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

Ahmet

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

Anet

Examining the Relationship Between Female Employment Rate and Poverty in the Context of Three Fragile Countries: A Panel Data Analysis

Süleyman

The Role of Global Financial Risk Shocks on Macroeconomic Fluctuations and Government Debt: The Case of Türkiye

Sedef

The economic effect of infrastructure investments have on economic growth has attracted a great deal of attention from policymakers and researchers since the pioneering study fromAschauer (1989), who used the Cobb-Douglas production function approach and found public capital to be an important input for the USA and a high stock of public infrastructureto contribute to economic growth (Elburz, Nijkamp and Pels, 2017). Following Aschauer’s (1989) seminal work, quite a number of papers have been devoted to assessing the effect of infrastructure on growth using various data and empirical methodologies (Calderón and Servén, 2010). However, no consensus exists in the literature regarding the relationship between infrastructure investment and economic growth. In part, this is because the studiescarried out to date have used different approaches for measuring infrastructure and growth and have focused on different time periods and geographies (Välilä, 2020). Many studies have found infrastructure investments to positively impact economic growth. However, some studies have found either no relationship or a negative relationship between infrastructure investment and economic growth (see Timilsina, Hochman and Song, 2020).The points of view on infrastructure investments differ according to countries’ development levels. Because many developed countries’ infrastructure systems are at a saturation level, infrastructure investments in these countries generally occur in the form of improvements to the existing infrastructure stock. Many middle-income countries within the developing country group have insufficient existing infrastructure investments. For this reason, new infrastructure investments and services need to be provided. As a result, countries’ income level emerges as an important criterion to consider for showing the effectsThe points of view on infrastructure investments differ according to countries’ development levels. Because many developed countries’ infrastructure systems are at a saturation level, infrastructure investments in these countries generally occur in the form of improvements to the existing infrastructure stock. Many middle-income countries within the developing country group have insufficient existing infrastructure investments. For this reason, new infrastructure investments and services need to be provided. As a result, countries’ income level emerges as an important criterion to consider for showing the effects of infrastructure investments have on economic growth. Although many studies have been conducted to reveal the relationship between infrastructure and economic growth for developed and underdeveloped countries (especially in the region of Africa), this relationship has yet to be adequately addressed in middle-income countries. For this reason, this study examines the effect of infrastructure on economic growth within the framework of an endogenous growth model based on Barro’s (1990) work by considering upper-middleincome countries for the 2011-2020 period. According to endogenous growth theories, technology and human capital are not the only factors influencing economic growth. Barro asserted things such as government investment in education and infrastructure to also play asignificant role in economic growth. According to Barro (1990), investing in public infrastructure is motivated by two factors: in a positive scenario, an increase in productive government spending will boost private capital’s marginal product and generate sustained growth in per capita income, whereas in a negative scenario, per capita growth decreases when taxing income is used to finance public infrastructure.This study employs a system generalized method of moments (GMM) estimation approach for measuring the effects of different infrastructure types on economic growth.According to the GMM estimation results, telecommunication, energy use, electricity consumption, and gross fixed capital formation have significant and positive effects, whiletransportation has no impact on economic growth in higher middle-income countries. The telecommunication model shows a 1% increase in investment in telecommunication to increase economic growth by 0.0098 units. Energy use and electricity consumption models indicate a 1% increase in energy use and electricity consumption to increase economic growth by 0.0073 and 0.0152 units, respectively. Finally, the gross fixed capital formation model shows a 1% increase in gross fixed capital formation to increase economic growth by 0.029 units. The insignificant findings regarding the transportation model may be due to a lack of data. In this paper, we find evidence that infrastructure investment is essential for promoting economic growth. The evidence also suggests that this role does not differ in higher-middleincome countries. The empirical approach encompasses different infrastructure types toaccount for the potential effect of every single infrastructure component, and the results indicate that all infrastructure types except transportation significantly impact economic growth.

An Econometric Analysis on the Relationship between Infrastructure and Economic Growth

İsmail

Participation of under-18-year-olds in the Private Pension System in Turkey: A Growth Estimation

Res. Assist. Dr.

Interest in the forces that drive food prices is increasing, as well as the effects from factors such as global warming and climate change that have become more dominant with the COVID-19 pandemic (Van Bodegom &amp; Koopmanschap, 2020; Barrett et al., 2021; Rasul, 2021; Wahidah &amp; Antriyandarti, 2021; Dorward &amp; Giller, 2022). The events that accompanied the worldwide spread of the COVID-19 pandemic can also be studied to provide a real example of how uncertainty is able to severely impact the global economy. In particular, economic and political uncertainties involve oil, gold, and cryptocurrency markets and can have negative effects on the food sector (Al‐Thaqeb et al., 2022). The primary aim of this study is to investigate the effect of economic policy uncertainties on food prices. Its secondary aim is to draw attention to the increases in the number of extreme climate events and in food prices in recent years and to enrich the literature on this topic. The secondary aim of the study also forms the motivation of the study. Two main studies have investigated the direct effects of economic policy uncertainty on food prices. The first of these was Wenet al. (2021), who examined the symmetric and asymmetric relationships. The findings from their study indicated anincrease in economic policy uncertainty to cause a significant increase in food prices both in the short and long run. In addition, an asymmetric relationship was found between the variables in the short run. The other study by Kirikkaleli and Darbaz (2022) discussed the relationship food prices have with the economic policy uncertainty index, as well as with the dollar index and the energy price index. Their study’s findings revealed food prices to also increase during volatile periods of high uncertainty. Moreover, economic policy uncertainty is shown as a long-term and permanent cause of food prices. Wen et al. (2021) and Kirikkaleli and Darbaz (2022) emphasized the need to further investigate the effects of uncertainties on food prices in order to ensure stability in food prices; however, the literature on this topic is still quite sparse. Therefore, this study is thought to be able to contribute to the sparse literature by using different methods and discussing results over a country group. This study examines the relationships with food price inflation in countries using monthly data for the period of January 1997-September 2022. The following data are used for this purpose: global economic policy uncertainty and food price inflation in China, Great Britain, Germany, Hungary, the Republic of South Africa, Türkiye, and the United States. The first stage of the study uses using unit root tests to identify the stationarity levels of the variables. The second stage uses the Hacker andnHatemi-J (2006) causality test to investigate the symmetric causality relationships among the variables. The last stage applies the time-varying causality test based on the Hacker and Hatemi-J (2006) causality test while taking into account the changes in the relationships among the variables over time. The Hacker and Hatemi-J (2006) causality test examines the presence of causality regarding the overall period. Despite no causal relationship sometimes occurring over the entire period, it can occur in sub-periods. Economic and political events and structural changes in a country can affect this relationship. Therefore, using a timevarying causality test may be more reasonable (Balcılar et al., 2010; Yılancı &amp; Bozoklu, 2014; Erdoğan et al., 2019). The symmetric causality test findings point to the presence of abidirectional causality relationship between global economic policy uncertainty and food inflation only in the United States. The time-varying causality analysis determined causality relationships among all the variables at different periods. Economic policy uncertainty affects food prices in developing countries, affecting the United States relatively longer. In addition, the causality relationship going from economic policy uncertainty to food prices was seen to have intensified in all countries during crisis periods, with economic policy uncertainty affecting food prices more strongly in periods of crisis, especially during the COVID-19 pandemic. Although economic policy uncertainty is not the single leading cause of increases in food prices, the findings from this study provide evidence that economicpolicy uncertainty may be an important dynamic of food inflation. In the fight against food inflation, countries can seek ways to cope with economic policy uncertainty. Although thestudy’s findings point to important implications, the available information in this field is quite insufficient for reaching any definite decisions. Therefore, the potential effects of economic policy uncertainty on food prices require further evidence. Future studies may consider economic policy uncertainty as an explanatory variable while investigating the factors that cause inflation in food prices.

The Effect of Economic Policy Uncertainty on Food Prices: A Time-Varying Causality Analysis for Selected Countries

Sinem

İpek M.

Exchange rate volatility is a term that refers to wide fluctuations around the long-term equilibrium value of the exchange rate. The transition to floating exchange rate systems has confronted both developed and developing countries with the uncertainty created by exchange rate fluctuations and the resulting risk problem. Volatility in exchange rates is the main source of exchange rate risk, and is of great importance in this context in terms of its macroeconomic implications. Exchange rate volatility is known to negatively affect many macroeconomic variables such as investment, production, consumption, and economic growth, especially in international trade and capital movements. Therefore, empirical estimation and measurement of exchange rate volatility is important for its pervasive economic implications. The effects sudden and unexpected fluctuations in exchange rates have on basic macroeconomic variables have created a wide field of research, thus laying the groundwork for a very rich theoretical and empirical literature.This study firstly discusses the theoretical framework of the concept of exchange rate volatility and emphasizes the factors that causing exchange rate volatility, as well as the negative effects of volatility on macroeconomic variables. In order to shed light, the study then provides examples from the literature examining exchange rate volatility in Türkiye.The study’s econometric analysis section estimates volatility in the Turkish economy using effective exchange rate data for the period of 2003-2022. The volatility of many financial time series, including exchange rates, is not constant over time, and recent studies have revealed variance as a measure of volatility to not be constant. As such traditional time series models that accept variance as constant are understood to be insufficient for modeling volatility. In this framework, the study will develop modeling techniques such as autoregressive conditional heteroscedasticity (ARCH) and generalized ARCH (GARCH) models that are based on the assumption of changing variance and that are suitable for the dynamic structure of financial markets. The ARCH and GARCH models allow volatility to change over time and have been widely used for modeling exchange rate volatility. To estimate exchange rate volatility, the study will first ensure the stationarity of the series, then it will apply the ARCH Lagrange multiplier (ARCH-LM) model to determine whether the variance in the error terms is constant. The study then examines the stationarity of the effective exchange rate series together with the autocorrelation function and the cartesian graph; it then performs the unit root test, with any non-stationary series at that level being made stationary by taking the difference. The study determined the most suitable autoregressive integrated moving average (ARIMA) model as a result of the partial and autocorrelation functions of the series. The ARCH effect was investigated regarding the error squares of the determined ARIMA model to determine the volatility of the exchange rate series. Finally, as a result of the analysis made for modeling the exchange rate volatilityin Türkiye, the most appropriate model was determined to be the GARCH(1,1) model. In order to determine the reliability of the model, the study re-performed the ARCH-LM, after which the volatility in the model was seen to have disappeared. Accordingly, theGARCH(1,1) model has been concluded to be a model that eliminates the effects of exchange rate volatility.

Modeling Exchange Rate Volatility in Türkiye: An Empirical Research

Yücel

Fazlı

Ersin

States have the right to sovereignty over the lands within their borders. States collect taxes based on this sovereign right. State sovereignty is related to the taxes a state is able to collect. In today’s democracies, taxation authority is accepted as a legal right of states. In the past, however, no compromise regarding taxation was able to be reached between those with taxation authority and the people bearing the tax burden. While the ruling segment aimed to increase tax revenues, the ruled objected to arbitrary taxation. As a result of these types of revolts, absolute monarchic rule had been overthrown, with taxation authority being gradually taken away from monarchs and kings and passed to parliaments. As a result, these initiatives not only limited taxation authority but also contributed to democracy.The increases in the level of taxation experienced throughout history increased the costs citizens had to bear. For this reason, citizens started to control how governments spend theirtax revenues by participating in the bargaining process. In line with this, governments have had to make more disclosures to their citizens about expenditures. Thus, governments havegained a democratic structure by adopting a more transparent structure. Another approach that examines the relationship between taxation and democracy from a similar perspective is rentier state theory. According to this theory, democracy is weak in states that derive most of their income from inefficient fields such as oil and natural gas. As a matter of fact, due to the low level of taxation, bargaining between citizens and governments remains weak, thus weakening democracy as well. The relationship between the level of taxation and democracyis not limited to the existence of a causal relationship from taxation to democracy. In addition, there are opinions that there is a casual relationship from democracy to taxation. According to this view, society can clearly monitor the economic activities in transparent and accountable states. This situation improves the harmony between the state and the individual and increases the taxation capacity.When examining the empirical literature on the causal relationship between the levels of taxation and democracy, studies are found to have revealed different results. In the literature,a one-way causal relationship has mainly been determined from the level of democratization to tax revenues. However, a substantial number of studies are also found to have revealed aone-way causal relationship from tax revenues to the level of democratization. Apart from these results, studies are also found to have detected bidirectional causality between these two variables, as well as studies that revealed no relationship to be present.This study aims to examine the causal relationship between tax revenues and the level of democratization in a total of 33 countries, including 27 member states of the EuropeanUnion (Austria, Belgium, Bulgaria, Finland, Cyprus, Czechia, Germany, Estonia, Finland, France, Greece, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Italy, Poland,Poland, Romania, Slovakia, Slovenia, Spain, Sweden) and six candidate countries (Albania, Moldova, North Macedonia, Serbia, Türkiye, and Ukraine) over the 2010-2020 period. This relationship was examined using the panel data analysis method. The study uses the panel causality test developed by Emirmahmutoğlu and Köse (2011) based on the Toda-Yamamoto (1995) test as its method. As for data, the Democracy Index (DI) data, which shows the level of democratization, comes from the Economist Intelligence Unit (EIU, 2022), and the dataon tax revenues over gross domestic product, which defines the taxation level (TR) comes from the World Bank’s (2022) World Development Indicators and the Organization for Economic Co-operation and Development (OECD, 2022) Data Tax Revenue databases.According to the analysis results, bidirectional causal relationships were found between the level of democratization and tax revenues in the context of the relevant period and countries throughout the panel. When analyzing the results in terms of countries, one-way causal relationships from democratization level to tax revenues were identified in Albania, Greece, Ireland, Moldova and North Macedonia. On the other hand, the countries where one-way causal relationships from tax revenues to the level of democratization were found are Croatia, Cyprus, Lithuania, Luxembourg, Malta, Romania, and Slovenia. In addition to all these results, bidirectional causal relationships were found between the level of democratization and tax revenues in Poland and Ukraine. No causal relationships were found between taxes and democracy in Austria, Belgium, Bulgaria, Czechia, Denmark, Estonia, Finland, France, Germany, Hungary, Italy, Latvia, Netherlands, Portugal, Spain, Slovakia, Sweden, Serbia, or Türkiye. The empirical findings of the study show the causal relationship between the level of democratization and tax revenues to differ according to country, and these differences may arise from such things as the social, economic, political, and institutional characteristics of the countries.

An Analysis of the Relationship Between Taxation and Democracy: The Example of European Union Member and Candidate Countries (2010-2020)

Prof. Dr.

Due to internal and external security being two of the most important needs countries have, the defense industry has critical importance. With the collapse of the Union of the Soviet Socialist Republics in 1991, peace was said to have come to the world, but civil wars have since caused great migrations and increased the importance of the defense industry. Türkiye has an important position in the world as a result of its geopolitical location. The history of Türkiye’s defense industry dates back to the Ottoman Empire, and its defense industry came to the fore again with the Cyprus Peace Operation in 1974, after which the USA placed an arms embargo on Türkiye, marking a turning point where Türkiye began to see itself in a dangerous position. For this reason, Türkiye has sought to reduce its foreign dependency and meet its own national defense inventory needs. The 2016 coup attempt that took place in Türkiye, and the operations against ISIS and the PKK in Syria and Iraq since 2016 have caused Türkiye to make progress in the defense industry in addition to the significant progress it has made since 2000. Over the last decade, Türkiye has become able to mostly meet the needs of its Armed Forces, while also showing a significant export performance by reducing its foreign dependency. Turkish defense industry companies have achieved competitive power in the world defense industry by being among the top 100 companies in the world defense industry with their export figures.The main purpose of the study is to determine Türkiye’s export competitiveness with countries such as Germany, USA, Russia, France, and China, which lead the world in terms of defense exports. The study takes advantage of the widely used revealed comparative advantage (RCA) and comparative export performance (CEP) indices for the competitiveness analysis, which uses armored vehicle, artillery, missile, and ship product groups for the 2010-2020 period.The RCA approach was first introduced by Liesner then later developed by Bela Balassa (Balassa,1965, s.101). The RCA index allows countries to compare their advantage in a particular industry with a different country and is calculated with the following formula:RCAij = (Xij / Xi) / (Xaj / Xa) (1)The dependent variable in the formula is RCA, which is also known as the Ballassaindex and explains countries’ competitive advantage. In the formula, i denotes a particular country and j denotes a particular industry. On the right side of the equation, Xij represents the selected armored vehicle, artillery, missile, and ship products exports of a certain country for a certain period, and Xi represents the total exports of that country during the same period. Xaj, which is in the denominator, represents the total world exports of armored vehicles, artillery, missile, and ship products for a given period, and Xa represents the total world exports for the same period. The CEP index is calculated using the following formula developed by Donges (Donges ve ark.,1982, s.83):CEPirj = (Xij / Xrj) / (Σ Xit / Σ Xrt) (2)where i represents a specific country.CEPirj shows the comparative export performance index of country i versus competitor country j regarding a specific commodity.Xij is country i’s exports of good j over a given period.Xrj is the competitor countries’ exports of good j during the same period.Σ Xit is the total exports of country i during the given period.Σ Xrt is the competitor’s total exports during the same period.According to the results from the RCA index values regarding armored vehicle products for the studied period, Türkiye is seen to have great competitive power. Türkiye has index values similar to the USA’s and stronger competitive power than France, Germany, and China. Türkiye can be said to have a comparative advantage regarding the armored vehicle product group. When compared to other countries regarding the artillery product group, Türkiye had the greatest competitive power between 2011-2014. However, it has lost its strong competitive power in recent years. The results for the missile battery index values show Russia, USA, and France to have strong competitive power and Türkiye to have had no competitive power except for 2015. Türkiye occasionally had competitive power as shown by the fluctuating course it followed regarding ship RCA index values, while other times it had no competitive power during the same period.Türkiye’s armored vehicle product group had a better position than Russia in 2019 as a result of CEP index values. After 2017, Türkiye was more advantageous than the USA. Theexport performance for armored vehicles also exceeded France and China. Regarding the artillery product group, Türkiye has had superior performance compared to Russia in termsof the CEP index values. Despite fluctuations in the index, the export performance for artillery products from the selected countries was very good between 2011-2017. The CEP index values for missiles generally showed a low comparative export performance. Türkiye is seen to have been in a disadvantageous position in this regard. While its ship exportperformance exceeded Russia’s in 2010 and 2019, this was not the case for the other years. Export performance with the USA after 2012 remained high, and Türkiye also stayed in a more advantageous position than China until 2018.

Determining the Competitiveness of Türkiye’s Selected Defense Products: A Revealed Comparative Advantage and Comparative Export Performance

How Does Digital Banking-Driven Financial Inclusion Affect Income Inequality in Türkiye?

Süleyman Emre

Industrial production is a major macroeconomic indicator due to being one of the main reasons for economic growth. Both developed and developing countries keep up with monthly industrial production index data to ensure targeted economic growth rates. Therefore, raising industrial production results in higher gross domestic product (GDP) levels. Approximating actual capacity to full capacity and enabling firms to produce at lower costs are primary macroeconomic objectives for every country. Thus, increases in capacity utilization are expected to positively affect and increases in producer prices to negatively affect industrial production. Based on this perspective, this study investigates the impacts of capacity utilization rate and producer prices on the industrial production index in Türkiye.By reviewing the existing literature, studies on this subject are noticed to have dealt with this issue with the assumption of a linear relationship. The present study aims to observe the nonlinear impacts of capacity utilization rate and producer prices on the industrial production index. To do this, the study uses the nonlinear autoregressive distributed lag (NARDL) model, which separates the positive and negative shocks caused by the explanatory factors. The NARDL model is a modified version of the linear ARDL model developed by Peseranand Shin (1999) and Peseran et al. (2001). This model has no requirements due to all the variables in the model being integrated in the same order; namely, the series can be I(0) (stationary at level) or I(1) (stationary at first difference). Thus, when some of the variables are stationary at first difference while others are stationary at levels one can continue with the cointegration test using the ARDL model, unlike other cointegration tests. Shin et al. (2014) went on to transform the linear ARDL model into an asymmetrical structure. The structure of the estimated NARDL model in the present study is shown in Eqs. 5 and 6. The variables for the logarithms of the industrial production index, capacity utilization rate, and producer price index are respectively abbreviated as LSAN, LKKO, and LUFE.By utilizing the data obtained from the Central Bank of the Republic of Türkiye, the study constructed a data set covering the period of June 2007-September 2022. Due to the data being monthly, the total number of observations is 189. The empirical analysis section of the study first tests the stationarity of the variables (see Table 2). The augmented Dickey- Fuller unit root test suggests the LSAN and LUFE variables to not be stationary at level and LKKO to be stationary. On the other hand, the Dickey-Fuller generalized least squares (GLS) unit root test suggests the LUFE variable to not be stationary at level and the LSAN and LKKO variables to be stationary. Both tests also show all variables to be stationary at their first difference. Due to the variables being unsuitable for integrating in the same order, ARDL-based models should be used to fulfill the needs.The NARDL cointegration test results in Table 3 show the F-statistics to exceed the critical values, which implies the presence of a cointegrating relationship among industrial production, capacity utilization rate, and producer prices. The next step estimates the longterm coefficients of the explanatory factors and applies some diagnostic tests. The results in Table 4suggest a 1% increase in the capacity utilization rate to raise industrial production by 1.63% and a 1% decrease in the same factor to reduce industrial production by 1.27%. On the other hand, a 1% increase in producer prices reduces industrial production by 0.06% while a 1% decrease in the same factor has no statistically significant impact. The fact that positive and negative shocks do not affect at the same rate implies that the shocks from capacity utilization rate and producer prices on industrial production have an asymmetric structure. The diagnostic tests regarding the estimated model show no serial correlation, heteroskedasticity, or misspecification problem to be present in the model and the residuals to be normally distributed. The cumulative sum of the recursive residuals (CUSUM) and the cumulative sum of the squares of the recursive residuals (CUSUMSQ) plot tests are depicted in Figure 1 and Figure 2 and show the estimated coefficients to be stable and within the critical bounds of the model. Lastly, to check the robustness of the asymmetry, the previously estimated model was transformed into a stepwise regression model to test the symmetry hypothesis based on the coefficients of this model. The test results reveal both capacity utilization rate and producer prices to have asymmetric impacts on the industrial production index in Türkiye.The findings from the study briefly suggest that in order to sustain economic growth in Türkiye, policymakers should first raise the capacity utilization rate and prevent any potential decrease in this indicator. Secondly, they should prevent increases in producer prices. However, the findings revealed no statistically significant favorable impact from decreases in producer prices. The ability of the NARDL model to permit asymmetric effects allows for differentiating policy designs against negative and positive shocks.

The Asymmetric Relationship Among Industrial Production, Capacity Utilization Rate, and Producer Prices in Türkiye: The Nonlinear ARDL Model Approach

Şehadet

Saltuk

Environmental degradation, economic conditions, and demographic factors are significant determinants of life expectancy. Life expectancy is the average life of a newborn based on current health conditions (Chukmaitova, 2003, p.4). Life expectancy is also an indicator of a country’s economic, social, and environmental development (Teker, Teker, &amp; Sönmez, 2012, p. 119). Life expectancy has significant effects on the public finances and economic growth of countries due to how it affects the financing of health and retirement benefits. Environmental degradation such as air pollution, water pollution, and climate change can have significantly adverse effects on health and life expectancy. Economic conditions can also play a role in life expectancy, as countries with higher levels of economic development often have better access to health care, education, and other resources that can contribute to longer lifespans. However, income inequality can negatively impact health outcomes due to lower-income individuals possibly having more limited access to health care and other resources. Demographic factors such as infant mortality rate also affect life expectancy.This study examines the effects of CO2 emissions, unemployment rates, infant mortalityrates, and public health expenditures on life expectancy for the period of 2000-2019 for tenhigh-income countries. The variables used in the study have been determined as CO2 emissions for environmental degradation, infant mortality rates for demographic indicators, and unemployment rates and public health expenditures’ share of current health expenditures as the economic variables. Data regarding life expectancy (LE), unemployment rate (UR), infant mortality rate (IMR), public health expenditures (HE), and CO2 emissions have been taken annually from the World Bank (2023) database for the 2000-2019 period. According to the results obtained from the study, evaluating the countries as a group reveals a 1% increase in infant mortality rate to reduce average life expectancy by 0.11%, while increases in CO2emissions, the unemployment rate, and public health expenditures decrease average life expectancy. These do not appear to have a significant effect on the duration. either.Findings from the results regarding the concept of average life expectancy differ for underdeveloped and developed countries. The findings from studies conducted in underdeveloped countries show factors such as clean and easily accessible water, nutrition and food, and environmental health to affect average life expectancy. Teker, Teker and Sönmez (2012) found health expenditures, income, unemployment, and inflation to affect life expectancy in high-income countries. Infant mortality rates are also among the most important factors affecting life expectancy in all countries (Bayın, 2016; Linden &amp; Ray, 2017; Şener, Aslan, &amp; Yiğit, 2019). Private health expenditures have a positive effect on life expectancy in Organisation for Economic Co-operation and Development (OECD) countries. Şahin (2018) analyzed 16 Asian-Pacific Economic Cooperation Organization (APEC) countries using data from the 2000–2013 period.The findings from the current study have revealed a 1% increase in total lifetime health expenditures to increase life expectancy at birth by 0.635%. Some studies have determined the relationship between CO2 emissions and expected CO2 emissions to be a determinant affecting lifespan (Ali &amp; Ahmad, 2014; Issaoui, Toumi, &amp; Touili, 2015; Balan, 2016; Tıraş &amp; Özbek, 2020). The results from the current study indicate unemployment’s negative impact on life expectancy to be highest in England, with a 1% increase in unemployment being associated with a 0.109% decrease in life expectancy. This relationship is weaker in Belgium, Germany, Spain, and the USA, whose decreases range from 0.021%-0.001%. These findings are consistent with previous studies in the field. Furthermore, the current study has found increasing public health expenditures to be able to lead to an increase in life expectancy, with a 1% increase resulting in a maximum increase of 0.12% in England and 0.091% in Italy. This result is also consistent with previous studies (Dhrifi, 2018; Pedram &amp;.Mehrjou, 2019; Tatlı&amp; Barak, 2021). Also, in this study an increase in CO2 emissions negatively impacted life expectancy in France, whereas an increase in infant mortality rate was found to be negatively associated with life expectancy in Canada. Surprisingly and contrary to previous studies, this study found a 1% increase in public health expenditures to reduce life expectancy by 0.193% in Canada. These findings can contribute to having policymakers develop further comprehensive policies regarding the factors that affect life expectancy in high-income countries.

Effects of Environmental Degradation, Economic, and Demographic Variables on Life Expectancy: Panel Data Analysis for High-Income Countries

Technological developments play an important role in economic growth and development. However, the neoclassical approach ignores technological learning and effort by considering technology as an external element. Moreover, this approach assumes that countries will converge in the long run due to free technology. However, these assumptions of the neoclassical approach have been criticized by the evolutionary approach, and special attention has been given to technological learning. In theevolutionary approach, technological learning and imitation are included in the convergence process. In general, convergence is evaluated as an economy’s tendency toward a steady state by growing or shrinking at a certain speed (Ünsal, 2007, p. 157). In this respect, whether technological convergence occurs in developing countries needsto be investigated. This study aims to examine whether technology convergence occursin developing countries. For this purpose, the study considers the ten big emerging markets (BEM-10) of Argentina, Brazil, China, India, Indonesia, South Korea, Mexico,Poland, South Africa, and Türkiye from among important economies and discusses these emerging economies. Unlike other studies, this one includes total factor and labor productivity in the analysis as supplemental variables, as well as the number of patents, thus aiming to analyze the technological developments among countries in detail overdifferent variables. The study also aims to make significant contributions to the technological convergence literature, which is limited in terms of the scope of study and the variables and analysis techniques that have been used. At the same time, this study differs from other studies that have examined technological developments through different variables, thus showing itself to possess originally.Many theoretical and empirical studies have occurred with regard to the convergence approach. However, due to the scope and content of what is being studied, apart from the fundamental studies on the convergence approach, this article also will extensively examine studies that have evaluated the technological convergence approach in terms of convergence analyses. The papers the study has examined within its scope show that various types of the convergence approach have been developed among countries, regions, and sectors. At the same time, these studies are understood to have examined the presence of convergence using various socioeconomic variables in addition to income convergence. When considering the technological convergence studies, the variables of number of patents, labor productivity, and total factor productivity are seen to have been used intensively to represent technology.In terms of the number of patents, technological convergence has been confirmed in Argentina, Indonesia, Mexico, Türkiye, China, South Korea, Poland, and South Africa as a result of Pesaran’s (2007) cross-sectionally augmented Dickey-Fuller (CADF) unit root test, as well as South Korea, Argentina, and Poland as a result of the seemingly unrelated regression augmented Dickey-Fuller (SURADF) unit root test. In terms of total factor productivity, Türkiye, Mexico, and Poland are seen to have converged as a result of the Pesaran CADF unit root test, and Türkiye and Mexico as a result of the SURADF unit root test. Regarding labor productivity, convergence has been found in Mexico, Argentina, and Brazil based on the Pesaran CADF test and in Mexico based on the panel SURADF test.This study aims to examine whether technology convergence occurs in developing countries. For this purpose, the study has discussed the 10 big emerging markets.Technological convergence is understood to have occurred in a limited number of countries regarding number of patents, total factor productivity, and labor productivity. Natural convergence was not seen to have occurred as assumed in the neoclassical approach. The fact that technological convergence was not confirmed in the group of examined countries offers important implications for developing countries. High income and technology, especially in South Korea, are known to result from conscious policies aimed at science, industry, and technology. In this respect, special attention should be given to technological learning in developing countries. At the same time, policies for national technological efforts and learning need to be developed and implemented consistently. In addition, importance is had in establishing and successfully operating national innovation systems.

Technological Convergence in Emerging Economies: An Investigation with Unit Root Tests

Melike

Bibliometric Analysis and Visualization of Research in the Field of Green Economy (1993-2023)

Tuğçenur

As a result of globalization, an increase has been observed in the development of technology, in consumers becoming more conscious, and in greater competition between companies. Companies are working hard to reach a higher level and to gain competitive advantage by making greater use of developing technology. With rapidly developing and changing technology, the demands of consumers are both increasing and becoming more varied in their nature. Thus, creating a fast and secure shopping environment for consumers is inevitable in today's conditions. Electronic commerce, which has started to be used as a new shopping model, provides great convenience to consumers. It is more appropriate for businesses to use e-commerce to meet the needs and demands of consumers, rather than to continue their sales with traditional methods.The aim of this research is to measure consumer behavior based on the sense of trust of consumers shopping via e-commerce. This research is very important in terms of determining factors for both consumers and businesses. By addressing the important points that affect and ensure consumer trust valuable contributions to e-commerce businesses and to future studies in this field can be made. This research was carried out on 409 participants who have social media accounts in Turkey. As a result of the necessary research and in accordance with the research model, the hypotheses of the research were determined as follows.H1: Platform reliability significantly affects brand loyalty.H2: Customer trust significantly affects brand loyalty.H3: Brand loyalty significantly affects purchase intention.H4: There are differences between socio-demographic factors and platform reliability.H4a: There is a difference between gender and platform reliability.H4b: There is a difference between marital status and platform reliability.H4c: There is a significant relationship between age and platform reliability.H4d: There is a difference between educational status and platform reliability.H5: There are differences between socio-demographic factors and customer trust.H5a: There is a difference between gender and customer trust.H5b: There is a difference between marital status and customer trust.H5c: There is a difference between age and customer confidence.H5d: There is a difference between educational background and customer confidence.H6: There are differences between socio-demographic factors and brand loyalty.H6a: There is a difference between gender and brand loyalty.H6b: There is a difference between marital status and brand loyalty.H6c: There is a difference between age and brand loyalty.H6d: There is a difference between educational status and brand loyalty.H7: There are differences between socio-demographic factors and purchase intention.H7a: There is a difference between gender and purchase intention.H7b: There is a difference between marital status and purchase intention.H7c: There is a difference between age and purchase intention.H7d: There is a difference between educational background and purchase intention.While conducting research on the relevant literature, scales consisting of 20 statements were found. In addition, questions that collect information about the demographic characteristics of the survey were found. These scale expressions were used in the research conducted by Uçan in 2020. The survey questions prepared in this research were arranged by the researcher in accordance with the purpose of the research. Thus, only the dimensions of platform reliability, brand trust, brand loyalty and purchase intention were included in the research. When the data were examined, it was determined that there was a positive and significant relationship between platform reliability, brand trust, brand loyalty and purchase intention.Platform reliability was found to affect brand loyalty significantly (p=0.000) and H1 hypothesis was accepted.Customer trust was found to affect brand loyalty significantly (p=0.000) and H2 hypothesis was accepted.Brand loyalty was found to have a significant effect on purchase intention (p=0.000) and H3 hypothesis was accepted.No differences were found between socio-demographic factors and platform reliability, and H4 was rejected.No differences were found between socio-demographic factors and customer trust, and H5 was rejected.No differences were found between socio-demographic factors and brand loyalty, and H6 was rejected.No difference was found between gender and purchase intention, and H7a was rejected.No difference was found between marital status and purchase intention and H7b was rejected.A difference was found between age and purchase intention and H7c was accepted.A difference was found between education level and purchase intention and H7d was accepted.Trade, which is as old as the history of humanity, is the activity of making a profit in return for a certain commodity. Ways of conducting trade have been shaped by people from past to present. E-commerce, which has developed in recent years, is a shopping method that allows us to shop over the internet by moving commerce to the electronic environment.Electronic commerce plays an important role in making shopping easier, safer and more profitable. Businesses want to increase productivity by providing online shopping.Businesses that open websites for online shopping aim to reach wider audiences with electronic commerce in addition to their traditional shopping. In this study, the effect of online shopping trust on consumer behavior in e-commerce was examined.In the study different hypotheses were proposed which considered socio-demographic factors, platform reliability, customer trust, brand loyalty and purchase intention. According to the results of the analysis, all four hypotheses tested were accepted. It was determined that there is a positive significant relationship between platform reliability, customer trust, brand loyalty and purchase intention.An examination of the results of the survey in the light of demographic characteristics revealed that the number of female participants was quite high. In addition, the marital status of the majority of the participants was single, and the level of education was associate degree / undergraduate. As a result of the analysis obtained by correlation modeling and simple linear regression, the data belonging to the structure, platform reliability, customer trust, brand loyalty and purchase intention scales reached the desired values and it was concluded that they were reliable. It was determined that there is a significant and positive relationship between the hypotheses of the research.New concepts and hypotheses can guide future studies and create areas of investigation. In addition, research can be initiated to encourage consumers who avoid shopping to shop online.

The Effect of Trust in Social Media and E-Commerce Companies on Consumer Decision

Recep

In addition to the infrastructure needs caused by developments, population growth, rapid urbanization, pandemics, climate change, and digitalization, among others, an increasing number of countries are utilizing public-private partnerships to provide public services more effectively and quickly. By combining the public and private sector’s dynamism in terms ofproduction speed, quality, technology, and financing, well-designed and implemented public-private partnership projects can yield significant efficiency gains. However, poorly designed and managed public-private partnership projects can result in significant fiscal risks and increased costs due to their complex risk structure and long-term structure. In recent years, public-private partnerships have become more controversial as a result of these features, the necessity of projects, social and economic benefits, and risks and liabilities assumed by the public sector.Within the scope of these discussions, the conceptual framework of public-private partnership was first examined in this study, which was designed to evaluate and analyze the public-private partnership practices in the world and Türkiye using numerical data. In accordance with the increasing need for infrastructure investment, quantitative data on public-private partnership in developing countries and EU countries were subsequently examined, and public-private partnership practices worldwide were analyzed. Moreover, an attempt has been conducted to determine the differences between Türkiye and other countries. Finally, the data on public-private partnership practices in Türkiye were examined, along with the difficulties encountered during the process and the findings related to these difficulties.The study’s findings show that Turkish public-private partnership practices differ from those of other countries. Larger megaprojects are attempted to be realized through publicprivatepartnerships, and the average project size is the first among developing countries, whereas the proportion of projects supported by multinational development banks remains extremely low. The other differences include the fact that all direct supports are of the minimum income support nature despite the share of projects with direct and indirect support being the same as the average; Türkiye is a country where income guarantees are used the most among direct supports; the guarantees given are in foreign currency; and these guarantees are concentrated in the health sector as opposed to the transportation sector.Although a legal framework for public-private partnerships has been established in Türkiye, it is difficult to speak of a clear and well-designed governance framework that encompasses all phases of the process. Nonetheless, the management and reporting of fiscal risks and fiscal transparency issues stand out as the most significant problems in Türkiye’s public-private partnership sector. In reality, there is no publicly accessible information on the fiscal risks of public-private partnerships, neither in Türkiye nor on a global scale. This situation makes it difficult to accurately evaluate and analyze the costs of public-private partnership projects and necessitates the use of estimates and limited data in order to conduct studies. However, these estimates vary considerably from one another. These studies have emphasized that a rise in exchange rates or a potential economic recession can significantly increase the cost of foreign currency guarantees.According to the calculations made in the studies, between 2021 and 2045, a cumulative total of 152.8 billion dollars in income guarantees were provided, and their proportion to the2020 GDP was 22%. According to another study based on Turkish Lira (TL) calculations, public-private partnership guarantee payments in the 2022 budget represent 2% of the central government budget and 0.4% of the GDP. Considering the recent depreciation of the TL, the World Bank estimates that the burden of public-private partnership on the budget will double between 2019 and 2022 (from 1.2% to 2.4%) due to payments made for predetermined guarantees, exchange differences provided to project contractors, and rent payments.To take advantage of the potential benefits of public-private partnership, Türkiye must first address the problems within its governance framework and take the necessary steps to address one of its weakest areas, namely, the management and reporting of fiscal risks, and solve fiscal transparency issues. Therefore, contingent liabilities should be given in TL rather than foreign currency, long-term guarantees should be avoided, and information on guarantees given by institutions that implement public-private partnership projects other than the Treasury should be shared with the public transparently and regularly. Moreover, all guarantees should be consolidated under a single institution, and resources should be usedeffectively, converted into efficient investments, and directed to priority sectors. If these objectives are met, the discussions on public-private partnerships in Türkiye will decrease, the potential contributions of these projects will be enhanced, and their positive contribution to Türkiye’s economic performance will increase.

Public–Private Partnership Practices in the World and Türkiye: A Numerical Analysis

Murat

The execution after 1950 was in the form of the reconstruction roads of Istanbul, the opening of new roads in the city and the continuation of the existing roads in accordance with the road train. This situation has greatly reduced the characteristics of high-capacity public transport vehicles, while the tire can use the wheels in the city. In fact, the general vehicle inspection rate of large passenger transportation vehicles such as trams, buses and trolleybuses has been restored over the years with a decreasing course.As the tram network reached its economic life, it was not renewed and the tram lines were disabled and over time, the rails were dismantled and turned into a highway. Tram services have served Istanbul residents for 90 years on the European side and 38 years on the Anatolian side. Bus and trolleybus services were replaced by tram routes, which were gradually removed until 1960, and the public transportation activities of Istanbul were handed over to rubber-tired motor vehicles.Out of the 268 million passengers carried by public transport in Istanbul in 1951, the share of 19.4 million passengers carried by the IETT bus company was around 7%. The increase in the population of Istanbul and its distribution within the city have led to serious changes in transportation demands. The inability of the public transportation services carried out by thepublic authority to keep up with this change has had an impact on passenger preferences. Thefact that the public transportation vehicles have moved away from providing the desired comfort has pushed the citizens to other searches, including private cars.When the average income per passenger is calculated based on the basic ticket fare, a 29% loss of income is calculated between the years 1960-1975. The income loss is caused by the reduced student fees, as well as the excess number of passengers traveling for free.It is understood that IETT employs quite a lot of personnel. Personnel expenses constitute an important part of company expenses. Between 1967-1973, the share of personnel expenditures in operating expenses was around 69% on average. When the total number of personnel is divided by the vehicle in service, it is understood that an average of 16 personnel serve per bus. The reason this number is significantly high is due to the fact that the maintenance and repairs of the buses are done by the institution. By dividing the population data by the vehicle in service, the population ratio per bus in the enterprise is obtained. It has been calculated that this value was 6,048 people on an annual average in Istanbul between 1960 and 1973.The fact that the vehicle fleet is quite old is the biggest factor that increases the maintenance costs. The fact that there is a fleet of various brands and models makes it difficult to manage the spare part stock. The fact that the parts required for service and maintenance are mostly procured from abroad makes the inventory cost very expensive.Between 1960 and 1965, due to the inadequacy of public transportation vehicles, the increasing role of minibuses and minibuses caused congestion on the roads and traffic jams, as well as a decrease in the commercial speed of transportation vehicles throughout the city. Like public buses and minibuses, minibuses are public transportation vehicles that are not under the control of a single authority, do not run regularly, and are not considered to offer safe transportation services.The gap between Istanbul's passenger demand in general and the service that the public authority can provide has been filled with minibuses and minibuses, and partially by publicbuses. The inability to provide a supply in accordance with the demand in a planned manner has pushed the urban transportation system into a mixed and far from being integrated with each other. The unfair competition of minibuses and minibuses, which are not suitable for the transportation flow of the city, caused blockages on the highway and reduced commercialspeed, as well as reduced the income of the public authority. Leaving aside the rail systems and leaving the burden of transportation to rubber-tired vehicles alone has left Istanbul faced with huge problems. After the 1950s, the city had to deal with the huge burden of rubbertired vehicles and the huge problems it brought.

Economic History of City Bus Management Istanbul (1927-1977)

Hatime

Studies examining the relationship between per capita income and happiness in the field of happiness economics have recently increased. One of the pioneers of happiness economics was Richard Easterlin, who published his work “Does Economic Growth Improve the Human Lot? Some Empirical Evidence” in 1974 as one of the cornerstones of the field.Easterlin stated in this study that a significant correlation exists between happiness and per capita income. However, he claimed that no increase occurred in the happiness levels individuals stated and that the average happiness in rich countries was not higher than that in poor countries, despite the increase in per capita income in the countries that were the subject of his research. This result, on which much research has been made, found its place in the literature as the Easterlin Paradox. However, after this study, two different views emerged on whether an increase in GDP will increase happiness or not.Ruut Veenhoven as another pioneer of happiness economics criticized Easterlin’s (1973, 1974) argument in various studies using the same data as well as other data after Easterlin’swork on economic growth and happiness. Contrary to Easterlin, Veenhoven claimed that an increase in per capita income increases that country’s happiness. Veenhoven stated the results that had been tested with data from many countries had shown the opposite of Easterlin’s claim. Contrary to Easterlin, Veenhoven argued that increasing per capita income increases happiness more in poor and developing countries and less so in developed countries. According to Veenhoven, the Easterlin Paradox was an illusion rather than a rule.In his scientific studies in response to Veenhoven, Easterlin maintained that no long-term relationship exists between economic growth and happiness and that the relationship was uncertain in some countries. In addition, he emphasized in these more recent studies that, although he had observed an increase in income to increase happiness in some countries, this was not long-term and no trend was present between happiness and income. Therefore, and unlike Veenhoven, Easterlin emphasized that one should not focus on the idea that an increase in economic growth will increase happiness. Easterlin instead argued that the need exists for an approach that should focus on other trends in happiness, such as family life, health, and job satisfaction, rather than focusing on economic growth and feeding the illusion that material things will create happiness. In response, Veenhoven agreed with Easterlin’s view that other variables also increase happiness but maintained the argument that GDP growth also increases happiness. According to Veenhoven, as the average life expectancy of people increases with an increase in income, the time they spend more happily will increase with an increase in happiness. Therefore, people’s happiness will increase annually as a result of certain growth.These discussions from both happiness economics pioneers form the cornerstones of the happiness economics literature. This study aims to examine in detail the research and studiesof Easterlin and Veenhoven that occurred in response to one other and to explain the relationship between economic growth and increase in happiness in countries using the results from their studies. As a result, while agreeing with the views of two important happiness economists would be correct, in this case one should still state that the effect of per capita income on happiness should not be underestimated, as Veenhoven has stated. This is because each variable brings different amounts of happiness to people. As the average life expectancy of people increases with an increase in income, the time they spend more happily will also increase with an increase in happiness. When considering all this information, this study concludes that, in addition to social policies that will increase happiness, havingpolicymakers determine policies to increase income will be in the interest of society based on the conclusion that economic growth increases happiness, even if only slightly.

Veenhoven vs. Easterlin in Happiness Economics: Does Economic Growth Increase Happiness?

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Tariff Disadvantages of SMEs in International Trade

Şule

Elifcan

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.

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Journal of Economic Policy Researches

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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.

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<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>

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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.

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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.

<a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/F5F89BC14F7B438A9F9868CB9C978265" target="_blank">Copyright Agreement Form</a><a href="https://cdn.istanbul.edu.tr/FileHandler2.ashx?f=titlepagetemplate_jepr.docx" target="_blank">Title page</a><a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/8BFBB25D979E48EABE10B7FB4A99D013" target="_blank">Author Form</a><ul></ul>

Ensure that the following items are present:● Cover letter<ul><li>The category of the manuscript</li><li>CV(s) of the author(s)</li><li>Confirming that “the paper is not under consideration for publication in another journal”. </li><li>Including disclosure of any commercial or financial involvement.</li><li>Confirming that the statistical design of the research article is reviewed.</li><li>Confirming that last control for fluent English was done.</li><li>Confirming that journal policies detailed in Information for Authors have been reviewed.</li><li>Confirming that the references cited in the text and listed in the references section are in line with APA 6.</li></ul>● <a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/F5F89BC14F7B438A9F9868CB9C978265" target="_blank">Copyright Agreement Form</a>● Permission of previous published material if used in the present manuscript● <a href="https://cdn.istanbul.edu.tr/FileHandler2.ashx?f=titlepagetemplate_jepr.docx" target="_blank">Title page</a><ul><li>The category of the manuscript</li><li>The title of the manuscript both in Turkish and in English</li><li>All authors’ names and affiliations (institution, faculty/department, city, country), e-mail addresses</li><li>Corresponding author’s email address, full postal address, telephone and fax number</li><li>ORCIDs of all authors.</li></ul>● Main Manuscript Document<ul><li>The title of the manuscript both in Turkish and in English</li><li>Abstracts (200-250 words) both in Turkish and in English</li><li>Key words: 5 words both in Turkish and in English</li><li>JEL code: 3 JEL codes</li><li>Extended Abstract (600-800 words) in English (if the article is in Turkish)</li><li>Main article sections</li><li>Grant support (if exists)</li><li>Conflict of interest (if exists)</li><li>Acknowledgement (if exists)</li><li>References</li><li>All tables, illustrations (figures) (including title, description, footnotes)</li></ul>

Issue Type	Regular
Editor(s)	Ahmet İncekara, Halil Tunalı
Cover (PDF)
Front Pages (PDF)

Journal of Economic Policy Researches

VOLUME 10, ISSUE 1, 2023

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

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

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

Governance in Indian States: An Inter and Intra State Analysis

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

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

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

The Digital Financial Inclusion Index: A Cross-Country Comparison

Unemployment Persistence in The Turkish Labor Market

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

Causal Relationship Between Transport Inflation with Oil Prices and Exchange Rates

Usury in Scriptures: The Case of the Qur’an

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

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

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