Current Account Deficits, Macroeconomic Policy Stance and Governance: An Empirical Investigation

This paper empirically investigates the effects of institutional and macroeconomic policy stance variables on current account deficits (CAD). Based on cross-section data for a broad number of developing and industrial countries, the results strongly suggest that better governance increases whilst the presence of original sin decreases the ability of an economy to sustain CAD. Exchange rate flexibility and openness appear to put a discipline on CAD. Consistent with the equity home bias and Feldstein-Horioka puzzle, CAD decrease with country size. The net impacts of the financial deepening and monetary credibility on CAD are found to be insignificant.Current Account, Exchange Rate Regimes, Original Sin

Do PPP and UIP Need Each Other in a Financially Open Economy? The Turkish Evidence

This paper investigates the empirical validity of the capital enhanced equilibrium exchange rates (CHEERs) model for the Turkish data. The results of the Johansen cointegration analyses for the variable system containing Turkish and US inflation rates, interest rates, and exchange rate suggest the existence of two stationary relationships explaining the long run evolution of Turkish interest rates and inflation rates, respectively. The results of the structural model obtained by data-acceptable over-identifying restrictions over the cointegration space suggest the non-rejection of the hypothesis that the first vector contains uncovered interest parity (UIP) and the second vector contains purchasing power parity (PPP) with proportionality and symmetry conditions. Consistent with the CHEERs approach, each of the international parity hypotheses is strongly rejected when formulated independently. This is a theory-consistent result for a financially open economy for which equilibrium conditions of asset and commodity markets may not be independent of each other.PPP, UIP, Exchange rates, cointegration, Turkey

ERKEN SANAYİSİZLEŞME: TÜRKİYE VE GELİŞMEKTE OLAN ÜLKELER DİNAMİKLERİ

Makroiktisat ve büyüme yazını, imalat sanayi (İS) katma değerinin GSYH içindeki payı ile kişi başı reel gelir arasındaki ilişkiyi, genellikle ters-U şeklinde ((belirli bir reel gelir seviyesine kadar İS payının artması ve daha sonra azalmaya başlaması) tanımlamaktadır (Dasgupta ve Singh, 2006, Rodrik, 2015). Son dönemlerde, bu ilişki aslında hemen tüm gelişmiş ülkelerde (GÜ) gözlemlenmektedir. Yakın dönem çalışmaları, diğer yandan, benzer durumun gelişmekte olan (GOÜ) ve yükselen piyasa (YPE) ekonomileri için de geçerli olduğunu fakat bunun çok daha düşük reel gelir düzeyinde gerçekleştiğini önermektedir. Bunun sonucunda, GOÜ ve YPE deneyimleri “erken sanayisizleşme” olarak tanımlanmaktadır. İktisat yazınında, erken sanayisizleşme bir ampirik olgu olarak sunulurken, bunun nedenleri konusunda çalışma eksikliği bulunmaktadır. Rodrik (2015) küreselleşme ve dış ticaret açıklığını erken sanayisizleşme nedeni olarak önermektedir. Bu projede gelişmiş, gelişmekte olan ve yükselen piyasa ekonomiler panel verilerini kullanarak “Erken sanayisizleşme” önermesini incelemeyi amaçlamaktadır. Çalışmada, ayrıca, dış ticaret açıklığı, finansal açıklık, küresel katma değer zincirlerine eklemlenme derecesi, döviz kuru rejimi, reel kurlar vb. değişkenlerin sanayileşme/sanayisizleşme üzerine etkilerinin de incelenmesi amaçlanmaktadır

Small sample properties of improved estimators for linear models with heteroscedasticity of unknown form

M.S. - Master of Scienc

Leyleklerde (Ciconia ciconia) kalp venlerinin anatomisi

Bu çalışmada, leylekte koroner venlerin başlangıç, seyir ve dallanmaları incelendi. Bu amaçla dokuz adet yetişkin leyleğe renklendirilmiş latex verildi. Kalbin venöz drenajının v. cardiaca sinistra, v. cardiaca media, vv. cardiacae dextrae ve vv. cardiacae minimae tarafından sağlandığı tepit edildi. Sinus coronarius’un bulunmadığı belirlendi. V. cardiaca sinistra ve v. cardiaca media’nın v. cava cranialis sinistra’ ya açıldığı görüldü. V. cardiaca sinistra’nın kalbin venöz kanını toplayan en güçlü ven olduğu tespit edildi. Bu damarın, pars interventricularis ve v. cardiaca circumflexa sinistra olarak iki bölümden oluştuğu görüldü. V. cardiaca circumflexa sinistra’nın bir çok damar aracılığı ile ventriculus sinister ve atrium sinistrum’un venöz kanını topladığı görüldü. Ventriculus sinister’den çıkan v. cardiaca circumflexa sinistra’nın bir dalının diğer dallardan güçlü olduğu ve ventriculus sinister’in büyük bir bölümünü diranajını sağladığı tespit edildi. V. cardiaca media’nın tek olarak şekillendiği belirlendi. Vv. cardiacae dextrae’nın doğrudan atrium dextrum’a açıldığı belirlendi. V. cardiacae minimae’nın atrium dextrum duvarı ve septum interventriculare’nin venöz kanını topladıkları ve kalbin sağ boşluklarına açıldığı görüldü. Septum interventriculare’nin drenajını v. cardiaca media ile pars interventricularis’in vv. septales’inin yaptığı tespit edildi. Sonuç olarak leyleğin koroner ven dolaşımı tavuk ve devekuşundan ziyade kemirgenlere daha çok benzediği görüldü.This study was carried out to describe the origin, course and ramifications of the cardiac veins in storks. For this purpose, coloured latex injection method was applied on heart of nine adult storks. The results indicate that venous drainage of the heart was provided by the v. cardiaca sinistra, the v. cardiaca media, the vv. cardiacae dextrae and the vv. cardiacae minimae. The coronary sinus was not found in all samples. The v. cardiaca sinistra and v. cardiaca media were opened into the v. cava cranialis sinistra. The v. cardiaca sinistra was the largest vein providing to venous drainage of heart which consisted of two main parts pars interventricularis and v. cardiaca circumflexa sinistra. The v. cardiaca circumflexa sinistra was collected to venous blood of the ventriculus sinister and atrium sinistrum by means of several vessels. One branch of the v. cardiaca circumflexa sinistra coming from ventriculus sinister was much larger than rest and drained big part of ventriculus sinister. The v. cardiac media was a single vein. The vv. cardiacae dextrae were opened directly into the right atrium. The vv. cardiacae minimae were collected venous blood from the wall of atrium dextrum and interventricular septum and emptied into the right chambers of heart. The venous blood of the interventricular septum was collected by the vv. septales of pars interventricularis and v. cardiaca media. It was concluded that circulation of cardiac veins in stork closely resembles that of rodent and is unlike both fowl and ostrich patterns

Monetary policy trilemma, inflation targeting and global financial crisis

We empirically investigate the validity of the monetary policy trilemma postulation for emerging market (EME) and advanced (AE) economies under different exchange rate and monetary policy regimes before and after the recent global financial crisis (GFC). Consistent with the dilemma proposition, domestic interest rates are determined by global financial conditions and the FED rate even under floating exchange rate regimes (ERR) in the long-run. The impact of the FED rates is higher in EME than AE and EME are much more sensitive to global financial cycle under managed than floating ERR. The spillover from the FED rate substantially increases after the GFC in EME with floating ERR and AE. The results from the monetary policy reaction functions based on equilibrium correction mechanism specifications suggest that domestic interest rates respond to inflation and output gaps especially under inflation targeting (IT) in the short-run. The response to inflation gap tends to be smaller in IT AE after the GFC

Exchange Rate Regimes as Thresholds: The Main Determinants of Capital Inflows in Emerging Market Economies

This study investigates whether the impacts of the main common push (global financial conditions, GFC) and country-specific pull (growth) factors on capital inflows are invariant to the prevailing exchange rate regimes (ERRs) in emerging market economies. Our results suggest that endogenously estimated ERR thresholds do matter especially for the impact of GFC. The impact of GFC is substantially high under more flexible ERRs for all capital inflow types except FDI. FDI inflows are basically determined by the pull factor across all ERRs. Portfolio inflows are mainly determined by GFC. The sensitivity of aggregate and other investment inflows to the pull factor seems to be much higher under more rigid ERRs. Our results are broadly in line with the literature suggesting that credible managed ERRs encourage capital inflows by allowing countries to import monetary policy credibility of the center country and to provide exchange rate guarantee

A macroanatomical study on the coronary arteries of kıvırcık sheep

Bu çalışmada, Kıvırcık koyununda koroner arterlerin makroanatomik özelliklerini ortaya koymak amaçlandı. Araştır mada 14 adet Kıvırcık koyunu kalbi kullanıldı. Koroner damarlara renklendirilmiş latex enjekte edildi. Diseke edilen kalpler incelenerek fotoğraflandı. Kıvırcık koyunlarında kalbin arteriyel vaskularizasyonunun, a. coronaria dextra ve a. coronaria sinistra tarafından sağlandığı gözlendi. A. coronaria dextra ve dallarının daha zayıf ve az sayıda septal dal verdiği belirlendi. A. coronaria dextra’nın iki koyunda orijininden sonra iki dala ayrıldığı saptandı. A. coronaria dextra’nın, sulcus coronarius’a yönelen dalının atrial dalları, distal’e yönelen dalının ise ventrikular dalları verdiği tespit edildi. R. distalis atrii dextri’nin üç kalpte bulunmadığı saptandı. R. marginis ventricularis dextri ile r. distalis ventriculi dextri’nin altı kalpte ortak bir kök ile çıktıkları belirlendi. A. coronaria sinistra’nın beş numunede r. interventricularis paraconalis ve r. circumflexus sinister’e ayrıldığı; bu iki dala ilave olarak, dokuz numunede, r. proximalis atrii sinistri, üç materyalde r. septalis, bir numunede ise r. intermedius atrii sinistri’nin a. coronaria dextra’dan ayrıldığı belirlendi.The aim of this study was to determine the macroanatomical properties of coronary arteries of Kıvırcık sheep. In this study, 14 Kıvırcık sheep hearts were used as the material. The coronary arteries were filled by the injection of coloured latex. Dissected hearts were evaluated and photographed. Arterial vascularisation of the heart was provided by the left and right coronary arteries. The septal branches from which the right coronary artery and its branches gave off during their course were lesser in number and thinner than the septal branches from which the left coronary artery and its branches gave off during their course. The right coronary artery divided into two branches after its origin in two samples. The branch directed to coronary groove gave off the atrial branches, while the other branch directed distally gave off the ventricular branches. The right distal atrial branches were not observed in three hearts. The right ventricular marginal and distal branches were originated from a common root in six materials. The left coronary artery divided into the paraconal interventricular and left circumflex branches in five of 14 samples. In addition to these two vessels, it gave off the left proximal atrial branch in nine samples, septal branch in three samples and left intermediate atrial branch in one heart

Gross capital inflows and outflows: Twins or distant Cousins?

We investigate the long-run relations and equilibrium correction mechanisms between gross capital inflows, outflows and global financial conditions for advanced and emerging market economies. According to our results, the findings of the recent empirical literature, suggesting that twin behaviour of capital inflows and outflows resulting from domestic and foreign investors to behave as distant cousins tend to be the case for the long-run. The short-run relations, however, often appear to be consistent with the conventional theory suggesting that the behaviours of residents and non-residents do not systematically diverge from each other. Consistent with the flight to safety concerns, capital outflows from EME and capital inflows to AE tend to increase in the long-run in response to worsening global financial conditions. We find that, these results essentially hold also for the main components of capital flows