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on Central and Western Asia |
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Issue of 2015‒09‒26
seventeen papers chosen by Christian Zimmermann Federal Reserve Bank of St. Louis |
| By: | Ebru Tüzemen Atik (Karamano) |
| Abstract: | The New Turkish Commercial Code was adopted on 13 January 2011 and entered into force with the exception of certain provisions on 1 July 2012. The New Turkish Commercial Code introduced many important innovations and changes, of which, those related to the law of corporations stand out. Especially, many obstacles encountered by foreign investors when they attempt to establish corporations in Turkey were eliminated by the New Turkish Commercial Code. Among the changes in question are many practical and functional innovations, such as the acceptance of independent auditing upon the abolishment of the board of auditors, which was previously a department of joint-stock companies, and the obligation for companies to set up a company web-site. The New Turkish Commercial Code has enabled the joint-stock companies to comprise one shareholder only, which, earlier, could have been founded by at least five shareholders. Another complementary regulation was also made in relation to the structure of the board of directors in joint-stock companies: The board of directors, previously required to comprise at least three members, could henceforth be formed by a single member. This situation is the result of and the obligation from regulations in Turkish Law decreeing the possibility to establish joint-stock companies by a single shareholder. However, the field of application for the single-member board of directors adopted to provide coherence with the single-shareholder joint-stock company is, in fact, not limited to only such companies; a single-member board of director can also be preferred in joint-stock companies with multiple shareholders. This memorandum was prepared to indicate the conditions and principles for the formation of the single-member board of directors in joint-stock companies. Some of the requirements for the membership in a multiple-member board of directors are not stipulated for single-member board of directors in Turkish law. In addition, principles for the representation, meetings, and decision-making of the single-member board of directors are different from those of multi-member board of directors in various cases. For this reason, this work aims to discuss the single-member board of directors in the New Turkish Commercial Code in general terms, insomuch as it differs from the multiple-member board of directors. |
| Keywords: | Single-member board of directors, joint-stock company, board of directors membership, single-shareholder joint stock company, representation of the company, management of the company, new Turkish Commercial Code, Turkish law of corporations |
| JEL: | K20 K29 K00 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:2704701&r=all |
| By: | Nagehan Kaya (Karamanoglu Mehmetbey University); Zehra Künarc (Pamukkale University) |
| Abstract: | Earthquakes which happened in the world caused financial and emotional damages and these damages are closely associated with development level of a country. As a developing country, Turkey have lots of provinces which are situated in first-degree seismic zone. By virtue of this case in the last century there were 193 devastating earthquakes endangered Turkey with respect to economical. In 1999 in Golcuk, more recently in Van and Simav there were massive earthquakes have been affected region and all of Turkey. After these devastating earthquakes, the emerging scene worsened with defects which dealt with aid services. Experiences were the most striking example during the distribution of basic aids about clothing, blankets, tents etc. on the grounds that suitable disaster storage location didn’t selected. Denizli province in Turkey is located in the first-degree earthquake zone. This study will propose solution suggestion in order to prevent the defects encountered partially in previous earthquakes during a possible earthquake for Denizli. The aim of the study is minimize defects after the earthquake and ensure distribution of aid material squarely to disaster victims with solution suggestion. In this research, for the disaster storage location selection, criterias will be determined with expert opinion and this storage will be used to minimize defects after the earthquake and ensure distribution of aid material squarely to disaster victims. As a method to determine aid distribution point in Denizli and help to collect aids, by considering criterias such AHP(Analytic Hierarchy Process) and FAHP(Fuzzy Analytic Hierarchy Process) multi-criteria decision making approachs will be used. |
| Keywords: | Earthquake, Multi-Criteria Decision Making Approach, Denizli, AHP, FAHP |
| JEL: | Q50 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:2704637&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: | Sami Ben Naceur; Amr Hosny; Gregory Hadjian |
| Abstract: | Dollarization rates in the Caucasus and Central Asia (CCA) region are among the highest in the world, with adverse consequences for macroeconomic stability, monetary policy transmission, and financial sector development. Using dynamic panel data models, we find that foreign exchange deposits and loans in the CCA are mainly driven by volatile inflation and exchange rates, low financial depth, and asymmetric exchange rate policies biased toward depreciation. Although there is no unique formula for success, empirical studies and cross-country experiences suggest that credible monetary and exchange rate frameworks, low and stable inflation, and deep domestic financial markets are essential ingredients of any de-dollarization strategy. In implementation, policymakers need to consider proper sequencing of policies, effective communication as well as risks from potential financial disintermediation and instability, and/or capital flight. |
| Date: | 2015–09–23 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:15/203&r=all |
| By: | YASEMIN ARI KOVANCI (Dokuz Eylül University) |
| Abstract: | With the beginning of Turkey's accession negotiations with the European Union in 2005, a new period has begun for the partnership which was first established with European Community in the year 1963. Within this period, to question the quality of working life in Turkey in terms of the harmonization process with European Union constitutes one of the required fields. . The European Union aims to provide and protect a humane quality of life and standard for everyone in an active, protective and healthy society. In this context, the quality of the working life especially in terms of the labor market is one of the key issues for European Union. However, nowadays there is an increasing asymmetry between the economic and social field. Therefore, the European Union's approach to quality of working life reflects the demand for a simultaneous increase in the employment and improvement in the quality of the work carried out. During the accession process of European Union it is needed to make a comparative analysis in terms of some basic indicators that can be used to define and measure the quality of working life in Turkey. In this context, it is possible to make various evaluations about working life quality in terms of multidimensional context such as: access and participation in the labor market, the level, structure and nature of employment; wages; job security; health and safety; social protection; gender equality; work-life balance and social dialogue. The aim of this study is to investigate the quality of the working life in Turkey in the membership process to European Union. |
| Keywords: | Labour market, Quality, Employment, Working Life, Turkey |
| JEL: | J01 J81 J21 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:2704465&r=all |
| By: | ÇÖ (Karamanoglu Mehmetbey University); Ebubekir KARAÇAYIR (Karamanoglu Mehmetbey University) |
| Abstract: | The share of the state's economic system varies from country to country. It can be said that when regulatory role of the state is taken into account, it has great importance in terms of the whole country. The relationship between development level of the country and the share of the public sector seems to be inverse. Everything is expected from the state for the reason that there is not enough power of the private sector in less developed country. Therefore, the share of public sector is greater than the share of the private sector in less developed countries. In developed countries, the share of the private sector is greater than the public sector. State which represent common legitimate sanction power of society, is important in history of economic thought. The regulatory and controlling role and share of the state in the economy and share are one of the most important issues that have discussed for many years. State-economic relations and the weight of the state in the economy is always the most important issues of economic agenda. The share of the state in the economy affects economic growth in an economic system.In this study, the relationship between the size of the public sector and economic growth is being assessed in terms of Turkey's economy. In this context between the years of 1980-2014 time series data will be utilized which pertain to Turkey's economy. After the time series used in according to their stasis unit root tests, the analysis examined cointegration between the series whether Mani (cointegration) will be investigated. The relationship will be determined between the size of the public sector and economic growth depending on the results of the appropriate empirical econometric models. |
| Keywords: | Public Sector, Economic Growth, Cointegration |
| JEL: | H10 O40 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:2704591&r=all |
| By: | Volkan Cakir (Arel University); Ahmet Pirlanta (Arel University) |
| Abstract: | Local governments are researching efficient and sustainable solutions to the problem of increasing amount of solid waste. Recycling is proposed as one of these solutions considering increasing environmental concerns. Recycling operation system starts with separating recyclable waste at household level. Though an efficient recycling system's success largely depends on the participation rate of inhabitants.Büyükçekmece is a district and municipality in the suburbs of Istanbul, Turkey on the Sea of Marmara coast of the European side, western part of the city. It is largely an industrial area with a population of 380,000. Although Büyükçekmece is a non-large district of |
| Keywords: | recycle management, Büyükçekmece, AHP, TOPSIS, solid waste management |
| JEL: | Q53 C65 D70 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:2705185&r=all |
| By: | Cesur, Resul (University of Connecticut); Güneş, Pınar Mine (University of Alberta); Tekin, Erdal (American University); Ulker, Aydogan (Deakin University) |
| Abstract: | This paper examines the impact of universal, free, and easily accessible primary healthcare on population health as measured by age-specific birth and mortality rates, focusing on a nationwide socialized medicine program implemented in Turkey. The Family Medicine Program (FMP), launched in 2005, assigns each Turkish citizen to a specific state-employed family physician, who offers a wide range of primary healthcare services that are free-of-charge. Furthermore, these services are provided at family health centers, which operate on a walk-in basis and are located within the neighborhoods in close proximity to the patients. To identify the causal impact of the FMP, we exploit the variation in its introduction across provinces and over time. Our estimates indicate that the FMP caused large declines in mortality rates across all age groups with more pronounced impacts among infants and the elderly, and a moderate reduction in the birth rates, primarily among teenagers. Furthermore, the results are suggestive that the program has also contributed towards equalization in the mortality disparities across provinces. Our findings highlight the importance of a nationwide supply-side intervention on improving public health. |
| Keywords: | healthcare, reform, socialized, medicine, health, Turkey, infant, mortality, birth, teenager, physician |
| JEL: | I0 I1 I11 I13 I14 I18 J13 J14 |
| Date: | 2015–09 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp9329&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: | Seyit TA (NECMETT) |
| Abstract: | Orientation is a training process. Usually it used to mean recruitment exercise. But today is referred to as the process of preparing the students to school. The scope of orientation; how to begin the process of orientation training and the situation in Turkey; all this topics are evaluated in this study. Orientation training has begun in recent history. At the same time a practice carried out by the Ottoman State in the 19th century considered within the scope of orientation training. |
| Keywords: | Orientation, Education, History, Methods |
| JEL: | I29 |
| URL: | http://d.repec.org/n?u=RePEc:sek:itepro:2905090&r=all |
| By: | International Monetary Fund. Middle East and Central Asia Dept. |
| Abstract: | Context: Over the past two decades, Kazakhstan has successfully harnessed its oil resources to bolster economic growth, increase buffers, and reduce poverty. However, in the face of recent large and likely long-lasting external shocks?lower oil prices, Russia slowdown, and corollary exchange rate (ER) movements (ruble depreciation, dollar appreciation)—growth has decelerated rapidly, financial conditions have tightened, and pressures on the balance of payments and exchange rate have built up. The shocks have also increased financial sector vulnerabilities, where nonperforming loans (NPLs), while declining significantly, remain high, and rising balance sheet risks and tight exchange rate management, have put further drag on banks’ lending and economic activity. Nevertheless, more recently, and in response to reduced currency pressures and reduced spreads, the authorities successfully tapped the international capital markets and widened the ER band. Focus of consultation and key recommendations: The consultation focused on calibrating the policy response to address Kazakhstan’s near-term challenges and long-term goals of becoming a dynamic emerging market economy. Principally, there is need to (i) identify credible medium-term fiscal consolidation measures to ensure sustainability; (ii) introduce greater exchange rate flexibility to help the economy absorb current and future external shocks; (iii) bolster financial sector resilience to limit adverse spillovers back to the real sector; and (iv) implement structural reforms to ensure durable growth and shared prosperity. Previous consultation: During the 2014 Article IV Consultation, Directors stressed the importance of restoring confidence in the post-devaluation environment and further strengthening the policy frameworks to bolster the economy’s resilience to shocks. Specifically, Directors (i) urged appropriate supervisory actions to enforce the NPL ceilings effectively, while ensuring adequate provisions; (ii) highlighted the need to speed up the introduction of a new policy interest rate instrument; (iii) stressed the need to enhance fiscal coverage and integration into a consistent macro-fiscal framework; and (iv) noted the priority of strengthening human capital and institutions, and lowering the role of the state in the economy. Since then, the authorities’ resolute efforts on lowering NPLs have begun to pay off, and important early steps have been taken to enhance monetary policy operations, ER flexibility, and communication. Progress in bolstering the fiscal policy framework, however, has been slow. The authorities have also embarked on an ambitious structural reform program and recently completed negotiations to join the WTO within 2015. |
| Date: | 2015–09–03 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:15/241&r=all |
| By: | Dost, Ahmad Najim |
| Abstract: | Among the many challenges of conducting a Public Expenditure Tracking Surveys (PETS) in difficult environments, this study highlighted the challenges relating to data availability and security. For example, the extent to which the flow of funds is straightforward can make the difference between an effective and an ineffective PETS. Even a carefully-designed PETS questionnaire can yield minimally useful results if expenditure data from various sources cannot be triangulated either because it is not documented, or it is not documented uniformly. In addition, insecurity could pose a significant threat to the validity and reliability of sample data unless the presence of corruption is assumed to be unrelated to security in regions where budget units are located. In light of these challenges, this paper assesses the strengths and weaknesses of various mechanisms to tackling corruption and making PETS work. |
| Keywords: | Public expenditure tracking survey, PETS, Afghanistan, corruption |
| JEL: | H51 H61 H83 |
| Date: | 2015–09–16 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:66677&r=all |
| By: | Almaz Hasangizi (Institute of Folklore National Academy Sciences of Azerbaijan) |
| Abstract: | Azerbaijanian emigrant folklore scholars in different countries of the world have done remarkable work in the collection, conservation, publication and popularization of the folklore samples which were either forbidden by the censorship or were falsely propogandized as a result of soviet ideology. Their scientific-theoretical researches cover all genres of the folk literature and as they were created in a liberal atmosphere, they differ with their objectivity and individualism from the researches done under the soviet pressure. “Koroghlu” epos is most widespread epos for its popularity after “Kitabi-Dada Gorgud” in Azerbaijanian folk literature; this epos about heroism has many different versions. “Koroghlu was collected by Alexandor Xodzko, Polish who was working in Iran during 1830-1832 and published in English in London in 1842, after this it gained popularity in Western world. Afterwards the epos was translated to different languages and republished many times. Thus, the history of publishing of “Koroghlu” epos is not very old. But, it is still the subject of research when the epos was created.Different reserches have been conducted on the history of its creation, main hero, other personages and etc. both in Azerbaijan and the wide geographical area where the epos was disseminated. The main protagonist Koroghlu, his battlefield friends, the time and place of its creation and etc.have been the subject of different researches. |
| Keywords: | folklore, Koroghlu, epos, emigration laiterture |
| JEL: | Z11 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:2705103&r=all |
| By: | Luke Condra; Mohammad Isaqzadeh; Sera Linardi |
| Abstract: | We unpack the psychological influence of a Muslim cleric's power over the poor in an experiment in Afghanistan. The same cleric requests contributions for a hospital from day-laborers when dressed as a civilian and as a cleric. In Civilian condition, 50% contribute and 17% make large contributions; in Cleric condition, 83% contribute but large contributions fall. Through counterfactual simulations, we find that the clerical garb compels unmotivated subjects to contribute (selection), but causes those who initially were generous to reduce their contribution (crowding out). The backlash is present only among those with formal education but is counteracted when the cleric adds a recitation of Qur'anic verses. Overall, this suggests that education mediates whether people automatically associate religious authorities with the omnipresent. |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:feb:framed:00398&r=all |
| By: | Maksim Karliuk (National Research University Higher School of Economics) |
| Abstract: | The Eurasian Economic Union (EAEU) is an emerging regional organization of economic integration in the post-Soviet space. Following the limited success of previous integration attempts, it seeks to pursue deeper integration, borrowing features from the EU. The EAEU possesses a complex system of elements of an emerging legal order, some of which have distinct similarities with the EU, but others are decisively different. This paper analyses these features in order to find whether the legal changes that accompany the creation of the new entity allow ensuring the effective functioning of the EAEU and whether the respective legal order is autonomous similar to that of the EU. The author argues that the EAEU lags behind the EU in terms of the autonomy of the legal order and in its ability to ensure the effective functioning of the organization. Supranational features are limited, while it relies predominantly on intergovernmental elements with a view to preserve the interests of all Member States |
| Keywords: | Eurasian integration, Eurasian Economic Union, European Union, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia, constitutional law, autonomous legal order, regional integration, supranationality. |
| JEL: | K33 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:hig:wpaper:53/law/2015&r=all |
| By: | Birsen UNAL (Selcuk University) |
| Abstract: | History is one of the most essential academic disciplines for the existence of states, societies and nations. Historical sources are important elements in order to research history as an academic discipline, to evaluate the past events and to illuminate the period when they occur. Aboveground and underground historical sources reveal the political, social, economic, religious and cultural approaches of the states, nations and societies. States, nations and societies have gradually paid special attention to the protection of historical artefacts within the frame of these values. They have taken them under protection.With regards to archaeology, the Ottoman Empire had been a rich country in terms of aboveground and underground historical sources because of its geographical position and historical past. However, there had not been any efficient effort to protect and evaluate the historical sources for centuries. This caused the impairment of many historical sources in the Ottoman Empire either consciously or unconsciously. Apart from the damage they got in the archaeological site where they were discovered, this situation caused the smuggling of the historical artefacts from the Ottoman Empire. After the second half of the 19th century, historical artefacts discovered within the state boundaries were taken under protection with regulations. As in other states, the ownership of historical artefacts became a prestigious element in international affairs. Operations were carried out about confiscating and recording the historical artefacts and the data related to the place where they were discovered. The increasing numbers of the collected historical artefacts in War Warehouse caused lack of space for storage. Therefore, other places were allocated to solve this problem.Preservation, protection and recording of the historical artefacts have revealed museology activities in the Ottoman Empire. Systematic museology activities, started in 1846, became one of the important issues even during the war period. In this regard, the practices and the measures taken indicate that museology activities actively operated even if they started late in the Ottoman Empire.In this study, we will discuss both the confiscation of underground and aboveground historical artefacts and the related studies conducted about this issue in the Ottoman Empire. |
| Keywords: | Ottoman Empire, museology, source, artefact, preservation, museum |
| JEL: | Z00 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:2704567&r=all |
| By: | Beath,Andrew; Christia,Fotini; Enikolopov,Ruben |
| Abstract: | Over the past two decades, community-based approaches to project delivery have become a popular means for governments and development agencies to improve the alignment of projects with the needs of rural communities and increase the participation of villagers in project design and implementation. This paper briefly summarizes the results of an impact evaluation of the National Solidarity Program, a community-driven development program in Afghanistan that created democratically elected community development councils and funded small-scale development projects. Using a randomized controlled trial across 500 villages, the evaluation finds that the National Solidarity Program had a positive effect on access to drinking water and electricity, acceptance of democratic processes, perceptions of economic wellbeing, and attitudes toward women. Effects on perceptions of local and national government performance and material economic outcomes were, however, more limited or short-lived. |
| Keywords: | Housing&Human Habitats,Poverty Monitoring&Analysis,Banks&Banking Reform,ICT Policy and Strategies,Governance Indicators |
| Date: | 2015–09–18 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:7415&r=all |