Food consumption and economic development in Turkey and European Union countries

This study investigates the relationship between food consumption and economic development in Turkey and European Union countries. Differences in food diets are analysed by using data on per capita consumption in caloric terms based on the period from 1970 to 2000. The cluster analysis is employed to derive country grouping on the basis of similarities in dietary structure in the 1970 and 2000. Existence of a trend towards a common European diet is explored with Beta convergence. The empirical results show that per capita food consumption is becoming less responsive to changes in income and appears to be reaching a ceiling in the majority of EU countries and Turkey. However, the share of animal products in food consumption diet is low and income expenditure elasticity of animal products is higher with 0.84 values in Turkey than that in European countries in 2000. There are great differences in dietary structure between Turkey and the European Union. Differences also exist between European Union countries; however, despite these differences there is a general tendency for dietary structure to become increasingly similar across the majority of European Union countries. The result also supports the absence of a convergence towards a common diet if Turkey joins the European Union.     

Perceptions and knowledge of accounting professionals on IFRS for SMEs: Evidence from Turkey

This exploratory study extends the literature on IFRS for SMEs issued by the IASB in July 2009, and adopted by Turkey in November 2010. A questionnaire survey, based on the relevant literature and IFRS for SMEs, was developed. The aim was to investigate basic knowledge and perceptions of accountants regarding IFRS for SMEs. Our findings suggest that proponents of stand-alone IFRS for SMEs outnumber its opponents. The respondents are not highly informed about the omission of certain topics in IFRS for SMEs. Their awareness of valuation methods/concepts in IFRS for SMEs is at a moderate level. Inadequacy of accounting personnel’s training and lack of training programs arranged by professional bodies are considered to be the most serious obstacles in implementation of the standards. The majority of the participants are not aware of the key differences between full IFRS and IFRS for SMEs and simplifications made in IFRS for SMEs. Accounting professionals who are trained about IFRS for SMEs and the employees of Big4 auditing firms are more knowledgeable about the standards in comparison to others. Education level and experience of respondents have partial positive impact on knowledge of the standards.     

Bayesian estimation of log odds ratios from R × C and 2 × 2 × K contingency tables

In this paper, Bayesian estimation of log odds ratios over R × C and 2 × 2 × K contingency tables is considered, which is practically reasonable in the presence of prior information. Likelihood functions for log odds ratios are derived for each table structure. A prior specification strategy is proposed. Posterior inferences are drawn using Gibbs sampling and Metropolis–Hastings algorithm. Two numerical examples are given to illustrate the matters argued.     

Ins and Outs of Unemployment in Turkey

This paper analyzes rates of inflow to and outflow from unemployment for Turkey. From 2006 to 2011, the average rate of exiting unemployment (outflow) within a month was 9.5 percent, the average rate of entering unemployment from out of the labor force was 0.1 percent, and the average rate of transiting from employment to unemployment was 1.1 percent. This paper decomposes changes in unemployment into contributions from inflow and outflow rates, revealing that the volatility of inflow rates is the main driving force of the change in the unemployment rate in Turkey. It also shows that incorporating monthly changes in the labor force into the analysis, as opposed to assuming a constant labor force, affects the results quantitatively.     

Introduction to the Special Issue on Jobs and the Future of the US Economy

This special issue of the Review presents selected and revised papers from the October 2010 Conference on Jobs and the Future of the US Economy held at Howard University. It includes several bold ??outside the box?? proposals for addressing the endemic conditions of unemployment and racism in the U.S. economy. These include augmented and targeted Keynesiani deficit finance, functional finance, a federal jobs guarantee, industrial policy, realignment of the federal budget, and financing jobs programs with a Tobin tax. Additional papers examine the historical and political experience with the struggle against unemployment. The goal of this special issue of the Review is to help broaden and intensify the national debate over today??s jobs crisis.     

Sustaining multilateral cooperation among asymmetric countries: Does MFN help?

The most favored nation (MFN) clause is widely understood to be the central pillar of the global multilateral trading system. Does the MFN principle of non-discrimination facilitate multilateral cooperation? Using a repeated game approach, we address this question in an oligopolistic three country model of intraindustry trade where production costs differ across countries. The analysis delivers two main results. First, both under MFN and tariff discrimination the incentive constraint of the high cost country determines whether or not free trade is sustainable. Second, the high cost country is more willing to cooperate multilaterally under MFN relative to tariff discrimination.     

On the emergence of an MFN club: equal treatment in an unequal world

Abstract .  Motivated by GATT, we endogenize the formation of a club whose members have to abide by the MFN principle of non-discrimination. The underlying model is that of oligopolistic intraindustry trade. While an MFN club does not alter average tariff levels across countries, it increases aggregate world welfare; makes non-members worse off; and can immiserize its high cost members. These results imply that (i) core WTO rules such as MFN are valuable even if multilateral negotiations deliver limited trade liberalization and (ii) the distributional effects of MFN maybe one reason why developing countries have been granted Special and Differential treatment at the WTO.