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Öğe A comparative analysis of the relationship between innovation and transport sector carbon emissions in developed and developing Mediterranean countries(Springer Heidelberg, 2021) Demircan Çakar, Nigar; Gedikli, Ayfer; Erdoğan, Seyfettin; Yıldırım, Durmuş ÇağrıInnovation technologies have been recognized as an efficient solution to alleviate carbon emissions stem from the transport sector. The aim of this study is to investigate the impact of innovation on carbon emissions stemming from the transportation sector in Mediterranean countries. Based on the available data, Albania, Algeria, Bosnia and Herzegovina, Croatia, Egypt, Morocco, Tunisia, and Turkey are selected as the 8 developing countries; and Cyprus, France, Greece, Israel, Italy, and Spain are selected as the 6 developed countries and included in the analysis. Due to data constraints, the analysis period has been determined as 1997-2017 for the developing Mediterranean countries and 2003-2017 for the developed Mediterranean countries. After determining the long-term relationship with the panel co-integration method, we obtained the long-term coefficients with PMG and DFE methods. The empirical test results indicated that the increments in the level of innovation in developing countries have a positive impact on carbon emissions due to transportation if the innovation results from an increase in patents. An increase in the level of innovation in developed countries has a positive impact on carbon emissions due to transportation if the innovation results from an increase in trademark. As a result, innovation level has a positive effect on carbon emissions due to transportation, and this effect is stronger for developed countries.Öğe An Investigation of Participation Banking Performance in Turkey From Customer Perspective:The Case of Kocaeli Province(2020) Erdoğan, Seyfettin; Gedikli, Ayfer; Yıldırım, Seda; Yıldırım, Durmuş Çağrı; Yılmaz Genç, Sema; Haykır Hobikoğlu, Elif; Erdoğan, FatmaTo have an uninterrupted growth performance of participation banks may beonly possible by sustainable development strategies that are consistent withmarket dynamics. Investigating the reasons why customers prefer theseinstitutions, what their expectations are, and analyzing the data obtained fromthese researches are critical in developing strategies. Comprehensive fieldresearch covering all provinces of Turkey which aims to determine the reasonsfor customer preference of participation banks may provide policy implicationsfor the policymakers. As the first step towards carrying out such research, it wasaimed to investigate the reasons for preferring participation banks in Kocaeliprovince. In the study, the required data were collected and analyzed with thehelp of quantitative and qualitative research methods. Firstly, an in-depthinterview method was applied in qualitative research to obtain the data from 12customers working with participation banks in a long period of time. Secondly,the questionnaire method was used to collect data from a wider customer sampleregarding the factors that are important for working with the participationbanks. 407 questionnaires were analyzed and interpreted. 5 main factors, suchas religious factors, service quality variables, social environment effect, financial variables, and marketing mix variables were found to be effective in preferringparticipation banks. The findings of this exploratory study are consistent withthe related literature and it is expected to guide to future studies.Öğe AN INVESTIGATION OF PARTICIPATION BANKING PERFORMANCE IN TURKEY FROM CUSTOMER PERSPECTIVE:THE CASE OF KOCAELI PROVINCE(Ilahiyat Bilimleri Arastirma Vakfi, 2020) Erdoğan, Seyfettin; Gedikli, Ayfer; Yıldırım, Seda; Yıldırım, Durmuş Çağrı; Genç, Sema Yılmaz; Hobikoğlu, Elif Haykır; Erdoğan, FatmaTo have an uninterrupted growth performance of participation banks may be only possible by sustainable development strategies that are consistent with market dynamics. Investigating the reasons why customers prefer these institutions, what their expectations are, and analyzing the data obtained from these researches are critical in developing strategies. Comprehensive field research covering all provinces of Turkey which aims to determine the reasons for customer preference of participation banks may provide policy implications for the policymakers. As the first step towards carrying out such research, it was aimed to investigate the reasons for preferring participation banks in Kocaeli province. In the study, the required data were collected and analyzed with the help of quantitative and qualitative research methods. Firstly, an in-depth interview method was applied in qualitative research to obtain the data from 12 customers working with participation banks in a long period of time. Secondly, the questionnaire method was used to collect data from a wider customer sample regarding the factors that are important for working with the participation banks. 407 questionnaires were analyzed and interpreted. 5 main factors, such as religious factors, service quality variables, social environment effect, financial variables, and marketing mix variables were found to be effective in preferring participation banks. The findings of this exploratory study are consistent with the related literature and it is expected to guide to future studies.Öğe DOES THE RISK-TAKING OR RISK-SHIFTING CHANNEL OF MONETARY POLICY WORK IN DEVELOPING COUNTRIES? EVIDENCE FROM TVP-VAR APPROACH(Bandirma Onyedi Eylul University, 2023) Yıldırım, Durmuş Çağrı; Erdoğan, Seyfettin; Esen, Ömer; Çevik, Emrah İsmailIn the study, the validity of the risk-taking channel was investigated using the monthly data between 2003 and 2018, in particular for Brazil, South Africa and Turkey countries. According to test results, for Turkey the response of leverage rate to unexpected increases in policy interest rate was measured positively; for Brazil it was measured positively and for South Africa, it was measured positively during the sample period. Finally, for all countries the reaction of industrial production to shocks in the policy interest rate was calculated to be negative during the sample period. Thus, it is concluded that the risk-taking channel is effective for these countries during the analysis period (especially in times of crisis), and that monetary policy could be used as an effective tool for managing macroeconomic risk.Öğe Dynamic relationship between international tourism, economic growth and environmental pollution in the OECD countries: evidence from panel VAR model(Routledge Journals, Taylor & Francis Ltd, 2022) Gedikli, Ayfer; Erdoğan, Seyfettin; Çevik, Emrah İsmail; Çevik, Emre; Castanho, Rui Alexandre; Couto, GualterThe aim of this study is to examine the impact of international tourism on economic growth and carbon emissions by using the Panel VAR model in selected OECD countries. By using yearly data for the periods of 1995 and 2020, we examine the dynamic relationship between international tourism, economic growth, and carbon emissions using the Granger causality test and impulse responses analysis. Although we could not determine the presence of a causal link between the variables using the Granger causality test, impulse responses analysis confirmed that responses of carbon emissions and economic growth to an unexpected international tourism shock are positive and significant. On the other hand, impulse responses analysis results show that responses of carbon emissions and economic growth to unexpected international tourism are positive and significant. The empirical findings also indicated that the responses of carbon emissions to an unexpected international tourism shock are higher than the responses of economic growth to an unexpected international tourism shock and these findings indicate that the negative impact of international tourism on environmental quality is greater than its positive impact on economic growth. Policymakers should take actions and measures to reduce the impact of international tourism on environmental deterioration. Improvements and dissemination of eco-friendly technologies in all tourism activities may help to reduce the negative impact of international tourism on carbon emissions.Öğe Eco-friendly technologies, international tourism and carbon emissions: Evidence from the most visited countries(Elsevier Inc., 2022) Erdoğan, Seyfettin; Gedikli, Ayfer; Cevik, Emrah Ismail; Erdoğan, FatmaThe paper aims to examine the effects of international tourism on carbon emissions in the most visited countries using panel quantile regression for the periods 1995-2018. Since the primary source of carbon emissions from international tourism is transportation, we examine the moderating effect of eco-friendly innovations on the transportation sector for the relationship between international tourism and carbon emissions. Empirical results show that while international tourism led to an increase in carbon emissions between the fifth and ninth quantiles of carbon emissions, eco-friendly innovations for the transportation sector play an essential role in the effect of international tourism on carbon emissions. We find that the impact of improvements in eco-friendly technologies for transportation is significant on carbon emissions at all quantiles and that it eliminates the harmful effect of international tourism on environmental quality. These results are important for policy-makers to reduce carbon emissions from tourism because these countries have committed to reducing their carbon emissions according to the Paris Accord and the Sustainable Development Goals. © 2022Öğe Exploring the nexus between human capital and environmental degradation: the case of EU countries(Academic Press Ltd- Elsevier Science Ltd, 2021) Çakar, Nigar Demircan; Gedikli, Ayfer; Erdoğan, Seyfettin; Yıldırım, Durmuş ÇağrıHuman capital investments have a vital role in economic growth. Therefore the effects of human capital on the environment should be analyzed for sustainable economic growth. This paper contributes to the debate on the nexus between human capital and environmental degradation. Based on 21 EU countries' panel data over the period 1994-2018, this study aims to analyze the relationship between human capital and environmental pollution in different financial development levels. We employed the panel smooth transition regression model (PSTR) to assess the nexus between the variables. According to the estimation results, human capital decreases carbon emissions in the low growth regime whereas increases in the high growth regime. Besides, human capital increases carbon emissions in both low regimes of financial development and human capital, and decreases in high regimes. The analysis indicated that as human capital improves, there will be more innovation to protect the environment, and thus there is less environmental degradation.Öğe Financial conditions and monetary policy in the US(Elsevier, 2020) Dibooğlu, Sel; Erdoğan, Seyfettin; Yıldırım, Durmuş Çağrı; Çevik, Emrah İsmailWe examine the FED's monetary policy rule with financial stability considerations and under asymmetry. We use the National Financial Conditions Index constructed by the Chicago FED in order to test whether financial stability concerns enter monetary policy formulations in the US. We model nonlinearity in monetary policy by a Markov regime-switching model. The results show that the monetary policy implemented by the FED can be characterized as a two-state Markov process and financial instability significantly increases the likelihood of regime-switching from a tranquil to a distressed regime. Moreover, the likelihood of a switch in the FED's monetary policy regime between tranquil and distressed seems to increase when a certain threshold level of the financial conditions index is reached. Finally, our results seem to be robust to alternative specifications of the reaction function and different forms of non-linearity.Öğe Fiscal harmonization or fiscal union in eurozone?(IGI Global, 2015) Yıldırım, Durmuş Çağrı; Erdoğan, Seyfettin; Gedikli, AyferThe aftermath of the financial crisis and following debt crisis that the European Monetary Union faced in 2008 required re-examining the architecture of the Euro area and a cost/benefit assessment of the monetary union. When one examines the causes of the crises, one sees that EMU's financial architecture stands out. Although there is a common monetary policy application authority within EMU, local economies can carry on with their own autonomous fiscal policies without any effective control mechanisms. Problems with structures caused arguments about EMU's architecture. It is clear that there is a need for changes in EMU's architecture in short term for euro to survive. The objective of this chapter is to present some suggestions to the policy makers and to point out the problems with the architecture and mechanisms needed to be brought into being in order EMU to survive with the ongoing crisis. © 2015, IGI Global.Öğe Healthcare expenditures channel of natural resource curse: the case of gulf cooperation council countries(Econjournals, 2020) Erdoğan, Seyfettin; Çevik, Emrah İsmail; Gedikli, AyferThe fact that the increase in natural resource revenues is not adequately transferred to human capital investments is one of the main reasons for explaining the weak economic growth performance. The findings of numerous studies investigating the relationship between healthcare expenditures and natural resource abundance in natural resource-rich countries confirm this assertion. These findings can be considered as a source of information in the process of determining the policies regarding human capital investments to be implemented in natural resource-rich countries. The aim of this study is to investigate the relationship between the abundance of natural resources and health expenditures by using data from 2000 to 2016 for Gulf Cooperation Council (GCC) member countries consisting of United Arab Emirates, Bahrain, Qatar, Kuwait, Saudi Arabia and Oman. The empirical results indicated that there is no causal relationship between the variables of GCC countries except Bahrain and UAE. This result shows that the resource curse hypothesis is partially valid. Therefore, GCC countries aiming to increase their economic growth performances by implementing a diversification strategy in production should allocate more sources to health expenditures in order to increase their labor efficiency. © 2020, Econjournals. All rights reserved.Öğe Innovation - Unemployment Nexus: the case of EU countries(John Wiley and Sons Ltd, 2022) Yıldırım, Durmuş Çağrı; Yıldırım, Seda; Erdoğan, Seyfettin; Kantarcı, TuğbaIn order to achieve a sustainable growth and development process in a globalised competitive environment, the effect of monitoring the technological developments of the national economies is a necessity. Innovation, shown as a cause of technological developments, contributes to the transformation of technology into social and economic benefits. Innovation changes the structure of employment. However, there is no consensus in the literature about how innovation affects employment. Some suggest that technological innovations will lead to an increase in unemployment as a result of the substitution of machines instead of labour. The others state that technological innovations can improve the working life and create a reducing effect of unemployment as a result of every technological innovation creating their own fields of work. The aim of this study is to examine the effects of innovation on unemployment. The data of 12 EU countries with high and relatively low level of innovation were analysed with the panel threshold model for the period of 1998–2015. Innovation in high and low regimes, has effects that will increase unemployment. Technological development increases the unemployment rate in both country groups in both regimes of innovation level. © 2020 John Wiley & Sons LtdÖğe Natural resource abundance, financial development and economic growth: An investigation on Next-11 countries(Elsevier Sci Ltd, 2020) Erdoğan, Seyfettin; Yıldırım, Durmuş Çağrı; Gedikli, AyferThe financial system needs to develop in order for natural resource exports to have a positive effect on economic growth. Yet, an advanced financial system is crucial for transferring the revenues from oil exports to productive investments. If the level of development of the financial system remains under a certain threshold, the effect of natural resource exports on economic growth is too low. In this vein, the determination of the level and the deepness of financial development that has a positive impact on the growth of natural resource exports should be clarified. The aim of this study is to investigate the relationship between the impact of natural resource exports on economic growth and the level of financial deepening by using the data of the selected Next-11 countries for the period of 1996-2016. Nonlinear panel data methodology is used in the study. Based on the empirical results, for the first regime, where the rate of financial deepening is under 45%, the increase in oil exports does not have a statistically significant effect on ecenomic growth. For the second regime, where financial deepening is over 45%, one unit increase in oil exports causes a 7% increase in economic growth.Öğe Natural resources rents-financial development nexus: Evidence from sixteen developing countries(Elsevier Sci Ltd, 2020) Yıldırım, Seda; Gedikli, Ayfer; Erdoğan, Seyfettin; Yıldırım, Durmuş ÇağrıImproving economic growth performance is largely dependent on financial development. Natural resource revenues are among the main sources that can be used in the development of financial systems. The aim of this study is to analyze the effects of each natural resource revenue on financial development in 16 developing countries (Albania, Argentina, Brazil, Bulgaria, China, Colombia, Georgia, Iran, Kazakhstan, Malaysia, Mexico, Peru, Romania, South Africa, Thailand, and Turkey) which gain different natural resources revenue using the data of 1994-2017 period. Panel cointegration analysis was used to investigate long-term relationships between series. Long-term relationships between the series were determined and then PMG and DFE methods were preferred to obtain long-term and short-term coefficients. Empirical results showed that an increase in oil revenues has a positive effect on financial development in the long term. However, in the short-term natural resources rents do not have an impact on financial development.Öğe Petrol Fiyatlarındaki Oynaklığın İktisadi Büyüme ve Enflasyon Üzerindeki Etkisi: Gcc Ülkeleri Örneği(2020) Erdoğan, Seyfettin; Çevik, Emrah İsmail; Gedikli, AyferPetrole bağımlı ülkelerde petrol fiyatlarındaki oynaklığın makro ekonomikdeğişkenler üzerindeki etkisinin ampirik olarak araştırılmasından elde edilecek bulgular, bu ülkelerde üretim yapısı ve sektörel dönüşüm politikalarının belirlenmesinde veri kaynağı olarak kullanılabilir. Bu çalışmanın amacı, Körfez ArapÜlkeleri İşbirliği Konseyi (GCC) ülkeleri (Bahreyn, Katar, Kuveyt, Umman, Suudi Arabistan ve Birleşik Arap Emirlikleri)'nde petrol fiyatlarındaki oynaklığın iktisadi büyüme ve enflasyon üzerindeki etkilerini 2007-2018 dönemine ilişkin aylık verilerkullanarak araştırmaktır. Ekonomik büyümeyi temsilen reel sanayi üretim endeksi kullanılmış, enflasyon oranları ise Tüketici Fiyat Endeksindeki aylık değişim dikkate alınarak hesaplanmıştır. Analiz için SVAR modeli tercih edilmiştir. Elde edilen bulgulara göre, petrol fiyatlarındaki oynaklık GCC ülkelerinin çoğunda iktisadi büyümeyi negatif, enflasyon oranını ise pozitif yönde etkilemektedir. Petrol fiyatlarındaki oynaklığın makro ekonomik göstergeler üzerindeki olumsuz etkisinin azaltılması için petrol dışındaki sektörlerin desteklenmesi gerekmektedirÖğe Precious metals as safe-haven for clean energy stock investment: Evidence from nonparametric Granger causality in distribution test(Elsevier Sci Ltd, 2022) Erdoğan, Seyfettin; Gedikli, Ayfer; Çevik, Emrah İsmail; Erdoğan, Fatma; Çevik, EmreThe study aims to examine the connectedness between clean energy stocks and precious metals prices under the different market episodes. We employ the Granger causality-in-the distribution test proposed by Candelon and Tokpavi (2016) to investigate the presence of a causality relationship between the variables for the whole dis-tribution because the test has superior power even if the sample size is small. WilderHill Clean Energy Index is considered a benchmark for the clean energy stock market and gold, silver, platinum, and palladium prices are used for the precious metals. By using daily data from January 1, 2001, to December 12, 2021, we find that there is a unidirectional causal link running from the clean energy stock returns to the precious metal prices in the center and the left tail of the distribution. On the other hand, there is strong feedback between the variables in the right tail of the distribution. These results show that clean energy stock prices have an edge in affecting precious metal prices and precious metals cannot be used to hedge the downside risk of clean energy stock investments.Öğe Regime-Dependent Effect of Crude Oil Price on BRICS Stock Markets(Routledge Journals, Taylor & Francis Ltd, 2018) Yıldırım, Durmuş Çağrı; Erdoğan, Seyfettin; Çevik, Emrah İsmailIn this study, the dynamic relation between global crude oil prices and stock prices is investigated in terms of crude oil-exporting and -importing countries. The relationship between crude oil prices and stock prices is examined for BRICS countries (Brazil, Russia, India, China, and South Africa) for the periods of January 1995 to December 2016 by means of the Markov Switching Vector Autoregression (MS-VAR) model. The impulse-response analysis results suggest that the responses of the stock market to an oil price shock vary over the regimes for all countries. Specifically, we find that the responses of the stock market to an unexpected oil price shock are positive and statistically significant in the high-volatility regime in all countries except for China, and these results suggest that the increase in oil prices may be evaluated by demand-side shock in these countries.Öğe Sağlık Harcamaları İktisadi Büyüme İlişkisi: Oecd Ülkeleri Üzerine Bir İnceleme(2019) Erdoğan, Seyfettin; Yıldırım, Durmuş Çağrı; Gedikli, AyferBu çalışmanın amacı, 36 OECDülkesinin 2000-2017 dönemine ilişkin verilerinikullanarak panel koentegrasyon testleri yardımı ilesağlık harcamaları ve iktisadi büyüme arasındakiilişkiyi araştırmaktır. Elde edilen sonuçlara göre,yatay kesit bağımlılığını göz ardı eden Pedroni veWesterlund testleri, sağlık harcamaları ile büyümearasında uzun dönemli bir ilişkinin mevcut olduğunugöstermektedir. Ancak yatay kesit bağımlılığı gözönüne alınarak elde edilen sonuçlar, sağlıkharcamaları ve büyüme arasında uzun dönemli birkoentegrasyon ilişkisinin mevcut olduğuna ilişkinsonuçları desteklememektedir. Sonuç olarak uzundönemde sağlık harcamalarının, büyümenin birbelirleyicisi olmadığına ilişkin bulgular tespitedilmiştir.Öğe THE EFFECT OF THE OIL PRICES VOLATILITY ON ECONOMIC GROWTH AND INFLATION: THE CASE OF GCC COUNTRIES(Kafkas Üniversitesi, 2020) Erdoğan, Seyfettin; Çevik, Emrah; Gedikli, AyferThe empirical investigation of the impact of oil price volatility on macroeconomic variables in oil-dependent countries can be used as a data source for determining production structure and sectoral transformation policies in these countries. The aim of this study is to investigate the effects of volatility in oil prices in GCC countries (Bahrain, Qatar, Kuwait, Oman, Saudi Arabia and United Arab Emirates) on economic growth and inflation by using monthly data for 2007-2018 period. Real industrial production index was used to represent economic growth, and inflation rates were calculated by taking into account the monthly change in the Consumer Price Index. SVAR model was preferred for analysis. Based on our test results, it was found that volatility in oil prices affects economic growth negatively and inflation rate positively in most GCC countries. As a policy implication, it can be suggested that in order to reduce the negative impact of volatility in oil prices on macroeconomic indicators, sectors other than oil should be supported.Öğe The effect of the Trans-Anatolian Natural Gas Pipeline Project (TANAP) on industrial production in Turkey(Emerald Group Publishing Ltd, 2017) Yıldırım, Durmuş Çağrı; Erdoğan, Seyfettin; Yıldırım, Seda; Can, HamitPurpose - The purpose of this study is to investigate the effect of the Trans-Anatolian Natural Gas Pipeline Project (TANAP) on industrial production in Turkey. The TANAP is a project which ensures the security of the country's natural gas supply and encourages a decrease in energy prices. So, this study investigates TANAP's efforts to decrease gas prices, as well as the effects of gas prices on industrial production. Design/methodology/approach - The data include gas prices and industrial production index series. Gas prices are approached for industrial users (nonresidential) in Turkey and industrial production index series have been discussed for whole industries. The Johansen cointegration method has been used to analyze the data, spanning the period from 2005M01 to 2015M11. Findings - Results indicate that the decrease in the energy prices has a positive effect on the industrial production index, which is accepted as a basic sign of economic growth. Accordingly, it has been proved that gas priced had a significant effect on industrial production in Turkish economy during the respective periods. Research limitations/implications - This study has supported the argument that TANAP helps to decrease gas prices in Turkey. It can be said that a decrease in gas price is expected to have positive effect on industrial production in the long-term. Originality/value - The present study shows that projects such as TANAP can help gas importing countries like Turkey to decrease gas prices and increase industrial production. In this context, this study supports projects that decreasing gas prices for energy importing countries in the long term.Öğe The effects of innovation on sectoral carbon emissions: Evidence from G20 countries(Academic Press Ltd- Elsevier Science Ltd, 2020) Erdoğan, Seyfettin; Yıldırım, Seda; Yıldırım, Durmuş Çağrı; Gedikli, AyferIn all countries, the priority of policymakers is to reduce carbon emissions without reducing economic growth performance. Progress in innovation is one of the main measures that can be used to reduce carbon emissions. It is important to demonstrate the impact of innovation at the sectoral level, in terms of more realistic data on policy measures. The aim of this study is to investigate the effects of innovation on carbon emissions on a sectorial basis for fourteen countries in the G20, for the period between 1991 and 2017. The selected countries are Argentina, Brazil, Canada, France, Germany, India, Indonesia, Japan, Korea, Mexico, South Africa, Turkey, the United Kingdom, and the United States for which data is available. The results show that the Environmental Kuznets Curve (EKC) hypothesis is invalid and, in the long-term, innovations did not have a statistically significant effect on the energy sector, transport sector, and other sectors. It was also found that while an increase in innovation in the industrial sector leads to a reduction in carbon emissions, an increase in innovation in the construction sector increases carbon emissions. Therefore, it can be recommended that, in addition to national policies to reduce CO2 emissions, specific policies should be implemented for each sector separately.
