Given the rapid structural changes that our societies are experiencing, there is an urgent need to rethink our values and reformulate the social contract. The Universal Basic Income (UBI) is gaining more relevance in academic and public debates as the best alternative for a necessary change. This paper presents an exhaustive evaluation of the UBI in its normative character with an assessment of its convenience according to different theories of social justice and concepts of freedom. It is argued that UBI can be a good tool to improve the freedom and well-being of individuals, but it is not exempt from criticism. The paper puts forward an original financing proposal through the creation of a Sovereign Wealth Fund and a new monetary policy design with the aim of minimizing these criticisms.
{"title":"The redistribution of freedom: Normative analysis of the universal basic income","authors":"Juan-Francisco Albert","doi":"10.2298/pan220412003a","DOIUrl":"https://doi.org/10.2298/pan220412003a","url":null,"abstract":"Given the rapid structural changes that our societies are experiencing, there is an urgent need to rethink our values and reformulate the social contract. The Universal Basic Income (UBI) is gaining more relevance in academic and public debates as the best alternative for a necessary change. This paper presents an exhaustive evaluation of the UBI in its normative character with an assessment of its convenience according to different theories of social justice and concepts of freedom. It is argued that UBI can be a good tool to improve the freedom and well-being of individuals, but it is not exempt from criticism. The paper puts forward an original financing proposal through the creation of a Sovereign Wealth Fund and a new monetary policy design with the aim of minimizing these criticisms.","PeriodicalId":45222,"journal":{"name":"Panoeconomicus","volume":"1 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68608192","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Recently, the coronavirus (COVID-19) pandemic has affected the economic situation all over the world. The objective of this research is to examine the effect of coronavirus spreading and vaccination rate on the stock market index in Turkey. To do that, we have applied several statistical methods, namely ridge, lasso, principal components, and partial least squares (PLS) regression versus elastic-net regression based on empirical mode decomposition, which can overcome the non-stationary problem and nonlinearity characteristics. The result of using the elastic net regression method based on empirical mode decomposition shows significant effects of coronavirus spreading on the stock market, and it varies based on the intrinsic mode function coefficients and frequencies. The findings of this research could assist practitioners and policymakers to design important strategies in the light of varying stock market dynamics during the coronavirus pandemic.
{"title":"The behavior of stock market index during the coronavirus pandemic in Turkey","authors":"A. Alsayed, K. Ariç, S. Sek","doi":"10.2298/pan211123001a","DOIUrl":"https://doi.org/10.2298/pan211123001a","url":null,"abstract":"Recently, the coronavirus (COVID-19) pandemic has affected the economic situation all over the world. The objective of this research is to examine the effect of coronavirus spreading and vaccination rate on the stock market index in Turkey. To do that, we have applied several statistical methods, namely ridge, lasso, principal components, and partial least squares (PLS) regression versus elastic-net regression based on empirical mode decomposition, which can overcome the non-stationary problem and nonlinearity characteristics. The result of using the elastic net regression method based on empirical mode decomposition shows significant effects of coronavirus spreading on the stock market, and it varies based on the intrinsic mode function coefficients and frequencies. The findings of this research could assist practitioners and policymakers to design important strategies in the light of varying stock market dynamics during the coronavirus pandemic.","PeriodicalId":45222,"journal":{"name":"Panoeconomicus","volume":"1 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68606990","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study employs a nonlinear vector autoregression (VAR) model and quantile-based analysis to examine the effects of the financial stress index (FSI) of developed countries and the exchange market pressure index (EMPI) on the USD-denominated yield spreads of Poland, Mexico, and South Africa. It was found by the nonlinear VAR that increases/decreases in the FSI of developed countries and in the EMPI raise/lower the yield spreads in each emerging country. Although different results are obtained among each emerging country, it was highlighted that foreign and domestic financial stress can be incorporated in the monetary policy formulation of the central banks of Poland, Mexico, and South Africa. Quantile analysis also revealed the role of different bond market pressure regimes in emerging countries, while the asymmetrical impacts of FSI and EMPI should be considered by the policymakers.
{"title":"Assessing the impacts of financial stress on the yield spreads of Poland, Mexico and South Africa","authors":"Oguzhan Ozcelebi","doi":"10.2298/pan210727005o","DOIUrl":"https://doi.org/10.2298/pan210727005o","url":null,"abstract":"This study employs a nonlinear vector autoregression (VAR) model and quantile-based analysis to examine the effects of the financial stress index (FSI) of developed countries and the exchange market pressure index (EMPI) on the USD-denominated yield spreads of Poland, Mexico, and South Africa. It was found by the nonlinear VAR that increases/decreases in the FSI of developed countries and in the EMPI raise/lower the yield spreads in each emerging country. Although different results are obtained among each emerging country, it was highlighted that foreign and domestic financial stress can be incorporated in the monetary policy formulation of the central banks of Poland, Mexico, and South Africa. Quantile analysis also revealed the role of different bond market pressure regimes in emerging countries, while the asymmetrical impacts of FSI and EMPI should be considered by the policymakers.","PeriodicalId":45222,"journal":{"name":"Panoeconomicus","volume":"1 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68606562","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper explores empirical evidence for a connection between income inequality and skill (advanced-level educated workers share) using panel data methods that take into account cross-section dependency and heterogeneity. To assess the income inequality associated with skill, we run a data set for 24 developed The Organisation for Economic Co-operation and Development (OECD) countries from 1995 to 2018. In order to determine the stationary characteristics of the variables, we employ the Cross-sectionally Augmented Im, Pesaran and Shin (CIPS) test approach. Following this, we employ Westerlund (2007), and Gengenbach, Urbain, and Westerlund (2016) Panel Cointegration tests, and then the Panel Dynamic Ordinary Least Squares (PDOLS) estimator. Our empirical test results conclude that there is a relationship between inequality and skill in the long run and the PDOLS estimator findings show that as the skill level in employment increases, inequality decreases. In addition, according to the findings, this negative relationship is more pronounced in the United States, whereas it is more moderate or not valid in European countries. The results obtained are primarily consistent with the framework presented by Daron Acemoglu (2002, 2003). And these findings constitute one of the main contributions of the study in terms of supporting Acemoglu's (2003) thesis that the skill premium is more pronounced in the United States.
{"title":"Skill versus inequality","authors":"Leyla Arda Özalp, Hüseyin Özalp","doi":"10.2298/pan190828014a","DOIUrl":"https://doi.org/10.2298/pan190828014a","url":null,"abstract":"This paper explores empirical evidence for a connection between income inequality and skill (advanced-level educated workers share) using panel data methods that take into account cross-section dependency and heterogeneity. To assess the income inequality associated with skill, we run a data set for 24 developed The Organisation for Economic Co-operation and Development (OECD) countries from 1995 to 2018. In order to determine the stationary characteristics of the variables, we employ the Cross-sectionally Augmented Im, Pesaran and Shin (CIPS) test approach. Following this, we employ Westerlund (2007), and Gengenbach, Urbain, and Westerlund (2016) Panel Cointegration tests, and then the Panel Dynamic Ordinary Least Squares (PDOLS) estimator. Our empirical test results conclude that there is a relationship between inequality and skill in the long run and the PDOLS estimator findings show that as the skill level in employment increases, inequality decreases. In addition, according to the findings, this negative relationship is more pronounced in the United States, whereas it is more moderate or not valid in European countries. The results obtained are primarily consistent with the framework presented by Daron Acemoglu (2002, 2003). And these findings constitute one of the main contributions of the study in terms of supporting Acemoglu's (2003) thesis that the skill premium is more pronounced in the United States.","PeriodicalId":45222,"journal":{"name":"Panoeconomicus","volume":"1 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68605391","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study examines received and transmitted volatility spillovers of Credit Default Swap (CDS) and Asset-Swap Spread (ASW) for Brazil and Turkey. The empirical analysis is implemented using two country-based (stock markets and exchange rates) and two global (volatility index and global economic activity index) variables to account for the impact of integration into global markets. Empirical results suggest that both countries display distinctive features in their spillover networks. While exchange rates and the stock market figure prominently in Brazil as a source of spillovers, for Turkey, the primary element in spillovers appears to be credit risk indicators. Time-varying analysis results show that the European Debt Crisis of 2010-2011 and the global liquidity crunch of 2018-2019 are two critical periods in volatility spillovers that occurred toward credit risk indicators. Brazil displays more sensitivity to the developments of the pandemic than Turkey, likely due to its dependence on global economic activity and energy prices. Finally, for both countries, the leading variable in spillovers to credit risk indicators during financial turbulence episodes appears to be foreign exchange markets. This result highlights both economies' fragility and vulnerability to foreign exchange market-based shocks. Thus, we suggest effective and solid measures in this regard. Otherwise, those shocks could potentially induce a higher cost of financing in both economies due to the negative impacts on CDS and ASW spreads.
{"title":"Volatility spillover networks of credit risk: Evidence from ASW and CDS spreads in Turkey and Brazil","authors":"Samet Gunay, E. Çevik, S. Dibooğlu","doi":"10.2298/pan210220007g","DOIUrl":"https://doi.org/10.2298/pan210220007g","url":null,"abstract":"This study examines received and transmitted volatility spillovers of Credit Default Swap (CDS) and Asset-Swap Spread (ASW) for Brazil and Turkey. The empirical analysis is implemented using two country-based (stock markets and exchange rates) and two global (volatility index and global economic activity index) variables to account for the impact of integration into global markets. Empirical results suggest that both countries display distinctive features in their spillover networks. While exchange rates and the stock market figure prominently in Brazil as a source of spillovers, for Turkey, the primary element in spillovers appears to be credit risk indicators. Time-varying analysis results show that the European Debt Crisis of 2010-2011 and the global liquidity crunch of 2018-2019 are two critical periods in volatility spillovers that occurred toward credit risk indicators. Brazil displays more sensitivity to the developments of the pandemic than Turkey, likely due to its dependence on global economic activity and energy prices. Finally, for both countries, the leading variable in spillovers to credit risk indicators during financial turbulence episodes appears to be foreign exchange markets. This result highlights both economies' fragility and vulnerability to foreign exchange market-based shocks. Thus, we suggest effective and solid measures in this regard. Otherwise, those shocks could potentially induce a higher cost of financing in both economies due to the negative impacts on CDS and ASW spreads.","PeriodicalId":45222,"journal":{"name":"Panoeconomicus","volume":"1 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68606180","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper attempts to enhance empirical understanding of the effects of structural-change variables on economic outcomes. The relationships between sectoral shares and (1) the speed of structural change and (2) economic growth were examined for a large panel of 111 economies over the period of 1971-2018. Given the time series properties of the series and the absence of a long-run relationship between them, the panel OLS and VAR models were employed. The results are largely in line with previous empirical research: it was established that a lack of industrialisation effort (manifested in the persistence of agriculture as a share of GDP) and ?servicisation? (the expansion of the services share of GDP) negatively affect GDP growth rates. In contrast, a growth in industry and manufacturing shares positively influences economic growth, as does accelerated structural transformation (represented by the respective index of structural change).
{"title":"The effects of structural change on economic growth: A panel data analysis","authors":"Ivan D. Trofimov","doi":"10.2298/pan220705010t","DOIUrl":"https://doi.org/10.2298/pan220705010t","url":null,"abstract":"This paper attempts to enhance empirical understanding of the effects of structural-change variables on economic outcomes. The relationships between sectoral shares and (1) the speed of structural change and (2) economic growth were examined for a large panel of 111 economies over the period of 1971-2018. Given the time series properties of the series and the absence of a long-run relationship between them, the panel OLS and VAR models were employed. The results are largely in line with previous empirical research: it was established that a lack of industrialisation effort (manifested in the persistence of agriculture as a share of GDP) and ?servicisation? (the expansion of the services share of GDP) negatively affect GDP growth rates. In contrast, a growth in industry and manufacturing shares positively influences economic growth, as does accelerated structural transformation (represented by the respective index of structural change).","PeriodicalId":45222,"journal":{"name":"Panoeconomicus","volume":"1 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68608088","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-03-03DOI: 10.1097/DER.0000000000000859
Jaya Manjunath, Donald Lei, Adnan Ahmed, Marissa Ayasse, Rajeev Chavda, Sylvie Gabriel, Jonathan Ian Silverberg
Background: Sleep disturbance (SD) is common in atopic dermatitis (AD). We examined the longitudinal course of SD and relationship with itch in AD patients.
Methods: A prospective, dermatology practice-based study was performed (N = 1295) where patients were assessed at baseline and follow-up visits.
Results: At baseline, 16.9% of the patients had severe SD based on Patient-Reported Outcomes Information System (PROMIS) SD T scores, 19.1% had difficulty falling asleep, 22.9% had difficulty staying asleep, and 34.2% had SD from AD. A total of 31.4% of the patients with difficulty staying asleep at baseline experienced persistent difficulties (for 3 follow-ups or more). Only 17.7% with baseline difficulty falling asleep had persistent disturbance. Despite significant fluctuation in sleep scores, SD generally improved over time. Of the patients facing baseline SD from AD, 31.5% experienced SD at the first visit, and only 12.3% experienced persistent SD at the second follow-up visit. Predictors of increased PROMIS sleep-related impairment T scores over time included baseline PROMIS sleep-related impairment T scores (0.74 [0.68-0.80]), having 3 to 6 nights of itch (2.22 [0.85-3.59]), and severe/very severe AD (4.40 [2.60-6.20]).
Conclusions: A significant proportion of adult AD patients, particularly those with moderate-severe AD and frequent itch, had baseline SD. Although sleep scores generally improved over time, many patients experienced a fluctuating or persistent course.
{"title":"Longitudinal Course of Sleep Disturbance and Relationship With Itch in Adult Atopic Dermatitis in Clinical Practice.","authors":"Jaya Manjunath, Donald Lei, Adnan Ahmed, Marissa Ayasse, Rajeev Chavda, Sylvie Gabriel, Jonathan Ian Silverberg","doi":"10.1097/DER.0000000000000859","DOIUrl":"10.1097/DER.0000000000000859","url":null,"abstract":"<p><strong>Background: </strong>Sleep disturbance (SD) is common in atopic dermatitis (AD). We examined the longitudinal course of SD and relationship with itch in AD patients.</p><p><strong>Methods: </strong>A prospective, dermatology practice-based study was performed (N = 1295) where patients were assessed at baseline and follow-up visits.</p><p><strong>Results: </strong>At baseline, 16.9% of the patients had severe SD based on Patient-Reported Outcomes Information System (PROMIS) SD T scores, 19.1% had difficulty falling asleep, 22.9% had difficulty staying asleep, and 34.2% had SD from AD. A total of 31.4% of the patients with difficulty staying asleep at baseline experienced persistent difficulties (for 3 follow-ups or more). Only 17.7% with baseline difficulty falling asleep had persistent disturbance. Despite significant fluctuation in sleep scores, SD generally improved over time. Of the patients facing baseline SD from AD, 31.5% experienced SD at the first visit, and only 12.3% experienced persistent SD at the second follow-up visit. Predictors of increased PROMIS sleep-related impairment T scores over time included baseline PROMIS sleep-related impairment T scores (0.74 [0.68-0.80]), having 3 to 6 nights of itch (2.22 [0.85-3.59]), and severe/very severe AD (4.40 [2.60-6.20]).</p><p><strong>Conclusions: </strong>A significant proportion of adult AD patients, particularly those with moderate-severe AD and frequent itch, had baseline SD. Although sleep scores generally improved over time, many patients experienced a fluctuating or persistent course.</p>","PeriodicalId":45222,"journal":{"name":"Panoeconomicus","volume":"61 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90577999","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper explores the relationship between debt and growth in the 28 EU member states over the 1995-2014 period using an interacted panel data estimator in standard augmented Solow growth regression. The nonlinear nature of the debt-growth relationship allows for computation of the optimal turning point given the set of four conditioning variables. Additionally, the heterogeneity in EU members? growth rates is explored by a panel data quantile regression estimator with nonadditive fixed effects. The results suggest that while additional government consumption decreases the level of growth-maximizing debt, the level of private debt has a positive impact on the optimal turning point. On average, estimated optimal debt thresholds are located in the vicinity of the policy-set 60% debt-to-GDP ratio; however, the observed high heterogeneity in the underlying data results in wide confidence intervals.
{"title":"Reassessing the public debt threshold in the EU: Do macroeconomic conditions matter?","authors":"Filip Ostrihoň, Mária Širaňová, M. Workie","doi":"10.2298/pan181114007o","DOIUrl":"https://doi.org/10.2298/pan181114007o","url":null,"abstract":"This paper explores the relationship between debt and growth in the 28 EU member states over the 1995-2014 period using an interacted panel data estimator in standard augmented Solow growth regression. The nonlinear nature of the debt-growth relationship allows for computation of the optimal turning point given the set of four conditioning variables. Additionally, the heterogeneity in EU members? growth rates is explored by a panel data quantile regression estimator with nonadditive fixed effects. The results suggest that while additional government consumption decreases the level of growth-maximizing debt, the level of private debt has a positive impact on the optimal turning point. On average, estimated optimal debt thresholds are located in the vicinity of the policy-set 60% debt-to-GDP ratio; however, the observed high heterogeneity in the underlying data results in wide confidence intervals.","PeriodicalId":45222,"journal":{"name":"Panoeconomicus","volume":"1 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68605087","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this study, the differences in the spatial pattern of happiness will be revealed and the distribution of the relationship between happiness and economic variables between countries will be discussed. When the distribution pattern is examined, it can be observed that happy and unhappy countries are concentrated in certain areas. Therefore, the concept of happiness has been evaluated from a geographical point of view. From the analysis of 147 countries in this study, it was found that economic freedom and GDP have a positive effect on happiness whereas inflation and unemployment have a negative effect. A striking result was that in addition to the relevant economic variables, location is also effective in the interpretation of happiness. One of the significant results of the study was that geography is a factor to consider in investigating the relationship between economic variables and happiness.
{"title":"A spatial analysis of happiness","authors":"Neşe Aral, H. Bakır","doi":"10.2298/pan191220022a","DOIUrl":"https://doi.org/10.2298/pan191220022a","url":null,"abstract":"In this study, the differences in the spatial pattern of happiness will be revealed and the distribution of the relationship between happiness and economic variables between countries will be discussed. When the distribution pattern is examined, it can be observed that happy and unhappy countries are concentrated in certain areas. Therefore, the concept of happiness has been evaluated from a geographical point of view. From the analysis of 147 countries in this study, it was found that economic freedom and GDP have a positive effect on happiness whereas inflation and unemployment have a negative effect. A striking result was that in addition to the relevant economic variables, location is also effective in the interpretation of happiness. One of the significant results of the study was that geography is a factor to consider in investigating the relationship between economic variables and happiness.","PeriodicalId":45222,"journal":{"name":"Panoeconomicus","volume":"1 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68605531","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In seven decades of the multiparty democracy period, Turkey has experienced four military coups. Even though the coups are thought to be a cold war phenomenon in the literature, they are still relevant. The failed coup attempt in 2016 reminds us that the military coup is still a critical issue in Turkish democracy and the economy. Interestingly, there is not an adequate amount of empirical research on the political economy of Turkey's military coup experience. This study's motivation is to provide empirical evidence for the economic growth-coup nexus literature with a core focus on Turkey, which is a remarkable case in many aspects. For this purpose, we extend an open-economy Cobb-Douglas production function with coups and use the autoregressive distributed lags (ARDL) method for the period 1950 to 2014. According to the study's empirical findings, coup d'?tats negatively affect real GDP in Turkey. Through structural reforms, Turkey should strengthen its democratic institutions to prevent such antidemocratic attempts.
{"title":"Coup d'état and economic growth in Turkey: Evidence from ARDL bounds testing procedure","authors":"I. Bakirtas, Ramazan Sari, S. Koc","doi":"10.2298/pan200818012b","DOIUrl":"https://doi.org/10.2298/pan200818012b","url":null,"abstract":"In seven decades of the multiparty democracy period, Turkey has experienced four military coups. Even though the coups are thought to be a cold war phenomenon in the literature, they are still relevant. The failed coup attempt in 2016 reminds us that the military coup is still a critical issue in Turkish democracy and the economy. Interestingly, there is not an adequate amount of empirical research on the political economy of Turkey's military coup experience. This study's motivation is to provide empirical evidence for the economic growth-coup nexus literature with a core focus on Turkey, which is a remarkable case in many aspects. For this purpose, we extend an open-economy Cobb-Douglas production function with coups and use the autoregressive distributed lags (ARDL) method for the period 1950 to 2014. According to the study's empirical findings, coup d'?tats negatively affect real GDP in Turkey. Through structural reforms, Turkey should strengthen its democratic institutions to prevent such antidemocratic attempts.","PeriodicalId":45222,"journal":{"name":"Panoeconomicus","volume":"1 1","pages":""},"PeriodicalIF":1.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68605876","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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