This study investigates the interaction between stock prices and prices in other markets using a panel ARDL model. Analyzing data from January 2004 to December 2022 for 19 emerging market countries, the study explores the impacts of gold prices, exchange rates, inflation rates, and interest rates on stock prices. The results indicate a long-term negative relationship, except for gold, between the variables. The effects are generally insignificant in the short run, except for gold's negative impact. The global financial crisis of 2008 negatively affected emerging market stock markets in both the short and long term. In the short run, the COVID-19 pandemic negatively impacted stock market returns, which turned positive in the long run. This study highlights the importance of sound monetary policies focused on price stability and fiscal policies aimed at reducing government dominance in financial markets to foster long-term growth in stock markets.
{"title":"Unveiling the Dynamics: Exploring the Relationship between Emerging Stock Market Prices and Macroeconomic Factors through ARDL Analysis","authors":"Nihat Gümüş, Murtala Mustapha Baba","doi":"10.33818/ier.1465359","DOIUrl":"https://doi.org/10.33818/ier.1465359","url":null,"abstract":"This study investigates the interaction between stock prices and prices in other markets using a panel ARDL model. Analyzing data from January 2004 to December 2022 for 19 emerging market countries, the study explores the impacts of gold prices, exchange rates, inflation rates, and interest rates on stock prices. The results indicate a long-term negative relationship, except for gold, between the variables. The effects are generally insignificant in the short run, except for gold's negative impact. The global financial crisis of 2008 negatively affected emerging market stock markets in both the short and long term. In the short run, the COVID-19 pandemic negatively impacted stock market returns, which turned positive in the long run. This study highlights the importance of sound monetary policies focused on price stability and fiscal policies aimed at reducing government dominance in financial markets to foster long-term growth in stock markets.","PeriodicalId":32692,"journal":{"name":"International Econometric Review","volume":" 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141828768","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The causal relationship between economic growth and financial development is crucial for the dynamics of economic growth and the financial background it generates. However, doubts about the shape of the relationship may lead to indecision in the economic policies to be implemented. The aim of this study is to analyze and provide evidence on the relationship between the two variables in order to overcome this ambivalence. In this panel data analysis of 24 Asian countries covering the 2000-2020 period, firstly Cross-sectionally Augmented Dickey-Fuller (CADF) Unit Root Test, one of the second-generation unit root tests, and then Dumitrescu & Hurlin (2012) Panel Z_NT causality tests were applied. According to the causality test results, there is a bidirectional relationship between GDP and financial development. In addition, gross fixed capital formation (GFCF), which is included in the model as a control variable, is also found to have a bidirectional relationship with both variables. Thus, the evidence supporting the interaction view that combines supply and demand side theories reveals the importance of taking both variables into account in economic policy decisions.
{"title":"A Panel Data Analysis on the Relationship between Financial Development and Economic Growth: The Case of Asian Countries","authors":"İbrahim Halil Sugözü, Eriş Ünver","doi":"10.33818/ier.1455226","DOIUrl":"https://doi.org/10.33818/ier.1455226","url":null,"abstract":"The causal relationship between economic growth and financial development is crucial for the dynamics of economic growth and the financial background it generates. However, doubts about the shape of the relationship may lead to indecision in the economic policies to be implemented. The aim of this study is to analyze and provide evidence on the relationship between the two variables in order to overcome this ambivalence. In this panel data analysis of 24 Asian countries covering the 2000-2020 period, firstly Cross-sectionally Augmented Dickey-Fuller (CADF) Unit Root Test, one of the second-generation unit root tests, and then Dumitrescu & Hurlin (2012) Panel Z_NT causality tests were applied. According to the causality test results, there is a bidirectional relationship between GDP and financial development. In addition, gross fixed capital formation (GFCF), which is included in the model as a control variable, is also found to have a bidirectional relationship with both variables. Thus, the evidence supporting the interaction view that combines supply and demand side theories reveals the importance of taking both variables into account in economic policy decisions.","PeriodicalId":32692,"journal":{"name":"International Econometric Review","volume":"3 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141357826","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper initially employs the gravity model in order to analyze the trade data of selected 23 OIC countries and its 4 different subgroups. Then it applies stochastic frontier analysis to the model to gain efficiency scores and uncapped trade potential among countries in order to determine whether the group would have trade creation effect once they go for a Common Market structure. According to the statistical results, the 23 country group gives statistically significant results while deriving a %62 uncapped trade potential among group countries. Additionally, the 13-country subgroup also gives statistically significant results while deriving a %59 uncapped trade potential among them. While there are a number of studies which applies stochastic frontier analysis to the gravity model and gains efficiency scores, this study is the first to employ the method for OIC countries in order to determine the best possible country group for a Common Market without having trade diversion affect. The purpose of this study is to determine the Common Market options for Turkiye in the scope OIC in order to be a reference point for future Common Market initiatives.
{"title":"Analyzing Common Market Options in the Scope of OIC","authors":"Cemaleddin Gulenay, Ibrahim Guran Yumusak","doi":"10.33818/ier.1282596","DOIUrl":"https://doi.org/10.33818/ier.1282596","url":null,"abstract":"This paper initially employs the gravity model in order to analyze the trade data of selected 23 OIC countries and its 4 different subgroups. Then it applies stochastic frontier analysis to the model to gain efficiency scores and uncapped trade potential among countries in order to determine whether the group would have trade creation effect once they go for a Common Market structure. According to the statistical results, the 23 country group gives statistically significant results while deriving a %62 uncapped trade potential among group countries. Additionally, the 13-country subgroup also gives statistically significant results while deriving a %59 uncapped trade potential among them. \u0000While there are a number of studies which applies stochastic frontier analysis to the gravity model and gains efficiency scores, this study is the first to employ the method for OIC countries in order to determine the best possible country group for a Common Market without having trade diversion affect. The purpose of this study is to determine the Common Market options for Turkiye in the scope OIC in order to be a reference point for future Common Market initiatives.","PeriodicalId":32692,"journal":{"name":"International Econometric Review","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41941351","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The existence of a long-term positive relationship between the nominal interest rate and the general price level is called the Gibson paradox in the economics literature. In other words, according to this paradox, high prices are the result of high interest rates. Studies on this paradox in the literature gained momentum after the work of Gibson (1923). The main purpose of this study is to test whether Gibson paradox is valid for ASEAN-T countries with quarterly data of 1993:Q1-2019:Q4. In this context, short and long term interest rates and consumer price index variables were used in the study. In the study, in which panel data analysis was carried out, it was first analyzed whether there was a cross-section dependency. Because of the cross-section dependency in the series, the CADF unit root test, one of the second generation panel unit root tests, was used. Panel ARDL (Autoregressive Distributed Lag) bounds test was carried out due to the different stationarity levels of the series. According to the panel ARDL bounds test findings, there is a positive relationship between the long-term interest rate and the consumer price index in both the short and long run. Therefore, the Gibson paradox is valid in the ASEAN-T countries in the examined period.
{"title":"Gibson Paradox: Panel Data Analysis on ASEAN-T Countries","authors":"Seçkin Kabak, Tuğçe Dallı","doi":"10.33818/ier.1183955","DOIUrl":"https://doi.org/10.33818/ier.1183955","url":null,"abstract":"The existence of a long-term positive relationship between the nominal interest rate and the general price level is called the Gibson paradox in the economics literature. In other words, according to this paradox, high prices are the result of high interest rates. Studies on this paradox in the literature gained momentum after the work of Gibson (1923). The main purpose of this study is to test whether Gibson paradox is valid for ASEAN-T countries with quarterly data of 1993:Q1-2019:Q4. In this context, short and long term interest rates and consumer price index variables were used in the study. In the study, in which panel data analysis was carried out, it was first analyzed whether there was a cross-section dependency. Because of the cross-section dependency in the series, the CADF unit root test, one of the second generation panel unit root tests, was used. Panel ARDL (Autoregressive Distributed Lag) bounds test was carried out due to the different stationarity levels of the series. According to the panel ARDL bounds test findings, there is a positive relationship between the long-term interest rate and the consumer price index in both the short and long run. Therefore, the Gibson paradox is valid in the ASEAN-T countries in the examined period.","PeriodicalId":32692,"journal":{"name":"International Econometric Review","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69690293","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines the causal relationship between renewable energy consumption and life expectancy in Turkiye using the Toda-Yamamoto causality test. By analyzing data from 1990 to 2019, the study explores the relationship between these variables. The results of the Toda-Yamamoto causality test indicate that there is no Granger causality relationship from renewable energy consumption to life expectancy, indicating that renewable energy consumption does not have a significant impact on life expectancy in Turkiye. However, the study found a Granger causality relationship from life expectancy to renewable energy consumption, suggesting that improving life expectancy could lead to an increase in renewable energy consumption in Turkiye. This study is significant as it provides insights into the relationship between renewable energy consumption and life expectancy in Turkiye. The results highlight the importance of considering factors other than renewable energy consumption when examining public health outcomes. The study's findings can inform policymakers in developing energy policies that prioritize public health outcomes and promote sustainable energy practices.
{"title":"Investigating the Causal Relationship between Renewable Energy Consumption and Life Expectancy in Turkey: A Toda-Yamamoto Causality Test","authors":"Ekrem Yilmaz, Fatma Sensoy","doi":"10.33818/ier.1264805","DOIUrl":"https://doi.org/10.33818/ier.1264805","url":null,"abstract":"This study examines the causal relationship between renewable energy consumption and life expectancy in Turkiye using the Toda-Yamamoto causality test. By analyzing data from 1990 to 2019, the study explores the relationship between these variables. The results of the Toda-Yamamoto causality test indicate that there is no Granger causality relationship from renewable energy consumption to life expectancy, indicating that renewable energy consumption does not have a significant impact on life expectancy in Turkiye. However, the study found a Granger causality relationship from life expectancy to renewable energy consumption, suggesting that improving life expectancy could lead to an increase in renewable energy consumption in Turkiye. This study is significant as it provides insights into the relationship between renewable energy consumption and life expectancy in Turkiye. The results highlight the importance of considering factors other than renewable energy consumption when examining public health outcomes. The study's findings can inform policymakers in developing energy policies that prioritize public health outcomes and promote sustainable energy practices.","PeriodicalId":32692,"journal":{"name":"International Econometric Review","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48523716","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study aims to answer the following two questions. First, are the unemployed unhappy compared to the employed? Second, are unemployed individuals even unhappier compared to people who are unsatisfied with their job? We utilize the the Life Satisfaction Survey’s individual level data between 2004-2020 period. The LSS survey is a nationally representative survey with more than 324,000 observations in 17 years. Firstly, after controlling for household income, the unemployed have a considerably lower wellbeing than the employed. However, compared to employed people who are dissatisfied with their job, the unemployed’s wellbeing is statistically significantly higher. Thus, it appears that unemployment is a negative life event in Turkey as in elsewhere, but so is working in a toxic job. Moreover, we find strong gender effects as males and particularly married males suffer more from unemployment. Also, a quarter of the unemployed report that they feel social pressure due to unemployment. These findings suggest that social approval plays some role in the impact of unemployment. Our findings imply that societies similar to Turkey in terms of labor market would be better off with some unemployment insurance program as it signals to potential quitters that some unemployment is tolerated by society.
{"title":"Wellbeing Consequences of Unemployment and Working with a Job Dissatisfaction in Turkey","authors":"Z. Ugur","doi":"10.33818/ier.1201608","DOIUrl":"https://doi.org/10.33818/ier.1201608","url":null,"abstract":"This study aims to answer the following two questions. First, are the unemployed unhappy compared to the employed? Second, are unemployed individuals even unhappier compared to people who are unsatisfied with their job? We utilize the the Life Satisfaction Survey’s individual level data between 2004-2020 period. The LSS survey is a nationally representative survey with more than 324,000 observations in 17 years. Firstly, after controlling for household income, the unemployed have a considerably lower wellbeing than the employed. However, compared to employed people who are dissatisfied with their job, the unemployed’s wellbeing is statistically significantly higher. Thus, it appears that unemployment is a negative life event in Turkey as in elsewhere, but so is working in a toxic job. Moreover, we find strong gender effects as males and particularly married males suffer more from unemployment. Also, a quarter of the unemployed report that they feel social pressure due to unemployment. These findings suggest that social approval plays some role in the impact of unemployment. Our findings imply that societies similar to Turkey in terms of labor market would be better off with some unemployment insurance program as it signals to potential quitters that some unemployment is tolerated by society.","PeriodicalId":32692,"journal":{"name":"International Econometric Review","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46699695","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this research, we have worked toward two main objectives. Firstly, we have worked upon the measures of long-term and short-term investments, and lastly, we have checked whether the dividend payout of the small fifty and big fifty firms is indifferent or not regarding free cash flow. For this research, the sample size we took was all the listed companies in the KSE 100 Index of the Pakistan Stock Exchange; further, we divided them into financial and non-financial firms and did our testing only on the non-financial firms (64 companies in total) between the time period starting from 2009 to 2018. We developed four regression models in total to test our arguments and bifurcated our models into two series. In our first series, we checked the random effect, and in the subsequent series, we checked the fixed effect.In the end, our results came out as expected, and we have been able to concur with our defined objectives. We can conclude that, firstly, there is a strong relationship between long-term and short-term investments, and that when it comes to the payment of dividends, the firms are different depending upon their size.
{"title":"REVIEWING THE RELATIONSHIP BETWEEN DIVIDEND AND FREE CASH FLOW OF NON-FINANCIAL FIRMS OF KSE 100","authors":"Saad Ullah Mughal, Muhammad Muddasi̇r","doi":"10.33818/ier.1227924","DOIUrl":"https://doi.org/10.33818/ier.1227924","url":null,"abstract":"In this research, we have worked toward two main objectives. Firstly, we have worked upon the measures of long-term and short-term investments, and lastly, we have checked whether the dividend payout of the small fifty and big fifty firms is indifferent or not regarding free cash flow. For this research, the sample size we took was all the listed companies in the KSE 100 Index of the Pakistan Stock Exchange; further, we divided them into financial and non-financial firms and did our testing only on the non-financial firms (64 companies in total) between the time period starting from 2009 to 2018. We developed four regression models in total to test our arguments and bifurcated our models into two series. In our first series, we checked the random effect, and in the subsequent series, we checked the fixed effect.In the end, our results came out as expected, and we have been able to concur with our defined objectives. We can conclude that, firstly, there is a strong relationship between long-term and short-term investments, and that when it comes to the payment of dividends, the firms are different depending upon their size.","PeriodicalId":32692,"journal":{"name":"International Econometric Review","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46683588","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper, we have considered three important variables concerning COVID-19 viz., (i) the number of daily new cases, (ii) the number of daily total cases, and (iii) the number of daily deaths, and proposed a modelling procedure, so that the nature of trend in these series could be studied appropriately and then used for identifying the current phase of the pandemic including the phase of containment, if happening /happened, in any country. The proposed modelling procedure gives due consideration to structural breaks in the series. The data from four countries, Brazil, India, Italy and the UK, have been used to study the efficacy of the proposed model. Regarding the phase of infection in these countries, we have found, using data till 19 May 2020, that both Brazil and India are in the increasing phase with infections rising up and further up, but Italy and the UK are in decreasing/containing phase suggesting that these two countries are expected to be free of this pandemic in due course of time provided their respective trend continues. The forecast performance of this model has also established its superiority, as compared to two other standard trend models viz., polynomial and exponential trend models.
{"title":"Analyzing the trend in COVID-19 data: The structural break approach","authors":"Nityananda Sarkar, Kushal BANİK CHOWDHURY","doi":"10.33818/ier.889467","DOIUrl":"https://doi.org/10.33818/ier.889467","url":null,"abstract":"In this paper, we have considered three important variables concerning COVID-19 viz., (i) the number of daily new cases, (ii) the number of daily total cases, and (iii) the number of daily deaths, and proposed a modelling procedure, so that the nature of trend in these series could be studied appropriately and then used for identifying the current phase of the pandemic including the phase of containment, if happening /happened, in any country. The proposed modelling procedure gives due consideration to structural breaks in the series. The data from four countries, Brazil, India, Italy and the UK, have been used to study the efficacy of the proposed model. Regarding the phase of infection in these countries, we have found, using data till 19 May 2020, that both Brazil and India are in the increasing phase with infections rising up and further up, but Italy and the UK are in decreasing/containing phase suggesting that these two countries are expected to be free of this pandemic in due course of time provided their respective trend continues. The forecast performance of this model has also established its superiority, as compared to two other standard trend models viz., polynomial and exponential trend models.","PeriodicalId":32692,"journal":{"name":"International Econometric Review","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44813764","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using a novel dataset, this brief note investigates the effect of female labor force participation (FLFP) on three important variables, profit shares, profit rates, and capital-output ratio, covering a very large set of countries (i.e., 130) over a recent time period of 1990-2019. This paper shows that while FLFP increases profit share in high-income countries, it reduces in middle-income countries. However, for both middle- and high-income countries, FLFP cannot prevent the overall tendency in profit rates to decline caused by a consistent decline in output-capital ratio.
{"title":"A Brief Note on Feminization of Labor and Profit Rates","authors":"A. Elveren, C. Davis, Josh Budd","doi":"10.33818/ier.1181027","DOIUrl":"https://doi.org/10.33818/ier.1181027","url":null,"abstract":"Using a novel dataset, this brief note investigates the effect of female labor force participation (FLFP) on three important variables, profit shares, profit rates, and capital-output ratio, covering a very large set of countries (i.e., 130) over a recent time period of 1990-2019. This paper shows that while FLFP increases profit share in high-income countries, it reduces in middle-income countries. However, for both middle- and high-income countries, FLFP cannot prevent the overall tendency in profit rates to decline caused by a consistent decline in output-capital ratio.","PeriodicalId":32692,"journal":{"name":"International Econometric Review","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43548606","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The aim of the study is to analyze whether geopolitical risks have an effect on housing returns in Türkiye based on the data for the period January 2010 – September 2021. Considering its geography, Türkiye is one of the countries most likely to be exposed to geopolitical risks in the world. For this reason, from the point of view of both domestic and foreign investors investing in housing market, it is important to know whether this situation affects real estate returns, especially in periods when the growth in geopolitical risks is high and very high. For this purpose, in this study, the Cross-Quantilogram method introduced in the paper of Han et al.(2016), which is a robust measure of quantile dependence of two variables, was used. As a result of the analysis, it is seen that median and high-level geopolitical risks do not have an effect on housing prices or housing returns, but very high geopolitical risks have a short-term negative effect on returns. Based on all the findings, it is concluded that the geopolitical risks in Türkiye do not have a significant and permanent effect on the housing market.
{"title":"The Relationship Between Geopolitical Risks and Housing Returns in Türkiye: Evidence from the Cross - Quantilogram","authors":"Engin Bekar","doi":"10.33818/ier.1167057","DOIUrl":"https://doi.org/10.33818/ier.1167057","url":null,"abstract":"The aim of the study is to analyze whether geopolitical risks have an effect on housing returns in Türkiye based on the data for the period January 2010 – September 2021. Considering its geography, Türkiye is one of the countries most likely to be exposed to geopolitical risks in the world. For this reason, from the point of view of both domestic and foreign investors investing in housing market, it is important to know whether this situation affects real estate returns, especially in periods when the growth in geopolitical risks is high and very high. For this purpose, in this study, the Cross-Quantilogram method introduced in the paper of Han et al.(2016), which is a robust measure of quantile dependence of two variables, was used. As a result of the analysis, it is seen that median and high-level geopolitical risks do not have an effect on housing prices or housing returns, but very high geopolitical risks have a short-term negative effect on returns. Based on all the findings, it is concluded that the geopolitical risks in Türkiye do not have a significant and permanent effect on the housing market.","PeriodicalId":32692,"journal":{"name":"International Econometric Review","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49349480","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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