|
on MENA - Middle East and North Africa |
| By: | A.Tugba Sengil |
| Abstract: | This study is based on research about residential real estate prices of Istanbul in seventeenth century. City of Istanbul which located both Asia and Europe has history of approximately 9000 years. The earliest known settlement of Istanbul dates from 6700 BC at the historic peninsula on European Side. City centre of Istanbul in seventeenth century is also located in this area which is today known as Fatih and Eminonu districts and they are part of World’s Cultural Heritage. In seventeenth century, Istanbul had been part of Ottoman Empire since 1453. For centuries it was the capitol of economics, social life and administration of the Empire and then Republic of Turkey, although the last moved to Ankara after republic is established, yet importance of the city did remain.This study aims to determine how residential real estate market evolved in the long-run with historical perspective. It has discovered that not many studies are existed in the literature about real estates of Istanbul with historical perspective. Additionally this study is also expected to contribute to create a background/basic for further studies in similar subjects such as commercial real estates and different timelines. In order to achieve that a database of sales prices of residential real estates in Istanbul spanning the years from 1600-1699 are going to be put together. Sale registrations of Ottoman Central Istanbul Islamic Courts of seventeenth century provides a large scale of data about relevant subject. Using this database, decade-interval chances in real estate prices are planned to estimate. Moreover, reviewing effects of historical milestones to the house prices during specified period is a goal.As conclusion; in addition to appraising the residential real estate values of seventeenth century in Istanbul, city of average 700.000 population, through central districts, the city’s financial history is going to be explored, especially in terms of city’s residential facilities. |
| Keywords: | 17Th Century; Grand Bazaar; Istanbul; Residential Real Estate; Valuation |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_255&r=all |
| By: | Durmus Ozdemir (Department of Economics, Yasar University); Mustafa Kemal Gundogdu (Department of Economics, Istanbul Bilgi University) |
| Abstract: | This paper examines the Marshall–Lerner condition under the simultaneity of exports and import flows in the Turkish economy. Due to the high interdependence between ratios of export and import flows to GDP, the traditional version of the Marshall–Lerner condition is not sustained. In the case of Turkey, the long-term estimations of the price elasticities of exports and imports, and the respective cross elasticities, lead us to conclude that currency devaluation would, in the long run, improve the balance of trade. |
| Keywords: | Marshall–Lerner condition, price elasticity, Turkey, export and import flow simultaneity. |
| JEL: | F14 F11 F44 |
| Date: | 2015–08 |
| URL: | http://d.repec.org/n?u=RePEc:yas:dpaper:2015/01&r=all |
| By: | Y. Coskun; A. Alp; M. Ertugrul; U. Seven |
| Abstract: | Real estate economy has showed unusual performance in last decade in Turkey. Growing house supply/sales, credit volume, and rising house prices have mostly marked as boom. The perception of housing boom has also raised concerns among local/inernational investors, consumers, and policy-makers. The objective of the paper is to present the findings of the first comprehensive bubble analysis of Turkish housing markets utilizing/comparing several alternative methods. In order to address research questions, the study established two research objectives, 1) To identify characteristic variables of a housing bubble analysis in the context of Turkish housing market, and 2) To emprically measure whether rising house prices have been justified by fundamental factors. The outcomes of the study provides critical knowledges to domestic/international stakeholders of Turkish housing (and real estate) market. |
| Keywords: | House Price; Housing Bubble; Mortgage; Residential Market; Turkey |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_58&r=all |
| By: | dogru, bulent |
| Abstract: | This study examines the impact of exchange rate uncertainty on bilateral trade between Turkey and 10 major trading partners, using FMOLS panel cointegration analysis and recently developed Westerlund panel cointegration test with multiple structural break for the annual data between 1985 and 2011. Empirical results suggest that the exchange rate uncertainty is an important determinant of foreign trade behavior, the exchange rate uncertainty generally deteriorates Turkish exports to many countries with the exception of the France and Germany, the depreciation in Turkish Lira stimulates export and discourage import, and an increment in domestic income stimulates the household and firm’s import demand. These findings will shed light in understanding the economic result of sudden increase and decrease in exchange rate. |
| Keywords: | : FMOLS, Westerlund panel cointegration test, foreign trade, uncertainty, EGARCH |
| JEL: | C33 F14 F31 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:66635&r=all |
| By: | E. Alkay; B. Keskin; C. Watkins |
| Abstract: | There is a strong policy discourse at local and national level in Turkey that ascribes considerable economic benefits to new construction activity. Critics, however, argue that this policy discourse has led to a mismatch between public policy and market fundamentals in many cities. It has been suggested that policy intentions might be driving construction levels above demand levels and could be contributing to uneven spatial development between regions. This paper seeks to shed light on this argument by systematically exploring the relationship between planning policy and development activity in 81 Turkish cities. The analytical framework draws on research undertaken by Bramley and Leishman (2005) and Henneberry et al (2005) on the relationship between public policy and market outcomes and has been adapted to take account of the institutional arrangements and policy instruments operating in Turkey. Drawing on data on economic activity, local social indicators, planning permissions and applications, and demographic change, the paper develops a cross-sectional econometric model that helps isolate the effects of planning policy from other drivers of construction activity. The second stage analysis uses to GIS methods and spatial statistics to develop an understanding of spatial variations in the drivers of development activity. The paper offers some tentative conclusions about the relationship between policy imperatives, market fundamentals and development activity. |
| Keywords: | Planning Policy; Real Estate Development; Spatial Variation |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_193&r=all |
| By: | K.Yavuz Arslanli |
| Abstract: | Since the beginning of first Real Estate Master’s Program in Turkey 2001, real estate finance as a term has been changed and evolved by definition from space and asset market players. After 2007 mortgage system is introduced in the country and past 7 years market is demanding more knowledge and data in order to position itself to rapid changing of game rules from local and central governments. Among those changes the real estate finance course at Istanbul Technical University started a curriculum mostly from US perspective while strengthen the enrollment from Erasmus programs in EU. While most of the fundamentals of real estate finance stays the same, multidisciplinary backgrounds of the students provide different viewpoints and investment/ risk perception to be discussed throughout the year. In this paper, the survey data of Master’s Programme graduates and current students analyzed and discussed. |
| JEL: | R3 |
| Date: | 2014–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2014_edu_112&r=all |
| By: | A. Buyukduman |
| Abstract: | The analysis regarding the housing prices could be made in the light of long-term data. However, because the indexes that have been produced recently in Turkey are limited to a short term, such long-term analysis could not be made. Building backward housing price indexes by analyzing the factors that affect the development of housing prices will bring about the analysis of not only the dynamics of the domestic housing market within the country but also a comparison of housing markets between our country and other countries of the world. The main purpose of this study is to close the gap of the index needed to evaluate the movement of housing prices in the city of Istanbul. For this purpose, the data about the sale and rent prices of houses within a selection of districts of Istanbul between 1988 and 2012, a time span of 25 years was gathered to construct the sale and rent index of houses. Proceeding from this index, the development of sale and rent prices has been examined; the long-term trends and the short-term fluctuations of housing prices have been determined and the interaction between the change in housing prices and other economic variables has been researched. In this study, it has been found out that the sale and rent prices are compatible with the city model in the sense that it is closed in the short term and open in the long term; that the housing supply in Istanbul has been elastic; that transportation solutions which do not lead to space friction could be produced; that housing prices move parallel to stock exchange and bond prices; and that there has been no house price bubble. |
| Keywords: | Asset Price; House Price Indices; Housing Bubble; Housing Supply; Price To Rent Ratio |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_287&r=all |
| By: | M.Emre Camlibel; G. Alhanlioglu; D. Ugurlu |
| Abstract: | Purpose - As a national movement, urban regeneration is the future of Turkish residential real estate market. In this paper, the models that let housing sector to make sustainable investments to urban regeneration are examined. In this regard, the purpose of this paper is to investigate the structural models of urban regeneration projects take place in emerging markets from the perspective of Turkish examples. It estimates various business and financial models according to varying dynamics of Turkey’s recent urban regeneration projects. The paper demonstrates decision making approaches to utilize models that will fit better under changing circumstances. Design/methodology/approach - The paper reviews the differences of urban regeneration projects in developed and emerging markets. It explores the driving forces behind urban regeneration, legal infrastructure, and practices in Turkey specifically. It draws upon recent urban regeneration examples in Turkey. The paper analyses the existing models and proposes methods to choose the proper models that match with the varying dynamics. Findings - Urban regeneration needs are different for developed and emerging markets and even for each emerging markets. There is no one-fits-all model in urban regeneration projects. Various dynamics play roles in adoption of proper business and financing model in regeneration projects. Decision making process for the model that fits the project usually lacks systematic analysis. However, urban regeneration needs in emerging markets display similar characteristic as they stem from the same dynamics. Hence urban regeneration practices and models can be adapted to the projects of other emerging markets. In planning stage of urban regeneration projects while methods, resources and financing tools are being planned and allocated, a checklist and/or a flowchart consist of some critical questions addressing the proper business models can be used as decision making tools/approaches. Research limitations/implications - This paper is essentially exploratory and raises a number of questions for further investigation. There is scope to extend the research to examine other business development models and propose advanced decision making approaches addressing complicated factors. Originality/value - This is the first paper to examine business models in urban regeneration projects and accordingly propose decision making approaches for adopting the suitable model to follow. |
| Keywords: | Business Model; Decision Making; Emerging Markets; Financal Model; Urban Regeneration |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_142&r=all |
| By: | I. Erol; D. Tirtiroglu |
| Abstract: | The legal foundation of the Turkish Real Estate Investment Trust (REIT) structure, put in place in 1995, is considerably different and more complex than those observed elsewhere and predates those in Singapore, Japan, France, and the UK. Our paper builds on the unique legal and institutional details about Turkish REITs, as elaborated in Erol and Tirtiroglu (2011), and studies the pricing of their initial public offerings (IPO) between 1996 and September 2014. Turkish REITs enjoy complete flexibility in their dividend policy while being exempted from corporate taxes and also exhibit a legally mandated concentrated ownership structure. Further, they have some legally allowed flexibility in the asset allocation of their portfolios. While Turkey exhibits substantial macroeconomic uncertainty early on, it abates quite visibly, even during the Global Financial Crisis, since mid-2000s. We document empirically underpricing in the late 1990s and early 2000s and then fair or overpricing in late 2000s and early 2010s. This finding differs from those of no underpricing for REIT IPOs from the US market beyond the late 1990s. As a control sample, we also focus on all non-REIT Turkish IPOs issued during the same sample period and offer comparative evidence on the pricing of REIT and non-REIT IPOs. |
| Keywords: | Concentrated Ownership; Dividend Payout; Ipo Pricing; Turkish Reits |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_21&r=all |
| By: | A.Nur Albayrak |
| Abstract: | Gebze has gained its industrial identity by the decentralization of industrial firms from Istanbul throughout the years and become one of the most important industrial centers in Turkey. But recently, transformation of industrial areas has come to the urban agenda in Gebze. In this context, the aim is to decentralize the industrial areas and to transform into qualified residential - urban facility areas. There are numerous examples of transformation of industrial areas in Istanbul and in other major cities in the literature. The area in Gebze (D-100 Road and its immediate surroundings), however, is a special case for including active manufacturing units and for the size of its scale. Such transformation will modify not only the industrial facility areas but also the social structure, production relations in the industry and employment structure in the region. Thus, the regional industry is expected to transform into high technology sectors. “The Information Valley†is about to established in addition to existing research institutions such as Gebze Technical University, GTU-TEKMER, TUBITAK-MAM and also GOSB Technopark. This area has been declared as a “special project zone†in various urban and regional planning documents but the priority of such transformation on the other hand has not been clarified yet. The purpose of this study is to discuss the effects of urban transformation offered as a real estate development project on the city of Gebze. Following the introduction chapter presenting a theoretical framework for urban transformation, the second chapter reviews planning documents and compares foresights about Gebze. Interviews with the Chamber of Commerce and other local actors are presented in the third chapter. This chapter is organized in three headings. These are effects on production relations, modification of the labor structure and social vulnerabilities. The final chapter presents evaluations and recommendations for policy makers. It is important to demonstrate positive and negative aspects of possible effects of urban transformation on Gebze and to create an environment of discussion which ensures participation of local players. It is not possible to succeed in such a large scale transformation without the contributions of local actors. |
| Keywords: | Gebze; Industrial Transformation; Urban Transformation |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_150&r=all |
| By: | S. Kestel; Y. Coskun; B. Yilmaz |
| Abstract: | However its popularity has been rising recently, the root of Turkish REITs industry backs to mid-1990s. Representing the critical linkage between finance and real estate, the industry has special importance in Turkish financial and real estate sectors. In this study, the performance of REITs return, in Istanbul Stock Exchange for the period 2008-2013, is analyzed by defining its determinants and comparing the efficiency of single index and Fama-French three factor models. There are three main contributions in this study. As the first in Turkish REITs literature, a major contribution of the study is to show differences of the return variability on individual stock returns based on single index and Fama- French models. From a practical contribution perspective, this study may have wider application and provide a tool for critical decision-making in the REITs portfolio management. The study also provides information to the investors who are willing to get benefit from diversification by investing in REITs. Initial outcomes suggest that REIT return may show difference according to proposed model and macroeconomic and real estate market related variables may have specific effects on return variability. |
| Keywords: | Fama-French Three Factor Model; Portfolio Management; REITs; Risk Diversification; Single Index Model |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_18&r=all |
| By: | B.(Tony) Ciochetti; M.Emre Camlibel |
| Abstract: | Buildings are responsible for more than a third of global energy consumption, and emit nearly 40% of all CO2 emissions. A small, but growing body of literature seeks to identify and isolate methods which may be employed in order to reduce the energy consumed in the operation of these structures. In this study, we develop a decision-making algorithm to mitigate the uncertainty of financial and environmental factors related to energy improvements of existing buildings, and how to efficiently allocate available funds in order to undertake such improvements. We develop a case study, in which forty two energy efficiency measures (EEM) are identified within the existing buildings of a University campus in Turkey. The operations of the buildings are analyzed, and energy consumption, energy costs and carbon emissions are measured. Costs and savings of these specific EEMs are calculated as are a number of their possible combinations. Of the more than four trillion possible combinations of energy improvement packages, the ones providing the greatest savings per unit of investment are computed for a range of limited investment budgets. This optimization problem is solved through the uses of both a Mixed Integer Programming (MIP), and a custom developed heuristics model. Our findings suggest that over the optimized investment curve, the most efficient use of EEM capital occurs withing a very tight range of allocation, providing the greatest returns in terms of energy savings, energy costs and carbon emission. Retrofitting of existing buildings with an optimized investment budget appears to be a viable investment strategy, providing yearly savings of 33% in energy use, 22% in energy cost and 23% in carbon emission. Our results show that a decision-maker can comfortably use a less sophisticated heuristics approach, which only minimally deviates from an exact MIP solution. Finally, we compare optimized solutions for retrofitting existing buildings against alternative investments of building new energy production plants and demolishing and re-constructing new buildings. In both cases retrofitting proved to be significantly more efficient in terms of investment cost, energy savings and CO2 reduction. |
| Keywords: | Carbon Emissions; Energy Efficiency Measures; Mixed Integer Programming; Sustainability |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_237&r=all |
| By: | D. Pekdemir |
| Abstract: | Many studies on the office market have been conducted for the last thirty years. Especially variables which are expected to affect office rents were examined for different cities. The extent of variables was used in these studies reflecting variations in locational and/or economical conditions of the different cities.It is aimed to examine the development of the Istanbul office market in the last decade from the perspective of brokerage firms. The perception of brokerage firms on the effectiveness of these academically defined variables is important. First, it will provide some evidence on whether or not the reported influences of these variables remain the same in the Istanbul office market. Second, it may define how well practitioners’ criteria fit academically defined variables during the decision-making process for a new office investment.The study derives the currently well established locational, building, econometric and contract variables from previously published studies. Based on the result of a survey study administrated to the leading real estate brokerage firms in Istanbul, it will be revealed how Istanbul office market changed in the last decade compared to the reported results from the previous study (Oven and Pekdemir, 2004). Istanbul office market experienced two major crisis in 2001 and 2008, former Turkish banking crisis and later global financial crisis. The market behaviour will be examined from the perspective of the brokerage firms. |
| Keywords: | Brokerage Firms; Istanbul; Office Market; Office Rent |
| JEL: | R3 |
| Date: | 2014–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2014_184&r=all |
| By: | L. Shojaei; A. Parsa |
| Abstract: | Contemporary urban development in the United Arab Emirates has been based on the creation of spectacular skyscrapers. Dubai has a large concentration of tall buildings amongst them the world’s tallest tower, Burj Khalifa. The development of high-rise buildings in Dubai (residential, commercial or mixed-use) is defining the city with structures competing with each other in design and height. These towers provide a high ratio of space where more people can live, especially when the land is in limited supply with rapid population growth. Tall buildings may be sustainable in terms of saving land, but constant ground level interaction can impact environmental and social components. They also provide great views, gulf water front, man-made lakes augmenting real estate values and neighboring areas to capitalise on their prospects too.The development of Dubai Marina district has been based on formation of the man-made Marina from rerouting the water from the Persian Gulf to create a new compact waterfront with high-rise buildings. This paper will address two key questions concerning social and environmental sustainability criteria. Firstly, what are the characteristics of high-rise, high-density compact urban form? And secondly, how high rise, high-density compact cities could address the social and environmental sustainability in Dubai Marina?The methodology is based on a mixed method approach involving both qualitative and quantitative (Statistical Analysis and SPSS software) of case study of Dubai Marina. |
| Keywords: | Compact City; Real Estate Values; Tall Buildings; Urban Development; Waterfront Development |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_279&r=all |
| By: | E. Lahbash; S. Huston |
| Abstract: | Since 1996, real estate development has transformed the United Arab Emirates (UAE) into a regional trade and logistics hub. Between January 2003 and December 2010 Dubai Residential Property Price Index (DRPPI) rose from 100 to a heady 240 in 2008 and then dropped back to 156.19 by 2010. The value of two bedroom apartments in the iconic 'Burj Khalif, the world's tallest building, rose to $3,811 and fell back down to $762 per per square foot. During the 2008 property collapse, residential prices in Dubai fell around 50% and by 2010, exhibitors at Cityscape dropped from 1,000 to 200. Property values in the UAE are exposed to strategic risks, sentiment, oil price fluctuations and the movement of global capital into and out of the trading hub. Internally, each emirate has distinct spatial and evolving sub-markets. Recognising the volatile backdrop and high information costs, the research seeks to develop a robust residential property valuation system for the UAE. |
| Keywords: | Capital flows; Information Asymmetry; Residential Property; Sub-Markets; Valuation Standards |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_39&r=all |
| By: | M. Topcu |
| Abstract: | This study aims to examine the effects of public or private sector based urban investment on housing values which are in the environs of these kinds of investments. For this purpose, the study uses totally 13 parameters including 5 parameters related the properties of housing structure, 7 parameters related environmental properties and accessibility parameter. At the last 15 years, two regions are in the forefront where urban investments have important impact in Konya which can be seen as a catalyst for the rapid development of the city. For this reason, these areas were chosen as sample. The first sample area is at the north new-developing side of the city. This area has many new investments like shopping mall, gated housing projects, stadium, fairground etc. And, the second sample is at the east side of the city which has also many transformation areas and investments (law court, private university, hospital, urban park, shopping mall, etc). In this context, for measuring the structural and environmental properties of housing units, a total of 200 questionnaire was applied to the housing units by using random sampling technique. Information regarding economical values of housing units was obtained from real estate companies. These derived data were evaluated by statistically. In conclusion, the results from the evaluations showed that building age, housing unit size, density, safety-security, accessibility, having parking lots and having elevator parameters are significantly effective on housing values. |
| Keywords: | Housing Values; Konya; Urban Development |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_311&r=all |
| By: | N. Semiz |
| Abstract: | Istanbul Seawalls, prolonged along the northern and the southern shores of historic peninsula, have been witnesses to all periods of historic Istanbul since its establishment as a Greek colony at the tip of the peninsula. They were influenced by the historical developments of the city as the other parts of Istanbul City-Walls. During the Middle Ages, the defense system had repairs and renovations. Their maintenance was not carried on regularly in the Ottoman era; yet the walls survived the vicissitudes of time with their firm structures. Starting from the sixteenth century, the martial importance of the city-walls decreased gradually with the result of proliferation of firearms, and from the nineteenth century, they lost their significance militarily. Then settlements developed in the immediate vicinity of the walls, and some parts went into private ownership. Moreover modernization of the city accelerated damages and losses on the walls. Today only parts of Istanbul Seawalls are intact. Within this study, the history and the current state of Istanbul Seawalls have been searched in terms of their ownership status, and their property issues have been analyzed. |
| Keywords: | History; Istanbul Seawalls; Ownership Change |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_301&r=all |
| By: | Y. Zanjiri; A. Parsa |
| Abstract: | The advancement in institutional financing in Iran has affected both the funding and investment environment in almost all businesses including urban development and real estate in recent years. This has provided private sector owned businesses with new vehicles for capital raising while offering innovative investable products to institutional and retail investors compared with other forms of investment notably the saving accounts and share trading. In a broader context, however, this has enabled businesses to utilise private sector capital in a larger scale. Reviewing recent activities in the capital market particularly the funds, provides a better understanding of both the market size and its contribution to real estate and urban development sector. This paper will outline the latest development of the real estate market in Iran. Furthermore, through providing an analytical investigation of the capital market in Iran, this paper examines a variety of mechanisms utilised for delivery of urban regeneration projects in Iran employing different forms of public private partnerships and private sector finance via establishment of Special Purpose Vehicles (SPVs). This is done through utilising live case study projects in which sources of finance, fund structure and operation models are investigated. This paper undertakes an in-depth analysis of the financing mechanisms based upon the evidence drawn from case study projects, identifies three different types of SPVs focusing on main sources of finance and assesses the characteristics and effectiveness of these schemes. |
| Keywords: | Middle East; Real Estate Finance; Real Estate Investment; Urban Development; Urban Regeneration |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_278&r=all |
| By: | Jamal Ibrahim Haidar |
| Abstract: | I uncover the existence, extent, and mechanism of exports deflection, which followed exports destruction, after the imposition of exports sanctions against Iranian exporters. Using highly dis-aggregated data about Iranian non-oil exports, I show how exporter size, past export status, and pricing strategy matter in the process of exports deflection. The main findings are as follows: (i) two thirds of the value of Iranian non-oil exports thought to be destroyed by exports sanctions have actually been de?ected to destinations not imposing sanctions; (ii) exporters reduced their product prices as they deflected exports to new destinations; (iii) exporters deflected more of their core and homogeneous products; (iv) larger exporters deflected more of their exports than smaller exporters; (v) the new destinations are more politically-friendly with Iran; and (vi) the probability of an exporter to deflect exports to another destination rised if the exporter already existed in that destination, suggesting that cost of exporting matters too. I conclude that exports sanctions may be less effective in a globalized world as exporters can deflect their exports from one export destination to another. |
| URL: | http://d.repec.org/n?u=RePEc:qsh:wpaper:316051&r=all |
| By: | Seyyed Ali Zeytoon Nejad Moosavian |
| Abstract: | The purpose of this study is to estimate the production function and examine the structure of production in the mining sector of Iran. Several studies have already been conducted in estimating production functions of various economic sectors; however, less attention has been paid to mining sectors. After examining the stationarity of variables using augmented Dickey-Fuller and Phillips-Perron tests, this study estimated the production function of the mining sector of Iran under different scenarios using the co-integration method and time-series data for 1976-2006. The unconstrained Cobb-Douglas production function in Tinbergen form provided better results in terms of theoretical foundations of economics, statistics, and econometrics. These results show that the structure of the mining sector of Iran is both capital-intensive and labour-intensive. Based on the findings of this study, the elasticity of production with respect to capital and labour have been 0.44 and 0.41, respectively. In addition, the coefficient of time variable, as an indicator of technological progress in the production process, is statistically significant representing a positive effect of technological changes on the output of Iran's mining sector. |
| Date: | 2015–09 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:1509.03703&r=all |
| By: | Mojgan Samandar Ali Eshtehardi; Seyed Kamran Bagheri |
| Abstract: | This study investigated gender differences in innovative behaviour and technological change in Iran by using data on patents granted to Iranians in Iran and their demographic characteristics. Descriptive analysis was used to compare gender involvement and cooperation in patent activities. In addition, an econometric analysis was employed to investigate the statistical significance of the gender differences. The results showed that although females have participated much less than males, the percentage of female inventors has an upward trend over the study period; that might be mainly due to higher womenùs propensity to engage in team-collaboration that has increased over time. Moreover, the results demonstrated that the probability of female involvement in innovative activities was significantly higher when a state-run company or university was involved while it was lower in the case of private institutions involvement. Compared to other technological sectors, in IPC section D (TEXTILES; PAPER) there was a higher male inter-gender collaboration in favour of significantly higher female participation and contribution. Moreover, after section D, in IPC section A (HUMAN NECESSITIES) the probability of female presence as patentees was higher compared to other sectors. Moreover, unequal geographical distribution among provinces was detected. Potential factors contributing to this disparity remain an open question for further studies. |
| Keywords: | Gender gap, Patent, Iran, Technological change |
| Date: | 2015–05–09 |
| URL: | http://d.repec.org/n?u=RePEc:ssa:lemwps:2015/22&r=all |
| By: | M. Kaya; F.Gezici Korten |
| Abstract: | The term real estate has exerted direct impacts on the urban finance and macro-form in changing economies of the world cities. This paper examines the urban dynamics of İzmir as candidate for brand city which explain how the city has developed by major projects. Izmir has been famous as a trade center ever since its past history. In recent years, most of the efforts have been made to make the port city famous in service facilities again. The aim of the paper is to analyze the development process of central districts within the city of Izmir and to examine the role of real estate projects. During the time of ever-increasing uncertainty, a question gets more pertinently than ever: Will the main three districts maintain the reliability of the city economy in equilibrium through new planned service-based functions. Therefore a survey was conducted including interviews with the project developers who operated major investments in Konak, Bayraklı and Karşıyaka districts. The decision-making and implementation process, and challenges to become the central districts are related flexible, adaptable and fast-changing economy. The findings of the research put forward that the interest of the capital and the basic strategies of the plans and investments do not overlap. After strategic regional land use plan and other upper scaled plans have been realized, developers are expecting that the study area will attract significant real estate projects which have mixed use functions with various forms._Originality/value - This is the first paper to examine urban dynamics of the centers in İzmir from the perspective of real estate development for better understanding to relationships between brand city vision, urban macro-form and major projects. |
| Keywords: | Brand City; Major Projects; Real Estate; Transformation; Urban Centres |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_118&r=all |
| By: | Meskoub, M. |
| Abstract: | Cash transfers (CT) whether as income support to the elderly, poor households or other vulnerable groups have been hailed as one of the most innovative and effective social policy initiatives in the developing world. Available evidence suggest that their success would depend on their financial sustainability, low inflation and maintenance of a broad social policy support in areas such as food, health, education and housing. It is against this international experience and evidence that this paper sets out to evaluate the Iranian CT programme that was introduced by Ahmadi-Nejad as part of a major liberalization of energy prices in 2010 in order to bring domestic prices of energy and public utilities (water and electricity) in line with international prices. The Iranian CT programme became one of the largest of its kind in the world, with 90 per cent of population covered and costing 12 per cent of the GDP in 2010. This paper discusses the main characteristics of the Iranian programme and evaluates its impacts on household income, inflation, poverty alleviation and related welfare issues in areas such as health and nutrition. Comparison will be made with some of the major CT programmes around the world (e.g. Mexico and Brazil) to explore lessons that can be learned from such international experiences to reform the Iranian programme towards a targeted approach. It is in this context that the paper will ask whether CT programmes are complementary to or a substitute for broader social policy measures in developing countries. |
| Keywords: | cash transfer, social policy, energy/fuel subsidy, adjustment policy, poverty, inequality, Iran |
| Date: | 2015–09–11 |
| URL: | http://d.repec.org/n?u=RePEc:ems:euriss:78631&r=all |
| By: | M. Karaca; A.Ahu Akgün |
| Abstract: | Some walls are meant to keep people in, some to keep people out†(Blakey & Snyder, 1997) After 1980s, especially in 2000s the establishment of new settlements in Istanbul, named as gated communities and the increasing numbers is the result of not only globalization but also taking into account housing production and marketing as one of the main development strategy. Another reason is that the developers and producers in the housing sector consider Istanbul as an open market. Due to the demand for luxury housing and prestigious life, which means also demand for both vertical and horizontal gated communities, the increasing number of such settlements is inevitable. Depending on this high demand, gated communities do not only appear as a housing production type but also as a new lifestyle. Some people prefer to fulfil their aim to have a prestigious life in the urban centre, while some prefer to live in the peri-urban zones away from urban centre in contact with nature and the lifestyles offered by gated communities. On this basis, in order to supply this demand, developers prefer more peri-urban areas, in other words rural areas. This type of housing production in rural areas has created socio-spatial transformations in the uniqueness of the rural areas. The research will focus on Göktürk where gated communities in Istanbul first appeared. The socio-spatial transformation of Göktürk will be analysed by first social transformation via population, education level and employment via data obtained from TURKSTAT. In addition, the spatial transformation will be estimated by aerial photos of 1987, 1996, 2005 and 2010 in order to understand the changes in transportation, streets, green areas, gated communities and housing. |
| Keywords: | Gated Communities; Istanbul; Peri-Urban Areas; Socio-Spatial Transformation |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_251&r=all |
| By: | O. Akinsomi; S.Eng Ong; M. Faishal; G. Newell |
| Abstract: | This paper examines how compliance to Shariah principles may be associated with a firm's capital structure choice. Shariah compliant real estate firms measured by those listed on the Dow Jones Islamic Index and Islamic real estate firms measured by firms with an internal Shariah board have significantly lower leverage than general real estate firms in the Gulf Cooperation Council. Furthermore Islamic and Shariah compliant real estate firms are different from general real estate firms however these differences do not explain previous findings. Firm characteristics are controlled for and a fixed effect regression is employed, results explaining differences in leverage is significant at the 1% level for Islamic real estate firms and inconclusive for Shariah compliant firms. Empirical findings in this paper show that it may be over-simplistic to assert that Shariah-compliant and Islamic real estate firms have less leverage than their general counterparts. After controlling for firm characteristics and fixed effect on each firm, results of lower leverage remain persistent in Islamic real estate firms. Differences in lower leverage by Islamic real estate firms is explained by poor access to the debt market and the unwillingness of Islamic real estate growth firms to explore leverage as a source of capital. |
| Keywords: | Capital Structure; Gulf Cooperation Council; Leverage; Real Estate Firms; Shariah Compliance |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_238&r=all |
| By: | M.Ç. Keskin |
| Abstract: | Amasya, an important Ottoman city in the 15th century, was governed by the tutor of Sultan Murad II, Yörgüç Pasha (d. 1442) and later successively by Hızır Pasha (d. 1466) brother of Yörgüç Pasha and Mehmed Pasha (d. 1494) son of Hızır Pasha. Yörgüç Pasha’s family, who governed the city, contributed to the reconstruction of Amasya region with their architectural patronage. Yörgüç Pasha commissioned a complex consisting of a zawiya (a multi functional building for worship and accommodation), a madrasa and an imaret (soup-kitchen) in Amasya, several mosques in the towns near Amasya such as Havza, Vezirköprü, Kavak and GümüÅŸ, mektebs (elementary schools) in Tokat and Vezirköprü and a tekke (dervish lodge) in the village of İshakalanı; Åžahbula Hatun, Yörgüç Pasha’s wife, commissioned a masjid, a fountain and a mekteb in Amasya; Mustafa Bey (d. 1444), son of Yörgüç Pasha, commissioned a zawiya-imaret in Havza; Hızır Pasha commissioned a complex consisting of a zawiya, madrasa and imaret in Amasya, a mosque and a tekke in Samsun, a madrasa in Sonisa; Mehmed Pasha commissioned a complex consisting of a mosque, a tabhana (rooms for accommodation), a madrasa and an imaret. The organizations, incomes and expenditures of these charity foundations, that had been served free of charge, were clearly specified by the waqfiyas (endowments) formed by the Yörgüç Pasha family members who had commissioned them. The sources of income of these foundations were the tax percents of several villages which the family had privilege on and the revenue-generating structures commissioned by the family and endowed to them. According to the waqfiyas, they commissioned four hans (caravanserais) one bedesten (covered bazaar), several shops, six mills and eleven hammams around Amasya to fund the foundations. Yörgüç Pasha commissioned a han, seventeen shops and a hammam in Amasya, a han and hammam in Tokat and hamams in GümüÅŸ and İskilip; Mustafa Bey commissioned a hammam in Amasya, a hammam and a han in Havza; Hızır Pasha commissioned a hammam in Amasya, a mill in Ladik; Mehmed Pasha commissioned a hammam and a han in Samsun, a hammam and a mill in Tokat, two hammams in Niksar, four mills in Amasya and a bedesten in Tosya. This study aims to reveal the relations between the charity foundations and endowed properties of Yörgüç Pasha family based on the waqfiyas. |
| Keywords: | Amasya; Ottoman Architecture; Pasha; Waqfiya |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_351&r=all |
| By: | A. Hepsen; O. Aydin; O. Vatandas |
| Abstract: | The main purpose of this study is to investigate whether there is a long-run relationship between macroeconomic indicators and residential returns for two dynamic markets (Istanbul and Dubai). This paper uses the monthly residential return data for the twelve year period from January 2003 to December 2014 provided by REIDIN. In order to identify long term equilibrium between residential returns and macroeconomic indicators, correlation analysis, impulse response analysis and kriging metamodelling are utilized for the study. The findings of this paper would help government and property investors for creating more effective property management strategies in these markets. |
| Keywords: | Correlation Analysis; Impulse Response Analysis; Kriging Metamodelling; Macroeconomic Indicators; Residential Returns |
| JEL: | R3 |
| Date: | 2015–07–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2015_48&r=all |