Are There Any Diversification Benefits Among Global Finance Center Candidates in Eurasia?

Several Eurasian markets are considered as potential global financial centers. The main objective of this article is to evaluate the two strong candidates, Russia and Turkey, based on short- and long-run diversification benefits they provide to global investors along with big four global finance centers (US, UK, Hong Kong, Singapore) in the world. To that respect, we investigate both price spillover and volatility spillover effects among global finance centers and the two strong Eurasian candidates. Our results suggest that Istanbul Stock Exchange (ISE) has more diversification benefits and is more resilient to risk transfers from other markets compared to Moskow Stock Exchange (MSE).     

Energy consumption, economic growth, and carbon emissions: Challenges faced by an EU candidate member

This paper investigates the long run Granger causality relationship between economic growth, carbon dioxide emissions and energy consumption in Turkey, controlling for gross fixed capital formation and labor. The most interesting result is that carbon emissions seem to Granger cause energy consumption, but the reverse is not true. The lack of a long run causal link between income and emissions may be implying that to reduce carbon emissions, Turkey does not have to forgo economic growth.