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The relationship between long-term portfolio investments and growth in the context of asset characteristics and development level

İbrahim Halil SUGÖZÜ

This study investigates the linkage between portfolio investment and economic growth in 18 developed and 27 developing countries. Furthermore, it compares and analyzes interest-bearing and non-interest-bearing assets and the economic development level. The results of our analysis show that long-term portfolio investment is positively associated with economic growth in developing countries. Long-term portfolio investment through non-interest-bearing assets contribute more to economic growth in developing countries. However, stocks and long-term bond portfolio investment are unrelated to economi ...More

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WHICH HYPOTHESIS IS VALID FOR OECD COUNTRIES IN THE CONTEXT OF THE RELATIONSHIP BETWEEN ENERGY CONSUMPTION AND ECONOMIC GROWTH? A PANEL DATA ANALYSIS = Bзаимосвязь между энергопотреблением и экономическим ростом в странах OЭСP: анализ панельных данных

İbrahim Halil SUGÖZÜ

In the study, panel data analysis was conducted on 32 OECD countries covering the period 1990-2018. To analyse the effect of energy consumption on economic growth, first, a cross-section de-pendence test of the variables was carried out, then CADF Test, which is the most suitable unit root test based on the obtained results results, was applied. According to the findings of the Hausman, autocor-relation, and heteroscedasticity tests, it has been decided to use the Driscoll-Kraay test for the model's forecast. The forecast results demonstrate that energy consumption positively affects economic ...More

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Capital liberalization, growth and moral hazard: Lessons from the global financial crisis

İbrahim Halil SUGÖZÜ

The 2008 global crisis, initiated in the USA, a developed country, is significant as it's the last global crisis caused by capital flows. This study investigates the link between capital account liberalization and economic growth during the 2008 global crisis in 105 countries, including moral hazard. Furthermore, it considers portfolio equity and debt flows as asset characteristics and tests two moral hazard channels (i.e., sudden stop and credit booms) employing the OLS estimation technique. The findings show that capital inflows promote growth, with portfolio equity flows having more contrib ...More

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Does Wagner’s Hypothesis Explain the Dynamics of Health Expenditures in Transition Countries?

Zamira ÖSKÖNBAYEVA

he purpose of this study is to analyze the short and long run causal relationship between public health expenditure and GDP per capita in transition economies within the context of the Wagner hypothesis. For the period 2000-2020, the empirical analysis was conducted using a dataset covering 22 transition countries: Latvia, Belarus, Czechia, Georgia, Bulgaria, Hungary, Estonia, Croatia, Moldova, Bosnia and Herzegovina, Slovenia, Ukraine, Armenia, Lithuania, Russian Federation, Slovak Republic, Romania, Turkmenistan, Uzbekistan, Tajikistan, Kyrgyz Republic, and Kazakhstan. Wagner emphasizes that ...More

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Investigating the factors affecting the PISA-based test performance of Asian students

Zamira ÖSKÖNBAYEVA

Purpose - This study investigates the factors affecting the learning outcomes of Asian students. Methods - The effects of both educational inputs and economic and socioeconomic variables on the PISA scores of 10 Asian countries (Hong Kong, Indonesia, Japan, Singapore, Macau, Korea, Turkey, Israel, Qatar, and Thailand) for the years 2006, 2009, 2012 and 2015 were examined using unbalanced panel data. Findings - The results show that country -level economic factors strongly affect academic achievement. Furthermore, country -level economic factors dominate the other explanatory factors in the num ...More

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Relationship between Government Expenditure and Economic Growth in Transition Countries: Case of Kyrgyzstan and Tajikistan = Geçiş Ülkelerinde Devlet Harcamaları ile Ekonomik Büyüme İlişkisi: Kırgızistan ve Tacikistan Örneği = Взаимосвязь между государственными расходами и экономическим ростом в странах с переходной экономикой: на примере Кыргызстана и Таджикистана

Raziyahan ABDİYEVA | Damira BAYGONUŞEVA | Cunus GANİEV

After the collapse oi Soviet Union the membercountries was accompanied by economic and political crises. Each country has chosen own monetary and fiscal policy considering the economic situation. Even though that their economic situation is similar, Kyrgyzstan and Tajikistan are pursuing opposite fiscal policy. More precisely, Kyrgyzstan in recent years has changed its fiscal policy towards expansionary policy, when Tajikistan is continuing contractionary policy. This paper analyses the long and the short-run causality relationships between government expenditure and economic growth in Kyrgyzs ...More

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Energy consumption and economic growth: The case of transition economies

Hakan ÇETİNTAŞ

This study investigates the causality relationship between energy consumption and economic growth in 17 transition countries, which are Albania, Armenia, Belarus, Bulgaria, Czech Republic, Estonia, Hungary, Kazakhstan, Kyrgyz Republic, Latvia, Moldova, Poland, Romania, Russian Federation, Slovenia, Ukraine, and Georgia. Empirical findings indicate that there is unidirectional causality from economic growth to energy consumption in the long run. The results support for conservation hypothesis suggests that energy conservation policies have no effect on economic growth. They can simultaneously a ...More

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The Determinants of Tax Culture in Transition Economies: The Case of Kyrgyzstan = Geçiş Ekonomilerinde Vergi Kültürü ve Etkileyen Faktörler: Kırgızistan Örneği

Raziyahan ABDİYEVA | Cusupcan PİRİMBAYEV

Devletin fonksiyonlarını etkin ve başarılı bir şekilde yerine getirebilmesi için sürekli ve sağlıklı finansal kaynaklara ihtiyacı vardır. Devletin sağlıklı bir şekilde sürekli gelire sahip olması ancak vergi sisteminin etkinliğine bağlıdır. Vergi sisteminin başarısını ise mükelleflerin vergi yükümlülüklerini yerine getirme düzeyi belirlemektedir. Çalışmamızda bir geçiş ekonomisi olan Kırgızistan’daki mükelleflerin vergi kültürü ve bu vergi kültürünü etkileyen faktörler araştırılmaktadır. Elde edilen sonuçlara göre vergi kültürünü etkileyenen önemli faktörlerin devlete güven, kamu hizmetlerinin ...More

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A Comparative Analysis of Productivity Growth, Catch-Up, and Convergence in Transition Economies

Ertuğrul DELİKTAŞ

The paper examines the macroeconomic performance of 25 transition economies using a comparable data set. In order to see whether transition to a market-based economy increased economic efficiency, technical progress, and total factor productivity (TFP), we estimate efficiency measures for Eastern European and Baltic countries and the republics of the former Soviet Union using stochastic frontier analysis (SFA) and data envelopment analysis as a confirmatory analysis. According to the SFA estimates, the average annual efficiency level for the 25 transition economies is 0.548, and the average an ...More

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Persistence in inflation: Does Aggregation Cause Long Memory?

Mehmet BALCILAR

This paper examines persistence in Turkish inflation rates using data from consumer and wholesale price indices. The inflationary process in Turkey is believed to be highly inertial, which should lead to strongly persistent inflation series. Persistence of seventy-five inflation series at various aggregation levels is examined by estimating models that allow long memory through fractional differencing. The order of fractional differencing is estimated using several semiparametric and maximum likelihood methods. Persistence of each series is evaluated using the time required for a given percent ...More

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Multifractality of the Istanbul and Moscow Stock Market Returns

Mehmet BALCILAR

There is a growing awareness among financial researchers that the traditional models of asset returns cannot capture essential time series properties of the current stock return data. We examine commonly used models, such as the autoregressive integrated moving average (ARIMA) and the autoregressive conditional heteroskedasticity (ARCH) family, and show that these models cannot account for the essential characteristics of the real Istanbul Stock Exchange and Moscow Stock Exchange returns. These models often fail, and when they succeed, they do at the cost of an increasing number of parameters ...More

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ANALYZING THE EFFECT OF ECONOMIC AND DEMOGRAPHIC FACTORS ON DIGITAL DIVIDE: THE CASE OF TRANSITION ECONOMIES

Zamira ÖSKÖNBAYEVA

With the widespread use of information communication technologies, many people and countries with a lack of technology are growing. The term digital divide is a multifaceted phenomenon. It means the gap between people and countries with access to digital technologies and those with very limited or no access at all.The main purpose of this study is to investigate the factors affecting digital divide in selected transition countries. In the empirical analysis, The Panel Quantile Regression proposed by Machado and Silva (2019) has been applied. Using panel data for 20 countries for the period 199 ...More

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