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on Central and Western Asia |
| By: | Elif Öznur ACAR (Department of Banking and Finance, Cankaya University, Turkey); Aysit Tansel (Middle East Technical University, Ankara, Turkey) |
| Abstract: | This paper investigates how informality can be defined and measured in the Turkish labor market. Two alternative definitions of informality are used to explore their relevance and implications for the Turkish labor market using descriptive statistics. They are the enterprise definition and the social security definition. Further, contributions of individual and job characteristics to the likelihood of informality are investigated using multivariate probit analysis under the two definitions. The social security registration criterion is found to be a better measure of informality in the Turkish labor market given its ability to capture the key relationships between several individual and employment characteristics and the likelihood of informality.The study suggests that preference should be given to social security definition of labor informality for a more accurate depiction of the Turkish labor market. The suitability of the two alternative definitions of informality in the Turkish labor market and its implications have not been investigated before. |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:tek:wpaper:2014/08&r=cwa |
| By: | OECD |
| Abstract: | Each year SIGMA produces assessment reports as a contribution to the EC’s annual reports on EU candidate countries and potential candidates, as well as to its programming of technical assistance. These reports assess progress made in public administration reform by our beneficiary countries. The report for Turkey analyses and takes stock of progress achieved by this country in 2013, with an aim to also provide inputs into its reform agenda. It focuses on external audit. |
| Date: | 2013–10–31 |
| URL: | http://d.repec.org/n?u=RePEc:oec:govaaf:2013/2-en&r=cwa |
| By: | OECD |
| Abstract: | As a continuation of the 2013 SIGMA assessments and as part of a longer-term programme of work, SIGMA has identified country priorities for public administration reform (PAR) for Turkey. Priorities cover the overall PAR needs of the country, including areas which were not covered by the assessments. Priorities in areas outside the scope of SIGMA assessments are based on other analytical sources and SIGMA’s practical experience of working with the country. SIGMA proposes priority 2020 targets for the countries, sub-targets when needed, and sequenced priority activities in 1-2, 3-5 and 5+ year time perspectives. |
| Date: | 2013–10–31 |
| URL: | http://d.repec.org/n?u=RePEc:oec:govaaf:2013/1-en&r=cwa |
| By: | Yulia Vymyatnina; Evgeniya Goryacheva |
| Abstract: | Using monthly and quarterly data for 2000 – 2012 for Belarus, Kazakhstan and Russia we estimate monetary policy rules for these countries. The aim of our study is to find out similarities and differences in monetary policy practices in these countries in order to evaluate potential problems in switching to unified macroeconomic policy that is envisaged within the Common Economic Area. We analyze official statements of the Central Banks, dynamics of major macroeconomic indicators, estimate modified monetary policy rules and conclude that Kazakhstan and Russia have similar monetary policy, while Belarus will have to change most of its practices in case the unified monetary policy is introduced in the Common Economic Area. |
| Keywords: | Customs Union, Common Economic Area, monetary policy rules, inflation, Russia, Belarus, Kazakhstan |
| JEL: | E52 F42 |
| Date: | 2014–08–29 |
| URL: | http://d.repec.org/n?u=RePEc:eus:wpaper:ec0514&r=cwa |
| By: | Timur Hulagu; Cihan Yalcin; Cihan Yalcin |
| Abstract: | [EN] Non-financial companies in Turkey have a significant amount of foreign currency (FX) denominated debt on aggregate. Macro figures suggest that corporate sector is in substantial short position in terms of FX debt, implying a significant currency risk. This note tends to explore this risk within a micro perspective by using a firm level dataset. We find that firms in the dataset, which account for a significant amount of economic activity, adopt some internal mechanisms to avoid the currency risk. First of all, firms with small size and high currency risk have reduced their liability dollarization ratios and extended the maturity of FX debt in recent years. In addition, findings suggest that firms with limited export revenues and having high FX denominated debt obtain higher FX profits which compensate a significant amount of their FX financial expenditures. Meanwhile, widespread FX pricing of domestic sales, which are not classified under export revenues, implies a lower currency risk of firms than perceived. [TR] Turkiye’de finansal olmayan firmalarin, makro duzeyde bakildiginda, yuksek miktarda net doviz borcu tasidiklari ve bunun da ozellikle bilanco kanaliyla yuksek doviz kuru riski anlamina geldigi gorulmektedir. Bu notta, TCMB Sektor Bilancosu ve TBB Risk Merkezi verileri kullanilarak firmalarin YP cinsi borclarindan dolayi tasidiklari doviz kuru riskliligi mikro duzeyde degerlendirilmistir. Veri setinde yer alan ve ekonomik faaliyetler icinde onemli bir yere sahip firmalarin kur riskinden kacinmak uzere cesitli mekanizmalara basvurduklari tespit edilmistir. Oncelikle, kucuk olcekli ve yuksek kur riski tasiyan firmalarin giderek borc dolarizasyon oranlarini dusurdugu ve daha uzun vadeli borclandiklari gorulmektedir. Ayrica, ihracat geliri sinirli olup da yuksek duzeyde YP cinsi borcu olan firmalarin daha yuksek net kambiyo kari elde ettikleri ve bunun YP cinsi finansal giderlerin önemli bir kismini karsiladigi belirlenmistir. Bununla birlikte, gelirleri mali tablolarda ihracat olarak siniflandirilamayan ve fiyatlamasi doviz cinsinden yapilan bircok sektordeki yurt ici faaliyetin yayginligi kur riskinin gorunenden daha sinirli olabilecegini ima etmektedir. |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:econot:1413&r=cwa |
| By: | Bayanslu Markhayeva (Almaty Management University) |
| Abstract: | On May 29, 2014 Belarus, Kazakhstan and Russia signed an agreement on the integration to the Eurasian Economic Union (EaEU) which formally goes into effect on January 1, 2015. A new common market of goods and factors of production will appear on the map of the planet. There are 170.3 million people living here (or 4.4% of the world population), 5.6% of which are citizens of Belarus and 10% are from Kazakhstan and 84.4% are Russians. The market territory occupies 16,4% of the terrestrial land where 25% of basic types of minerals reconnoitered in the world are concentrated and its cost is estimated in the range from 30 to 40 trillion United States dollars (USD). The share of the EaEU accounts for about 40% of the world supplies of natural gas, 25% coal, 20% oil, 25% forest, 13% of arable land and 11% of fresh water. The unique transcontinental geographical position allows to accumulate scale trade streams between Europe and Asia and thereby to increase world competitiveness of the region and the EaEU. |
| Keywords: | Food security, Kazakhstan, Eurasian Economic Union |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:msm:wpaper:2014/22&r=cwa |
| By: | Petr Huber (Austrian Institute for Economic Research (WIFO), Arsenal, Objekt 20, 1030 Wien and Faculty of Business and Economics, Mendel University in Brno.); Ulugbek Rahimov (Faculty of Economics, Westminster International University in Tashkent) |
| Abstract: | Analyzing the self-selection of workers into formal and informal sector employment in Tajikistan, a poor transition economy, with higher informal sector than formal sector wages and an informal sector employment share exceeding 50 percent, we find that the selection of formal and informal sector workers is based on comparative advantages rather that labor market segmentation. Furthermore, labor supply to the two sectors reacts rather elastically to relative wages. Policies increasing relative wages in the formal sector could thus be effective in reducing the high informal sector employment share in this country. |
| Keywords: | formal/informal sector wages, self selection, segmentation |
| JEL: | J31 J42 J21 |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:men:wpaper:48_2014&r=cwa |
| By: | Stephanie Jones (Maastricht School of Management) |
| Abstract: | The use of social media has become a way of life for millions in recent years. Facebook, Twitter, YouTube and networking sites like Linked-in have become essential for communicating, making contacts, keeping up-to-date and spreading the word. The vast majority of users are interested in catching up with friends and relatives, enjoying a joke, and trying to advance their careers. It might be argued that freedom to communicate and access information – either electronically or in more traditional ways – may be construed as a human right. Otherwise we are ignorant, isolated, kept in the dark. We might choose to be like this, but most of us seek the company of others, information, knowledge, and the chance to access opportunities in our businesses and careers. However, in a number of countries social media is seen as threatening to the authorities. Governments are concerned about the information and communications channels open to their populations. The recent Arab Spring movement was largely organized through social media – and even on a small-scale, individual basis through the sending of emails and mobile phone text messages. The People‟s Republic of China has always shown a particular concern with public information and communication channels. From the 1990s, long before social media as we know it now became popular, the authorities were blocking Hotmail and mobile phone signals; for many years they had controlled the media and tapped landline telephones. Foreigners working in China and unable to contact their families at home in the low-cost and convenient way of sending emails on free platforms – now Gmail is more popular that the old Hotmail – are compensated by their employers as suffering an additional hardship. The history of the control of the media in China goes back at least to the days of Chairman Mao and the coming to power of the Communist Party; in Iran this concern is more recent, particularly related to the Islamic Revolution. Now, social media is liable to being blocked, although risk-taking and techno-savvy Persians are getting round it. The apparently innocuous act of ladies taking off their headscarves and waving their hair around in public places, being photographed and posting these images on Facebook, has become popular. Pictures of clerics looking grumpy, humorless and intolerant, caught in unflattering poses, are equally well-received by Iranians flaunting small freedoms won at great effort. In Turkey, the clampdown on social media is much more recent and particularly since the March 2014 election. The justification expressed by the authorities has been one of protecting citizens‟ purity from corrupting influences, such as pornography and allegedly tasteless popular culture from the USA. Some citizens believe it. Others complain that it is a form of self-preservation on the part of the ruling party, eager to prevent criticism from being disseminated. Many find it inconvenient and disturbing. What next? This paper seeks to provide insights into an apparently new form of human right – to access social media without third-party restriction, for whatever purpose or reason. |
| Date: | 2014–09 |
| URL: | http://d.repec.org/n?u=RePEc:msm:wpaper:2014/33&r=cwa |
| By: | World Bank |
| Keywords: | Poverty Reduction - Rural Poverty Reduction Rural Development Knowledge and Information Systems Macroeconomics and Economic Growth - Regional Economic Development Agricultural Knowledge and Information Systems Agriculture Rural Development |
| Date: | 2014–05 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:20038&r=cwa |
| By: | Yoshino, Naoyuki (Asian Development Bank Institute); Taghizadeh-Hesary, Farhad (Asian Development Bank Institute); Hassanzadeh, Ali (Asian Development Bank Institute); Prasetyo, Ahmad Danu (Asian Development Bank Institute) |
| Abstract: | We estimate the response of Asian stock market prices to exogenous monetary policy shocks using a vector error correction model. In our paper, monetary policy transmits to stock market price through three routes: money by itself, exchange rate, and inflation. Our result points to the fact that stock prices increase persistently in response to an exogenous easing monetary policy. Variance deposition results show that, after 10 periods, the forecast error variance of beyond 53% of the Tehran Stock Exchange Price Index (TEPIX) can be explained by exogenous shocks to the US dollar–Iranian rial exchange rate, while this ratio for exogenous shocks to Iranian real gross domestic product was only 17%. We argue that such evidence can be accounted for by an endogenous response of the stock prices to the monetary policy shocks. |
| Keywords: | asian stock market; monetary policy shocks; vector error correction model |
| JEL: | E44 G10 G12 |
| Date: | 2014–09–05 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:0497&r=cwa |