Search

Using data from the World Uncertainty, the World Trade Uncertainty, and the World Pandemic Uncertainty indices for 142 countries, this paper introduces three new indicators for measuring Turkey's export markets' uncertainty from 1996Q1 to 2021Q3. The indicators measure uncertainty in Turkey's export destinations. After introducing three indicators of uncertainty for export markets, we investigate their effects on economic performance. It is found that all uncertainty indicators are negatively related to economic growth. Specifically, an increase in export destinations' uncertainty leads to a slower growth rate of two quarters. Pandemic-induced uncertainty also negatively affects economic growth. The implications for the role of risks and uncertainties, such as financial, geopolitical, and political risks, are also discussed. [ABSTRACT FROM AUTHOR]

This paper constructs the most comprehensive paintings price index in Turkey by using 32,391 manually collected sales transactions, including artworks of 413 artists over the period 1990–2016. The results indicate that the Turkish paintings market underperforms the domestic stock market, but leading to the higher returns compared to the global paintings and the global stock markets. The results from the causality analysis also demonstrate that there is the feedback effect between the domestic paintings and the domestic stock market. Furthermore, the findings cannot reject the null hypothesis that there is no bubble in the Turkish Paintings price index. Finally, the geopolitical and the political risks in Turkey are among the main reasons for the diminishing returns of the Turkish paintings market after 2010. [ABSTRACT FROM AUTHOR]

This paper examines the impact of corruption on the number of tourist inflows to Turkey from 70 countries for the period from 1996 to 2014. For this purpose, it is the first paper to examine the effects of not only the absolute corruption but also the relative corruption on the tourist arrivals in the literature. By using the fixed effects, the generalized methods of moments, and the Hausman-Taylor estimations, we find that level of the relative corruption negatively affects the inbound tourism to Turkey. [ABSTRACT FROM AUTHOR]

Countries try to stabilize the demand for energy on one hand and sustain economic growth on the other, but the worsening global warming and climate change problems have put pressure on them. This paper estimates the environmental Kuznets curve over the period 1971-2010 in Turkey both in the short and the long run. For this purpose, the unit root test with structural breaks and the cointegration analysis with multiple endogenous structural breaks are used. The effects of energy consumption and export product diversification on CO emissions are also controlled in the dynamic empirical models. It is observed that the environmental Kuznets curve hypothesis is valid in Turkey in both the short run and the long run. The positive effect on energy consumption on CO emissions is also obtained in the long run. In addition, it is found that a greater product diversification of exports yields higher CO emissions in the long run. Inferences and policy implications are also discussed. [ABSTRACT FROM AUTHOR]

This paper analyzes the impact of volatility in the world energy price on aggregate economic activity in an unbalanced panel data framework for 10 developing Asian countries: Bangladesh, PR China, India, Indonesia, Malaysia, Pakistan, the Philippines, Thailand, Turkey and Vietnam. We use both the realized volatility and the generalized autoregressive conditional heteroskedasticity models to measure the volatility in the world energy price. Empirical findings from dynamic panel data estimations show that the volatility in world energy price is negatively associated with the aggregate economic activity. Using the common correlated effects panel estimation techniques, we also systematically examine uncertain transmission channel of the world energy price volatility on the aggregate economic activity in each economy and obtain the most impressive negative effects in Turkey, PR China and India, respectively. [ABSTRACT FROM AUTHOR]

There is widespread literature investigating the relationship between increasing trade openness and economic development; however the relationship between trade (openness) and regional development remains limited. This paper empirically examines the relationship between trade openness and regional development in Turkey. For this purpose, we initially define the regional development index for 81 provinces in Turkey. The definition is based on the concept and the calculation method of the human development index. We then add a few control variables within panel data estimation frameworks to contribute to the explanations of the relationship. The empirical findings show that the increases in trade openness are positively associated with future increases in regional development. In addition, the levels of government investments positively contribute to regional development. However, a negative relationship exists between the size of a province and its development. [ABSTRACT FROM AUTHOR]