nep-cwa New Economics Papers
on Central and Western Asia
Issue of 2016‒07‒23
seventeen papers chosen by
Sultan Orazbayev
UCL

  1. Vulnerability to Poverty: Tajikistan During and After the Global Financial Crisis By Ira Gang; Kseniia Gatskova; John Landon-Lane; Myeong-Su Yun
  2. Determining the Suitability of Alternative Locations for Syrian Refugee Camps in Turkey using Extended VIKOR By Tufan Demirel; Serhat Tüzün
  3. Issues of Improvement of HR Management in Public Sector of Georgia Eka Chokheli, Nugzar Paichadze, Giuli Keshelashvili, Manana Kharkheli, Shorena Tielidze, Giorgi Churadze Ivane Javakhishvili Tbilisi State University/Georgia By Eka Chokheli; Nugzar Paichadze; Giuli Keshelashvili; Manana Kharkheli; Shorena Tielidze; Giorgi Tchuradze
  4. Comparative analysis of fuzzy multi-criteria decision making for location selection of Textile plant in Turkey By Nihan Çetin Demirel; Muhammet Deveci; Gizem Eser
  5. Economic Contribution Of Tourism To Economy By DÖNDÜ İLKAYA; YAÅžAR AYÅžEGÜL OÄžUZ
  6. A NEW STRATEGY WITHIN THE INDUSTRIALIZATION OF TURKEY: COLLABORATION OF EXPORT-LED INDUSTRIALIZATION WITH IMPO By ÖZCAN DAÄžDEMİR
  7. Local self-government peculiarities and development prospects in Georgia By Eka Chokheli; Davit Narmania
  8. 20. Century’s Economic Crises and Their Effects on Turkey’s Economy By İsmail CAKMAK
  9. Cost of Caesarean Section Rates in Turkey and Their Burden in the Turkish Health Economics By Özlem Özer; Çiğdem Gün; Meltem Saygılı
  10. 'THE ENERGY TAXES THAT ARE USED AS PART OF THE PRICE COMPONENT IN TURKEY WOULD REALLY HELP TO THE PURPOSE OF DECREASING CARBON EMISSIONS? By Deniz Aytaç
  11. Growth elasticity of monetary and non-monetary poverty: an application to Iran By Hosnieh Mahoozi
  12. STYLIZED FACTS AND WEAK-FORM EFFICIENCY IN TURKISH STOCK MARKET By Hasan AÄŸan Karaduman
  13. Turkey’s Economy in the Shadows of Terrorism By YAÅžAR AYÅžEGÜL OÄžUZ
  14. Tax burden inequality of population in Georgia and conceptual – methodological problems of evaluation By Tamar Kbiladze; David Kbiladze
  15. Some Economic Consequences of Higher Education Expansion in Turkey By Polat, Sezgin
  16. Georgia’s Social Insurance System: Reality and Prospects By Nato Kakashvili
  17. About financial assurance of small and medium enterprises By Khatuna Barbakadze

  1. By: Ira Gang (Rutgers University); Kseniia Gatskova (OS–Regensburg); John Landon-Lane (Rutgers University); Myeong-Su Yun (Inha University)
    Abstract: We examine vulnerability to poverty in Tajikistan during the global financial crisis, focusing on the roles played by international migration and remittances, using a formal, practical, and easily decomposable vulnerability measure. Our strategy is to estimate a Markov transition probability matrix with the aim of identifying the vulnerability of households to poverty. Importantly, by introducing the index of vulnerability as the weighted probability of a household falling into poverty over a given time horizon, we can use the estimated dynamics to assess the short, medium and long-run vulnerability. We find that during the “recession transition†almost all households were vulnerable to poverty while almost none were during the “recovery period†. Overall, urban households, more educated households and households receiving remittances from international labor migrants were less vulnerable to poverty. While households with a current or very recent migrant did not have a significantly lower measured vulnerabilit to poverty, those households receiving remittances from migrants had a lower vulnerability to poverty. Our findings stress that the international labor migration from Tajikistan may not be considered as a reliable means of welfare security for the households because external economic shocks and internal political decisions may negatively affect Russian economy and lead to a reduction of remittances flow to Tajikistan.
    Keywords: mobility measurement, vulnerability, poverty, inequality, measurement, Tajikistan
    JEL: J60 D63 I32
    Date: 2016–07
    URL: http://d.repec.org/n?u=RePEc:crm:wpaper:1612&r=cwa
  2. By: Tufan Demirel (Yildiz Technical University); Serhat Tüzün (Yildiz Technical University)
    Abstract: As the conflict in Syria deepens, the number of displaced Syrians crossing the border into Turkey has dramatically risen. According to the United Nations Refugee Agency (UNHCR), there are 2,748,367 registered Syrian refugees in Turkey as of May 2016. On the other hand, the population of Syrian refugees in camps is estimated to be around 217,000 people, due to the lack of capacity. The demand for camps has surpassed the available spaces in the camps.On 22 October 2014, the Government of Turkey issued a regulation on protection, defining a status that refugees from Syria seeking international protection are admitted to Turkey and will not be sent back to Syria against his or her will. In addition, on 18 March 2016, EU and Turkey agreed to end the irregular migration from Turkey to the EU and replace it instead with legal channels of resettlement of refugees to the European Union. These two conditions lead to an urgent necessity to organize the situation of Syrian refugees in Turkey, who cannot be seen as temporary. For the settlement of Syrian refugees to Turkey, an adaptation process is necessary. Due to the lack of capacity and poor conditions in the current camps, new camps must be built. The aim of the present study is to analyze the alternative locations for building new refugee camps in Turkey, regarding the affecting factors, through Extended VIKOR.The problem is considered as a multi-criteria decision making problem. The factors affecting the suitability for new camps; mainly grouped as political, economic, demographic, and sociocultural; are taken into account as the main criteria. Alternatives are selected among a set of different locations that are already considered by the Turkish government and the UNHCR.The model developed uses experts’ views to quantify the effects of the factors for each location with the aid of fuzzy approach. The problem is then solved using Extended VIKOR and the locations for new Syrian Refugee Camps in Turkey are evaluated. Afterwards, a sensitivity analysis is applied to analyze system’s behavior to changes.
    Keywords: Syrian Civil War, International Migration, Refugee Camps, Extended VIKOR, Multi-Criteria Decision Making.
    JEL: C00 C54 F22
    URL: http://d.repec.org/n?u=RePEc:sek:iacpro:4006544&r=cwa
  3. By: Eka Chokheli (Ivane Javakhishvili Tbilisi State University); Nugzar Paichadze (Ivane Javakhishvili Tbilisi State University); Giuli Keshelashvili (Ivane Javakhishvili Tbilisi State University); Manana Kharkheli (Ivane Javakhishvili Tbilisi State University); Shorena Tielidze (Ivane Javakhishvili Tbilisi State University); Giorgi Tchuradze (Ivane Javakhishvili Tbilisi State University)
    Abstract: Work deals with the issues of public sector reformation and development of the effective public administration system. Georgia has implemented numerous reforms in this area, including: internal institutional changes – reduction of the government administration and public sector staff, for the purpose of improvement of effectiveness and flexibility, formation of the new organizational system and restructuring of the executive departments, reassessment of the public sector functions for improvement of services provided to the citizens, implementation of public-private projects. Certain steps were made for formation of the competitive public service, implying qualification tests for the public servants, adoption of the new organizational policies of promotion and motivation.The work demonstrates that after parliamentary elections of 2012, orientation of reforms in Georgia have changed to certain extent and the issue of necessity of development of the new public service conception was put on agenda and non-governmental sector, academic circles and international organizations took part in this. Currently, the process of reformation has not completed yet and numerous problems still persist in the public sector. They must be analyzed and solved for successful implementation of the reformation process formation of the effective state institutes.Performed researches showed that general qualification level of Georgian public sector employees is mostly incompliant with the qualification requirements, staffing and HR management departments cannot ensure adequate management of public servants and their function is mostly limited to contracts with the staff members. Regarding domestic and foreign experience of work with the personnel, with due regard of socioeconomic factors and Georgian mentality, there were determined such approaches to personnel management that would be suitable to current socioeconomic development in Georgia and help the managers to make their HR management work more effective.
    Keywords: human resources, public sector, qualification level, socioeconomic development, efficient state institutes.
    JEL: J24 M19
    URL: http://d.repec.org/n?u=RePEc:sek:iacpro:4006630&r=cwa
  4. By: Nihan Çetin Demirel (Yildiz Technical University); Muhammet Deveci (Yildiz Technical University); Gizem Eser (Yildiz Technical University)
    Abstract: Due to the increasing competition in the market, taking right decisions about the location selection for businesses is very important. The wrong choice of location for businesses may cause to large losses even bankruptcy. Textile sector is the first sector for which the location selection is quite important. The location selection of a textile factory is generally one of the most important decisions. The textile sector is considered the locomotive of domestic trade in Turkey. The purpose of this study is to describe the application of two Fuzzy Multi Criteria Decision Making (FMCDM) methods named Fuzzy TOPSIS and Fuzzy VIKOR for solving location selection problem of textile factor, which is located in Istanbul European side and looked for second location in Turkey. We used twelve criteria for FMCDM, which are determined from literatures and practical investigations. The methods of fuzzy set theory, linguistic value, Fuzzy TOPSIS and Fuzzy VIKOR are used to consolidate decision-makers’ assessments about criteria weightings. Besides a sensitivity analysis is carried out for the Fuzzy TOPSIS method.
    Keywords: Location selection, Multi criteria decision making, Fuzzy TOPSIS, Fuzzy VIKOR, Textile Factory.
    JEL: C00 M11
    URL: http://d.repec.org/n?u=RePEc:sek:iacpro:4006524&r=cwa
  5. By: DÖNDÜ İLKAYA (SELÇUK UNIVERSİTY); YAÅžAR AYÅžEGÜL OÄžUZ (SELÇUK UNİVERSİTY)
    Abstract: Since the 1900s, the tourism sector has been getting more significance as an economic activity both in Turkey and worldwide. To develop foreign exchange, to create new job opportunities, and to have more money to pay external debts, tourism is of a quite important role. Moreover, tourism provides many additional benefits in different sectors and sources of income, such as food, accommodation, industry and construction, etc. In this study, general goal is to show economic contributions of tourism to developing countries like Turkey by obtaining and analyzing tourism activities. Furthermore, countries such as Turkey, Greece and Spain have been taken into consideration as the examples in this study. As a result, the importance and role of tourism sector in the economy of countries are examined in light of data that are collected from given examples.
    Keywords: Tourism, economy, exchange.
    JEL: A10
    URL: http://d.repec.org/n?u=RePEc:sek:iacpro:4006441&r=cwa
  6. By: ÖZCAN DAÄžDEMİR (ESKÄ°ÅžEHÄ°R OSMANGAZÄ° UNIVERSITY FACULTY OF ECONOMICS AND ADMINISTRATIVE SCIENCES DEPARTMENT OF ECONOMICS)
    Abstract: Turkey had not have a sufficient industry in order to meet domestic demand when the Republic was established in 1923. Industrialization of Turkey has begun with a liberal approach. After the Great Depression, statism influenced the industrialization policy of Turkey. Two import-substitution industrialization plans adopted in 1933 and 1938. Nevertheless, the second plan could not have been implemented effectively because of the II. World War. Baker Report in 1950’s advised Turkey to industrialize in sectors in which she has a comparative advantage. Although outward-oriented growth and export-led industrialization policy had gained importance in 1950s, they could not have sustained properly because of the foreign currency deficit. Turkey began to implement import-substitution industrialization strategy in 1960s. She experienced a structural transformation within her manufacturing industry together with the start of intermediate goods production. Depending upon neo-liberal policies, Turkey embraced export-led industrialization strategy in 1980s. Along with the export-led industrialization strategy, low exchange rate and low real wage policies increased the competitiveness of the Turkish industry. Customs Union with the European Union and membership duties of the World Trade Organization affected the industrialization policy of Turkey in 1990s. As a consequence, Turkish industry sector has been integrated with the global economy. Global competition began to affect the Turkish industry sector in 2000s. The ratio of the imported raw materials and intermediate goods used in the industry sector have increased. Along with the increased competitiveness of the sector, the volume of exports has also inclined. Despite the incline within the volume of exports, external trade deficit has also increased due to the increase in the imports of the intermediate goods. The Turkish industry sector has entered into 2000s with such structural problems. Apparently, Turkey has to adjust her export-led industrialization strategy once again upon the changing circumstances. In Turkish academia, a new export-led industrialization strategy which is supported by import-substitution has been considered as an adequate industrialization policy for the 2010s. The aim of this paper is to evaluate the effectiveness of the new industrialization strategy in Turkey referring to a collaboration of export-led industrialization with import substitution. At the first part of the paper, industrialization strategies of Turkey have been examined. At the second part, structural problems of the Turkish industry sector are determined. At the final part, policies which support the new industrialization strategy are discussed.
    Keywords: Economic Development, Industrial Policy, Turkish Economy
    JEL: F43 L50 L16
    URL: http://d.repec.org/n?u=RePEc:sek:iacpro:4006396&r=cwa
  7. By: Eka Chokheli (Ivane Javakhishvili Tbilisi state University); Davit Narmania (Ivane Javakhishvili Tbilisi State University)
    Abstract: Local self-government a sign of the country's democratic development, one of the basic principles of people’s government. For real decentralization implementation it’s necessary to improve legislation in this field. Countries Economic growth, sustainable economic development and solving of social problems is achievable with suitable local self-government system. Local self-government is in the process of formation in Georgia.The goal of the study is to evaluate the role of self-government, reveal its the problems in Georgia and identify its developmental perspectives. The practical study is based on the qualitative study of the self-government of Georgia. The study used questionnaires and interviews, as well as graphical, grouping and comparison methods.The research outcomes show the peculiarities of establishment and trends of development of self-government in Georgia. The novelty of the research is the opportunity to evaluate the existing state of self-government and prospects for its development and work out the recommendations to improve the efficiency of the self-government in the country.
    Keywords: self-government, decentralization, democracy, local development, independence
    JEL: A19 R58 R50
    URL: http://d.repec.org/n?u=RePEc:sek:iacpro:4006624&r=cwa
  8. By: Ä°smail CAKMAK (Hacettepe University, Department of Economics, Ankara)
    Abstract: Crises has evolved from one country’s or one region’s crisis to global systemic crisis which can affect the whole world because of the fact that overseas of the capital get easy anymore. In this context, the aim of this study examined economic crises which occur in 20. Century and analyzed their effects on Turkey’s economy. 1929 Great Depression Crisis and 1974 crises were global crises in essence whereas 1958, 1994 and 2000-2001 crises have been identified as Turkey-based crises. The reasons of these crises, Turkey’s interventions to get rid of crises and disruptions in country’s economy were analyzed in this study.
    Keywords: Turkey, Economic Crises, Great Depression, 2001 Crisis, Petrol Crisis
    JEL: G01 B22 E60
    URL: http://d.repec.org/n?u=RePEc:sek:iacpro:4006611&r=cwa
  9. By: Özlem Özer (Mehmet Akif Ersoy University, Faculty of Economics and Administrative Sciences, Department of Healthcare Management); Çiğdem Gün (Mehmet Akif Ersoy University, Faculty of Health Sciences, Department of Nursing); Meltem Saygılı (Kırıkkale University, Faculty of Health Sciences, Department of Healthcare Management)
    Abstract: Caesarean section is generally recommended when it is not possible to confidently complete the vaginal birth or there is a certain risk of increase in the morbidity and mortality rates of mother and/or infant due to vaginal birth. Even though caesarean section is recommended only under certain conditions, the rate of caesarean sections has shown a significant tendency of increase in recent years in Turkey. The increase of caesarean sections, which are more costly compared to normal births, causes an unnecessary cost for the national economy. The objective of this study is to give information about the rates of caesarean sections in Turkey, make assumptions about the approximate costs of normal births and caesarean sections and their postpartum outcomes in our country, and propose solutions for decreasing the rates of caesarean sections and thus, the economic burden it causes in our country.
    Keywords: Caesarean section, cost, Turkey
    JEL: I19
    URL: http://d.repec.org/n?u=RePEc:sek:iacpro:4006492&r=cwa
  10. By: Deniz Aytaç (Hitit University)
    Abstract: With the purpose of internalization of the adverse externalities in struggling with the environmental pollution, the government excises several of taxes in different ratios for the varieties of energy. It has been determined in my study that the energy which is an effective source of income and suitable for Ramsey pricing due to its negative elasticity as a public income, has been in an increasing course due to the increase in implied taxes between 1998 and 2014 as well as increase in the price indices along with the policies applied and consequently it has not provide efficient results for the purpose of reduction of greenhouse gas. As a result, the important share of the energy taxes within the price structure yields positive results in terms of creating public revenues, however as far as the international trade is concerned; the implied energy taxes and hence high cost of energy can create a situation where it can hamper the competitiveness of Turkey. For the purpose of tackling target environmental pollution by reducing the carbon emissions, the current tax system with its consumption based structure would not serve to the purpose. Realization of this target may be possible by diversification of taxes and other political tools including emission taxes within the financial system.
    Keywords: Energy Prices, Implicit Tax Rates, Greenhouse Gas Emission
    JEL: Q48 H20 H23
    URL: http://d.repec.org/n?u=RePEc:sek:iacpro:4006384&r=cwa
  11. By: Hosnieh Mahoozi (Justus-Liebig University, Germany)
    Abstract: The sensitivity of the frequency of poverty to economic growth is one of the central issues of poverty and development discourse. In this paper we estimate the income growth elasticity of poverty and income inequality elasticity of poverty for a panel of 28 provinces of Iran from 1998 to 2009. We also, for the first time, estimate the growth elasticity of multidimensional poverty (estimated via Alkire-Foster method). The results demonstrated the low income growth elasticity of poverty while the income inequality elasticity of poverty is stronger and significant. Similar results are obtained for elasticities of multidimensional poverty. The results suggest that changes in inequality are more important for poverty reduction than in income growth.
    Keywords: Growth elasticity of poverty, income inequality, monetary poverty, Multidimensional poverty.
    JEL: I30 D63
    Date: 2016–06
    URL: http://d.repec.org/n?u=RePEc:inq:inqwps:ecineq2016-403&r=cwa
  12. By: Hasan AÄŸan Karaduman (Yildiz Technical University)
    Abstract: The question of whether the price and return series of a stock market exhibit a predictable and tractable pattern is always of interest in both theory and practice. After a brief overview of the literature on market efficiency, the stylized facts about the pre-global crisis, crisis and post-global crisis daily returns of Turkish stock market are explored at the statistical level as an example of the behavioural change in stock market of an emerging country. The weak-form market efficiency is also addressed using a range of statistical and econometric methods, namely unit root tests, variance-ratio tests, testing some anomalies which may falsify the stock market efficiency. The findings indicate there exists some form of deviations from the efficient market hypothesis during the global crisis period.
    Keywords: Stylized facts; Stock Market Efficiency; Global Crisis; Turkish Economy
    JEL: G00 G01 C58
    URL: http://d.repec.org/n?u=RePEc:sek:iacpro:4006651&r=cwa
  13. By: YAÅžAR AYÅžEGÜL OÄžUZ (SELÇUK UNIVERSİTY)
    Abstract: Terrorism is a phenomenon which is quite complex, constantly changeable, and a threat to the all economies, that has been in the national and international agenda for many years. Increasing number of terrorist activities all over the world in recent years is the source of many social, economic and political issues. The negative impacts of terrorism have been experienced in Turkey for many years while it has been trying to develop its economy in the shadows of terrorism at the same time. The economy breathes in an environment where there is stability and security. The purpose of this study is to examine the effects of terrorism in Turkey's economy for all sectors, especially tourism and foreign trade.
    Keywords: terrorism, international trade, tourism, economic growth, stability, economic development
    JEL: A10
    URL: http://d.repec.org/n?u=RePEc:sek:iacpro:4006440&r=cwa
  14. By: Tamar Kbiladze (Ivane Javakhishvili Tbilisi State University); David Kbiladze (David Agmashenebeli University of Georgia, Guram Tavartkiladze Teaching University)
    Abstract: Fairly determined taxes and tax burden of population is one of the most important criteria for living standards evaluation. Should tax rates be the same for everyone? This is the challenge which every government meets and successful decision regarding this issue is very important for sustainable development of the economy. The aim of the conducted research is to propose methodology and evaluate existing tax burden of population in Georgia. Empirical study was performed in order to reveal heaviness and lightness of population tax burden. On the basis of empirical research, we conclude that tax burden of population in Georgia, considering their income, is unequal, while according to tax code of Georgia, income of individuals is taxed by flat rate of 20%. Result of investigation, described in the article will be useful for executive and legislative authorities of Georgia to make decisions regarding tax system in Georgia, also for scientists and students who have research interest in the same field.
    Keywords: Decile inequality; Proportional tax system; Progressive tax system; Tax burden; Tax rate; Population
    JEL: H21 H24 G28
    URL: http://d.repec.org/n?u=RePEc:sek:iacpro:4006472&r=cwa
  15. By: Polat, Sezgin
    Abstract: This article discusses recent structural changes in Turkish higher education to draw attention to a number of social and economic consequences of this expansion in terms of mobility and inequality over the last ten years. First, we outline the institutional background of the expansion of higher education in order to identify various re-distributive dimensions of the policy. Compared to 2004, creating new universities and increasing the existing capacity almost doubled the college enrollment rates. Subsidies facilitating more education grants and fee waivers were followed by heavy investment in public student accommodation. This policy was initiated as a political move targeting regional development, taking on a redistributive character by reorienting public funds toward poorer eastern regions. In this paper, we limit our focus to the impacts of these policies on the local labor market. By using household labor force surveys between 2004 and 2014, firstly, we explored how college proximity had an effect on access to college for the local families. Our results from a difference-in-difference model provide evidence that this policy had an equity-enhancing effect for daughters of low-educated families in some regions with largescale expansion. The results also indicate that the regional mobility of educated workers may be slowed by this expansion. Secondly, we investigated whether the compositional change has affected local returns to college degrees and relative convergence across regions. Estimation results show that despite the increase in college graduates, returns in terms of wages at the local level are increasing and that some regional convergence was attained.
    Keywords: Higher education, Returns to education, regional labor markets, College proximity, Turkey
    JEL: I23 I26 R23
    Date: 2016–05
    URL: http://d.repec.org/n?u=RePEc:pra:mprapa:72602&r=cwa
  16. By: Nato Kakashvili (Ivane Javakhishvili Tbilisi State University)
    Abstract: Actuality. Organization of social security system serves the aim – Living and quality standards of population should be ensured by redistribution of national income, by realization of social solidarity principle for disabled and low income population. Deepening the problems of social security, usage different forms of protection system has made the issue about improving social security system as a central part of economic research. Usage of social insurance for compensation of losses received from social risks has not been fully formed in Georgia. Social insurance is an important element of the financial system, social security system of population and insurance industry, which brings together the interests of the citizens of any country. Its qualitative and quantitative characteristics create idea about social, economic, legal and cultural level of society. The object of the research is the social insurance system of Georgia, economically strong, democratic and legal state building perspective greatly depends on effective functioning of above mentioned system.The aim of the research. The aim of the research is studying of existing problems in social insurance system and ways of improvement. Research Methods. During the research, due to practical importance and complexity of the problem, it has been used systemic, historical and logical generalization methods. Also it has been used scientific abstraction, methods of analysis and synthesis.Conclusion. The findings and results from the survey will help to eliminate existing problems in social insurance system of Georgia and will raise efficiency.
    Keywords: insurance, insurer, social insurance, universal insurance.
    URL: http://d.repec.org/n?u=RePEc:sek:iacpro:4006554&r=cwa
  17. By: Khatuna Barbakadze (Ivane Javakhishvili Tbilisi State University)
    Abstract: Actuality. In Georgia small enterprises are developing relatively quickly in some sectors, large capital is accumulated in this field and less support is needed from government. Relatively small enterprises of industrial sectors of economic sectors still require special state innovative support to increase profit and cost-effectiveness. Therefore, the industrial sectors of the economy mostly needs financial assistance from the state. We talk not about the financial support of all kind of small business, but about the small industrial enterprises who are creators of material wealth. Also, it should be taken in consideration priority and actuality of small enterprises development as for country’s economy as well as for society. Whereas, formation of middle class depends on small business development and by the size of middle class is determined how open is the national economy in conditions of globalization. The aim of the research. The aim of the research is to learn deficiencies associated with development of small and medium enterprises, particularly related to financial provision and ways of improvement. Research Methods. During the research, due to practical importance and complexity of the problem, it has been used systemic, historical and logical generalization methods. Also it has been used scientific abstraction, analysis and synthesis methods. Conclusion. The findings and results from the survey will contribute to the development of industrial small enterprises and will raise work efficiency in Georgia, which will be not only the economic consequences for the country's economy, but will solve social problems, particularly, will contribute to middle class formation.
    Keywords: Small and medium enterprises. Innovative projects. Securities market. Banks and financial institutions.
    URL: http://d.repec.org/n?u=RePEc:sek:iacpro:4006474&r=cwa

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