Hüseyin

Res. Assist.

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

Gülden

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

@JOURNAL_BOX_MOSTREAD

Alper

In the recent literature, many studies have been conducted to examine the determinants of carbon emissions in Turkey. However, many failed to completely capture the effects of the economic globalization and financial development processes experienced in Turkey since the 1980s. They failed because many of them investigated the impacts of these variables on carbon emissions via one-dimensional and limited indicators. For instance, to examine the impact of economic globalization/liberalization, only two proxies, namely trade openness (imports and/or exports as a share of output) and/or foreign direct investments (FDIs), are considered in the existing literature on Turkey (e.g., Cetin &amp; Ecevit, 2017; Karasoy, 2019; Özdemir &amp; Koç, 2020; Öztürk &amp; Saygın, 2020; Z. Öztürk &amp; Öz, 2016). Similarly, to elucidate the financial development’s impact on Turkey’s carbon emissions, domestic credit (provided by the financial sector or to the private sector) is the most frequently employed variable (see, e.g., Dar &amp; Asif, 2018; Gokmenoglu, Taspinar &amp; Rahman, 2020; Ozatac, Gokmenoglu &amp; Taspinar, 2017; Ozturk &amp; Acaravci, 2013).Although these variables (trade volume, FDIs, and domestic credits) are almost always adopted as proxies for economic liberalization and financial development in the empirical literature for environmental economics, these variables are one-dimensional, and it might be misleading to proxy multi-dimensional concepts such as economic globalization and financial development with one-dimensional variables. To overcome this issue, this research aims to make the following contributions to the extant literature on Turkey:First, this study proxies economic liberalization/globalization with an economic globalization index constructed by Gygli, Healg, Potrafke and Sturm (2019). This index, which consists of two sub-indices (trade and financial globalization), encompasses not only trade volume and FDIs but also other indicators such as trade partner diversity, portfolio investments, and international reserves/debt that can help capture the economic globalization process better. Besides the economic globalization index, its sub-indices (trade and financial globalization) are also included in different models to decompose economic globalization’s effect on carbon emissions.Second, this research also employs the financial development index calculated by Svirydzenka (2016). Similar to the economic globalization index, this financial development index is constructed by accounting for different dimensions (financial markets and institutions) and aspects (depth, access, efficiency) of financial development. Employing such a multi-dimensional index to capture the financial development’s effect on carbon emissions is more appropriate, as financial development is defined as a multifaceted process (Svirydzenka, 2016, p. 4).By including these indices in its models, this research aims to capture how these processes (economic globalization and financial development) impacted Turkey’s carbon emissions and provide multi-dimensional policies. An additional contribution of this research is in its method. In this study, the augmented autoregressive distributed lag (augmented ARDL) bounds testing approach, which is developed by McNown, Sam, and Goh (2018) and Sam, McNown, and Goh (2019), is utilized. The main advantage of this method is that, unlike the typical ARDL approach of Pesaran, Shim, and Smith (2001), it allows the dependent variable (carbon dioxide emissions) in the models to be a nonintegrated process (i.e., I(0)). This property is rather practicable because unit-root tests usually provide conflicting results.Moreover, in line with the literature, besides economic globalization and financial development indices, this research includes additional control variables (income, income squared, energy consumption, industrialization, and urbanization) in its models to minimize the omitted variable bias. The findings of this research show that while economic and financial globalization do not significantly affect carbon emissions in Turkey, trade globalization negatively affects them in the long run. Furthermore, financial development intensifies Turkey’s carbon dioxide emissions. Additional findings also imply that energy consumption, industrialization, and urbanization amplify carbon dioxide emissions in Turkey. Lastly, income does not have an inverted-U shape impact on carbon emissions in the majority of the estimated models, indicating that the environmental Kuznets curve hypothesis is not accepted for the sample period. In the light of these findings, some policy implications are stated.&nbsp;

The Impacts of Economic Globalization and Financial Development on  Turkey’s Carbon Dioxide Emissions: Do Multi-Dimensional Indices Provide Fresh Evidence?

Hülya

Assoc. Prof.

Ayşe

Assist. Prof.

An Empirical Analysis for the Effects of Accounting  and Auditing Standards and Corporate Governance on Macroeconomic Stability

Hande

This study investigates the effect of export on the employment of 28 OECD countries. Thus, this study examines the effect of export on its employment within the framework of the panel data model, which presents more effective estimators. The study uses data spanning from 2001 to 2019 and variables such as employment, exports, economic growth, per unit labor costs, and unemployment payment rates. The primary motivations behind this research are twofold. First, the relationship between export and employment is presented within the framework of the panel data model. Second, the impact of exports on employment is explained taking into account other macroeconomic variables that help explain employment. Accessible data determine the scope of the study and allows the study to be analyzed on 28 OECD countries consisting of Australia, Austria, Belgium, Canada, Czech Republic, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Israel, Italy, Japan, Korea, Latvia, Luxembourg, New Zealand, Norway, Portugal, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom, and the United States.In the literature, a large amount of empirical research was conducted, which examined the relationship between export and employment for different countries. These studies were analyzed for the relationships between the countries’ export, many of which were members of OECD, and its employment. In this study, the employment model is estimated using a fixed-effect model based on panel data estimation techniques, which reveals the effect of different properties between units, allows the degree of freedom to increase, and offers more effective estimators by using cross-section data together. Panel data analysis is a convenient method, because it allows the existence of systematic unobserved differences between units that can be associated with observed factors for evaluate the effects of panel data set. The explanation of variables and data sources are shown in Table 2, the variables in this study consist of employment (number of employed people), GDP per capita (GDP measured in constant 2015 US$), export (US$ converted, seasonally adjusted), unit labor cost (employment based on the entire economy), and gross replacement rates in unemployment (based on a one-person unemployment period of at least two months, covering 67% of the average wage). Trade openness ratio refers to the ratio of sum of imports and exports to GDP, and financial openness expresses the ratio of net financial accounts to GDP.The findings indicate a negative relationship between the export of 28 OECD countries and its employment. The economic growth, employment level of the past period, trade openness, and exports have an impact on employment. While economic growth, trade openness, and previous employment levels have a positive effect on employment in the current period, exports have a negative effect on employment. In the estimates obtained from the model, the change in labor costs per unit, financial openness, and unemployment payment rates are not meaningful in explaining the change in employment. Among the variables that explain the change in employment, the variable that affects the terms of the coefficient the most is the change in economic growth. This finding contradicts the result of traditional trade theories. However, no significant relationship between exports and employment was found as well in some studies, which states that exports negatively affect employment. Our estimation results are in line with Greenway et al. (1991), Jenkins (2004), Were (2011), Aktakaş et al. (2013), and Ko et al. (2015).It is critical to adapt to rapidly changing market demands and to create a competitive environment that can encourage adaptations. Policymakers and social partners have a key role to play through active cooperation in connecting education and training systems to industry and matching labor supply to demand. This study has only assessed the effective export on employment in the context of a macro perspective, but a possible link between employment in the services sector, export, and the skilled labor demand has not been considered. Therefore to investigate the effect of exports on the employment level of the services sectors in 28 OECD countries may provide more specific findings. Also, this study contributes to the research in terms of revealing the static effect of export on employment. Finally, we think that research helps us deal with all aspects of this issue when we investigate the dynamic effect of export on employment in the context of services sectors for 28 OECD countries.&nbsp;The Coronavirus disease 2019 (COVİD-19) is an unprecedented global shock involving simultaneous cuts in both supply and demand in an interconnected world economy. The pandemic points to a transformation in many topics specific to labor markets such as unemployment, new forms of work, and wage regulations. Therefore, future research should analyze the relationship between exports and home office work, and new forms of employment and unemployment, including the effects of the COVİD-19 global pandemic. Studying this phenomenon in conjunction with global shocks can be useful to advance understanding of this phenomenon and can generalize research findings.&nbsp;

Panel Data Model Analysis on the Relationship Between Export and  Employment: The Case of OECD Countries

Muhammad

Lecturer

The Relationship Between Economic Growth and  Foreign Aid: The Case of Afghanistan

Mehmet

Emrullah

It has become increasingly challenging for many countries to compete in international markets and ensure sustainable economic growth. The scarcity of economic resources and technological insufficiencies lead these countries to seek different solutions to achieve sustainable economic growth, such as improving efficiency in using their existing resources and increasing factor productivity. A factor efficiency analysis reveals the efficiency levels of the factors of production used in any product manufactured in a given economy and is obtained by proportioning the factors used as the product emerges. The concept of productivity is the subject of research across the economic literature, from Mercantilist theory to endogenous growth theories. Productivity, measured in terms of total factor productivity (TFP) and partial factor productivity (PFP), is an essential element of economic growth and has been an accepted instrument in measuring development levels among countries. While TFP refers to all production factors, including technology entering the production process, PFP generally refers to labor productivity.Labor productivity is an important indicator of a country’s social development, primarily because it directly affects wages and living standards. This study investigates the relationship between labor productivity, exports, and foreign direct investment (FDI). An increase in labor productivity may result in more products being created with fewer or existing resources or in creating products with high added value. Exports contribute to economic growth and development by providing foreign currency inflows to the exporting country and increase efficiency by facilitating technological innovations and efficacious resource utilization. Increased productivity also enables the creation of high value-added products, comparative advantages, competitiveness in international markets, and an increase in exports.FDI, which is regarded as a determinant of economic growth, may generally contribute to economic development, increase the level of general welfare, and increase employment in the country where the investment is made. In particular, FDI, which plays an important role in supporting technology transfer, provides countries with the ability to produce more with its existing resources, shorten production times, improve quality, and reduce costs while increasing productivity brought by new production methods. Concurrently, increases in labor productivity promote more FDI into the country.This study examines ten transition economies that were members of the European Union over the period 2005–2019. It contributes to the literature by revealing the relationship between an increase in labor productivity (LP) and technology transfer, exports and FDI, as critical macroeconomic targets. The study’s inputs consist of LP per hour worked, the ratio of exports of goods and services to GDP (EXPOFGDP), and the ratio of FDIs to GDP (FDIOFGDP). LP data were obtained from the official Eurostat website, and other inputs were obtained from the World Bank data website. LP is used as an index value.Before applying the panel causality analysis, a unit root test was performed, determined according to the results of an inter-unit correlation test. The results of the inter-unit correlation test demonstrated that second-generation unit root tests were used. After a stationarity analysis, a test for homogeneity was applied to whether the data series are homogeneous or heterogeneous. Then, Dumitrescu and Hurlin’s (2012) panel causality analysis, which is suitable for heterogeneous panels, was used. The results did not establish causality in the relationship between LP and exports, which is consistent with Kim, Lim, and Park (2009), Bernard and Jensen (1999), Fu (2005), and Delgado, Farinas, and Ruano (2002). The model established a one-sided causality for the relationship between LP and FDIs, indicating that LP causes FDI but not vice versa. These results are consistent with Sari, Hasyim, Afifudin, and Ruslan (2020), Le, Duy, and Ngoc (2019), Sofuoğlu and Kızılkaya (2018), and Ramirez (2006).In today’s world, economic growth is difficult to achieve and must be made sustainable by producing more with existing resources or by transferring resources to other areas that create greater value and by pursuing inputs that increase LP, such as FDI.&nbsp;

The Relationship Between Labor Productivity, Exports, and Foreign Direct  Investment for Transition Economies

Muammer

Furkan

Yusuf

Unemployment is a serious global problem. The problem of youth unemployment in particular has been the subject of many scientific studies, and the main causes and possible solutions to this problem have been evaluated and various solutions have been put forward. However, youth unemployment is a complex problem with no single solution. It is affected by many different factors. Moreover, the youth unemployment problem is getting bigger day by day. According to the statistics of the International Labor Organization (2020), the young population (15–24 years of age) increased from 1 billion to 1.3 billion between 1999–2019, but the number of young people participating in employment decreased from 568 million to 497 million. Many studies in different disciplines have been conducted on the main causes, results and possible solutions of the increasing youth unemployment problem. All these studies approach youth unemployment from different angles and offer different solutions to the problem. A complex problem such as youth unemployment is affected by many different factors.This study examines the effects of the variables of real gross domestic product per capita, labor productivity, gross capital formation, and higher education expenditures on youth unemployment—all of which are thought to affect youth unemployment. The study aims to make suggestions about youth unemployment by revealing the effects of these variables on youth unemployment. The study is based on quantitative data analysis and, in particular, time series analysis has been applied. The dataset used in the study was created based on the relevant literature and used the longest possible time interval. In addition, this study differs from the limited number of previous studies in terms of the countries, datasets, and econometric methods used.The data set used in the study was composed of annual observations that covered the period 1988–2019. The dependent variable of the study is youth unemployment. Independent variables tested for their long-term relationships with youth unemployment are higher education expenditures, real gross domestic product per capita at constant prices in 2010 ($), gross capital formation at constant prices ($) in 2010, and labor productivity.An autoregressive distributed lag bound test (ARDL test) was used to analyze the data. Unlike Engle and Granger (1987) and Johansen (1988) cointegration tests, this test analyzes whether there is a long-term relationship between the series, regardless of whether the series is stationary at the level or at the first difference. However, this method obtains consistent results even in data with small number of observations (Baek &amp; Kim, 2013; Panopoulou &amp; Pittis, 2004) and a simultaneous estimation of short- and long-term results. First of all, the stationarities of the variables of the study were tested by Augmented Dickey-Fuller and Phillips-Perron unit root tests. According to this, the young unemployment dependent variable is stationary at the 1% significance level in the first difference under both unit root tests, and the gross domestic product and gross capital formation independent variables are stationary at the first difference and 1% significance according to the Augmented DickeyFuller and Phillips-Perron tests. Higher education expenditures and labor productivity independent variables are stationary at the 1% significance level. Then, using the Akaike Information Criterion (AIC), the lag lengths of the variables of the model were determined and, with the F test, the existence of a long-term relationship between youth unemployment, higher education expenditures, real gross domestic product per capita, gross capital formation, and labor productivity. The ARDL test was applied in the next step.The results of the study are as follows: (1) There is a long-term relationship at a 1% significance level between youth unemployment, higher education expenditures, real gross domestic product per capita, gross capital formation and labor productivity. (2) When the long-term coefficients are compared, the independent variable that has the highest impact on youth unemployment is real gross domestic product per capita, followed by gross capital formation, higher education expenditures and labor productivity, respectively. (3) It has been observed that a 1% increase in higher education expenditures decreases youth unemployment by 0.058%. (4) A 1% increase in real gross domestic product per capita increases youth unemployment by 2.654%. (5) Gross capital formation has a negative and statistically significant effect at a 5% level on youth unemployment, and a 1% increase in gross capital formation reduces youth unemployment by 1.183%. (6) It has been determined that there is a statistically positive relationship between labor productivity and youth unemployment at a 1% significance level. It has been calculated that a 1% increase in labor productivity in the long run increases youth unemployment by 0.01%.&nbsp;

An Analysis of the Relationship between Higher Education Expenditures  and Youth Unemployment in Turkey

Selim

Validity of Wagner’s Law in EU Member Transition  Economies: Panel Causality Analysis

Haydar

The Relationship Between Industrial Production Index, Oil  Prices and Consumer Price Index in the Turkish Economy

Murat

Gonca

Öğretim Görevlisi

The Need For A Circular Economy Towards The Danger of The Continuity of  Pandemics

Cihat

Güldenur

With the changes and developments in production systems after the industrial revolution, the production of materials in sufficient quantity and quality to meet cross-border demands has also led to increased resource and production facility needs. The increase in the amount of waste, especially with the periods when foreign trade activities accelerated, brought up whether production brings pollution with it for countries. The fact that production, which is the most basic element in achieving the economic growth targets of the countries, is also seen as a factor that harms the environmental conditions of the countries. On the one hand, it pushes the developed countries to shift their dirty industries to the developing countries; on the other hand, it has encouraged the development of environmentally friendly production processes by establishing clean production systems.The pollution haven hypothesis states that due to the shifting of the production by developed countries to developing countries with the liberalization process in foreign trade, there will be an increase in environmental quality in developed countries. However, in developing countries, pollution will increase, and developed countries will turn into pollution havens.The basis of the pollution halo hypothesis is that foreign direct investments reduce environmental damage in developing countries. Therefore, the central assumption of the hypothesis, foreign direct investments, will reduce pollution in developing countries.When the examined literature is evaluated, it is seen that the studies revealing the amount of toxic waste and the trade relationship are predominant, especially in terms of developing countries. In addition to these, some studies examine the subject by classifying the countries according to their incomes and contribute to the literature by addressing the issue of pollution depending on their income levels. When the literature is evaluated in general, it is seen that studies are investigating China, the USA, and African countries. At this point, List and Co (2000) examined the USA and found that the difference in environmental policies between states is significant. Hoffmann, Lee, Ramasamy, and Yeung (2005) found that the difference in environmental policies between states is significant for 112 countries. Atıcı and Kurt&nbsp;(2007) studied Turkey and found that the Pollution Haven Hypothesis is valid. Asghari (2013) studied MENA and found that the Pollution Halo Hypothesis is valid. Kivyiro and Arminen (2014) studied about six countries, and they found that the Pollution Halo Hypothesis is valid for the Democratic Republic of Congo, South Africa, and Zambia. For Zimbabwe and Kenya, the Pollution Haven hypothesis has also been found valid. Fang, Liu, and Gao (2019), Xu, Zhao, Xie, and Zhu (2020), and Cheng, Li, and Liu (2020) studied China and found that the Pollution Haven Hypothesis is valid.In this study, the Pollution Haven Hypothesis and the Pollution Halo Hypothesis are explained, and the Pollution Haven Hypothesis is tested for Turkey for the 1985-2017 period. In this study, multivariate regression analysis was applied as a method. For this purpose, the Pollution Limit (KH), GDP (GDP), GDP squared (GDP2 ), Foreign Direct Investment (FDI), Urbanization (URB), Financial Development (FD), and Ecological Footprint (EF) variables were used. Two models were estimated in the study. The first of these is Model 1, where KH is the independent variable and GDP, GDP2 , FDI, and URB are dependent variables. Accordingly, there is a statistically significant positive relationship between KH and GDP variables. In other words, as economic growth increases, the pollution limit is positively affected. GDP2 and KH are in a statistically significant and negative relationship. There is a statistically significant and positive relationship between FDI and KH. Accordingly, as foreign direct investments increase, the pollution limits increase significantly. This finding shows us the conclusion that the pollution haven hypothesis is confirmed.&nbsp;Finally, URB and KH data are statistically significant and positively correlated. As the rate of urbanization increases, the levels of pollution also increase. Since this situation also shows the transition of employment from the agricultural sector to the industrial sectors, these people are primarily employed in the polluting sectors. According to Model 2 regression results, EF is positively affected by GDP. In other words, economic growth creates environmental pollution. This result again confirms the pollution haven hypothesis in the case of Turkey, supporting the findings of Model 1. Financial development data are positively related to environmental pollution. This situation shows that the financial sectors in Turkey do not allocate resources to green sectors that will prevent environmental pollution.&nbsp;In this respect, some recommendations have been developed for policymakers in Turkey. As seen, ecological footprints and greenhouse gas emissions are on the rise in Turkey. Environmental policies such as a gradual transition to renewable energy in energy production, stricter environmental regulations, and encouraging companies that produce and export based on clean technology will play an essential role in reducing pollution levels.&nbsp;

The International Trade Analysis of Turkey’s Polluting Industries

Emre

Ersin

Şevket

Alican

In recent years, population growth, urbanization, and rising social welfare have led to increasing demand for energy. With technological development, social needs and production methods are continuously changing, and reliable energy resources are vital for all production methods, from the industrial revolution to the present. Because of the insufficiency of their energy reserves, some countries are dependent on energy-exporting countries. This circumstance may cause problems regarding current account deficit in energy importing countries. The high rate of current account deficit makes importing countries economies fragile. Many macroeconomic variables, particularly exchange rates, interest rates, inflation rates, and investment policies, are affected by current account deficit. Therefore, governments focus on the factors that cause current account deficit in relation to economic performance. Energy imports are a fundamental factor for many countries experiencing current account balance challenges. In this context, there have been an increasing number of studies on the relationship between energy consumption and current account deficit in recent years.Countries that are members of the Organization of the Black Sea Economic Cooperation (BSEC) were chosen as the sample because these countries are consequential in terms of economic potential, population, energy supply, and demand. A literature review determined that the relationship between energy consumption and current account deficit among BSEC countries has not yet been investigated. In this context, this study contributes to the literature in terms of the sample group and the applied econometric method.In the study, the relationship between total energy consumption and current account balance is empirically examined in terms of BSEC member countries (Azerbaijan, Bulgaria, Armenia, Georgia, Moldova, Romania, Russia, Turkey, and Ukraine). Data reference the 1992–2014 (annual) period because of limitations in the availability of recent data on the countries included in the analysis. Current account balance was used as the dependent variable and total energy consumption as the independent variable. Gauss-10 and Eviews-12 package programs were used in the methodological implementation stages.The econometric analysis initially examined the homogeneity and cross-section dependence of the panel, applying Swamy-S (1970) homogeneity and Pesaran (2004) crosssection dependence tests. Based on the results of these tests, a second-generation crosssectional augmented Dickey Fuller (CADF) panel unit root test, proposed by Pesaran (2007), was used. The CADF test results indicate that the variables have I (1) process. To determine the cointegration relationship between series, Westerlund (2007) panel cointegration test, which considers cross-section dependence, was used. Additionally, to examine the net effect of the independent variable on the dependent variable, the average group dynamic least squares estimator, which supports the heterogeneity and cross-sectional dependence assumptions developed by Pedroni (2001), was applied.The findings of the homogeneity and cross-section dependence tests reveal that the dataset used in the study is suitable for second-generation panel methods. Within the scope of second-generation unit root, cointegration, and estimator results, energy consumption and current account deficit variables in BSEC countries appear to be cointegrated in the long run. Further, a one-unit change in energy consumption is shown to increase the current account deficit by 17.13 units.The findings indicate that energy consumption (i.e., energy demand) exerts pressure on current account deficit in BSEC countries. This result indicates that BSEC countries cannot adequately meet their energy needs and resort to energy imports. Among the member states, particularly for Moldova, Turkey, Armenia, and Georgia, solving the problem of foreign dependency for energy is of critical importance in the context of current account deficit. Therefore, it is extremely important for BSEC countries to increase research on fossil and renewable energy sources to mitigate current account deficit challenges.&nbsp;

Analysis of the Effect of Energy Consumption on Current Account Deficit  Using Panel Data: Evidence from the Organization of the Black Sea  Economic Cooperation

Mohamed

Hatice

On the Predictability of Bitcoin Price Movements:  A Short-term Price Prediction with ARIMA

Alihan

The concept of human capital, whose origins are based on the Classical Economics school, emerged in the last quarter of the 18th century. One of the most important indicators of the welfare of a society is the quality of the people belonging to that society. This quality level can be measured with the concept of human capital. Human capital is defined as the reflection of the increase in knowledge and skills of society. When considered personally, it would not be wrong to express it as an investment made by the individual. Therefore, human capital is also a critical element showing the development level of a country.Saving is one of the most fundamental factors in the basic economy and represents the non-consumable part of income. On the other hand, saving is the restriction of spending and the creation of money for new investments. Countries with high savings have an advantage over countries with low savings. Because savings will be able to provide freedom of movement to that country in difficult times. At the same time, savings generate capital accumulation, and thus countries invest in increasing the welfare of society. Thanks to the capital obtained from savings, countries increase their human capital investments and contribute to the welfare of society. These investments increase the level of knowledge and skills and increase productivity in society. This situation ensures the development of the country’s economy, increases the level of welfare and human capital.Human capital and saving are frequently emphasized concepts and have been the subject of many comparisons and relationships in economics. However, these two concepts, whose relationships have been examined in different studies, have never been directly associated. In this study, the relationship between human capital and saving has been examined,&nbsp;considering developing countries to fill this gap in the literature. The study aims to examine the relationship between human capital increase and saving rates in developing countries. There are studies in the literature analyzing the importance of human capital. Most studies have already dealt with the relationship of human capital with growth in different ways. There are also studies linking human capital with income distribution, income level, and population structure. However, there is no study that both associates human capital with saving and examines this relationship in developing countries.The analysis made by considering the recent data aims to contribute to the literature by using the panel data method. In addition, in the study, an analysis was made using the data of eight developing countries between 1996-2015. South Africa, China, Hungary, Chile, Costa Rica, Mexico, Poland, and Russia were considered as developing countries in the OECD database. No studies examine the relationship between human capital and saving rate for these countries and developing countries in the OECD database. Saving rates are considered as dependent variables and human capital as independent variables. Savings rate data are taken from the OECD database; human capital data are taken from Penn World Table, Version 9.1. The data were considered annually, and the years 1996-2015 were included in the study.According to the analysis results, the F test, which is the general significance test of the model, was found to be significant. This situation shows that the model is also meaningful. The independent variable in the model explains the dependent variable at the level of 13%. Looking at the variables in the model, the 1% change in human capital in the country group under consideration affects the savings rates by 8.36%. At the same time, while other variables are constant, the saving rate in these countries is at the level of -9.39%. According to the results obtained, the increase in human capital in developing countries drives the saving rates upwards. For this reason, raising awareness of the societies on this issue will bring an increase in the saving rate.&nbsp;

Human Capital and Saving Relationship

The Interest Rate Parity in Fragile Five Countries:  Evidence from Unit Root Tests with Breaks

Mikail

Neoclassical economics presumes that future decisions can be made rationally, assuming rational economic agents and complete and costless information in the market. Conversely, this book mentions that there are reactions in economics that cannot be explained by rational thinking, and it makes them explainable with five basic animal spirits. In the first part of the two-part book, five basic motives (i.e., trust, justice, corruption, money illusion, and stories) are explained; in the second part, eight questions about the economy are answered within the framework of these animal motivations. In this evaluation, considering the same plan, firstly, the animal spirits mentioned will be explained, and then the answers given to the questions will be interpreted. While the book is being examined, the examples provided to illustrate the concepts mentioned by the subject are generally not included in the book but were added by the author.Part I: Animal spirits Trust: Confidence in the economy encourages consumption, investment, employment, and production. On the contrary, if fear prevails in the economy, individuals and companies spend less and save more. This situation causes a decrease in investment and employment.Justice: At times, the motivation for justice outweighs economic concerns. For example, a worker may choose not to work at all rather than work for compensation that he or she thinks is unfair. The justice motive is so important that even if the economy is in a period of expansion, the source of layoffs can be the unfair economics policies.Corruption: Bad events that remain in the minds of individuals affect the economy. Remembering these bad events takes the place of fear while removing trust. This situation causes an environment of panic in the economy.Money illusion: The illusion of money affects many different aspects of the economy, particularly, wage contracts, debt contracts, and accounting transactions. People measure their assets and income according to nominal income rather than real income. The illusion of money stems from a lack of understanding of inflation and deflation.Stories: The human mind tends to think about stories. Because of story-based human thinking and interaction patterns, telling individuals a story about a particular subject can strongly affect their thoughts on this subject. Stories believed to be true form the basis for economic behavior.Part II: Eight questions and their connectionsWhy do economic recessions happen?: Past stories of economic failure are remembered with the increasing corruption stories before the crisis, which causes the feeling of trust to disappear. Therefore, the belief that economic policies are unfair to people begins to be felt. Later, consumer prices fall, but due to the illusion of money, no one accepts a decrease in their salary, so people become unemployed, and economies begin to shrink.Why do central bank managers have power over the economy (to the extent that they use it)?: Central banks are the lender of the last resort to which banks may apply for loans. They can mitigate the effects of the crisis by preventing a decline in credit transactions at points at which confidence in the economy decreases. The main task of central banks in implementing such policies is to build confidence in the market. All of these show that animal spirits necessitate the existence of central banks.Why are there people who cannot find a job?: The reasons for unemployment is partly due to animal spirits such as concerns for fairness, stories and the money illusion.&nbsp;Why is there a trade-off between unemployment and inflation?: Animal spirits theory refutes the monetarist theory that there is a natural rate of employment and its claim that people do not have money illusion.Why don’t people consider the future rationally in their decisions about savings?: People have difficulty focusing on the main benefits of savings decisions, namely, how much to save based on animal spirits. In this regard, characteristics such as trust in the economy, environment, age, and culture have an essential role.Why are asset prices and investment flows so volatile?: Asset prices such as stocks are expected to depend on the basic indicators of companies such as profitability and indebtedness. However, most of the time, the animal motives of the investors come to the fore, and there are price changes in the assets depending on the herd’s behavior. Changes in asset prices directly affect people’s confidence and the economy.Why do real estate markets go through cycles?: Increases in real estate prices are mostly based on stories that there is not enough land for the population, and the prices will always increase. If investors believe that they will never find real estate at the current prices, they continue to buy, no matter how much they have risen. In addition, the illusion of money is also an important factor here.Why does poverty continue across generations among ethnic minorities?: It is stated that in addition to the injustices to which minorities are subjected, their perspective toward themselves also affects the continuity of poverty. Individuals’ habit of seeing themselves as a victim of society constitutes the biggest obstacle to self-realization. The perception that nothing will change no matter what leads to a poverty spiral.In this book, the assumptions of traditional economic theory and the econometrics and statistics-based models used to explain economic events are criticized and replaced with behavioral economic theory. This book, seen as a break from tradition, describes how the economy actually works by doing what current economic theory cannot do. It does this by including animal spirits in the economy.

Animal Spirits: How Human Psychology Drives The Economy and Why It  Matters for Global Capitalism

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@JOURNAL_BOX_EARLYVIEW

Hasan

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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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.

Prof.

RePEc IDEAS

RePEc EconPapers

TR Dizin

@METRIC_VOLUMES

@METRIC_ISSUES

@METRIC_ARTICLES

@METRIC_OPENACCESS

Journal of Economic Policy Researches

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Editor in Chief

Editor

Associate Editor

Managing Editor

English Language Editor

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></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 Committee on Publication Ethics (COPE), the Directory of Open Access Journals (DOAJ), the Open Access Scholarly Publishers Association (OASPA), and the World Association of Medical Editors (WAME) 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.

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 Committee on Publication Ethics (COPE), the Directory of Open Access Journals (DOAJ), the Open Access Scholarly Publishers Association (OASPA), and the World Association of Medical Editors (WAME) 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. 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