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on Central and Western Asia |
| By: | Osman Furkan Abbasoglu; Serife Genc; Yasin Mimir |
| Abstract: | We investigate the cyclical behavior of banks' balance sheet variables for different size groups using bank-level Turkish data. We first rank banks based on the size of their assets, and then systematically document business cycle facts of various balance sheet items and profitability measures of different bank groups. We find that the cyclical behavior of these variables is quite heterogeneous at the cross-sectional level : (i) Bottom 25 percent banks finance 73 percent of their asset growth with equity while larger banks fund 55 percent of it with deposits, (ii) bank assets and bank credit are highly procyclical and the level of procyclicality is lower for larger banks, (iii) total deposits are procyclical except for top 25 percent and equity issuance is acyclical to countercyclical at best, (iv) loan spread is strongly countercyclical except for small banks while return on assets and equity are acyclical, and (v) switching between debt and equity financing is more pronounced for the top 25 percent and the aggregate banking sector compared to the bottom 25 percent and top 5 percent. The rich set of cross-sectional empirical facts about the cyclicality of bank balance sheets presented in this paper should be helpful for researchers to build and evaluate theoretical heterogeneous models about financing sources of banks. |
| Keywords: | Debt finance, Equity finance, Banking sector, Business cycle |
| JEL: | E44 E51 G21 G28 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:wpaper:1417&r=cwa |
| By: | Glauben, Thomas; Belyaeva, Maria; Bobojonov, Ihtiyor; Djuric, Ivan; Götz, Linde; Hockmann, Heinrich; Müller, Daniel; Perekhozhuk, Oleksandr; Petrick, Martin; Prehn, Sören; Prishchepov, Alexander; Renner, Swetlana; Schierhorn, Florian |
| Abstract: | Because of its enormous land and yield potentials, the breadbasket of the East, i.e. Russia, Ukraine and Kazakhstan are increasingly important for world grain markets. However, counterproductive market and trade policies, continual farm-level productivity gaps and deficits in marketing infrastructure consistently obstruct the breadbasket's production and market potentials. A prerequisite for their realization would be prioritizing market-conforming and export-oriented policies, as well as massive investments into spatial and farming infrastructures. -- |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iamopb:16e&r=cwa |
| By: | Celbis M.G.; Nijkamp P.; Poot J. (UNU-MERIT) |
| Abstract: | We estimate the Anderson and van Wincoop model of trade by using the data on the bilateral export flows from 26 Turkish regions to 180 countries for the years 2002 through to 2010. Regional transportation and communication infrastructure capacity, the positioning of point infrastructure in a region, and geography are explicitly accounted for. Our results highlight that land infrastructure, air transport capacity, and private maritime infrastructure presence, together with the distance of regional economies to exit nodes such as ports and airports, are important determinants of export performance. Based on our preferred regression where multilateral resistance terms are accounted for, we estimate that increases in the current land infrastructure, air transport capacity, and number of private ports of 1 per cent increases exports approximately by 0.38 per cent, 0.14 per cent, and 0.045 per cent respectively. Keywords Infrastructure; trade; regions; transportation costs |
| Keywords: | Empirical Studies of Trade; Economic Development: Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure; Development Planning and Policy: Trade Policy; Factor Movement; Foreign Exchange Policy; General Regional Economics (includes Regional Data); Transportation Systems: General; Regional Development Planning and Policy; |
| JEL: | F14 O18 O24 R10 R40 R58 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:unm:unumer:2014021&r=cwa |
| By: | Abdulloev, Ilhom (Open Society Institute Assistance Foundation, Tajikistan); Gang, Ira N. (Rutgers University); Yun, Myeong-Su (Tulane University) |
| Abstract: | Women who want to work often face many more hurdles than men. This is true in Tajikistan where there is a large gender gap in labour force participation. We highlight the role of two factors – international migration and education – on the labour force participation decision and its gender gap. Using probit and decomposition analysis, our investigation shows that education and migration have a significant association with the gender gap in labour force participation in Tajikistan. International emigration from Tajikistan, in which approximately 93.5% of the participants are men, reduces labour force participation by men domestically; increased female education, especially at the university and vocational level, increases female participation. Both women acquiring greater access to education and men increasing their migration abroad contribute to reducing the gender gap. |
| Keywords: | migration, education, gender gap, labour force participation, Tajikistan |
| JEL: | J01 J16 O15 |
| Date: | 2014–05 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp8226&r=cwa |
| By: | Petrick, Martin; Gramzow, Andreas; Oshakbaev, Dauren; Wandel, Jürgen |
| Abstract: | -- Kazakhstan is now widely regarded as a key player on world agricultural markets, with considerable export potential in the wheat, beef and dairy sectors. Based on unique farm-level data, we offer new insights into the constraints that hamper further economic growth and provide an assessment of the Kazakhstani government's agricultural development strategy. Most managers in the farm survey doubt that agricultural investments deliver a sufficiently reliable return required for credit funding and thus do not take loans. In the cattle sector, there are significant problems in year-round fodder supply. The value chains for beef and dairy are bifurcated into an import-dependent chain for industrially processed products serving urban consumers, and a local chain of raw products serving rural consumers and urban bazaars. The government's modernisation strategy focuses on providing subsidised capital, but underestimates the knowledge and incentive problems inherent to such measures. The government should rather provide impartial and reliable public services to the sector, ensuring that the weakest links in food chain development are identified and private entrepreneurs are incentivised to strengthen them. Our evidence suggests that a bundle of measures designed to improve the local institutional environment of agriculture is more important than massive state funding of certain production lines. |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iamopb:15r&r=cwa |
| By: | Jean Marie Codron (Marchés, Organisations, Institutions et Stratégies d'Acteurs, INRA); Hakan Hadanacioglu (Faculty of Agriculture, Department of Agricultural Economics, Ege university); Magali Aubert (Marchés, Organisations, Institutions et Stratégies d'Acteurs, INRA); Zouhair Bouhsina (Marchés, Organisations, Institutions et Stratégies d'Acteurs, INRA); Abdelkader Ait El Mekki (National School of Agiculture); Sylvain Rousset (UR ADBX, Institut National de Recherche en Sciences et Technologies pour l'Environnement et l'Agriculture); Selma Tozanli (Marchés, Organisations, Institutions et Stratégies d'Acteurs, INRA; Centre International de Hautes Etudes Agronomiques Méditerranéennes); Murat Yercan (Faculty of Agriculture, Department of Agricultural Economics, Ege university) |
| Abstract: | Chemical contamination of fresh produce through pesticide spraying is considered a minor risk for consumer health. As a result, a high proportion of safety controls may be delegated to the private sector by public agencies. Private control is even greater when fresh produce is sold to safety-conscious consumers, given the high exposure of retailers' commercial reputations. Performed within the framework of the European project Sustainmed, our paper is a case study of public and private management and control of safety risks and the determinants thereof in the fresh produce industry of two contrasting Mediterranean countries: Morocco and Turkey. Based on expert surveys and face-to-face interviews with a high number of tomato growers, it provides an insight into the factors influencing the role of the different players in managing and controlling safety risks. A clear distinction is made between the individual parameters at growing and shipping levels and country-wide parameters at the market and institutional level. Both categories of parameters significantly influence the level of safety management at production level (IPM schemes and GAP certificates) and help understand the respective contributions of public and private operators in the safety risk management of the whole system. |
| Keywords: | food safety, pesticide, integrated pest management, IPM, good agricultural practices, GAP, private regulation, vertical organization, fresh vegetables, turquie, marocpesticide, sécurité des alimentsgestion de risques, intégration verticale, fruit, légume, produit fraissécurité sanitaire, pratique agricolerégulation |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:inr:wpaper:191399&r=cwa |
| By: | Nasery, Jawid Ahmad |
| Abstract: | This Paper "The Economic Shock to Afghanistan Caused by Aid Reduction and Troops Withdrawal" is the first part of my M.Sc. thesis submitted to the Management and Economics Faculty of the Ruhr-University Bochum, which aims to analyze, quantify and describe the economic shock caused by the adjustments in international aid, as well as the troops withdrawal, on the Afghan economy in terms of GDP per capita growth, employment, investment and business climate and state deficit. |
| Keywords: | Afghanistan; Foreign aid; Economy; Troops withdrawal |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:bom:ieewps:202&r=cwa |
| By: | Ferhat Arslaner; Dogan Karaman; Nuran Arslaner; Suleyman Hilmi Kal |
| Abstract: | Turkey, as an emerging economy, has a unique experience regarding to the relationship between the rate of inflation and the exchange rate. As opposed to developed countries, the effects of exchange rate fluctuations are felt significantly on inflation dynamics and these fluctuations also influence many other macroeconomic variables via different channels with different magnitudes in developing countries. Therefore, the main concern of the paper, which is to evaluate the exchange rate pass-through (ERPT), has an important role in the success of inflation targeting regime. Using correlation coefficients between exchange rates and inflation differentials, single equation regressions, vector auto-regressions (VAR) and Markov switching regression methods; the determinants of ERPT to producer and consumer prices are quantitatively analyzed between January 1986 and August 2013. Error correction models are used to estimate the exchange rate pass-through. According to the estimation results, it is found that, similar to other developing countries, there is a substantial degree of ERPT for Turkey the greater part of which is realized almost instantaneously. Comparing to the studies on industrial countries, it is found that ERPT is higher but there are additional transmission channels just like the other emerging economies. The higher degree of ERPT in Turkey is found in those studies conducted for industrialized countries implies that there are additional transmission channels for Turkey. ERPT for producer price-index-based inflation is found to be higher than for consumer-price-index-based inflation. We also found that the degree of ERPT increases as the data frequency falls. We also determined an asymmetry in pricing behavior : while exchange rates increase, this increase is passed on to prices, yet decreases in exchange rates. Estimation results also indicate that the main factors contributing to high pass-through are past currency crises and the high degree of openness of the economy. These factors are the basis for the indexation behavior of agents. Although, the aforementioned factors are the main determinants of the degree of exchange rate pass-through, the persistency and the volatility of exchange rates can significantly affect the short run dynamics of the pass-through. The results also imply that, even if the pass-through slows down due to changing pattern of exchange rates, in order to achieve a low and stable inflation in the long run, fundamental factors that exacerbate the link between exchange rates and prices should change. Another crucial point is that according to Markov switching regression results of ERPT coefficients of domestic prices, the exchange rate pass-through coefficients vary significantly between different states. |
| Keywords: | Monetary Policy, Inflation Targeting, Exchange Rate Pass-Through, Vector Autogression, Markov Switching Regression |
| JEL: | C22 C87 E30 E31 E59 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:wpaper:1416&r=cwa |
| By: | Glauben, Thomas; Belyaeva, Maria; Bobojonov, Ihtiyor; Djuric, Ivan; Götz, Linde; Hockmann, Heinrich; Müller, Daniel; Perekhozhuk, Oleksandr; Petrick, Martin; Prehn, Sören; Prishchepov, Alexander; Renner, Swetlana; Schierhorn, Florian |
| Abstract: | -- Because of its enormous land and yield potentials, the breadbasket of the East, i.e. Russia, Ukraine and Kazakhstan are increasingly important for world grain markets. However, counterproductive market and trade policies, continual farm-level productivity gaps and deficits in marketing infrastructure consistently obstruct the breadbasket's production and market potentials. A prerequisite for their realization would be prioritizing market-conforming and export-oriented policies, as well as massive investments into spatial and farming infrastructures. |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iamopb:16r&r=cwa |