Pub Date : 2019-06-28DOI: 10.26650/ISTJECON2019-0011
Özgur Uysal, S. Şat
Ekonomik buyume ve ihracat arasindaki iliski ekonomi literaturunde en sik tartisilan konulardan biridir. Bu calismanin ana amaci Rusya’da ekonomik buyume ve ihracat arasindaki nedensellik iliskisinin yonunu ortaya cikarmaktir. Analizler 2003:q1 - 2018:q4 arasi ceyreklik ekonomik buyume ve ihracat verileri kullanilarak gerceklestirilmistir. Duraganlik testi icin Augmented Dickey Fuller (ADF) birim kok testi kullanilarak degiskenlerin birim kok icerip icermedigi analiz edilmistir. Sonuc olarak, tum degiskenlerin birinci farklari alindiginda degiskenlerin duragan olduklari belirlenmistir. Bu calismada daha sonra degiskenler arasinda uzun donemli iliskiyi analiz etmek icin Engle Granger esbutunlesme testi yapilmis olup, bununla birlikte degiskenler arasinda uzun donemli bir iliski bulunmustur. Degiskenler arasindaki iliskinin yonunu belirlemek icin Granger nedensellik testi uygulanmistir. Yapilan Granger nedensellik testi sonucu 2003 – 2018 yillari arasi Rusya’da ekonomik buyume ve ihracat arasinda tek yonlu nedensellik iliskisi bulunmustur. Ekonomik buyume ile ihracat arasinda tek yonlu nedensellik iliskisinde, ekonomik buyume uzerinde ihracatin etkisi Rusya’nin ihracatta ham maddeye olan bagliligi nedeniyle baskindir. Calismanin ortaya koydugu temel oneri ise Rusya’nin petrol fiyatlarina olan ekonomik bagimliligini azaltmasi gerektigidir. Rusya ekonomisinin petrol fiyatlarina olan bu bagimliligini dusurmesi icin Rusya ekonomisinde guclu yapisal reformlar ve ilerlemeler gereklidir.
{"title":"The Causal Relationship Between Economic Growth and Export: The Case of Russia","authors":"Özgur Uysal, S. Şat","doi":"10.26650/ISTJECON2019-0011","DOIUrl":"https://doi.org/10.26650/ISTJECON2019-0011","url":null,"abstract":"Ekonomik buyume ve ihracat arasindaki iliski ekonomi literaturunde en sik tartisilan konulardan biridir. Bu calismanin ana amaci Rusya’da ekonomik buyume ve ihracat arasindaki nedensellik iliskisinin yonunu ortaya cikarmaktir. Analizler 2003:q1 - 2018:q4 arasi ceyreklik ekonomik buyume ve ihracat verileri kullanilarak gerceklestirilmistir. Duraganlik testi icin Augmented Dickey Fuller (ADF) birim kok testi kullanilarak degiskenlerin birim kok icerip icermedigi analiz edilmistir. Sonuc olarak, tum degiskenlerin birinci farklari alindiginda degiskenlerin duragan olduklari belirlenmistir. Bu calismada daha sonra degiskenler arasinda uzun donemli iliskiyi analiz etmek icin Engle Granger esbutunlesme testi yapilmis olup, bununla birlikte degiskenler arasinda uzun donemli bir iliski bulunmustur. Degiskenler arasindaki iliskinin yonunu belirlemek icin Granger nedensellik testi uygulanmistir. Yapilan Granger nedensellik testi sonucu 2003 – 2018 yillari arasi Rusya’da ekonomik buyume ve ihracat arasinda tek yonlu nedensellik iliskisi bulunmustur. Ekonomik buyume ile ihracat arasinda tek yonlu nedensellik iliskisinde, ekonomik buyume uzerinde ihracatin etkisi Rusya’nin ihracatta ham maddeye olan bagliligi nedeniyle baskindir. Calismanin ortaya koydugu temel oneri ise Rusya’nin petrol fiyatlarina olan ekonomik bagimliligini azaltmasi gerektigidir. Rusya ekonomisinin petrol fiyatlarina olan bu bagimliligini dusurmesi icin Rusya ekonomisinde guclu yapisal reformlar ve ilerlemeler gereklidir.","PeriodicalId":33072,"journal":{"name":"Istanbul Iktisat Dergisi","volume":"69 1","pages":"43-65"},"PeriodicalIF":0.3,"publicationDate":"2019-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69058586","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}
Pub Date : 2019-06-28DOI: 10.26650/ISTJECON2018-0007
Emine Demet Ekinci Hamamci
Bu calismanin amaci Turkiye’de IBBS Duzey-2’ye gore alt bolgelerinin rekabet gucu endekslerini belirlemek ve soz konusu endekslerin kisi basina dusen Gayri Safi Yurt Ici Hasila (GSYH) yaratmadaki etkinliklerini tespit etmektir. Calismada hem yuksek eksenli rekabeti olusturan hem de kisi basina dusen GSYH’yi etkileyen dort temel unsur -iktisadi yapi, yenilikcilik, beseri sermaye ile altyapi ve ulasilabilirlik- dikkate alinmaktadir. Calismada Acimlayici Faktor Analizi (AFA) ve Veri Zarflama Analizi (VZA) yontemleri takip edilmektedir. Girdi degiskeni yukarida belirtilen dort faktore ait 17 degiskenden olusmaktadir. Cikti degiskeni ise kisi basina dusen GSYH’dir. Calismada oncelikle AFA ile bolgesel rekabet endeksleri elde edilmektedir. Daha sonra VZA ile bu endekslerin girdi olarak kisi basina dusen GSYH yaratmadaki etkinlikleri tahmin edilmektedir. Iktisadi ve yenilikci altyapi, kalifiye isgucu altyapisi ve bolgesel temel altyapi endeks sonuclarina gore TR10 Istanbul, TR31 Izmir, TR42 Kocaeli ve TR51 Ankara, Turkiye’nin en rekabetci alt bolgeleridir. CCR modelinde kisi basina GSYH yaratmada sadece uc alt bolge -TR10 Istanbul, TR42 Kocaeli ve TR51 Ankara- etkin olurken BCC modelinde etkin olan bolgeler TR10 Istanbul, TR21 Tekirdag, TR42 Kocaeli, TR51 Ankara, TR82 Kastamonu, TRA2 Agri, TRB2 Van ve TRC2 Şanliurfa’dir.
{"title":"Türkiye’de Bölgesel Rekabet Edebilirlik","authors":"Emine Demet Ekinci Hamamci","doi":"10.26650/ISTJECON2018-0007","DOIUrl":"https://doi.org/10.26650/ISTJECON2018-0007","url":null,"abstract":"Bu calismanin amaci Turkiye’de IBBS Duzey-2’ye gore alt bolgelerinin rekabet gucu endekslerini belirlemek ve soz konusu endekslerin kisi basina dusen Gayri Safi Yurt Ici Hasila (GSYH) yaratmadaki etkinliklerini tespit etmektir. Calismada hem yuksek eksenli rekabeti olusturan hem de kisi basina dusen GSYH’yi etkileyen dort temel unsur -iktisadi yapi, yenilikcilik, beseri sermaye ile altyapi ve ulasilabilirlik- dikkate alinmaktadir. Calismada Acimlayici Faktor Analizi (AFA) ve Veri Zarflama Analizi (VZA) yontemleri takip edilmektedir. Girdi degiskeni yukarida belirtilen dort faktore ait 17 degiskenden olusmaktadir. Cikti degiskeni ise kisi basina dusen GSYH’dir. Calismada oncelikle AFA ile bolgesel rekabet endeksleri elde edilmektedir. Daha sonra VZA ile bu endekslerin girdi olarak kisi basina dusen GSYH yaratmadaki etkinlikleri tahmin edilmektedir. Iktisadi ve yenilikci altyapi, kalifiye isgucu altyapisi ve bolgesel temel altyapi endeks sonuclarina gore TR10 Istanbul, TR31 Izmir, TR42 Kocaeli ve TR51 Ankara, Turkiye’nin en rekabetci alt bolgeleridir. CCR modelinde kisi basina GSYH yaratmada sadece uc alt bolge -TR10 Istanbul, TR42 Kocaeli ve TR51 Ankara- etkin olurken BCC modelinde etkin olan bolgeler TR10 Istanbul, TR21 Tekirdag, TR42 Kocaeli, TR51 Ankara, TR82 Kastamonu, TRA2 Agri, TRB2 Van ve TRC2 Şanliurfa’dir.","PeriodicalId":33072,"journal":{"name":"Istanbul Iktisat Dergisi","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2019-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69058511","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}
Pub Date : 2019-06-28DOI: 10.26650/ISTJECON2019-0005
A. Güney, Elif Çelik
Unemployment is one of the most important socio-economic problems waiting to be solved in Turkey as in most countries. It is known that unemployment creates economic, psychological and social effects on individuals. One of the most important impacts of unemployment on individuals is unemployment anxiety. Unemployment has a significant place in desperation of future and anxiety of unemployment of individuals aged 15-24. It is thought that membership of an Non- Governmental Organizations, social support from the environmental and social capital will reduce the unemployment anxiety on individuals. In this study, it has been analyzed whether there is a significant relationship between the social capitals and unemployment concerns of university senior students or not. In the study which was applied on the senior students of Ataturk University Faculty of Economics and Administrative Sciences, the existence of the relationship between these two variables was revealed by correlation analysis. The analysis was performed on the responses received from 155 participants who were found to be eligible for the study. As a result of the study, it is showed that there is a negative relationship between social capital and unemployment anxiety, futhermore individuals with high social capital levels decrease their unemployment anxiety. In terms of gender; unemployment anxiety among women is high in the meanwhile social capital level anxiety among men is noticeable. It was concluded that increasing social capital levels of individuals would reduce unemployment concerns and would look more hopeful to the future.
{"title":"Sosyal Sermaye İle İşsizlik Kaygısı Arasındaki İlişki: Atatürk Üniversitesi İİBF Son Sınıf Öğrencileri Üzerine Bir Uygulama","authors":"A. Güney, Elif Çelik","doi":"10.26650/ISTJECON2019-0005","DOIUrl":"https://doi.org/10.26650/ISTJECON2019-0005","url":null,"abstract":"Unemployment is one of the most important socio-economic problems waiting to be solved in Turkey as in most countries. It is known that unemployment creates economic, psychological and social effects on individuals. One of the most important impacts of unemployment on individuals is unemployment anxiety. Unemployment has a significant place in desperation of future and anxiety of unemployment of individuals aged 15-24. It is thought that membership of an Non- Governmental Organizations, social support from the environmental and social capital will reduce the unemployment anxiety on individuals. In this study, it has been analyzed whether there is a significant relationship between the social capitals and unemployment concerns of university senior students or not. In the study which was applied on the senior students of Ataturk University Faculty of Economics and Administrative Sciences, the existence of the relationship between these two variables was revealed by correlation analysis. The analysis was performed on the responses received from 155 participants who were found to be eligible for the study. As a result of the study, it is showed that there is a negative relationship between social capital and unemployment anxiety, futhermore individuals with high social capital levels decrease their unemployment anxiety. In terms of gender; unemployment anxiety among women is high in the meanwhile social capital level anxiety among men is noticeable. It was concluded that increasing social capital levels of individuals would reduce unemployment concerns and would look more hopeful to the future.","PeriodicalId":33072,"journal":{"name":"Istanbul Iktisat Dergisi","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2019-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69058574","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}
Pub Date : 2019-06-28DOI: 10.26650/ISTJECON2019-0004
S. Kal, İlhami Gündüz
Bu calisma doviz kurlari ile ekonomik ve finansal degiskenler arasindaki dinamik iliskinin kurun temel degerine gore daha degerli ve az degerli olmasina bagli olarak nasil degistigini arastirmaktadir. Bu maksatla, kriz oncesi 1972-2009 yillari arasinda, doviz kuru,faiz orani ve enflasyon dinamikleri arasindaki iliskinin kurun daha degerli ve az degerli olmasina bagli olup olmadigini incelemek icin zamanla degisen gecis olasiliklarini kullanan MSVAR yontemi uygulanmistir. Riske uyarlanmis getirinin, para birimlerinin daha degerli veya az degerli olmasina neden olup olmadigini belirlemek icin, borc ve oz kaynak yatirimlarinin Sharpe oranlari kullanilarak daha degerli ve az degerli durumlar arasindaki gecisler saglanmistir. Bu model en fazla islem hacmine sahip olan, Amerikan Dolari ve 4 para birimi (AUD, CAD, JPY ve UKS) arasindaki ikili doviz kurlari icin uygulanmistir. Bu degiskenler arasindaki iliskinin daha degerli ve az degerli rejimler arasinda yon, buyukluk ve istatiksel anlamlilik acisindan degistigi belgelenmistir. Ayrica, riske uyarlanmis hisse senedi ve borc senedi getirilerinin kurlarin daha degerli olmasini ve az degerli olmasini etkiledigi gosterilmistir.
{"title":"Global Capital Flows, Time Varying Fundamentals And Transitional Exchange Rate Dynamics: An MS-VAR Approach","authors":"S. Kal, İlhami Gündüz","doi":"10.26650/ISTJECON2019-0004","DOIUrl":"https://doi.org/10.26650/ISTJECON2019-0004","url":null,"abstract":"Bu calisma doviz kurlari ile ekonomik ve finansal degiskenler arasindaki dinamik iliskinin kurun temel degerine gore daha degerli ve az degerli olmasina bagli olarak nasil degistigini arastirmaktadir. Bu maksatla, kriz oncesi 1972-2009 yillari arasinda, doviz kuru,faiz orani ve enflasyon dinamikleri arasindaki iliskinin kurun daha degerli ve az degerli olmasina bagli olup olmadigini incelemek icin zamanla degisen gecis olasiliklarini kullanan MSVAR yontemi uygulanmistir. Riske uyarlanmis getirinin, para birimlerinin daha degerli veya az degerli olmasina neden olup olmadigini belirlemek icin, borc ve oz kaynak yatirimlarinin Sharpe oranlari kullanilarak daha degerli ve az degerli durumlar arasindaki gecisler saglanmistir. Bu model en fazla islem hacmine sahip olan, Amerikan Dolari ve 4 para birimi (AUD, CAD, JPY ve UKS) arasindaki ikili doviz kurlari icin uygulanmistir. Bu degiskenler arasindaki iliskinin daha degerli ve az degerli rejimler arasinda yon, buyukluk ve istatiksel anlamlilik acisindan degistigi belgelenmistir. Ayrica, riske uyarlanmis hisse senedi ve borc senedi getirilerinin kurlarin daha degerli olmasini ve az degerli olmasini etkiledigi gosterilmistir.","PeriodicalId":33072,"journal":{"name":"Istanbul Iktisat Dergisi","volume":"69 1","pages":"1-22"},"PeriodicalIF":0.3,"publicationDate":"2019-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69058528","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}
Pub Date : 2019-06-28DOI: 10.26650/ISTJECON2019-0016
Yhlas Sovbetov
The empirical literature that covers Phillips Curve analysis during recessionary periods is notably scant. The Great Recession has rekindled a debate on the validity and stability of the Phillips Curve which is still ongoing. The basis for this debate is the observation that real activity dropped sharply without causing a drop in inflation. This paper carries out an empirical analysis for the classical expectation-augmented Phillips curve model across 41 countries from1980-2016 by distinguishing tranquil and recessionary periods separately. Based on the results of the research, the paper finds that dynamics of Phillips Curve changes during recessionary periods and the empirical relationship becomes no longer valid. These findings support the ongoing debate about the missing disinflation and collapse of the Phillips curve, but only during the recessionary periods. In the case of tranquil periods, the empirical relationship still seems to be valid. Moreover, the paper also observes that both backward-looking and forward-looking fractions of inflation gain weight and significance during recessionary periods. However, the paper remains indecisive about which exact fraction gains more weight and significance as the panel model does not incorporate these two fractions of inflation in a single hybrid framework simultaneously.
{"title":"Phillips Curve Estimation During Tranquil and Recessionary Periods: Evidence From Panel Analysis","authors":"Yhlas Sovbetov","doi":"10.26650/ISTJECON2019-0016","DOIUrl":"https://doi.org/10.26650/ISTJECON2019-0016","url":null,"abstract":"The empirical literature that covers Phillips Curve analysis during recessionary periods is notably scant. The Great Recession has rekindled a debate on the validity and stability of the Phillips Curve which is still ongoing. The basis for this debate is the observation that real activity dropped sharply without causing a drop in inflation. This paper carries out an empirical analysis for the classical expectation-augmented Phillips curve model across 41 countries from1980-2016 by distinguishing tranquil and recessionary periods separately. Based on the results of the research, the paper finds that dynamics of Phillips Curve changes during recessionary periods and the empirical relationship becomes no longer valid. These findings support the ongoing debate about the missing disinflation and collapse of the Phillips curve, but only during the recessionary periods. In the case of tranquil periods, the empirical relationship still seems to be valid. Moreover, the paper also observes that both backward-looking and forward-looking fractions of inflation gain weight and significance during recessionary periods. However, the paper remains indecisive about which exact fraction gains more weight and significance as the panel model does not incorporate these two fractions of inflation in a single hybrid framework simultaneously.","PeriodicalId":33072,"journal":{"name":"Istanbul Iktisat Dergisi","volume":"69 1","pages":"23-41"},"PeriodicalIF":0.3,"publicationDate":"2019-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69058640","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, the effect of exchange rate volatility on exports in Turkey as measured by conditional variable variance models is examined using an ARDL (Autoregressive Distributed Lags Model) boundary test and error correction model methods with monthly data between January 1995 and January 2017. First, the relationship of cointegration among variables was researched, using the Bound Test Approach, which was developed by Pesaran, Shin & Smith (2001). After determining that a cointegration relationship exist, the long and short-term relationships between exchange rate volatility and exports were analyzed, using the ARDL and error correction model (ECM). The findings show, that both long and short term signs of the coefficients agree with expectations and are statistically significant. In other words, while the industrial production index and imports affect exports positively in both the long and short terms, the true effective exchange rate index and exchange rate volatility are negatively affected in both the long and short terms.
{"title":"The Effect of Exchange Rate Volatility on Export: The Case of Turkey (1995-2017)","authors":"Rümeysa Çelik","doi":"10.26650/istjecon404747","DOIUrl":"https://doi.org/10.26650/istjecon404747","url":null,"abstract":"In this research, the effect of exchange rate volatility on exports in Turkey as measured by conditional variable variance models is examined using an ARDL (Autoregressive Distributed Lags Model) boundary test and error correction model methods with monthly data between January 1995 and January 2017. First, the relationship of cointegration among variables was researched, using the Bound Test Approach, which was developed by Pesaran, Shin & Smith (2001). After determining that a cointegration relationship exist, the long and short-term relationships between exchange rate volatility and exports were analyzed, using the ARDL and error correction model (ECM). The findings show, that both long and short term signs of the coefficients agree with expectations and are statistically significant. In other words, while the industrial production index and imports affect exports positively in both the long and short terms, the true effective exchange rate index and exchange rate volatility are negatively affected in both the long and short terms.","PeriodicalId":33072,"journal":{"name":"Istanbul Iktisat Dergisi","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2018-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69060158","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 examine the long-term macroeconomic performance of South Korea during the period 1963–2015 by using certain macroeconomic variables. In the 1960s, South Korea was a typical developing country with poor natural resources, low production, and a small domestic market. By following an outward-looking development strategy and other policies, South Korea has transformed itself from an agriculture-intensive economy into one of the world’s most dynamic industrial economies within 40 years.The study concludes that the combination of an outward-looking development strategy, a well-educated and well-disciplined labor force, and technological innovation is mainly responsible for Korea’s long-term growth success. In addition, the country’s close ties with Japan and the US have contributed to its high growth performance due to substantial foreign aid obtained from these developed countries.
{"title":"The Miracle on the Han River: South Korean Economic Development","authors":"Songül Karadaş, Rahmi Çetin","doi":"10.26650/istjecon405372","DOIUrl":"https://doi.org/10.26650/istjecon405372","url":null,"abstract":"This study aims to examine the long-term macroeconomic performance of South Korea during the period 1963–2015 by using certain macroeconomic variables. In the 1960s, South Korea was a typical developing country with poor natural resources, low production, and a small domestic market. By following an outward-looking development strategy and other policies, South Korea has transformed itself from an agriculture-intensive economy into one of the world’s most dynamic industrial economies within 40 years.The study concludes that the combination of an outward-looking development strategy, a well-educated and well-disciplined labor force, and technological innovation is mainly responsible for Korea’s long-term growth success. In addition, the country’s close ties with Japan and the US have contributed to its high growth performance due to substantial foreign aid obtained from these developed countries.","PeriodicalId":33072,"journal":{"name":"Istanbul Iktisat Dergisi","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2018-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49128971","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 purpose of this study is to explore and discuss the international practices of “sukuk” (lease certificate) issuance and the local experiences in Turkey. In addition, a sukuk issuance in Turkey has been analyzed as a case study, after which a recommendation list is prepared for potential issuers. The functions of the ijara sukuk issuance and sales processes, which are used extensively in practice, and the establishment and characteristics of the Special Purpose Vehicle (SPV) have also been examined. The aim is to reduce the reservations of private sector companies and increase their knowledge levels to effectively utilize the issuance of sukuk in growth financing. The major difficulties in Turkey and other countries’ practices have also been discussed. These issues involve the use of investor rights in case of default after issuance, SPV management, liquidity of sukuks, reference price, risk management, and compliance with the Basel capital and liquidity regulations. In this work, we examined a lease certificate that was issued by a manufacturing company in a scale of SME in 2013. In the case study, the general company structure, production, sales, and business structure of the issuer company were examined. The collateral structure and working methods with international finance and credit insurance institutions were analyzed, along with the measures required for protecting the rights of the investors. Results indicated the advantages and difficulties of sukuk issuance as well as the importance of business plans and scenario analysis, collateral requirements of investors, preparation for legal and financial due diligence processes, and the conduct of an independent audit.
{"title":"Lease Certificates: A Case Study Using a Turkey Experience","authors":"Murat Kasımoğlu, Feyzullah Yetgin, Ali Küçükçolak","doi":"10.26650/ISTJECON414489","DOIUrl":"https://doi.org/10.26650/ISTJECON414489","url":null,"abstract":"The purpose of this study is to explore and discuss the international practices of “sukuk” (lease certificate) issuance and the local experiences in Turkey. In addition, a sukuk issuance in Turkey has been analyzed as a case study, after which a recommendation list is prepared for potential issuers. The functions of the ijara sukuk issuance and sales processes, which are used extensively in practice, and the establishment and characteristics of the Special Purpose Vehicle (SPV) have also been examined. The aim is to reduce the reservations of private sector companies and increase their knowledge levels to effectively utilize the issuance of sukuk in growth financing. The major difficulties in Turkey and other countries’ practices have also been discussed. These issues involve the use of investor rights in case of default after issuance, SPV management, liquidity of sukuks, reference price, risk management, and compliance with the Basel capital and liquidity regulations. In this work, we examined a lease certificate that was issued by a manufacturing company in a scale of SME in 2013. In the case study, the general company structure, production, sales, and business structure of the issuer company were examined. The collateral structure and working methods with international finance and credit insurance institutions were analyzed, along with the measures required for protecting the rights of the investors. Results indicated the advantages and difficulties of sukuk issuance as well as the importance of business plans and scenario analysis, collateral requirements of investors, preparation for legal and financial due diligence processes, and the conduct of an independent audit.","PeriodicalId":33072,"journal":{"name":"Istanbul Iktisat Dergisi","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2018-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"69060226","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 this article is to analyze the Ottoman government’s fiscal policies and performance for the period from the second half of the 18th century to the last years of the Empire. First, it should be noted that numerous Ottoman fiscal crises followed the wars, and reforms followed the fiscal crises. According to this study’s inferences, the wars were one of the basic causes of institutional change in Ottoman finance. Various other institutional constraints, such as the timar system, also caused the wars to become costly for the Ottoman Empire, leading to fiscal underperformance. Besides that, revenue policies such as confiscations, war-time taxes, and coin debasements turned into institutions that prevented stability and development in the financial sector. Another institutional constraint was that the central authority did not grant administrative-fiscal autonomy to provincial administrations until the beginning of the 20th century. Also, the central government was not able to personalize taxes because it failed to create an effective monitoring and sanctioning mechanism. Socio-economic expenditures such as education, health, public works, and transportation took a back seat to other public expenditures such as military and administrative costs for the entire era. Domestic and foreign debt payments, which occupied a significant portion of state budgets, took a toll on Ottoman public finances. The ongoing budget deficits during this period dictated the low level of financial performance by the Ottoman government. In addition, fiscal policies throughout the period led to the accumulation of the wealth by a small fraction of citizens, which distorted income distribution.
{"title":"An Analytical View of Ottoman Public Finance in the Modern Era","authors":"Y. Akkuş","doi":"10.26650/istjecon402030","DOIUrl":"https://doi.org/10.26650/istjecon402030","url":null,"abstract":"The aim of this article is to analyze the Ottoman government’s fiscal policies and performance for the period from the second half of the 18th century to the last years of the Empire. First, it should be noted that numerous Ottoman fiscal crises followed the wars, and reforms followed the fiscal crises. According to this study’s inferences, the wars were one of the basic causes of institutional change in Ottoman finance. Various other institutional constraints, such as the timar system, also caused the wars to become costly for the Ottoman Empire, leading to fiscal underperformance. Besides that, revenue policies such as confiscations, war-time taxes, and coin debasements turned into institutions that prevented stability and development in the financial sector. Another institutional constraint was that the central authority did not grant administrative-fiscal autonomy to provincial administrations until the beginning of the 20th century. Also, the central government was not able to personalize taxes because it failed to create an effective monitoring and sanctioning mechanism. Socio-economic expenditures such as education, health, public works, and transportation took a back seat to other public expenditures such as military and administrative costs for the entire era. Domestic and foreign debt payments, which occupied a significant portion of state budgets, took a toll on Ottoman public finances. The ongoing budget deficits during this period dictated the low level of financial performance by the Ottoman government. In addition, fiscal policies throughout the period led to the accumulation of the wealth by a small fraction of citizens, which distorted income distribution.","PeriodicalId":33072,"journal":{"name":"Istanbul Iktisat Dergisi","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2018-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47333084","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 dissertation analyses the efficiency of the Turkish banking sector by comparing the benefits obtained by deposit banks and participation banks operating from deposits/participation funds and loans (interest or profit rates) using econometric models. Firstly we comparatively examine average interest rates and profit shares by deposit banks and Islamic banks, respectively, using monthly data for the period January 2005-December 2015 using Monte Carlo Simulation. This analysis reveals that deposit banks paid a 0.49 point higher rate of interest for deposits than the profit rates paid by Islamic banks. This difference is statistically significant at conventional significant levels. Secondly, we compare interest and profit rates for the mortgage loans of the two groups of banks for the period June 2010-December 2015 using Monte Carlo simulation. We find that conventional banks offered these loans at a rate of 0.92 points lower than Islamic banks. This difference is also statistically significant at conventional significance levels. For the same period we find that, on average, Islamic banks offered commercial loans at a significantly 0.72 basis points lower rate statistically in comparison to deposit banks. Finally, we compare these groups of banks across return on assets, return on equity and net interest/profit margin using regression analysis for the period January 2005-December 2015. This analysis employs macroeconomic indicators, liquidity indicators, operational expenses, money supply indicators, asset quality indicators as explanatory variables. We find no statistically significant difference in these measures between the two groups of banks.
{"title":"A Comparative Analysis of Market Efficiency of Participation and Deposit Banks in Turkey","authors":"Erişah Arıcan, A. Çetin","doi":"10.26650/ISTJECON414809","DOIUrl":"https://doi.org/10.26650/ISTJECON414809","url":null,"abstract":"This dissertation analyses the efficiency of the Turkish banking sector by comparing the benefits obtained by deposit banks and participation banks operating from deposits/participation funds and loans (interest or profit rates) using econometric models. Firstly we comparatively examine average interest rates and profit shares by deposit banks and Islamic banks, respectively, using monthly data for the period January 2005-December 2015 using Monte Carlo Simulation. This analysis reveals that deposit banks paid a 0.49 point higher rate of interest for deposits than the profit rates paid by Islamic banks. This difference is statistically significant at conventional significant levels. Secondly, we compare interest and profit rates for the mortgage loans of the two groups of banks for the period June 2010-December 2015 using Monte Carlo simulation. We find that conventional banks offered these loans at a rate of 0.92 points lower than Islamic banks. This difference is also statistically significant at conventional significance levels. For the same period we find that, on average, Islamic banks offered commercial loans at a significantly 0.72 basis points lower rate statistically in comparison to deposit banks. Finally, we compare these groups of banks across return on assets, return on equity and net interest/profit margin using regression analysis for the period January 2005-December 2015. This analysis employs macroeconomic indicators, liquidity indicators, operational expenses, money supply indicators, asset quality indicators as explanatory variables. We find no statistically significant difference in these measures between the two groups of banks.","PeriodicalId":33072,"journal":{"name":"Istanbul Iktisat Dergisi","volume":" ","pages":""},"PeriodicalIF":0.3,"publicationDate":"2018-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47710590","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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