Fading attraction: Turkey's shifting relationship with the European Union

In this paper, we examine Turkey's changing economic relations with the European Union (EU) and the rest of the world during the past few decades. We argue that a combination of the EU's reluctance to accept Turkey as a member, internal economic and political developments, and the rise of economic and political opportunities elsewhere have shifted the country to diversify its economic relations around the world and reduced its reliance on the ties with Europe. This shift, which had started long before the 2008 global financial crisis and accelerated in its aftermath, seems to have helped Turkey weather relatively well the recent economic storms in Europe.     

Knowledge,technological convergence and economic growth: a dynamic panel data analysis of Middle East and North Africa and Latin America

Quality & Quantity - This paper aims to investigate the role of various knowledge indicators, such as research and development, information and communication technologies and trade, in the...     

Estimating volatility clustering and variance risk premium effects on bank default indicators

Review of Quantitative Finance and Accounting - Default risk increases substantially during financial stress times due to mainly the two reasons: volatility clustering and investors’ desire...     

An exploratory study of resident perceptions toward the tourism industry in Cappadocia: a Social Exchange Theory approach

This paper evaluates the perceptions of Cappadocia residents on the impacts of tourism development and resident attitudes toward tourism. Social Exchange Theory underpinned this study of the perceptions of Cappadocia’s residents and their attitudes toward tourism. Primary data were collected from tourism industry professionals, officials of non-profit organizations and handicraftsmen. Twenty-three in-depth interviews were conducted with Cappadocia residents, and the data were analyzed with content analysis. Results highlight that “Economic,” “Socio-Cultural” and “Environmental” aspects can be inferred to encompass resident perceptions toward the impacts of tourism development in Cappadocia. Residents tend to recognize the economic benefits as well as socio-cultural and environmental costs. Results indicate that Social Exchange Theory can be used in explaining the perceptions of Cappadocia residents and reactions to tourism phenomena. This study is expected to provide practical ways for concerned authorities to make future policies and strategies to eradicate problems that create unpleasant feelings amongst residents.     

Tourism education and internships: a metaphor analysis

The objective of the present study was to examine tourism undergraduates’ perceptions of their education and internship experiences through metaphorical analysis whilst striving to raise the awareness of tourism educators towards using metaphors. A qualitative methodology was used to explore this phenomenon. Participants were senior students (n = 94) from the Faculty of Tourism at Akdeniz University in Antalya, Turkey. The data were collected with a semi-structured questionnaire and processed using content analysis. Next, metaphors found in answers were categorised into different groups, and relevant excerpts were identified. The results provide insights useful to both tourism education providers and tourism establishments. Conclusions, limitations and future research directions are also presented.     

Do Stock Index Futures Affect Economic Growth? Evidence from 32 Countries

This article investigates the relationship between stock index futures markets development and economic growth using time-series methods for 32 developed and developing countries. Evidence of cointegration between stock index futures and real economy in 29 countries suggests the presence of co-movements among the variables, indicating long-run stationarity in those countries. Our findings show that there is Granger-causality from stock index futures markets development to economic growth for middle-income countries with relatively low real per capita GDP, and Granger-causality in the reverse direction for the countries with high real per capita GDP. Variance decomposition and impulse-response function (IRF) analyses results support the existence of a relationship between stock index futures and real economy.     

Inflation Targeting,Fiscal Policy,and the Exchange Rate Regime

Until recently, Turkey’s economy was characterized by high inflation, undisciplined public finance management, and a fragile banking system and experienced multiple economic crises. After the economy was hit by another crisis in 2001, the central bank became independent, adopted inflation targeting as the monetary policy framework, and implemented reforms to adopt a more stringent fiscal policy. Inflation rates decreased to single-digit levels within 3 years after the independence of the central bank. This article analyzes the end of the high inflation period in the context of monetary and fiscal policy interactions within a Markov-Switching Dynamic Stochastic General Equilibrium model in which monetary and fiscal policies are allowed to switch between different regimes.