Analysing the Fiscal Sustainability of Central and Local Governments in Turkey
Author(s):
Recep Tekeli, Hakan Hotunluoğlu
Volume:
5
Number:
3
Year:
2014
Page:
113-127
ISSN:
1309-2448
Abstract
Economic crises in recent years, might be seen as a natural result of governments’ unsustainable policies. Fiscal sustainability refers to the ability to maintain the government’s current policies. The aim of this study is with the aid of intertemporal borrowing constraint approach imposed by Hamilton and Flavin (1986) to evaluate the sustainability of fiscal policies implemented in Turkey’s economy, using the data between 1975 and 2012 period. Within the scope of this aim, as an indicator of budget deficit, the PSBR / GDP variable, the ratio of total public sector borrowing requirement to the gross domestic product is used. Also in this study the local authorities were compared with the central government in terms of fiscal sustainability. In the literature it has been proposed that taking into account the structural break in testing for the stationarity would be appropriate techniques to use. Therefore, with the current methods in the literature, years that occured a structural break have been identified and in the context of political economy, the effect of election years on structural break assessed. We could not obtain an evidence to support the strong form of budget deficit sustainability.
Keywords:
Budget deficit, fiscal sustainability, structural break, unit root, Turkey
Evaluation of Public Procurement System Considering the Principles of Competition, Transparency and Equal Treatment
Author(s):
Özhan Çetinkaya
Volume:
5
Number:
3
Year:
2014
Page:
97-112
ISSN:
1309-2448
Abstract
Public procurement system is constituted by the procurements needed by the State as well as the operations carried out to bring its property to the use of private sector. Different laws are applicable to these two types of operations. Public Procurement Law numbered 4734 is applicable to spending, and State Procurement Law dated 2886 is applicable to income-generating operations. Recent studies have revealed that the principles of competition, transparency and equal treatment, which are said to be the core of procurement system, have been ruined due to the content of certain provisions of the related laws and problems in practice. It will be possible to talk about the existence of a healthier procurement system and public gains as long as the problems are identified and solutions are put into practice.
Keywords:
Public procurement system, transparency, competition, equal treatment
Awareness on Economic, Social, and Environmental Effects of the Global Warming: Experimental Findings From Turkey
Author(s):
Rüştü Yayar, Çetin Kaplan, Ümit Şimşek
Volume:
5
Number:
1
Year:
2014
Page:
81-95
ISSN:
1309-2448
Abstract
The study aims to reveal the awareness upon the various effects of global warming. In this sense, we tried to reveal social, economic, and environmental effects of the global warming and the awareness related to these effects. In this study, the effects of global warming and awareness issues are discussed in the concept of global warming. Economic, social, and environmental effects of global warming are established, a questionnaire was applied to investigate global warming awareness within the framework of these effects. Five-point Likert scale was used in the questionnaire performed to 1454 participants. The analysis was carried out using the logistic regression model the questionnaire was performed in urban living areas within TR83 Region (Samsun, Amasya, Çorum and Tokat).
Keywords:
Global warming, effects of global warming, awareness
The Relationship Between Exchange Rate-Interest Rate and Stock Return in Turkey: An Empirical Analysis
Author(s):
Mehmet Şentürk, Engin Dücan
Volume:
5
Number:
3
Year:
2014
Page:
67-80
ISSN:
1309-2448
Abstract
In this study, interest rate and exchange rate dynamics and their impact on stock returns were examined in Turkey between the periods of 1997:01-2013:05 with ADF, PP and KPSS unit root tests, impulse-response and variance decomposition analysis build upon VAR model and Granger causality analysis. Accordingly, exchange rate and interest rates affect stock returns are negative for about three months. Here, interest rate on stock returns, rather than the exchange rate is effective. In other words, while increase the interest rate and exchange rate, stock return are diminishing. However, stock return, are more sensitive to changes in the interest rates relative to exchange rate. In addition, there are unidirectional causality relationships from exchange rate to stock returns and from interest rate to exchange rate.
Keywords:
Stock returns, interest rate, exchange rate, VAR, Granger causality
Output gap is defined as the difference between the potential output and actual output. There are several approaches used in the literature to estimate output gap. With this study it is aimed to obtain alternative output gap estimations for Turkish Economy, considering the constraints of approaches that are used in the literature. With this aim, output gap is estimated using two methods such as (1) Structural VAR (Sutructural Vector Autoregressive Model-SVAR) approach proposed in Blanchard and Quah (1989), and (2) Modified Hodrick Prescott Filter based on ARIMA model proposed in Kaiser ve Maravall (2005). These methods are compared to the most frequently used HP filter method in the literature. The output gap estimations are compared in terms of their actual inflation prediction power considering that output gap estimation is an essential input in structuring price stability policy. As a result it can be asserted that output gap estimated by SVAR method produces more successful results in predicting actual inflation.
Keywords:
Output gap, Phillips curve, inflation forecast, modified HP filter, SVAR
Real exchange rates influence the competitiveness of tradable goods produced in a country, and thus the latter’s external balance. In the short-run, real exchange rates are influenced by real, as well as monetary variables. With a view to maintain their competitiveness in international markets, exporters are expected not to prefer overvalued local currencies. Thus, the conventional wisdom suggests that the interests and lobbying power of exporters may be directed to the policy makers towards a healthier external trade and current account balance. This article studies the effect of import dependence and profitability/branding levels of export firms on their real exchange rate preference. A simple partial analysis model shows that high import dependence may tilt exporters’ preferences towards overvaluation, rather than equilibrium or undervaluation of the real exchange rate. The model also implies that this “unpleasant real exchange rate arithmetic” may trigger a vicious circle involving an increasing preference for overvaluation leading to an even higher import dependence. Intrinsic profitability/brand equity of exporters, may partially reverse this preference for overvaluation; so this anomaly may rather relate to relatively less developed economies.
Keywords:
Real exchange rate, trade balance, external balance, beggar-thy-neighbor, brand equity
Title of Article:The Mediating Role of Interpersonal Deviance on Effects of Emotional Labor to Job Performance and Intention to Quit
Author(s): Memduh Begenirbas, Abdullah Calıskan
Volume: 5
Number: 2
Year: 2014
Page:109-127
ISSN:1309-2448
Abstract
In this study, the effects of service employees’ job performance and intentions to quit on their displays of emotional labor are examined. Also, the mediating role of interpersonal deviance on these effects are also observed. For this purpose, data are obtained and analyzed from 403 private service employees’ working in Ankara. The relations and effects between variables are presented by correlation and regression analyses. The validity of scales are measured with structural equation model. According to the findings, it is seen that employees’ emotional labors have significant effects on their job performance and intention to quit the job. Particularly, it is found that while job performances of employees who act surfacely are low, but their intentions to quit are high. It is observed that interpersonal deviance has negative contribution to the employees’ job performance, but positive contribution to the intention to quit. And also, coming through that interpersonal deviance has partial mediating role between emotional labor and job performance and intention to quit. Due to the findings of this study, recommendations are given for the managers of service sector to recruit and maintain productive and effective service emplooyees.
Keywords:Emotional Labor job performance, intention to quit, interpersonal deviance.
Title of Article:Critical Review of Organizational Learning
Author(s): Ozlem Yasar Ugurlu, Duygu Kizildag
Volume: 5
Number: 2
Year: 2014
Page:95-107
ISSN:1309-2448
Abstract
The existence of positive literature on organizational learning has been remarkable since 1970s’. The literature has frequently put emphasis on the positive impacts of organizational learning such as creating knowledge, increasing capacity, improving performance, developing talent and providing competitive advantage. Furthermore, it has been stated that organizations implementing organizational learning practices, have structures which employees have continuously been learning and developing their capacities. In recent years, unlike the existing studies emphasizing the positive outcomes of organizational learning, it is noteworthy that there are also studies looking at the concept of organizational learning from critical perspective. In critical studies it has been questioned that whether organizations really learn, whether there is an organizational structure in which organizational learning constantly occurs and also whether there is a demand for continuously learning or not. The conceptual framework of this study is composed of related literature review of organizational learning and learning organization, and accordingly the organizational learning concept has been evaluated from a more critical perspective. In this study, examining the organizational learning concept with a critical view, it has been analyzed the unexpected outcomes of organizational learning from five different aspects such as suspect of reciprocity, resistance, barriers to learning, forgetting and unlearning.
Keywords:Organizational learning, learning organization, unexpected outcomes, barriers to learning, forgetting.
Title of Article:Employee Perceptions of Corporate Reputation and Impact of The Perceptions on Organizational Pride, Organizational Commitment and Job Satisfaction: A Study on the East Marmara Region Plastic Packaging Industry
Corporate reputation accepted as one of the strategic sources is corporate assets which add value to firm and has long-term benefits. Due to the increasing importance, in the recent years, corporate reputation has been an interesting subject for academicians along with the business world. The aim of this study is to examine how employees perceive the corporate reputation of the enterprises operating in plastic packaging industry and the impact of these perceptions on organizational pride, job satisfaction and organizational commitment as well. Questionnaire prepared in this context was applied to 273 employees. The package programme of IBM SPSS STATISTICS 20 was used in analyzing the data and in order to reveal relations among variables, the factor analysis, correlation and multiple regression analysis was benefited from. Research results have showed that dimensions forming corporate reputation were perceived differently by employees. The employees have believed that is attractive the businesses with goods and services produced however, they have doubts about adequacy of social responsibility activities of the company. Also when evaluation report of plastic packaging sector was analyzed, it was observed there is a similar perception in this ground and employees care about it. The results of research have showed working environment dimension of corporate reputation have affected the attitudes, like job and wage satisfaction and organizational commitment on the one hand, executing social responsibility activities of businesses increases organizational pride and organizational commitment on the other. A negative effect was observed on wage satisfaction dimension of businesses with produced goods and services of corporate reputation.
Title of Article:Testing of Value Relevance of Accounting Measures Based on IFRS in Borsa Istanbul Equity Market
Author(s): Hikmet Ulusan, H. Ali Ata
Volume: 5
Number: 2
Year: 2014
Page:61-78
ISSN:1309-2448
Abstract
This study is to examine whether firms listed on “Borsa Istanbul Equity Market” have shown in the value relevance of accounting measures presented according to International Financial Reporting Standards and any difference in the value relevance specific to the firm features for the period 2009-2011. This research is based on Ohlson’s (1995) price regression model which assumes there is a linear relationship between stock price and shareholders’ equity book value, and income. Furthermore, the method of panel data analysis has been used. According to the findings, it has been identified that shareholders’ equity book value and net income or comprehensive income are value relevance for the firms. Additionally, the findings have indicated that, the value relevance of accounting measures based on International Financial Reporting Standards has shown difference in the features specific to the firm such as being multinational or not, the level of free float ratio, reporting comprehensive income or not except from firm size.
Keywords:International Financial Reporting Standards (IFRS), Accounting Measures Value Relevance, Features Specific to Firm, Panel Data Analysis.
JEL Classification:C23, G10, M40
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