Economic Growth and Financial Development: Evidence from Panel Cointegration Tests in Emerging Countries

In This study analyzes the long-run relationship between economic growth (EG) and financial development (FD) in 27 emerging countries over the period 1980 to 2018 by employing the Johansen-Fisher panel cointegration method. The study also performs the vector error correction model (VECM) to determine the direction of a causal relationship among the variables. Two components of the index of financial development introduced by Svirydzenka (2016), financial markets and financial institutions indices, are employed to reveal through which channels EG has a long-term association with FD. Empirical findings show a significant long-run association between EG, the overall index of FD, and its lower-indices. Furthermore, the results from panel VECMs indicate a one-way unidirectional causality between EG and the FD index, while there is a two-way causality between EG and financial markets as well as between EG and financial institutions indices in the short run. We obtain similar results with Kao and Pedroni panel cointegration tests. We also show that financial institutions and financial markets indexes significantly affect economic growth in the long run. Thus, policy makers in emerging markets should take actions that facilitate the development of financial markets and institutions to increase GDP per capita

Numerical modeling of fluid flow and heat transfer in Kursunlu geothermal field-KGF (Salihli, Manisa/Turkey)

Nowadays, the need for energy is increasing more and more. It is more difficult to acquire new resources in various fields than to preserve existing energy resources. Although Turkey is a very rich state in terms of various energy resources, misuse of these resources can even lead to conflicts that may occur between the states in forthcoming years. In today's economic conditions, we can only protect our energy resources with the correct way of management. In this context, it is very important to reveal the mechanisms that make up the geothermal systems, which are very common in Western Anatolia. In this study, how the fluid circulation mechanism in the geothermal system takes place, and under which conditions the infiltrating water is heated in the Kursunlu geothermal field (KGF) have been examined. FEFLOW software was used in numerical modeling. Fluid flow and heat transfer equations are solved on a two-dimensional vertical model using FEFLOW software. A variable-width finite element mesh consisting of 55,590 elements was created in this scope. Since triangular meshes are preferred in vertical models, the mesh produced according to the Delaunay method was used. All lateral boundaries are designed as a no-flow boundary condition. For boundary conditions, hydraulic heads on top of the model and temperature values at both the top and bottom of the model are defined. Additionally, initial values were produced for the entire Kursunlu geothermal system under steady-state conditions, and a transient model was built to run for 700,000 days. The regional flow direction is towards to the North. The fluids are transmitted deeply and heated through fault zones and transported towards the surface. Convective flows start to form below -1000 m altitudes in the fault zones and in the geothermal aquifer widespread convective flows in deeper regions were formed, while smaller spread convective flows were formed near the surface and shallow depths of the aquifer. In the process of convective flow, heated fluids reach to Kursunlu region and forms the spring. Finally, two more possible high-temperature areas have been identified, indicating that the flow vectors point to the surface

High arsenic and boron concentrations in groundwaters related to mining activity in the Bigadic borate deposits (Western Turkey)

This study documents the environmental impacts of borate mines in Bigadic district, which are the largest colemanite and ulexite deposits in the world. Borate-bearing formations have affected the concentrations of some contaminants ill groundwater. Groundwater quality is directly related to the borate zones in the mines its it result of water-rock interaction processes. Calcium is the dominant cation and waters are Ca-SO4 and HCO3 type in the mine (TOM borate mine) from which colemanite is produced. However in the Simav and Acep Borate Mines, ulexite and colemanite minerals are produced and waters from these open pit mines are Na-HCO3-SO4 types. High SO4 concentrations (reaching 519 mg/L) might be explained by the existence of anhydrite, gypsum and celestite minerals in the borate zone. Groundwater from tuff and borate strata showed relatively low pH values (7-8) compared to surface and mine waters (> 8). EC values ranged from 270 to 2850 mu S/cm. Boron and As were the two important contaminants determined in the groundwaters around the Bigadic borate mines. Arsenic is the major pollutant and it ranged from 33 to 911 mu g/L in the groundwater samples. The concentrations of B in the study area ranged from 0.05 to 391 mg/L. The highest B concentrations were detected at the mine areas. The extension of the borate zones in the aquifer systems is the essential factor in the enrichment of B and As, and some major and trace elements in groundwaters are directly related to the leaching of the host rock which are mainly composed of tuffs and limestones. According to drinking water standards, all of the samples exceed the tolerance limit for As. Copper, Mn. Zn and Li values are enriched but do not exceed the drinking water standards. Sulfate, Al and Fe concentrations are above the drinking water standard for the groundwater samples. (c) 2008 Elsevier Ltd. All rights reserved

Factors controlling the element distribution in farming soils and water around the abandoned Halikoy mercury mine (Beydag, Turkey)

Acid mine drainage, downstream transport of metal-rich water and sediment runoff adversely effect the environment surrounding the Hahkoy Hg mine. This study focuses on the environmental effects of the Hahkoy Hg mine on soil, stream sediment and water because the area is used for agricultural purposes. Stream sediment and farming soil have been polluted by contaminants derived from the mine. The effects of Hg mining and the distribution of contaminants in soil and stream sediment were evaluated by calculation of enrichment factors (EFs) which indicated enrichments for As, Hg, Sb and Pb. Other metals Cd, Co, Cr, Cu, Fe and Zn show moderate enrichment in soil close to the mine. EFs indicate soil contamination in the order of: Hg > As > Sb > Ni > Co > Cu > Fe > Zn > Cr > Pb > Cd. The greatest contamination was found near mine wastes, decreasing with increasing distance from the mine site. Concentrations of As, Cd, Cu, Ni, Pb and Zn are enriched in mine water. Acidic mine water samples have low pH (2.5-3.0) and high dissolved solids with electrical conductivity (EC) of about 3800 mu S/cm. Low pH in the groundwater (as low as 3.7) was also observed close to the stream draining of the mine. The source of acidity is the oxidation Fe-sulfides (dominantly pyrite) which release Fe, SO42- and H+ forming acid in mine water runoff. Concentrations of Hg are elevated (0.04-1.2 mu g/L) in acidic mine water and groundwater exceeding the US Environmental Protection Agency (USEPA) aquatic life Hg standard of 12 ng/L by as much as 100 times. (C) 2009 Elsevier Ltd. All rights reserved

Real World Survival Data of A Rare Malignancy: Anal Cancer Results in Hiv Negative Patients From Turkey

Background/Aims: An organ preservation approach using chemoradiotherapy has been established for anal cancer. This retrospective cohort study aimed to define the clinico-demographic characteristics and outcomes of cases of human immunodeficiency virus (HIV)-negative anal carcinoma during a period of 20 years in a single comprehensive cancer institute. Materials and Methods: This was a single-center retrospective cohort study of patients who were treated between January 1995 and January 2015. The primary outcome measures that were investigated included overall survival (OS), progression-free survival (PFS), colostomy rates, and colostomy-free survival (CFS). Results: A total of 28 patients who were principally treated with standard 5-fluorouracil + mitomycin combination chemoradiotherapy were eligible for analysis. The 3- and 5-year PFS rates were 92.4% and 63%, respectively. The lower T stage was found to be associated with a prolonged PFS (p=0.001). The 3- and 5-year CFS rates were 84.3% and 74.9%, respectively. A longer CFS was observed with lower T stages (p=0.05). At the last follow-up, 75% of the patients with anal cancer were alive, and 71.4% of the patients were disease free. The median OS was not reached with a median follow-up of 54 months (range, 6-115 months). The 3- and 5-year OS rates were 82% and 71.1%, respectively. No late toxicity was observed during the follow-up period. Discussion: The short- and long-term prognoses of HIV-negative patients with anal squamous cell carcinoma were good, and low-grade toxicity was rare, thereby demonstrating that these patients can be successfully treated in a real-life setting with favorable outcomes.Wo