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on Central and Western Asia |
| By: | Demircioglu, Emre |
| Abstract: | This study is conducted to investigate the CAPM (Capital Asset Pricing Model) in Turkey based on the sources of information from Istanbul Stock exchange emphasizing only on the Cement Sector and Power Generation & Distribution Sector. The data range is from 1st January 2012 to 31st December 2013. In the Cement Sector we get data for 10 companies and in the Power Generation and Distribution we get data for 10 companies. The consequences are only substantial for only mention stocks and only for few years. This paper shows the relationship between the Coefficients Beta ( ) and Capital Asset Pricing Model (CAPM) of the Cement Sector and Power Generation and Distribution Sector in Turkey and then get regression analysis of Coefficients Beta ( ) and Capital Asset Pricing Model (CAPM) both of the sector shows In-significant result, which means the Capital Assets Pricing Model (CAPM) is not applicable in Turkey Cement Sector and Power Generation and Distribution Sector. |
| Keywords: | Capital Asset Pricing Model (CAPM), Coefficients Beta, Regression |
| JEL: | C40 G38 |
| Date: | 2015–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:61392&r=cwa |
| By: | Ozan Eksi (TOBB Ekonomi ve Teknoloji Üniversitesi, İktisat Bölümü, 06560, Ankara, Turkey); Murat G. Kırdar (DBoğaziçi Üniversitesi, İktisat Bölümü, 34342, İstanbul, Turkey) |
| Abstract: | Bu çalışmada Türkiye’de saatlik ücret ve yıllık emek gelirindeki değişimler ve bu değişimlerin bireyler arasında meydana getirdiği eşitsizlikler 2002–2011 dönemi için yıllık veri kullanılarak ortaya konulmuştur. 2002–2011 döneminde kentte yaşayan 25 ile 49 yaşları arasındaki erkekler için medyan saatlik ücret reel olarak %34, medyan yıllık emek geliri ise reel olarak %43 oranında artmıştır. Dolayısıyla, bahsi geçen demografik grup için yıllık emek gelirindeki artış, bu dönemde gerçekleşen kişi başı reel GSYİH’deki artışı (%41) yakalarken, saatlik ücretteki artış ise daha geride kalmıştır. 2002 ile 2005 yılları arasında hem saatlik ücret eşitsizliği hem de yıllık emek geliri eşitsizliği azalmış; 2005 sonrasında ise saatlik ücret eşitsizliğindeki azalma dururken, yıllık emek gelirindeki eşitsizlik artmıştır. Bunun nedeni ise, toplam yıllık çalışma saatinin varyansının ve yıllık çalışma saati ile saatlik ücret arasındaki kovaryansın artmasıdır. İktisadi açıdan bakıldığında ise, 2002–2005 döneminde yıllık emek gelirindeki eşitsizliğin azalması, aynı dönemde asgari ücretin önemli oranda artmış olmasıyla ilintilidir. Dolayısıyla da düşük eğitim grupları için, diğer eğitim gruplarına kıyasla, 2002–2005 döneminde yıllık emek gelirindeki artış daha yüksek olmuştur. Takip eden 2005–2011 döneminde ise tam tersine üniversite mezunlarının yıllık emek geliri daha çok artmıştır ki, bu durum üniversite mezunlarının arzında diğer eğitim gruplarına kıyasla meydana gelen artışa rağmen gerçekleşmiştir. |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:tek:wpaper:2015/02&r=cwa |
| By: | Onur Altindag (Ph.D Program in Economics, Graduate Center, CUNY) |
| Abstract: | Son preference is usually revealed by both gender discrimination in relative care and son-targeting fertility stopping rules. This article shows that couples in Turkey exhibit strong son preference without causing a gender imbalance in the population. Estimation results reveal that a first-born daughter increases the average sibship size by 6.6 percent through male-biased differential stopping fertility behavior. Contraceptive use is the primary tool to halt fertility following a male birth among young couples. Families with a highly educated mother are much less likely to seek sons, while father's education has no association with the degree of son preference. The differential demand for sons is persistent despite economic development and decline in fertility predicted by more schooling, higher age at first birth and urbanization along with other endogenous determinants. The relationship between degree of son preference and fertility follows an inverse U-shaped path reaching a peak at the medium fertility level. |
| Keywords: | Son preference, Differential stopping behavior, Fertility |
| JEL: | J13 I15 J10 |
| Date: | 2015–01–09 |
| URL: | http://d.repec.org/n?u=RePEc:cgc:wpaper:005&r=cwa |
| By: | Götz, Linde; Djuric, Ivan |
| Abstract: | This study analyzes the domestic price effects of export controls for all 3 KRU countries during the global commodity price peaks. We develop two indicators to measure the strength of the export controls’ price damping and price insulating effect within a non-linear long-run price transmission model. Our analysis comprises 11 cases of export controls. Our results indicate heterogeneity in the damping and insulating effects of the export controls among the KRU where only two cases recorded the strongest effects: export ban in Russia (2010) and export tax system in Ukraine (2011).We argue that the effectiveness of export controls in the KRU is generally rather limited. |
| Keywords: | export controls, market integration, price transmission, crisis policy, Russia, Demand and Price Analysis, International Relations/Trade, |
| Date: | 2014–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaae14:182954&r=cwa |
| By: | Karartı, Tuncay |
| Abstract: | The effects of the ownership structure on the performance of a firm has been widely discussed in the past literature; however, the relationship between ownership structure and capital structure is not much examined. Those that discuss this issue are mostly conducted in developed countries due to the availability of the business sector data. The aim of this study is to focus on whether the ownership structure can help in explaining the variation of capital structure in developing countries, the case of Turkey. In this study, with a comprehensive literature review, the empirical evidence is used through theoretical framework. The analysis of the study is divided into three parts. First, the negative relationship between managerial ownership and capital structure. Second, the impact of ownership concentration (large shareholding) on debt/equity ratio. Last, the impact of both managerial ownership and external block holders on leverage. |
| Keywords: | ownership structure, capital structure, leverge of non-financial firms. |
| JEL: | G10 |
| Date: | 2014–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:61483&r=cwa |
| By: | Mori-Clement, Yadira; Bhaduri, Anik; Djanibekov, Nodir |
| Abstract: | This study identifies the main determinants of fluctuations of wheat, rice and beef prices in Uzbekistan. Our investigation is based on 2002-2010 weekly data from local markets in the Khorezm province. We applied autoregressive integrated moving average (ARIMA) models with exogenous variables such as water inflow, oil prices, market exchange rate and international prices of imported commodities. The results show that the price fluctuations are more sensitive to respective international prices, market exchange rate and oil prices. For reducing the price fluctuations, the creation and development of storage capacities and processing facilities require more emphasis in national policies. |
| Keywords: | Price analysis, ARIMA models with exogenous variables, Price volatility, World-price transmission., Demand and Price Analysis, |
| Date: | 2014–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaae14:183091&r=cwa |
| By: | Bayram Balci (Centre d'études et de recherches internationales) |
| Abstract: | Fondée par Vladimir Poutine pour permettre à la Russie de retrouver une certaine grandeur sur la scène internationale et créer un nouveau pôle de puissance dans un monde multipolaire, l’Union économique eurasienne, qui est entrée en vigueur le 1er janvier 2015, est de loin le plus abouti de tous les projets intégrationnistes menés par Moscou depuis la fin de l’ère soviétique. Créée en 2010 comme une union douanière, elle rassemble la Russie, le Belarus et le Kazakhstan. A l’origine, l’Ukraine devait la rejoindre mais l’histoire a pris un tour différent et le rêve de Vladimir Poutine de voir Kiev adhérer à l’Union s’est brisé sur la place Maïdan il y a un an, remettant en cause le projet d’Union eurasienne. Ce dernier est loin d’être considéré avec enthousiasme par l’ensemble des Etats de l’ex-URSS. Ainsi, les pays d’Asie centrale se montrent réticents, voire hostiles, face à cette nouvelle union que leur propose – impose ? – Moscou. |
| Date: | 2015–01–06 |
| URL: | http://d.repec.org/n?u=RePEc:spo:wpmain:info:hdl:2441/30eemecsc18i6q0luqo6jdjhim&r=cwa |
| By: | International Monetary Fund. Monetary and Capital Markets Department |
| Abstract: | Recent experience in handling troubled banks was limited. The National Bank of Georgia (NBG) is the lead authority responsible for managing problem banks, as it can appoint a temporary administrator, declare a bank as insolvent and bankrupt, and commence a liquidation procedure. In the 1990s, market entry was not subject to significant restrictions, and the number of banks operating in Georgia reached a peak of 229 in 1994. Since then, the authorities have commenced a significant number of liquidation procedures, and the last cases based on insolvency grounds have been closed in 2009. Therefore, the legal framework for bank resolution and liquidation has not been applied to a significant extent in recent times. The framework for emergency liquidity assistance (ELA) has been improved, but enhancement is needed to protect the NBG against financial risk. The NBG is explicitly authorized to provide ELA to commercial banks that are considered to be viable, and a 2012 NBG decree sets out certain procedural rules governing the disbursement of the ELA. However, when financial stability is endangered, rules on collateral, interest rate, and duration of the facility can be relaxed. This special carve-out can expose the NBG to financial risks—the existence of a systemic threat, rather, calls for a role to be played by the government. Moreover, provisions on collateral, interest rate, and duration should be updated to better take into account the specificities of ELA, and accountability mechanisms should be enhanced. The bank resolution and liquidation regime presents important shortcomings. The NBG can take control of a problem bank by appointing a temporary administrator, which can, in theory, arrange for certain resolution transactions. The bank liquidation framework is prescribed in more detail, given the significant experience gained by the NBG in the past. However, the bank resolution framework lacks a number of important features and several amendments are needed to update it in line with emerging international best practices, with a view to enabling the authorities to implement a speedy and cost-effective resolution process. |
| Keywords: | Financial Sector Assessment Program;Banking sector;Bank resolution;Liquidity;Commercial banks;Deposit insurance;Financial safety nets;Georgia; |
| Date: | 2015–01–08 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:15/8&r=cwa |
| By: | International Monetary Fund. Monetary and Capital Markets Department |
| Abstract: | The National Bank of Georgia (NBG) has a broad mandate to safeguard financial stability in Georgia and has applied several measures that can be considered macroprudential. For instance, the NBG adjusted risk weights for foreign-currency (FX) loans to unhedged borrowers in a countercyclical manner in recent years. Going forward, it plans to introduce the Basel III countercyclical capital buffer regime for the banking system in 2015, which will require that it sets or releases the buffer on a regular basis, based on assessments of cyclical risks. Policymakers should consider establishing a full-fledged macroprudential policy framework in line with international best practices. The current framework is too broad to support the effective and transparent use of macroprudential policy going forward. An improved system would involve a revised legal framework to cement the use of a broad range of macroprudential instruments, the establishment of a Financial Stability Committee at the NBG level, and strong accountability and communication practices, including by the publication of regular reports on financial stability. The list of available macroprudential instruments should go beyond risk buffers and allow the NBG to set measures that directly influence the banks’ activities, e.g., through the application of loan-to-value (LTV) or payment-to-income (PTI) caps. The introduction of macroprudential measures for FX-induced credit and liquidity risks have led to a strengthening of banks’ risk buffers. On the asset side, additional risk weights are applied to FX loans to unhedged borrowers, while on the liability side, reserve requirements are higher for FX deposits and other borrowings. Furthermore, banks have to hold more liquidity for nonresident deposits (of which 92 percent are in foreign currency as of end-2013), if those deposits exceed 10 percent of total deposits. Combined with the general liquidity regulation, these measures have increased banks’ capital and liquidity buffers, as shown in the results of the FSAP solvency and liquidity stress tests. The planned introduction of buffer requirements to mitigate cyclical and structural risks is a welcome step. The countercyclical capital buffer and the capital surcharge for systemically important banks are planned to be implemented over the next few years. The capital surcharge for systemically important banks, which would currently apply at least to the three largest banks by total assets, is particularly important in the Georgian context due to the high market concentration in the banking sector. |
| Keywords: | Financial Sector Assessment Program;Macroprudential Policy;Monetary policy;Banking sector;Georgia; |
| Date: | 2015–01–08 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:15/9&r=cwa |