Financial Dollarization, (De)Dollarization and The Turkish Experience

This paper briefly discusses the causes and consequences of financial dollarization with special reference to the recent Turkish experience. Most developing countries have a limited,unofficial form of dollarization, which makes them vulnerable to external shocks through currency mismatches. Financial dollarization can limit the scope of macroeconomic policies and cause fear of floating. Consequently, dedollarization policies are now shifting from a generally passive stance “learning to live with it” type approach to a more active stance such as “carrot and stick” approach. This paper also presents a composite financial dollarization index for Turkey along with a brief discussion of corporate sector debt dollarization. The recent Turkish experience towards endogenous dedollarization appears to be consistent with the view that dedollarization can also be viewed as a side effect of prudent fiscal and monetary policies. Although the dollarization composite index is on a decreasing trend, it is however still high. Therefore, an active dedollarization strategy associated with a sound macroeconomic policy stance should be considered to support the implementation of a Full Fledged Inflation Targeting Regime in the near future.Financial Dollarization, Dedollarization, Turkey

Financial Dollarization, (De)Dollarization and The Turkish Experience

This paper briefly discusses the causes and consequences of financial dollarization with special reference to the recent Turkish experience. Most developing countries have a limited,unofficial form of dollarization, which makes them vulnerable to external shocks through currency mismatches. Financial dollarization can limit the scope of macroeconomic policies and cause fear of floating. Consequently, dedollarization policies are now shifting from a generally passive stance learning to live with it type approach to a more active stance such as carrot and stick approach. This paper also presents a composite financial dollarization index for Turkey along with a brief discussion of corporate sector debt dollarization. The recent Turkish experience towards endogenous dedollarization appears to be consistent with the view that dedollarization can also be viewed as a side effect of prudent fiscal and monetary policies. Although the dollarization composite index is on a decreasing trend, it is however still high. Therefore, an active dedollarization strategy associated with a sound macroeconomic policy stance should be considered to support the implementation of a Full Fledged Inflation Targeting Regime in the near future

Resurgence of Selective Industrial Policy: What Turkey Needs

Three decades of Turkish experience with nonselective industrial policies (consistent with neoliberal policy) clearly demonstrates that structural transformation in Turkish economy could not be achieved. In this paper, we have three motivations. Our first motivation is to discuss overall industrial policy developments in Turkey since 1980s. Secondly, we aim to recommend feasible selective industrial policies for Turkey to support structural transformation. Thirdly, we comment on new Industrial Policy Strategy in Turkey. In that respect, our three basic research questions are, firstly, is there still any meaningful space to implement industrial policy in developing countries such as Turkey?, secondly, which policies could be used? and thirdly, what are the main shortcomings of new Industrial Policy Strategy in Turkey?. Our research demonstrates that there is still meaningful space to implement selective industrial policy in developing countries such as Turkey. Moreover, new Turkish Industrialization Strategy needs significant revisions if it genuinely aims at structural transformation in Turkey

Comparison of Cut-Based and Matrix Element Method Results for Beyond Standard Model Quarks

In this work, two different methods for extracting the mass of a new quark from the (pseudo) data are compared: the classical cut-based method and the matrix element method. As a concrete example a fourth family up type quark is searched in p-p collisions of 7 TeV center of mass energy. We have shown that even with very small number of events, Matrix Element Method gives better estimations for the mass value and its error, especially for event samples in which Signal to Background ratio is greater than 0.2.Comment: 16 pages, 8 figure

Global New Turkish Lira Bond Issuances

The objective of this study is to analyze current and likely future impacts of the issuance of New Turkish lira (YTL) denominated borrowing instruments by many global financial institutions around the major financial centres. These bonds are strong source of evidence for international confidence on stabilization efforts in Turkey and they are an indicator of bilateral acceptance of the de facto convertibility of YTL. They may also create an opportunity for the Turkish economy to mitigate negative effects of the original si

INFORMATION TECHNOLOGY USAGE OF ACCOUNTANTS

The purpose of this article is to investigate the reasons behind the information technology (IT) usage of accountants. On this account in the study, based on the Theory of Reasoned Action developed by Ajzen and Fishbein, attitude-subjective norms-intention and behavior relation is investigated. The effect of attitude and subjective norms towards IT usage behavior on the intention towards IT usage behavior, and the effect of intention towards IT usage behavior on IT usage are investigated. For this purpose, the data is obtained from 456 accountants via a questionnaire. As a result of the regression analysis, it may be determined that the intention towards IT usage behavior has a statistically significant impact on IT usage behavior. If the intention towards IT usage is positive, behavior is also positive. Attitude and subjective norms towards IT usage behavior also have a statistically significant impact on the intention towards IT usage behavior. If an individual’s attitude and subjective norms towards IT usage is positive, the intention towards IT usage is also positive

Pseudo-Random Quantization Based Two-Stage Detection in One-Bit Massive MIMO Systems

Utilizing low-resolution analog-to-digital converters (ADCs) in uplink massive multiple-input multiple-output (MIMO) systems is a practical solution to decrease power consumption. The performance gap between the low and high-resolution systems is small at low signal-to-noise ratio (SNR) regimes. However, at high SNR and with high modulation orders, the achievable rate saturates after a finite SNR value due to the stochastic resonance (SR) phenomenon. This paper proposes a novel pseudo-random quantization (PRQ) scheme by modifying the quantization thresholds that can help compensate for the effects of SR and makes communication with high-order modulation schemes such as 1024-QAM in one-bit quantized uplink massive MIMO systems possible. Moreover, modified linear detectors for non-zero threshold quantization are derived, and a two-stage uplink detector for single-carrier (SC) multi-user systems is proposed. The first stage is an iterative method called Boxed Newton Detector (BND) that utilizes Newton’s Method to maximize the log-likelihood with box constraints. The second stage, Nearest Codeword Detector (NCD), exploits the first stage solution and creates a small set of most likely candidates based on sign constraints to increase detection performance. The proposed two-stage method with PRQ outperforms the state-of-the-art detectors from the literature with comparable complexity while supporting high-order modulation schemes