terms of the economic outlook and economic policies. An expansionary monetary policy has a two-way effect on the housing market. First, while the housing demand is being warned; in the following stage, housing sales prices may rise. The first effect occurs more rapidly, while the second effect is dependent on housing stock. In cases where housing projects are not sufficient, that is, the low housing supply leads to an upward movement in prices with increasing demand. The sensitivity of the housing sector to monetary policy arises not only from a need but also from the fact that it is an investment tool. After meeting their mandatory housing needs, households can request housing in order to evaluate their savings. However, when the need to acquire a more luxurious residence is considered, the demand for housing can be said to be constant.The high rate of population growth in Turkey, the acceleration of urbanization, national and international migration, and changes in housing consumption habits have all had significant consequences on housing demand. In addition to meeting the basic housing needs, the housing sector’s transformation into a high-return investment tool has accelerated supply, demand, and price increases (Coşkun, 2016, p. 202). Following the 2001 crisis, the construction sector in Turkey began to develop rapidly as a result of the global expansionary policies that began and the local reformist policies that followed. With the acceleration of domestic and international construction activities, low housing loan interest rates, easy access to cheap external financial resources, and the socio-cultural perspective on housing, a new active period has begun in the housing sector (Çevik, 2013, p. 16).As a result of these developments, monetary policy aided the housing sector. For this purpose, low-interest loan policies and TOKI-supported housing projects gained momentum. Housing and construction activities in Turkey have accelerated as a result of TOKI’s longterm and low-interest payment policies, campaigns, and practices that enable low-income groups to become homeowners, as well as state bank practices that support housing purchases. Moreover, the low exchange rates for many years and the increase in foreign direct investments and capital inflows reduced construction costs as well as led to an abundance of credit. However, the negative conditions created by the pandemic, exchange rate pressure, and similar reasons led to an increase in housing costs and prices. Monetary policy was implemented during this process to reduce housing loan costs in order to support the construction and housing sectors, but the supply-demand balance deteriorated due to the aforementioned adverse conditions. In this study, the effects of the producer price index (PPI), exchange rate, interest, and income on house sales were examined in the case of Turkey. The study was carried out using the Boundary Test (ARDL) method of analysis and covered the years 2013:M1-2021:M10. According to the empirical findings of the study, PPI and exchange rates positively affect house sales. Accordingly, when PPI increases by 10%, house sales increase by 7%. Housing sales increase by 4% when exchange rates increase by 10%. Housing loan interest rates, on the other hand, have a negative impact on housing sales, as expected. When housing loan interest rates increase by 10%, house sales decrease by 0.1%. These results show that house sales in Turkey are sensitive to inflation and exchange rates. This situation, which contradicts the law of demand, stems from the fact that purchasing a home in Turkey is regarded as a significant investment and an antiinflationary tool. Furthermore, the demand for housing by foreigners plays an important role in the continuation of housing sales and prices, despite the inflationary pressures stemming from the exchange rate. These findings indicate that exchange rate fluctuations make housing demand in Turkey more enticing to foreigners.&nbsp;&nbsp;

Effect of Inflation, Exchange Rate, Interest Rates and Income on House  Sales: a Case of Turkiye

Nausheen

Upinder

Governance in Indian States: An Inter and Intra State Analysis

İbrahim

Seda

The aim of this study is to demonstrate the relationship between the recent inflationary environment in Türkiye with exchange rate shocks. Therefore, in the study, the relations between the consumer price index, producer price index, and real effective exchange rate were examined by the ARDL bound test and Toda-Yamamoto causality test by using the data in the monthly frequency between 2004: M1-2021: M121. It is aimed to develop a series of policy suggestions based on empirical evidence that emerged as a result of the study. The descriptive statistics of the variables were examined in the initial stage of the econometric analysis. Unit root tests were then used to determine whether the variables have unit roots and are stationary. Based on the findings obtained as a result of the unit root tests, an Autoregressive Distributed Lag (ARDL) bound test was applied to the variables with the Toda-Yamamoto causality test. As a result of the ARDL bound test, it has been found that there is a relationship between foreign exchange rates, inflation, and producer prices in Türkiye. The existence of this cointegration relationship shows that exchange rate, inflation, and producer prices variables in Türkiye are variables that can affect each other in the long term.There are statistically significant and positive relationships between inflation and exchange rate as well as producer prices and inflation, according to short-term analyses on the ARDL bound test. In long-term analysis, a statistically significant and positive relationship between inflation and producer prices has been found in Türkiye. According to this result, a 1% increase in long-term producer prices in Türkiye shows an increase of 0.40% in inflation. In the long term, there was a statistically meaningless and negative relationship between inflation and the exchange rate. According to the Toda-Yamamoto causality test, another analysis conducted in the study, it was found that there was a bidirectional causality relationship between exchange rate and inflation and exchange rate and producer prices, and there was a unidirectional causality relationship from producer prices to inflation.&nbsp;The evidence that emerged from the empirical literature screening and this article’s research, therefore, demonstrate that exchange rate shocks cause an inflationist environment. It is acknowledged that several factors could account for the permanence and magnitude of the transitional relationship between the exchange rate and inflation. These reasons are permanent the rise in the exchange rate, the rate of devotion, the degree of openness of the economy, the rate of import goods in the domestic consumption goods, the rate of export to imports, the degree of substitution of imported goods with the goods produced in the domestic, energy, intermediate and raw materials are provided from abroad and expectations related to inflation. In Türkiye, the exchange rate and inflation transition were seen on the PPI, but a significant relationship could not be determined on the CPI. The reason for this is the import composition of the Turkish economy. The weight of energy, raw materials, and intermediate goods is more significant considering the composition of imports. Therefore, the exchange rate effect on the CPI is likely to pass indirectly through PPI. In this study, the findings of the following studies are included in the literature which deals with Türkiye from inflation, producer prices, and real exchange rate: Leigh and Rossi (2002), Berument (2002), Arbatlı (2003), Bayraktutan and Aslan (2003), Gül and Ekinci (2006), Kara et al. (2007), Kara and Öğünç (2008), Peker and Görmüş (2008), Güneş (2013), Ayvaz-Güven and Uysal (2013), Sever and Mızrak (2014), Korkmaz and Bayır (2015), Bulut (2017), Bozdağlıoğlu and Yılmaz (2017), Okur (2017), Kaygısız (2018), Kaya and Soybilgen (2019), Polat (2020), Alkan and Dağıdır (2020), Kara and Sarıkaya (2021), Aytekin and Uçan (2022) and Şeker (2022) it was found that it supports the results.The first of the policy suggestions to be made following these findings is the need to evaluate any exchange rate shock as a supportive element of export-based growth by the monetary authority. It is believed that this approach drives up PPI in Turkey, where import dependence in the process of production is well-known to be high. Therefore, it is important to create policies that stimulate and facilitate the country’s production of capital and intermediate goods. For companies that produce intermediate goods and capital goods to reduce production costs, there can be privileges such as cheaper energy, tax exceptions, and employment support. Another important issue is the dependence on external energy in energy. Reducing dependence on external energy, which is the most basic input of production, will play an active role in reducing inflation. For this, consideration should be given to domestic energy sources, particularly renewable energy sources like solar and wind energy. It will be beneficial to take measures to lower the expenses associated with such energy production.&nbsp;&nbsp;

Investigation of the Long and Short-Term Relationship Between Exchange  Rate and Inflation in Türkiye

Firuze

Caner

Assist. Prof.

Are Crypto Assets Connected to Real World Shocks? The Nexus Between Terrorist Attacks, Bitcoin and NFTs

Veysel

Şerif

Assoc. Prof.

Mustafa

Determinants of Food Prices in Türkiye: Fourier Engle-Granger Cointegration Test

Tuğba

Gülden

The increasing impact of digitalization on the financial system and the widespread use of technological devices such as smartphones that facilitate participation and access to the financial system in almost every segment of society have been this study’s motivating factor for creating a Digital Financial Inclusion Index (DFII). The study also aims to contribute to the literature on Digital Financial Inclusion (DFI) by providing data to studies that will examine the relationship between DFII and socio-economic variables or investigate the effects of cross-country the DFI levels with various methods. By following the methodology the Organisation for Economic Co-operation and Development (OECD) used to create a combined index, the study examines the DFI levels and development of 75 countries whose data are accessible over a DFII calculated for the years 2017 and 2021 in comparison with current data. For this purpose, the study has attempted to take into account as many aspects of DFI as possible in order to create a comprehensive index. However, due to the presence of data constraints, especially in regard to DFI and the study’s aim of making cross-country comparisons, the study has included as many countries as possible and taken into account all the available indicators. In line with this, the study has calculated a 75-country DFII for the years 2017 and 2021.Within three years, the index values of each country included in the index were seen to have experienced an overall increase or to have remained the same. Among the years covered, high-income countries such as Korea, Switzerland, and Japan ranked at the top of the DFII. Korea, Switzerland, Japan, Malta, and Belgium were in the top five in the DFII rankings in 2017 and maintained their index values with minor changes over three years to remain in the top five in 2021. Because these countries are developed countries with high-income levels, that they should rank at the top of the index consistent with their income levels, technological infrastructure, and economic development is an expected result. Studies have demonstrated financial access to be generally higher in countries with high per capita income, which also support this result (Arora, 2010). In most of the developed countries, reasons such as financial services being digitalized, becoming electronic, or becoming virtualized and the rapid growth of electronic banking with regard to the Internet or Internet banking in recent years explain the high index ratings and ranking values of these countries compared to the others in the index. In general, less developed countries with lowincome levels ranked at the bottom of the DFII, such as Guinea, Pakistan, Malawi, and Nicaragua. Little change was seen to have occurred in these countries’ index values and rankings over the three years. These countries’ lack of access to finances, ease of use not being present in their financial systems, a lack of digital technologies, weak social aid, and high costs explain their low index values and lower ranking on the DFII. In order to compare the DFII values of the 75 countries covered in the index according to their income levels, the study additionally divided the countries into four groups based on the World Bank income group classifications of high-income countries, upper-middle-income countries, lowermiddle-income countries, and low-income countries. Over the three years, no significant difference was seen to have occurred among the average index values of the countries in terms of the different income groups, with only a very small increase occurring in countries’ index values regardless of income group. During this process, the lower-middle-income countries were seen to have increased their average DFII values by a very small margin of 0.02 compared to the high-income countries and of 0.01 compared to the upper-middleincome countries. The literature has shown the indices related to financial inclusion to generally focus on traditional financial services, with a few studies having taken into account the roles of digital finance and financial inclusion (e.g. Aziz and Naima, 2021; Shen, Hu, &amp; Hueng, 2021). This study has compared and discussed in detail the current situation and development of 75 countries’ digital financial inclusion using the calculated index and is thought to contribute to the literature on digital financial inclusion indexes. In addition, a DFII can be used to compare different countries’ economic levels of financial inclusion as well as to monitor their progress over time regarding financial inclusion. Such an index could also be useful for future research to address empirical questions about the relationship between development and digital financial inclusion.&nbsp;

The Digital Financial Inclusion Index: A Cross-Country Comparison

Selçuk

Hasan

The aim of this study is to examine the existence of unemployment persistence in the Turkish labor market. In other words, it aims to investigate the existence of genuine state dependence, which means that past experiences of unemployment cause unemployment again in the future. In this study, we sought answers to several questions: Does the degree of genuine state dependence vary according to the initial conditions and unobservable heterogeneity? What is the expected duration of the spell of unemployment and the probability of entry and exit to unemployment, unemployment persistence, and steady state, according to individual characteristics that be constant over time such as gender and education level? What are individual factors that increase the probability of being unemployed?Unemployment persistence is based on two factors (Arulampalam, Booth &amp; Taylor, 2000; Stewart, 2007). The first factor is the heterogeneity, which refers to individual differences that are either observe or not. Genuine state dependence is the other factor. Genuine state reliance is when a past event raises the probability of experiencing the same event in the future (Heckman, 1981a). Theoretically, genuine state dependence may occur due to a loss of human capital, unemployment insurance disincentives, stigmatization by employers, a decline in search intensity, habituation, or discouragement (Ayllon, 2013). Empirical findings have shown that there is genuine state dependence on unemployment across many countries (Gangji &amp; Plasman, 2008; Biewen &amp; Steffes, 2010; Plum &amp; Ayllon, 2015; Fok, Scutella, &amp; Wilkins, 2015; Pasaribu, 2016; Cai, Mavromaras, &amp; Sloane, 2018). The research investigated genuine state dependence on unemployment and utilise dynamic models and estimators. The Dynamic Random Effects Probit Model is the most preferred of these models. Among the estimators, Heckman, Orme, and Wooldridge estimators are used depending on the information provided by the data. As in previous studies (Arulampalam et al., 2000; Stewart, 2007; Gangji &amp; Plasman, 2008; Pasaribu, 2016), we used the Dynamic Random Effects Probit Model to examine the existence of genuine state dependence. We estimated parameters using another version of the Wooldridge maximum likelihood estimator, which was suggested in Rabe-Hesketh and Skrondal (2013). This estimator offers reliable parameter estimates and enables control over both observed and unobserved heterogeneity. It also addresses the issue of beginning conditions. To investigate genuine state dependence on unemployment in the Turkish labor market, we estimate the Dynamic Random Effects Probit Model using the Survey on Income and Living Conditions and Household Labor Force Survey. The evidence shows that there is genuine state dependence on the Turkish labor market. In addition, according to the components of the unobserved heterogeneity, the conditional unemployment probability and the marginal effects of genuine state dependence vary significantly. The probability of conditional unemployment and the marginal effect of genuine state dependence are both significantly increased by being unemployed in the first period and being in the last two percent of the sample distribution in the part of the unobserved heterogeneity linked to the explanatory variables. Demand-side factors in the labor market such as the unemployment rate and employment growth rate do not affect the probability of unemployment, while factors such as gender, education level, marital status, and the number of employees in the household affect the probability of unemployment. When it comes to the probability of remaining unemployed, disadvantageous groups include men and those with low levels of education. To fight unemployment persistence, policymakers should develop policies that take into account factors such as a loss of human capital, unemployment insurance disincentives, stigmatization by employers, a decline in search intensity, habituation, or discouragement, which cause genuine state dependence. Making pre-graduate internships, which are currently applied in some departments of universities, compulsory for all departments to meet the experience requirement for newly graduated individuals by employers can accelerate and facilitate the transition to employment.&nbsp;Unemployed individuals suffer from a loss of human capital, skills, and qualifications as they remain unemployed, and thus employers may adopt negative attitudes towards the employment of individuals who are unemployed for a long time. In order to protect the unemployed from these negative situations, governments can implement programs that protect and increase the skills and qualifications of the unemployed. These programs can be very important, especially for skilled workers working in technology-intensive sectors where high-added value can be created. Modifying unemployment insurance benefits is another policy that may be put into place to help the unemployed find work more quickly and to make sure that people stay on the job market and keep looking for work.

Unemployment Persistence in The Turkish Labor Market

Serkan

Female Labor Force Participation in Turkiye:  Revisiting the 1988-2008 Period

Tacinur

Causal Relationship Between Transport Inflation with  Oil Prices and Exchange Rates

Halil

Usury in Scriptures: The Case of the Qur’an

Resul

Öğretim Görevlisi

Zehra

Effectiveness in healthcare expenditures relates to achieving maximum healthcare outcomes using minimum healthcare inputs. This paper evaluates the healthcare expenditure efficiency of the Group of Eight (G8) countries and Turkey between 2000 and 2018. In this study, the efficiency values of healthcare expenditures were measured via Data Envelopment Analysis (DEA). The productivity changes in the healthcare expenditures of the countries were determined by the Malmquist Index (MI). After the reforms initiated in the healthcare sector in Turkey, many studies have been conducted on the effectiveness of the Turkish healthcare sector since 2013. This study was prepared in accordance with the literature. The variables used in the study were inspired by those found in the literature.&nbsp;The method of the study was determined as DEA-based Malmquist Index (MI). With the research method, productivity in healthcare status was measured at the macro level for the Decision Making Units (DMUs) covered by this study. The study aims to make some contributions to the literature. Suggestions are presented firstly, to measure the effectiveness of healthcare services, secondly, to identify inefficient DMUs in healthcare services, and thirdly, to activate these DMUs with the help of reference DMUs. Another contribution of this paper is determination of the amount of wasted or inactive input. In the present study, the G8 countries and Turkey were determined as Decision Making Units. The choice of which DMU to be used in practice in non-parametric methods is shown with three different formulas in the literature.&nbsp;DEA models were established under the assumption of either the constant return of scaleCRS assumption developed by Charnes, Cooper, and Rhodes (CCR) or the variable return to scale-VRS hypothesis put forward by Banker, Charnes, and Cooper (BCC) These models can be implemented as input (Input-I) or output (Output-O), or as both input (I) and output (O) oriented simultaneously. With the MI method, productivity changes between periods can be calculated. The MI method calculates the ratio of Technical Efficiency Change (TEC), Technological Efficiency Change (TC), and Total Factor Efficiency Change (TFEC) of DMUs. According to the findings obtained in the study, the countries with an increase in technical efficiency change (TEC) on average are: the USA, France, England, Russia, and Turkey. These five countries managed to increase their power in reaching an average effective production line during the analysis period. A TEC greater than 1 is also accepted as an indication that resources are used effectively in the production unit in question or that resources are not wasted. It is particularly striking that Turkey ranks first among all DMUs in terms of TEC increase rate, with an average of 1.7%. With this aspect, Turkey has managed to increase its power to reach an effective production line much more than all other countries throughout the period.Considering the change in technological efficiency, the country that benefited most from technological innovations during the whole period was Italy, followed by Turkey. Accordingly, these two countries have reached a production level that can achieve more output with the same amount of input by increasing the effective production line. On the other hand, it was determined that Japan and Russia could not benefit from technology to the desired extent. Since Japan and Russia could not move up their efficient production line (with TC&lt;1), they could not reach the production level that could achieve more output with the same input amount. For this reason, these countries are considered to be technologically inefficient. When all DMUs were evaluated in terms of TFEC values, an average of 70% efficiency was found, while 30% was inefficient. DMUs with a TFEC value greater than 1 are Germany, USA, France, England, Italy, Canada, and Turkey. Among these countries, Italy ranks first in productivity growth. Although Turkey’s average TEC (1.7%) and TC (4.4%) values are not very high separately, the TFEC value obtained by multiplying the two has increased significantly as a result of the increasing value of both. This situation is the result of Turkey increasing its power to reach an effective production line throughout the period and, at the same time, to reach a higher production line where it can reach more output with equal inputs. Another remarkable detail is the stability (TEC=1) in Turkey’s TEC values, especially during the period of 2011 to 2018 compared to the previous period. Accordingly, Turkey’s power to reach the effective production line has neither increased nor decreased every year in the last seven years of the analysis period compared to the previous period. The increase in TEC, which will be formed as a result of the plans and policies to be made to overcome this situation, will further increase the efficiency of Turkey’s healthcare expenditures.&nbsp;

A Comparative Analysis on Healthcare Spending Efficiency Among the  G-8 Countries and Turkey

Hamis Miraji

Hakan

Causal Relationship Between Female Labor Force  Participation Rate and Total Fertility Rate: An Empirical  Evidence from Mena Countries

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@JOURNAL_BOX_EARLYVIEW

Tariff Disadvantages of SMEs in International Trade

Şule

Elifcan

Ahmet

In the globalized world market, the developments made in the fields of trade and industry are of great importance for countries to achieve economic growth. With this movement, the liberalization of trade positively affected the course of international trade in general. As a result of international trade becoming a competitive factor between countries and companies, logistics attracts attention. In line with these developments, the logistics sector gains a strategic dimension and acts as a lever in the economy in order to ensure the sustainability of international trade in the desired dimensions. The logistics sector is one of the most important sectors that attracts intense attention with its investments in the country’s economy, employment and national income, and the development of it through globalized trading networks. In particular, enterprises and countries aiming to increase their competitiveness have been making significant investments for the development of the sector and have great expectations about the possible returns of the sector. As a result of the investments and the expectations, manufacturing sectors are highly affected by the logistics parameters. In addition to this, the investments made for logistics directly affect the commercial formation of businesses or countries in a positive way and increase the trade volume.The importance of logistics for companies and countries in terms of global trade develops and eventually becomes vital. The importance of logistics may vary for the countries in terms of geographies and logistic opportunities. Especially for the countries who have a coast side and can ensure sea transportation efficiently may gain greater profit. Otherwise, it can be observed that the countries in the same region have similarities in terms of economics and global trade. In this study, the common point in logistics activities and the economic point of view are similar to each other. In order to examine the economic magnitude of the countries and the effect of logistics activities on the economic magnitude of the countries concerned, The impact of the logistics sector on the economies of the 15 Mediterranean coasts was analyzed for the period 1980-2018 using the logistic performance index and gross domestic product values with panel data analysis. The results of the analysis covering the years 2007, 2010, 2012, 2014 and 2016 revealed a moderate positive relationship and 32% of the changes in the gross domestic product could be explained by the logistic performance index. On the other hand the strongest relationship between the gross domestic product and logistics performance index is observed Turkey and Albania. Changes in the value of gross domestic product in Turkey and Albania is explained by the high proportion of logistics performance index. This situation shows the importance of logistics activities in the economic magnitude of the two countries concerned. In addition, it is determined that if countries concentrate heavily on “Infrastructure” and “Customs” activities among the activities constituting the logistic performance index, they may have higher gross domestic product.

The Relationship Between Logistics Activities and the Economy of Mediterranean Countries

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Hüseyin

DECISIONS OF THE POWERFUL CAPITALISTS AND UNCERTAINTY: A  RATIONAL EXPECTATION APPROACH

The crisis of 2007-2008 was the largest financial crisis since the 1930s and is characterised by being the deepest, most large scale and severe crisis of its predecessors. Davis and Karim (2008) suggested that the global financial crisis of 2007-2008 was revealed as a surprise for both most of the market participants and policymakers. In the early years of 2007, financial institutions such as the European Central Bank (ECB), BIS and the IMF couldn’t anticipate the severity of the crisis or its scope of the international. The recent financial crisis has triggered significant debates concerning economic theory and policy. The most important discussions focused on the question ‘why was the crisis not foreseen?’. In this context, the question that why the global financial crisis in 2007-2008 is not foreseen is considered in three different perspectives. The first view is that the crisis could not be predicted by economists in general and that the recent financial crisis emerged as a surprise for most of the academicians and policy makers. In this respect, the most important criticism towards the question “Why wasn’t the crisis predicted” is directed to the Dynamic Stochastic General Equilibrium models. These models include real sector variables except for money supply and interest rates. Dynamic Stochastic General Equilibrium models provide detailed predictions about the real economy. Moreover, the equations that composed in these models do not include finance and banking sectors despite the fact that their failures may turn the general economy upside-down. Therefore, It is indicated that by their nature of these models don’t have the appropriate tools in order to struggle with the financial crisis and a suitable structure that cover the dynamics of the crisis. Considering that the long-term stagnations were due to the balance sheet problems partly in the financial sector as a result of the collapse of asset prices since the late 1980s (Bezemer, 2009: 19), necessitate the inclusion of financial markets to these models. Existing deficiencies in Dynamic Stochastic General Equilibrium models emerged along with the global crisis. Thus, since 2016, The Reserve Bank of Australia (RBA) began to use a new macroeconomic model called MARTIN (Macroeconomic Relationships for Targeting INflation) in its policy analysis and forecasts. In this respect, the study provides a discussion of the methods used by economists in analysing the economy and formulating their proposals. Within this scope, two explanations can be given to the question of why the 2008 global financial crisis could not be predicted. The first was that the failure of economists to expand these models in a way to cover the risk of crisis or consciously prefer to do not so (Davies and McGoey, 2012). The second explanation is the fact that the Dynamic Stochastic General Equilibrium models that widely used today keep the especially financial markets out of the model, underestimated the new financial system created by financial institutions and weaknesses in risk assessment techniques. Considering all these factors, it may help explain the question of why the 2007-2008 global crisis couldn’t be predicted. The second view is that the crisis was predicted by some of the economists, but&nbsp;these predictions were not considered and ignored. As mentioned above, the idea that “no one could foresee the crisis” is a widespread opinion among the public, policymakers, and economists in general. Contrary to this view, although the economist/finance managers who are predicting the crisis warned that predominantly financial globalization, the real estate market of the U.S. and derivative products have significant risks, the question of ignoring why these warnings can be answered with a tendency towards “strategic ignorance”. The last opinion is the approach that economics/economists do not need to predict the crisis. This approach explains in the framework of the efficient market hypothesis and rational expectations that economics or economist does not need to predict the crisis.

2007-2008 Discussions on Predictability of The Global Financial Crisis

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Journal of Economic Policy Researches - İktisat Politikası Araştırmaları Dergisi is the publication of Istanbul University Center for Practice and Research in Economic Policy . It is an open access, peer-reviewed, international, scholarly journal published biannually in January and July. The manuscripts submitted for publication inthe journal must be scientific and original work in Turkish or English.

Journal of Economic Policy Researches - İktisat Politikası Araştırmaları Dergisi aims to publish articles of high quality dealing with issues in economic policy which impact on national and global economies. The journal provides an international forum for economic theory and practice and aims to publish highly selective, widely cited articles of current relevance that will have a long-term impact on economics research.

Journal of Economic Policy Researches - İktisat Politikası Araştırmaları Dergisi covers analytical, interpretive, and empirical studies in a number of areas—including political economy, monetary theory and policy, fiscal policy, labor economics, development, micro- and macroeconomic theory, international trade and finance, financial economics, transport economics and social economics.

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.

RePEc IDEAS

RePEc EconPapers

EBSCO

ERIH PLUS

TR Dizin

DOAJ

SOBIAD

Cabells Journalytics

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@METRIC_ISSUES

@METRIC_ARTICLES

@METRIC_OPENACCESS

Journal of Economic Policy Researches

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Editor in Chief

Co Editor in Chief

Editorial Management Board Member

Language Editor

Editorial Assistant

Responsible Manager

Editorial Board Member

@INFO_TAB_BOARDS

Journal of Economic Policy Researches - İktisat Politikası Araştırmaları Dergisi aims to publish articles of high quality dealing with issues in economic policy which impact on national and global economies. The journal provides an international forum for economic theory and practice and aims  to publish highly selective, widely cited articles of current relevance that will have a long-term impact on economics research.Journal of Economic Policy Researches - İktisat Politikası Araştırmaları Dergisi covers analytical, interpretive, and empirical studies in a number of areas—including political economy, monetary theory and policy, fiscal policy, labor economics, development, micro- and macroeconomic theory, international trade and finance, financial economics, transport economics and social economics.

Aim and Scope

<ul><li>TÜBİTAK-ULAKBİM TR Index</li><li>RePEc IDEAS</li><li>RePEc EconPapers</li><li>DOAJ</li><li>ERIH PLUS</li><li>SOBİAD</li><li>EBSCO Business Source Ultimate </li><li>Cabells Journalytics </li></ul>

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.

Journal of Economic Policy Researches - İktisat Politikası Araştırmaları 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.

Ethics

Journal of Economic Policy Researches - İktisat Politikası Araştırmaları Dergisi 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/F5F89BC14F7B438A9F9868CB9C978265" 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

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-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 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 both Turkish and American English.Manuscript Organization and FormatAll correspondence will be sent to the first-named author unless otherwise specified. Manuscpript is to be submitted online via <a href="http://dergipark.gov.tr/login" target="_blank">http://dergipark.gov.tr/login</a> that can be accessed at <a href="https://iupress.istanbul.edu.tr/en/journal/jepr/home" target="_blank">https://iupress.istanbul.edu.tr/en/journal/jepr/home</a>. It must be accompanied by a <a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/8B20DEB62CBF403F814A12C0F208F32B" target="_blank">title page</a> specifying the article category (i.e. research article, review etc.) and including information about the manuscript (see the Submission Checklist), a cover letter. Manuscripts should be prepared in Microsoft Word 2007 and upper versions. In addition, a <a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/F5F89BC14F7B438A9F9868CB9C978265" 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 12 font size and line spacing of 1.5 format.2. Footnotes, figures and tables should be placed as much as possible within the page in which they are referred or within the following page. The notes below the figures or tables should be aimed to make these materials understandable without returning to the main text. Tables and Graphics should not be computer output and must fit to A4 paper size.3. Before the introduction part, there should be an abstract of 200-250 words both in English and Turkish. Extended abstract is not required for articles in English. The abstracts should concisely present the aim or the purpose of the study, the methodology, the results, and the conclusion remarks. The abstracts must not contain abbreviations or acronyms. Underneath the abstracts, 5 keywords that inform the reader about the content of the study should be specified in Turkish and in English.4. Submitted manuscripts must involve three JEL code (Journal of Economic Literature) at two digit level (i.e., Q11). For the JEL codes which should be chosen according to the subject of the manuscript, the JEL list given in the web address of <a href="http://www.aeaweb.org/journal/jel_class_system.html" target="_blank">http://www.aeaweb.org/journal/jel_class_system.html</a>  can be used.5. The manuscripts should contain mainly these components: title in English and Turkish, abstract in English and Turkish and keywords in English and Turkish; extended abstract (if the article is in Turkish), sections, footnotes and references.6. Research article sections are ordered as follows: “Introduction”, “Aim and Methodology”, “Findings”, “Discussion and Conclusion”, “Endnotes” and “References”. For review and commentary articles, the article should start with the “Introduction” section where the purpose and the method is mentioned, go on with the other sections; and it should be finished with “Discussion and Conclusion” section followed by “Endnotes”, “References” and “Tables and Figures”.7. Submitted manuscript should contain Turkish and English title of the manuscript, Turkish and English abstracts, Turkish and English keywords, JEL Classification, the main body of the manuscript and references. All should be submitted in one 2007 word document.8. <a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/8B20DEB62CBF403F814A12C0F208F32B" 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 authors’ information (affiliation, title, e-mail address, postal address, phone, fax number and ORCID). See The Submission Checklist.9. The responsibility of the articles published in the Journal of Economic Policy Researches belongs to the author.10. In the manuscripts in Turkish, the orthography and writing rules of Turkish Language Association (TDK) should be followed. For detailed information, please go to the web site of TDK: <a href="http://www.tdk.gov.tr/" target="_blank">www.tdk.gov.tr</a>. Instead of foreign words, usage of Turkish words should be preferred. In case of using new or unfamiliar Turkish words, the English equivalent can be provided in parenthesis in the first occurrence.11. All manuscripts submitted in English language, and all English parts of the Turkish manuscripts should be edited professionally before submission.  Apart from its content, some of the manuscripts which are poor in language usage are returned/ rejected.12. Communication regarding manuscript submission and evaluation procedure is done via e-mail.13. For information regarding citations and reference format, please see References section.

Author Guidelines

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. Accuracy of citation is the author’s responsibility. All references should be cited in text. Reference list must be in alphabetical order.Reference Style and FormatJournal of Economic Policy Researches - İktisat Politikası Araştırmaları 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)Citation with two authors;(Sayıner &amp; Demirci, 2007)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.

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E-ISSN	2148-3876
Period	Biannually
Editor	Ahmet İncekara, Halil Tunalı
Journal of Economic Policy Researches - İktisat Politikası Araştırmaları Dergisi is the publication of Istanbul University Center for Practice and Research in Economic Policy . It is an open access, peer-reviewed, international, scholarly journal published biannually in January and July. The manuscripts submitted for publication inthe journal must be scientific and original work in Turkish or English. Journal of Economic Policy Researches - İktisat Politikası Araştırmaları Dergisi aims to publish articles of high quality dealing with issues in economic policy which impact on national and global economies. The journal provides an international forum for economic theory and practice and aims to publish highly selective, widely cited articles of current relevance that will have a long-term impact on economics research. Journal of Economic Policy Researches - İktisat Politikası Araştırmaları Dergisi covers analytical, interpretive, and empirical studies in a number of areas—including pol read more

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