Research Performance of Turkish Economists and Economics Departments: Another Update and a Review of the 2000s

This article discusses publication performance and patterns of Turkish economists by analyzing changes overtime and comparing results to economists’ performance in some emerging economies. The results indicate that (1) the publication performance of Turkish economists and economics departments has improved rapidly over the years but they are still performing below their potential; (2) there is a remarkable difference in research performance among the institutions, but competition has been increasing; (3) the majority of contributions to research output in Turkey are made by six leading universities, but competitive pressure is coming from other institutions; (4) the faculties of the six leading universities are highly motivated to publish in high-quality journals, while members of the other institutions are also increasingly eager to find themselves a place in these outlets; (5) more than one-third of the articles are published in 10 of the 350 Social Sciences Citation Index (SSCI) Economics Journals, but the concentration ratio is decreasing overtime; (6) publication performance and patterns of Turkish economists are similar to their counterparts in emerging economies, but in some aspects Turkish economists perform better.     

Set-valued risk measures as backward stochastic difference inclusions and equations

Scalar dynamic risk measures for univariate positions in continuous time are commonly represented via backward stochastic differential equations. In the multivariate setting, dynamic risk measures have been defined and studied as families of set-valued functionals in the recent literature. There are two possible extensions of scalar backward stochastic differential equations for the set-valued framework: (1) backward stochastic differential inclusions, which evaluate the risk dynamics on the selectors of acceptable capital allocations; or (2) set-valued backward stochastic differential equations, which evaluate the risk dynamics on the full set of acceptable capital allocations as a singular object. In this work, the discrete-time setting is investigated with difference inclusions and difference equations in order to provide insights for such differential representations for set-valued dynamic risk measures in continuous time.

     

Proposal for a Global Fund for Women through Innovative Finance

Despite the spread of budget initiatives for gender equality following the Beijing Declaration of 1995, resources allocated for eliminating gender inequalities remain inadequate. This paper proposes to create a Global Fund for Women through Innovative Finance (GFWIF) with the ability to raise funds through innovative sources of finance on a scale more appropriate to the estimated requirements of making reasonable progress toward gender equality (US$31–107 billion per year in constant 2014 dollars). It builds on previous calls by feminist economists for the establishment of such funds through global forms of taxation. Since donors’ commitments only meet the lower bound, the GFWIF could scale up funding for gender equality interventions commensurate with country needs. Global resource mobilization through innovative mechanisms, including allocations of new Special Drawing Rights, currency transaction taxes, and carbon taxes, have the potential to provide the necessary financing at a much faster pace than is currently possible.     

Markups and the Welfare Cost of Business Cycles: A Reappraisal

Gali, Gertler, and Lopez‐Salido (2007) recently show quantitatively that fluctuations in the efficiency of resource allocation do not generate sizable welfare costs. In their economy, which is distorted by monopolistic competition in the steady state, we show that they underestimate the welfare cost of these fluctuations by ignoring the negative effect of aggregate volatility on average consumption and leisure. As monopolistic suppliers, both firms and workers aim to preserve their expected markups; the interaction between aggregate fluctuations and price‐setting behavior results in average consumption and employment levels that are lower than their counterparts in the flexible‐price economy. This level effect increases the efficiency cost of business cycles. It is all the more sizable with the degree of inefficiency in the steady state, lower labor–supply elasticities, and when prices instead of wages are rigid.     

Risk taking in the domain of losses: experiments in several countries

This paper presents an experimental investigation of risk taking in the domain of losses. The experiments were conducted with students in several universities whilst introducing the rudiments of expected utility theory and risk behaviour. The results are partly compatible with expected utility theory, assuming an inflection point in the utility function over losses. They also show similarities in the risk perception of students across different countries, i.e. a useful validation of human behaviour in an international context.     

Regime-Dependent Effect of Crude Oil Price on BRICS Stock Markets

In 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.     

Tecnología,deslocalización y tareas definitorias de las ocupaciones en el Reino Unido

Los autores analizan los cambios de las tareas definitorias (margen intensivo) y de los niveles de empleo (margen extensivo) de las ocupaciones en el Reino Unido de 1997 a 2006 con datos de la Encuesta nacional sobre calificaciones (Skills Survey). Encuentran que las tareas definitorias de las ocupaciones cambiaron significativamente, y que la magnitud del cambio fue similar a la encontrada en el margen extensivo. Según sus resultados econométricos, este cambio de las tareas definitorias puede explicarse por los avances tecnológicos, pero no por la deslocalización.     

Destination Choice: An Important - Satisfaction Analysis

In the last decade under the effects of globalization, all destinations have had experienced significant changes under different national and/or international pressures. This is especially the case for developing countries like Turkey. With cultural, economic and social aspects in the tourism sphere, countries are competing with each other by emphasizing their differences. This research examines the perceptions of tourists in the Antalya Region of Turkey in terms of importance and satisfaction. The sample consisted of 645 tourists who came to Antalya in 2001. This research presents valuable information to the tourism sector about tourist preferences through its use of importance-satisfaction analysis.     

Return and volatility spillovers among CIVETS stock markets

Coined in 2009, the CIVETS refers to Colombia, Indonesia, Vietnam, Egypt, Turkey, and South Africa as a new group of frontier emerging markets with young and growing populations and dynamic economies. We provide a first look into the return and volatility spillovers between the CIVETS countries by employing causality-in-mean and causality-in-variance tests. The empirical results indicate that the contemporaneous spillover effects are generally low. Nevertheless, CIVETS stock markets may exhibit higher degrees of co-movements at times. The structure of the causal relationships further suggests the presence of intra-regional and inter-regional return and volatility interdependence effects.