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Copyright of Journal of Suleyman Demirel University Institute of Social Sciences is the property of Suleyman Demirel University, Institute of Social Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Sound and efficient functioning of financial systems is critical to the economic prosperity of any economy. This paper investigates the tripartite relationship between financial sector output, employment and economic growth in North Cyprus. Using relevant time series data analysis (within the framework of structural breaks and VECM), we found that financial sector output in North Cyprus is sensitive to both internal and external shocks in that its economy is well linked with the global economy, in spite of the political isolation sustained since the bifurcation of Cyprus into North and South. The study further documents evidence of the neutrality hypothesis in the finance-growth nexus. The underlying variables were weakly connected in the short-run. However, economic growth responded to the short-run shocks and handled the equilibrating process of reverting to the long-run trend and thus, the demand following hypothesis is confirmed in the long-run. [ABSTRACT FROM AUTHOR]

The eurozone debt crisis has stimulated lively debate on mechanisms for sovereign debt restructuring. The immediate threat of exit and the break-up of the currency union may have abated; but the problem of dealing with significant debt overhang remains. After considering two broad approaches—institutional versus contractual—we look at a hybrid solution that combines the best of both. In addition to debt contracts with collective action clauses, this includes a key amendment to the Treaty establishing the European Stability Mechanism, together with innovative state-contingent contracts and a special purpose vehicle to market them. [ABSTRACT FROM AUTHOR]

Recent large-scale natural gas discoveries in East Mediterranean have drawn attention to the region. The discoveries caused both hope and tension in the region. As stated, the new resources may serve as a new hope for all relevant parties as well as the region if managed in a collaborative and conciliatory way. Energy may be a remedy to Cyprus' financial predicament, initiate a process for resolving differences between Turkey and Cyprus, normalize Israel-Turkey relations and so on. On the contrary, adopting unilateral and uncooperative approach may aggravate the tension and undermine regional stability and security. In this sense, the role of energy in generating hope or tension is dependent on the approaches of related parties. The article will analyze Turkey's attitude in East Mediterranean case in terms of possible negative and positive implications for Turkey in the energy field. The article examines Turkey's position and the reasons behind its stance in the East Mediterranean case. Considering Turkey's energy profile and energy policy goals, the article argues that the newly found hydrocarbons may bring in more stakes for Turkey if Turkey adopts a cooperative approach in this case. [ABSTRACT FROM AUTHOR]

This article presents a legal analysis of the partial application of the acquis communautaire in the "Areas" provided by the Green Line Regulation which consists,without being a panacea, of a first step in the economic integration of Cyprus and for improving contact between Cyprus and the European Union (EU). It addresses the issue by referring to the historical background of Cyprus, analysing thoroughly the legal basis of the Regulation, and reviewing the relevant provisions with regard to the crossing of persons and goods.

The article investigates the normative and economic effects on Mediterranean Non-member Countries (MNMC) of applying acquis to the new member countries and to applicants for full membership into the European Union (EU). A priori implication that for MNMCs have any significant change in the acquis communautaire is addressed. An estimation of the trade potential between Turkey and the Republic of Cyprus is also presented. The effects of the EU enlargement on investment inflows into the MNMC are discussed.