Identifying relationship between macroeconomic and fiscal policy variables for EU countries and Turkey

Following the 2008 global financial crisis, the European Debt Crisis has affected the world economy more than any other event. The member states of the European Monetary Union have deviated from the Maastricht Convergence Criteria (MCC) and this has led to the European Debt Crisis. We have used the 2000 Q1–2011 Q4 data and multivariate time series and panel data analysis for determining the relationship among the variables that establish the MCC comprising inflation, burden of net public debt, interest rate, budget deficit and exchange rate. The vector autoregression model/vector error correction model results have showed that there is an interaction between the variables. However, the panel cointegration results have confirmed increases in budget deficits and interest rates will increase the burden of net public debt and inflation will decrease it

The effects of vardenafil and pentoxifylline administration in an animal model of ischemic colitis

OBJECTIVES: Vardenafil enhances dilatation of vascular smooth muscle and inhibits platelet aggregation. The purpose of this study was to evaluate the clinical effects of vardenafil and pentoxifylline administration in an experimental model of ischemic colitis. METHODS: Forty female Wistar albino rats weighing 250-300 g were randomized into five experimental groups (each with n = 8) as follows:1) a sham group subjected to a sham surgical procedure and administered only tap water; 2) a control group subjected to a standardized surgical procedure to induce ischemic colitis and administered only tap water; 3) and 4) treatment groups subjected to surgical induction of ischemic colitis followed by the postoperative administration of 5 mg/kg or 10 mg/kg vardenafil, respectively; and 5) a treatment group subjected to surgical induction of ischemic colitis followed by postoperative administration of pentoxifylline at 50 mg/kg/day per day as a single dose for a 3-day period. All animals were sacrificed at 72 h post-surgery and subjected to relaparotomy. We scored the macroscopically visible damage, measured the ischemic area and scored histopathology to determine the severity of ischemia. Tissue malondialdehyde levels were also quantified. RESULTS: The mean Gomella ischemic areas were 63.3 mm2 in the control group; 3.4 and 9.6 mm2 in the vardenafil 5 and vardenafil 10 groups, respectively; and 3.4 mm2 in the pentoxifylline group (p = 0.0001). The mean malondialdehyde values were 63.7 nmol/g in the control group; 25.3 and 25.6 nmol/g in the vardenafil 5 and vardenafil 10 groups, respectively; and 22.8 nmol/g in the pentoxifylline group (p = 0.0001). CONCLUSION: Our findings indicate that vardenafil and pentoxifylline are effective treatment options in an animal model of ischemic colitis. The positive clinical effects produced by these drugs are likely due to their influence on the hemodynamics associated with vascular smooth muscle and platelet functions

Exchange rate uncertainty and agricultural trade: panel cointegration analysis for Turkey

This study addresses the impact of exchange rate levels and uncertainty on bilateral agricultural trade between Turkey and 20 major trading partners, using panel cointegration analysis for annual data covering the period 1980-2005. Results show that (i) the exchange rate level is less robustly linked to trade volumes than is exchange rate uncertainty, (ii) exchange rate uncertainty is associated with smaller trade volumes in both directions, but more so for imports than for exports, and (iii) income growth in Turkey is associated with greater imports, just as income growth among trading partners is associated with greater exports. These findings provide some clues for understanding the recent patterns of Turkish agricultural trade, and suggest directions for future research

Investıgatıng The Fıne Grındıng Applıcatıons Of The Flows Around The Cement Grındıng Cırcuıts

When the whole mining operation is considered, the grinding process is known as the energy intense process. In this context, its optimization is of crucial importance for the economy of the plant and is undertaken by considering the fineness of the feed and the products together with the energy utilization. Until now, different grinding technologies and flowsheets have been developed that lead to improvement in the energy efficiency. This study aimed at evaluating the possibilities of the use of fine grinding technique in cement grinding circuit by taking the quality issues and energy consumptions into account. Within the scope of this project, separator feed, separator reject, filter product and final product samples were collected from a cement grinding circuit having conventional flow sheets and their quality developments were investigated. In addition, the ground separator feed and reject samples were mixed with the cement final product at varied proportions and their effects on the quality of cement were examined. Thus, the effects of fine grinding technology on this stream were tried to be assessed. Studies at Bursa Cement Mill 1 showed that mixing of ground separator reject and final product 28-day strength value from 54.7 MPa (reference) to 55.5 MPa hence grinding technology could be used in that stream. Simulations regarding to energy utilization proved that in case the fine grinding technique was used on separator feed and reject streams, energy consumption would decrease by 12.93% and 3.63% respectively. For Bursa Cement Mill 4, it was found that the 28-day strength was increased from 51.4 MPa to 52.8 MPa with similar application. The energy saving in this case was calculated as 6.42% for the separator reject application. As a result of the studies, it was determined that the use of fine grinding technology had positive effects on the circuit.Tüm cevher hazırlama süreçleri içinde, öğütme işlemi enerjinin en yoğun harcandığı birim işlem olarak tanımlanmaktadır. Bu bağlamda, günümüze kadar geliştirilen öğütme ekipmanlarında temel olarak besleme malzemesi ve istenilen ürün tane boyu bazında harcanan enerji miktarının en uygun değere getirilmesi hedeflenmiştir. Benzer şekilde, çimento üretiminde de harcanılan enerji miktarını düşürmek amacıyla farklı öğütme teknolojileri ve akım şemalarından faydalanılmaktadır. Bu tez çalışması kapsamında ince öğütme tekniğinin çimento öğütme devresindeki kullanım olanaklarının kalite ve enerji yönlerinden değerlendirilmesi ve yeni akım şemalarının geliştirilmesine yönelik farklı bir bakış açısının getirilmesi amaçlanmıştır. Bu tez kapsamında, geleneksel bir akım şemasına sahip çimento öğütme devresinden sınıflandırıcı beslemesi, geri dönüşü, filtre ürününden ve son üründen numuneler toplanmış ve toplanan numunelerin öğütülmesi neticesinde çimento özelliklerinde meydana gelen değişiklikler incelenmiştir. Ayrıca öğütülen sınıflandırıcı besleme ve geri dönüş numunelerinin farklı oranlarda çimento son ürünü ile karıştırılması ve çimento özelliği yönünden (kalite) etkilerinin incelenmesi sağlanmıştır. Böylelikle ince öğütme teknolojisinin bu akış kollarında uygulanması neticesinde ne gibi etkiler olacağı değerlendirilmeye çalışılmıştır. Bursa Çimento 1 No’lu öğütme devresi için, laboratuvar ortamında öğütülen sınıflandırıcı geri dönüş malzemesinin, çimento son ürünü ile (%15 geri dönüş-%85 son ürün) karıştırılması neticesinde 28 günlük dayanım değerinde 54,7 MPa’dan 55,5 MPa’ya çıktığı belirlenmiştir. Bu devrede ince öğütme tekniğinin sınıflandırıcı beslemesi ve geri dönüşü akışlarında kullanılması durumunda, devrenin rutin çalışma koşullarına göre özgül enerji tüketiminde sırasıyla %12,93 ve %3,63’lük tasarruf olabileceği öngörülmüştür. Bursa Çimento 4 No’lu Çimento Öğütme Devresi’nde de benzer uygulama ile (%15 öğütülmüş geri dönüş %85 son ürün) 28 Günlük dayanım değerinin 51,4 MPa’dan 52,8 MPa değerine, sınıflandırıcı geri dönüşünün öğütülmesi ve karıştırılması ile dayanımın 51,7 MPa değerine çıktığı tespit edilmiştir. Devrede sağlanan enerji tasarrufunun geri dönüş uygulaması için %6,42 olduğu hesaplanmıştır. Çalışmalar neticesinde, ince öğütme teknolojisi kullanımının devre üzerinde olumlu etkilerinin olduğu saptanmıştır

Turkish banking efficiency and its relation to stock performance

In this study, technical, allocative and economic efficiency scores of the banks whose stocks traded in Istanbul Stock Exchange are measured using data envelopment analysis (DEA) for the time period 1998 to 2004. Economic efficiency scores of banks obtained from DEA model was related to their stock prices to determine whether there is an explanatory power of efficiency scores on stock price returns. The average banks’ efficiency decreased from 0.781 in 1999 to 0.504 in 2001 and started to increase after this year except the year of 2003 indicating that financial crises affected the efficiency scores of the banks. During the time period 1998 to 2004, six banks appeared to be technically efficient at least once.

Exchange rate (volatility) and bilateral agricultural trade: Turkey vs. her major trading partners

The purpose of this study is to analyse the sensitivity of Turkish bilateral agricultural trade flows to exchange rate and its volatility. To this end, we estimate the bilateral export, import and trade balance equations between Turkey and her 16 major trading partners for the period of 1987:q1-;2007:q4 by utilising the Vector Error Correction Modelling (VECM) framework. The short-run analysis based on the Impulse–Response Functions (IRFs) provides evidence that the pattern of Turkish agricultural trade balance with respect to exchange rate changes does not follow the J-curve hypothesis. The long-run analysis based on the Johansen cointegration approach, on the other hand, shows that the exchange rate and its volatility are important factors determining the dynamic of Turkish agricultural trade flows.agricultural trade; exchange rates; exchange rate volatility; cointegration; Turkey; vector error correction modelling; VECM; impulse–response functions; trade balance; trade flows.

Infectious Etiology of Hospitalized CommunityAcquired Pneumonia Patients in Turkey

This paper aims to evaluate the causative agents in patients hospitalized due to community-acquired pneumonia in Turkey. Fourteen local studies are assessed and pneumococci are the main etiological agents followed by enteric gram-negative bacilli, streptococci other than pneumococci, Staphylococcus aureus and Haemophilus influenzae. On the other hand, Mycoplasma species are the leading etiological agents preceeding Chlamydia and Legionella in atypical pneumonia that comprise 29% of community-acquired pneumonia in Turkey

Volatility spillover between oil and agricultural commodity markets

Abstract This study examines volatility transmission between oil and selected agricultural commodity prices (wheat, corn, soybeans, and sugar). We apply the newly developed causality in variance test and impulse response functions to daily data from 01 January 1986 to 21 March 2011. In order to identify the impact of the food price crisis, the data are divided into two sub-periods: the pre-crisis period (01 January 1986 to 31 December 2005) and the post-crisis period (01 January 2006–21 March 2011). The variance causality test shows that while there is no risk transmission between oil and agricultural commodity markets in the pre-crisis period, oil market volatility spills on the agricultural markets —with the exception of sugar —in the post-crisis period. The impulse response analysis also indicates that a shock to oil price volatility is transmitted to agricultural markets only in the post-crisis period. This paper thereby shows that the dynamics of volatility transmission changes significantly following the food price crisis. After the crisis, risk transmission emerges as another dimension of the dynamic interrelationships between energy and agricultural markets