Yazar "Sahbaz, Ahmet" seçeneğine göre listele

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    An Analysis on the Determinants of Total Factor Productivity: The Case of Selected OECD Countries
    (Eskisehir Osmangazi Univ, Fac Education, 2017) Gomleksiz, Mustafa; Sahbaz, Ahmet; Mercan, Birol
    In recent years, it can be argued that a significant part of the cross-country differences in income and economic growth mostly arise from the differences in productivity levels. Thus, the examination of the sources of productivity is an important issue in the context of growth-oriented policies. This study aims to investigate potential determinants of total factor productivity. In this respect, the effects of human capital, R&D, trade openness and high technology product imports on total factor productivity are analyzed across the selected 12 OECD countries for the 1993-2014 period. The findings of the analysis show that R&D, trade openness and high-technology imports are important determinants of productivity growth. Also, the results indicate no significant evidence for human capital.
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    The behavior of Turkish exchange rates: A panel data perspective
    (Elsevier, 2014) Adiguzel, Ugur; Sahbaz, Ahmet; Ozcan, Ceyhun Can; Nazlioglu, Saban
    This paper investigates the behavior of Turkish exchange rates within the context of purchasing power parity (PPP) hypothesis by means of recent developments in the panel unit root testing procedures for ten Turkish real exchange rates during January 2002-May 2012. The unit root test which accounts for nonlinearity, smooth structural shifts, and cross-section dependency supports that PPP hypothesis holds for Eurozone and European countries (Denmark, Norway, Sweden, Switzerland, and United Kingdom), while it does not hold for non-European trading partners (Canada, Japan, Saudi Arabia, and USA). From the empirical results, we can conclude that PPP, hypothesis holds in the countries which have the free trade agreement, while it is violated in the countries in which there are trade barriers and greater distance. The findings therefore provide policy implications for Turkey in determining equilibrium exchange rates with her major trading partners. (C) 2014 Elsevier B.V. All rights reserved.
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    Investigating the volatility spillover effect between derivative markets and spot markets via the wavelets: The case of Borsa Istanbul
    (Elsevier, 2022) Gurbuz, Suleyman; Sahbaz, Ahmet
    Using data from the Borsa Istanbul (BIST), this study analyzes whether derivatives market operations have a volatility spillover effect on stock indexes using multivariate GARCH models and wavelet methods. We use the DVECH method, with variables for the daily BIST 30 index and BIST 30 index futures contracts between January 5 and September 27, 2017. The results show that wavelet theory is more consistent with M-GARCH models. Our results show that the variance equation demonstrates a general volatility spillover effect from the derivatives market to the stock market, except for the frequency that covers all the series. As the frequency decreases, the effect of time-varying conditional variance decreases, and the effect of past volatility shocks increases. These results indicate that inexperienced investors should be informed about derivatives markets, and the depth of the financial markets in Turkey must be increased.& nbsp;Copyright (C)& nbsp;2021, Borsa Istanbul Anonim Sirketi. Production and hosting by Elsevier B.V.& nbsp;
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    Regional Economic Convergence in Turkey: Does the Government Really Matter for?
    (Mdpi, 2017) Gomleksiz, Mustafa; Sahbaz, Ahmet; Mercan, Birol
    Solow (1956) has made an essential contribution to the Neo-classical growth approach through the economic convergence hypothesis. It assumes that poorer countries' or regions' per capita incomes tend to grow at faster rates than the richer ones. Convergence could occur either among a group of economies with the same steady states or within regions in which their fundamental dynamics differ, and thus they exhibit multiple steady states. This study aims to investigate convergence with respect to GDP per capita across NUTS 2 regions in Turkey for the time period 2004-2014. In the convergence process, we also inquire into role of government in terms of regional government investments and fixed investment incentives. All the empirical results confirm the validity of the convergence hypothesis at a regional level. Also, in the context of the convergence process, it is possible to conclude that the role of government is likely to be decisive in solving regional economic disparities.
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    RELATIONSHIP BETWEEN OIL PRICES AND EXCHANGE RATES: THE CASE OF ROMANIA
    (Acad Economic Studies, 2014) Sahbaz, Ahmet; Adiguzel, Ugur; Bayat, Tayfur; Kayhan, Selim
    This study investigates to causality between crude oil prices and exchange rates in Romania employing monthly data from the beginning Bloating exchange regime for November 2004 to December 2011. The study benefits from the recent advance in the time series econometric analysis and carries out nonlinear causality and frequency domain causality tests. According to nonlinear causality test results there is no causality between the variables. Results show that frequency domain causality results slightly differentiate from the nonlinear causality analysis and imply that there is a causality running from real exchange rate to real oil price on the median and long run.