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on Central and Western Asia |
| By: | Findik, Derya (Middle East Technical University); Tansel, Aysit (Cornell University) |
| Abstract: | This chapter analyzes the effect of intangible investment on firm efficiency with an emphasis on its software component. Stochastic production frontier approach is used to simultaneously estimate the production function and the determinants of technical efficiency in the software intensive manufacturing firms in Turkey for the period 2003-2007. Firms are classified based on the technology group. High technology and low technology firms are estimated separately in order to reveal differentials in their firm efficiency. The results show that the effect of software investment on firm efficiency is larger in high technology firms which operate in areas such as chemicals, electricity, and machinery as compared to that of the low technology firms which operate in areas such as textiles, food, paper, and unclassified manufacturing. Further, among the high technology firms, the effect of the software investment is smaller than the effect of research and development personnel expenditure. This result shows that the presence of R&D personnel is more important than the software investment for software intensive manufacturing firms in Turkey. |
| Keywords: | intangible assets, software investment, efficiency, software intensive firms, stochastic frontier analysis, production function, firms, Turkey |
| JEL: | L21 L22 L23 L25 |
| Date: | 2015–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp9262&r=cwa |
| By: | Günalp, Burak; Cilasun, Seyit Mümin; Acar, Elif Öznur |
| Abstract: | A gender differential in wages is considered to be discriminatory if the differential cannot be explained by gender differences in productivity. Numerous studies have been performed to measure the extent of gender wage discrimination in countries across the world, and most report a substantial amount of wage differential after adjusting for productivity differences. This differential has been attributed to labor market discrimination against women. Using data from 2003 and 2010 Household Budget Surveys conducted by Turkish Statistical Institute, this study examines the male-female earnings differentials and measures the extent of pay discrimination in Turkey. To analyze the components of the earnings gap, two methodologies are employed: The standard Oaxaca-Blinder decomposition method and the Juhn-Murphy-Pierce decomposition method. The results of the study indicate that in both years, a significant portion of the observed wage differential is attributable to wage discrimination which records a rise over the period. |
| Keywords: | male-female earnings differentials,gender wage discrimination,Oaxaca-Blinder decomposition,Juhn-Murphy-Pierce decomposition |
| JEL: | J16 J31 J70 J71 O15 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ifwedp:201556&r=cwa |
| By: | Şen, Hüseyin; Kaya, Ayşe |
| Abstract: | Using the extended version of the Blanchard and Perotti SVAR technique, this paper attempts to empirically predict the growth enhancing effect of discretionary fiscal policy shocks in both short- and long-run in Turkey over the period 2006:Q1-2015:Q1. Unlike previous studies which have mainly focused on fiscal policy instruments taxes and government spending at the aggregate level, this paper considers these instruments at the component level, and then attempts to analyze comparatively the effect of changes in each component on growth. The findings of the paper show that growth enhancing effect of discretionary fiscal policy shocks varies according to its components. However, discretionary fiscal policy shocks at the component level indicate mixed results. In the short-run, only the shocks to government spending have a Keynesian effect. In all other cases, discretionary fiscal policy shocks seem to capture a weak Keynesian and/or non-Keynesian effect in the case of Turkey. |
| Keywords: | Fiscal Policy, Economic Growth, Fiscal Stimulus Packages, Fiscal Multiplier, Keynesian Effect, Non-Keynesian Effect, Weak Keynesian Effect, SVAR Technique, Turkey. |
| JEL: | E27 E32 E6 E62 H2 H30 |
| Date: | 2015–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:65976&r=cwa |
| By: | Cuneyt Orman; Bulent Koksal (Department of Management, Ipek University) |
| Abstract: | We investigate if and when the leading theories of debt maturity are useful in understanding the maturity choices of nonnancial firms in a major developing economy, Turkey. Unlike most research, we use a dataset that provides financial information on not only large, publicly-traded firms but also small, privately-held firms across a wide variety of industries. Our strongest finding is that firms that have high leverage also have long debt maturity. Size, asset maturity, and credit quality are also important, although results depend on the type of firm group considered. The stability of the economic environment as measured by in ation and interest rate volatility also in uences debt maturity decisions. Our findings are broadly consistent with the liquidity risk theory. The agency theory is also partially useful in understanding firms' maturity decisions, particularly for medium- and largesized, publicly-traded firms. The signaling theory is most useful when the sample consists of large, publicly-traded firms. We find little evidence that taxes matter for maturity decisions. Our findings also provide some evidence that borrower-lender relationships matter for debt maturity structures. |
| Keywords: | Debt maturity structure, nonfinancial firms, Turkey |
| JEL: | G3 G32 |
| Date: | 2015–07 |
| URL: | http://d.repec.org/n?u=RePEc:ipk:wpaper:1504&r=cwa |
| By: | Asian Development Bank (ADB); Asian Development Bank (ADB) (Central and West Asia Department, ADB); Asian Development Bank (ADB) (Central and West Asia Department, ADB); Asian Development Bank (ADB) |
| Abstract: | This report builds on the long-term strategic framework of the Central Asia Regional Economic Cooperation (CAREC) Program to operationalize economic corridor development (ECD) in the Central Asia region. Its two objectives are to (i) customize the ECD concept to the unique context of the region, and (ii) identify specific areas where ECD may be piloted. The study provides a detailed but preliminary exploration of a specific segment of CAREC Corridor 1—the Almaty–Bishkek Corridor—to assess its potential as a pilot for ECD, and outlines steps to be taken over the next 12 months to develop this corridor. |
| Keywords: | economic corridor, regional cooperation and integration, CAREC, Central Asia, Central Asia Regional Economic Program, Kyrgyz Republic, Kazakhstan, economic development |
| Date: | 2015–01 |
| URL: | http://d.repec.org/n?u=RePEc:asd:wpaper:rpt157061-3&r=cwa |
| By: | Levent Bulut (Department of Economics, Ipek University) |
| Abstract: | Bu çalýþmada, Google arama kayýtlarý kullanýlarak yapýsal döviz kuru modellerinin makroekonomik belirleyenlerinin kýsa vadeli tahminleri (nowcast) elde edilmiþtir. Sadece Google arama kayýtlarý kullanýlarak yapýlan örneklem dýþý döviz getirisi tahminleri sabitli ve sabitsiz tesadüfi yürüyüþ modellerinden daha iyi performans göstermiþtir. Ayrýca, Google arama kayýtlarýndan Satýn-alma Gücü Paritesi ve Monetarist yapýsal döviz kuru modellerine denk gelen makroekonomik göstergelerle ilintili arama kayýtlarý o modellerde kullanýlan mevcut makro göstergelere eklendiðinde ise, yapýsal modeller tesadüfi yürüyüþ modelinden daha iyi performans göstermiþlerdir ki bu sonuçlar döviz kuru baðlantýsýzlýðý muammasý literatürü için önemli bir bulgudur. Döviz getirilerinin örneklem dýþý tahmin performanslarýndaki bu artýþý, gecikmeli makroekonomik verilerce tam olarak ölçülemeyen piyasa beklentilerinin Google arama kayýtlarýnca bir þekilde yakalanmasý olarak yorumlamak mümkündür. |
| Keywords: | Meese-Rogoff Muammasý, Döviz-Kuru Baðlantýsýzlýðý Muammasý, Google Trends |
| JEL: | F31 F37 C52 |
| Date: | 2015–07 |
| URL: | http://d.repec.org/n?u=RePEc:ipk:wpaper:1501&r=cwa |
| By: | Tamila Nutsubidze; Khatuna Nutsubidze |
| Abstract: | Georgia, a country characterized by an aging population with a high incidence of poverty and limited public financial resources, offers virtually complete non-contributory basic pension coverage. The basic pension has, to date, proved effective in dealing with poverty arising from political instability, military conflicts, economic deterioration, transition to a market economy, emigration of its younger population, and aging. But Georgia’s fiscal constraints and aging population also highlight the importance of developing and improving the pension system, in order to ensure its sustainability. Since 2012 the Georgian government has put forth a systemic reform proposal – a compulsory pension insurance – including the implementation of contributory pension schemes to supplement the basic non-contributory pension. While the proposal is a promising start, it alone would not be enough to ensure that the government’s fiscal burden remains reasonable, while maintaining the basic pension system’s long-term adequacy and flexibility to adapt to the evolving demographic environment. This paper presents policy reform choices, which suggest that, in Georgia, pension reform might also include increasing statutory retirement ages and reducing the generosity of benefits through means testing. These policy reform options would involve difficult tradeoffs, which are also described in this paper. Although the paper focuses on the Georgian non-contributory basic pension, its poverty reduction effect and policy reform options, the case of the Georgian non-contributory basic pension might hold value for some low- and middle-income countries that are considering implementation or expanding coverage of non-contributory pensions. |
| Date: | 2015–07 |
| URL: | http://d.repec.org/n?u=RePEc:crr:crrwps:wp2015-18&r=cwa |