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on Central and Western Asia |
| By: | Luis A. Gil-Alana (University of Navarra, Faculty of Economics and ICS, Pamplona, Spain); Zeynel Abidin Ozdemir (Department of Economics, Gazi University, Besevler, 06500, Ankara, Turkey. Economic Research Forum (ERF) Cairo, Egypt); Aysit Tansel (Middle East Technical University, ERF & IZA) |
| Abstract: | In this paper we have examined the unemployment rate series in Turkey by using long memory models and in particular employing fractionally integrated techniques. Our results suggest that unemployment in Turkey is highly persistent, with orders of integration equal to or higher than 1 in most cases. This implies lack of mean reversion and permanence of the shocks. We found evidence in favor of mean reversion in the case of female unemployment and this happens for all the groups of non-agricultural, rural, urban and youth unemployment series. The possibility of non-linearities are observed only in the case of female unemployment and the degree of persistence is higher in the cases of female and youth unemployment series. Important policy implications emerge from our empirical results. Labor and macroeconomic policies will most likely have long lasting effects on the unemployment rates. |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:tek:wpaper:2017/5&r=cwa |
| By: | Korkut, Cem; Özgür, Önder |
| Abstract: | Today, the sensitive side of national economies is financial sector. The main reason for this sensitivity is financial crises. This situation has increased the demand and orientation for Islamic finance as a substitute for the modern financial system. The Islamic finance is discussed as a real solution to financial crises because the Islamic finance methods and applications depend on real economic activities. Both this case and the distance that is taken by Muslim countries in recent years has increased the share of Islamic banking/finance in the world. Thus, it has been a long debate in Islamic finance literature to investigate the presence of dependency between profit share rate settled by participation banks and deposit interest rate offered in conventional banking. In this study, variables that affect profit share rate of participation banks and deposit interest rate of conventional banks are examined over the period between January 2006 and May 2015 in Turkey. OLS method is constructed and empirical results are pointed out that interest rate on government security and foreign exchange rate are significantly effective on participation banks’ profit share rate. In addition, the profitability of conventional banks, government security, and foreign exchange rate are significantly effective on deposit interest rate settled by conventional banks. The main reason for this link between conventional interest rate and profit share rate arises with the domiance of murabahah, simple buy and sell with term sale transactions, at Islamic financial institutions. The interest rate is a benchmark for participation banks to determine the profit share rate. To get rid of this dependency, Islamic financial institutions may tend towards mudarabah transactions. |
| Keywords: | Islamic banking and finance, participation banks, banking system, rate of returns, profit share rate, interest |
| JEL: | E43 E44 G00 P43 P50 |
| Date: | 2017–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:81642&r=cwa |
| By: | Antonio Di Paolo (Department of Econometrics, University of Barcelona); Aysit Tansel (Department of Economics Middle East) |
| Abstract: | This paper analyzes the drivers of wage differences among college graduates who hold a degree in a different field of study. We focus on Turkey, an emerging country that is characterized by a sustained expansion of higher education. We estimate conditional wage gaps by field of study using OLS regressions. Average differentials are subsequently decomposed into the contribution of observable characteristics (endowment) and unobservable characteristics (returns). To shed light on distributional wage disparities by field of study, we provide estimates along the unconditional wage distribution by means of RIF-Regressions. Finally, we also decompose the contribution of explained and unexplained factors in accounting for wage gaps along the whole distribution. As such, this is the first work providing evidence on distributional wage differences by college major for a developing country. The results indicate the existence of important wage differences by field of study, which are partly accounted by differences in observable characteristics (especially occupation and, to a lesser extent, employment sector). These pay gaps are also heterogeneous over the unconditional distribution of wages, as is the share of wage differentials that can be attributed to differences in observable characteristics across workers with degrees in different fields of study. |
| Keywords: | Fields of Study, Wage Differentials, Decomposition, Unconditional Wage Distribution, Turkey JEL classification: J31, J24, I23, I26 |
| Date: | 2017–09 |
| URL: | http://d.repec.org/n?u=RePEc:aqr:wpaper:201708&r=cwa |
| By: | Nur Dilbaz Alacahan (Canakkale Onsekiz Mart University, Department of Banking and Finance); Seda Yavuzaslan Soylemez (Canakkale Onsekiz Mart University, Department of Accounting and Tax) |
| Abstract: | The aim of this paper is to analyze the impact of petrol prices on the stock prices of energy companies traded in Istanbul Stock Exchange. To achieve this objective, daily panel data for 9 energy companies are examined for the period between 01/02/2008 and 02/26/2016. For the estimations, random effects and fixed effects panel data estimation methods are used. According to the results, changes in petrol prices effects stock prices of energy companies, negatively. Interest rates and M2 money supply affect stock prices of the energy companies, negatively. In addition to the macro variables, ROA and capital growth are the micro variables affecting stock prices of energy companies. |
| Keywords: | Petrol Prices, Stock Prices, Panel Data Analysis, Turkey |
| JEL: | E44 G12 L96 |
| Date: | 2017–10 |
| URL: | http://d.repec.org/n?u=RePEc:ana:wpaper:17006&r=cwa |