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Öğe Effect of Monetary Policy Instruments on Shadow Banking(Business & Management Studies: An International Journal, 2020) Okur, Fatih; Soylu, Özgür BayramShadow banks are financial mediators. There are maturity, credit, and liquidity transformation without access to central bank liquidity and public sector credit guarantees in their performance. The principle purpose of this study is to answer the question of the relationship between shadow banking and monetary policy, all financial activities that require a private or public payment guarantee other than traditional banking. This study analyses the short and long-term effects of national income, policy rate, CPI and money supply (M1) on shadow banking by using Panel ARDL method in selected ten countries throughout 2002-2016. The findings of the analysis point out that there is a short- and significant long-term relationship between the indicators discussed. Short-term PMG estimation results indicate that the long-term equilibrium will be reached over for approximately four years. Also, long-term PMG estimation results also pointed to the existence of a significant relationship between indicators, apart from national income. It is determined that the money supply and policy interest rate had a positive relation and the consumer price index had a negative relation with shadow banking.Öğe The effectiveness of the monetary transmission mechanism channel in Turkey(EASTERN JOURNAL OF EUROPEAN STUDIES, 2019) Okur, Fatih; Akkuş, Ömer; Durmaz, AtakanThis study investigates on which channels the monetary transmission mechanism works effectively. In this context, quarterly data for the period 2005-2017 is used for Turkey and the variables used to determine the efficiency of the monetary transmission mechanism are analyzed by the VAR method. The obtained results indicate that the loans and reserves have a more effective role on the inflation as a channel of the monetary transmission mechanism. According to the long run results, while the exchange rate and reserves channel have a negative effect on the real GDP, it is revealed that loans have a positive effect on the real GDP in the long run stabilization.Öğe FINANCIAL INSTABILITY AND SHADOW BANKING RELATIONSHIP: THE CASE OF THE UNITED STATES OF AMERICA(2024) Yalçın, Selçuk; Okur, FatihThe impact of shadow banking on financial stability remains a controversial issue today due to the size and complexity of these activities and the inadequate regulatory frameworks for systemic risks. In this context, shadow banking has become the focus of financial regulators due to its potential effects on financial stability. Therefore, this study was conducted to understand the impact of shadow banking on financial stability. In this study, the relationship between shadow banking and financial instability is examined using the VAR method for the example of the United States, covering the period 2000-2020. In order to create an accurate model, firstly unit root tests were performed, followed by autocorrelation and heteroscedasticity tests. The findings were found to be significant and Johansen cointegration test was applied. In the cointegration results, it was seen that the series were cointegrated, that is, they moved together in the long run. Finally, a Granger causality test was conducted between shadow banking and financial instability, and according to the empirical findings, it was concluded that there was a causality from shadow banking to financial instability for the period in question.Öğe Investigating the impact of ICT-trade nexus on competitiveness in Eastern and Western European countries(Emerald Group Publishing Ltd, 2023) Soylu, Ozgur Bayram; Adeleye, Bosede Ngozi; Ergul, Murat; Okur, Fatih; Lorente, Daniel BalsalobrePurpose Since competitiveness is crucial in international trade, this paper contributes to the literature by interrogating the information and communication technology (ICT)-trade nexus on competitiveness in Eastern and Western European countries. Does ICT usage promote or hinder the impact of trade openness on competitiveness? This study attempts to answer two questions: (1) is the interaction of trade and ICT significant in promoting competitiveness? (2) Is the effect significantly different by European classification? Design/methodology/approach With data on 17 European countries from 2007 to 2020 and using mobile phones and fixed telephone usage as ICT indicators, the study engages the bootstrapped ordinary least squares (BOLS) and method of moments quantile regression (MM-QR) techniques to probe the discourse. Findings The empirical findings reveal that (1) the interaction of trade and ICT boost competitiveness; (2) the effect of mobile phone is consistent across the full, East, and West European samples; (3) the interaction effect is also significant across the conditional distribution of competitiveness and (4) mobile phones and fixed broadband usage reveal leapfrog effect across the quantiles. Overall, the study submits that ICT usage will enhance the impact of trade, and thus, ICT is a critical enabler of competitiveness in Europe; policy recommendations were discussed. Originality/value To the best of the authors' knowledge, this is the first study examining the interaction effect of trade openness and ICT usage on competitiveness in Europe. In other words, the authors attempt to analyze how ICT usage influences trade-competitiveness dynamics. To fill the gap in the literature, the authors' use a sample of 17 European countries from 2007 to 2020. The variables of interest are the competitiveness index, trade openness, and four ICT indicators (mobile phone, fixed telephone subscriptions, fixed telephone subscriptions, and Internet users).Öğe An Investigation of The Relationship Between Individual Energy Consumption and Economic Growth: The Future Perspective By Using The ANN Method(2022) Okur, Fatih; Yılmaz, HamidIn this study, the relationship between economic growth, energy consumption per capita, foreign direct investment per capita and trade volume per capita was examined by utilizing the Granger causality method for the 2000-2019 period for Turkey. According to the causality findings of the first period, there is one-way causality from economic growth to foreign direct investment per capita and from foreign direct investment per capita to energy consumption per capita. The causality results of the second period present a unidirectional relationship from economic growth to foreign direct investments per capita, from foreign direct investments per capita to energy consumption per capita. Additionally, a one-way relationship is from both economic growth and energy consumption per capita to trade volume per capita.Öğe Tourism and FDI-Growth Nexus in Upper-Middle Income Countries: Evidence from Static and Dynamic Panel Analyses(Inst Tourism, 2023) Soylu, Ozguer Bayram; Adeleye, Bosede Ngozi; Okur, Fatih; Emikonel, MuratThis paper examines the role of tourism in foreign direct investment-growth relations in upper-middle-income countries. We deploy static and dynamic panel analysis to evaluate how tourism indicators influence the impact of FDI net inflows on growth using unbalanced panel data on 29 upper-middle-income countries from 2010 to 2019. The tourism indicators are receipts, arrivals, and expenditures. The results from static and dynamic analyses indicate that for the most part (1) FDI and tourism exert asymmetric effects on growth, (2) tour-ism indicators reduce the negative effect of FDI on growth, (4) trade openness is a positive and significant predictor of growth, and (5) domestic credit negatively contributes to growth. Deductively, results evidence that tourism indicators are critical drivers of economic growth in upper-middle-income countries. Overall, tourism receipts show the largest influence on FDI to spur the most appreciable impact on growth. Despite this, the fact that tourism indicators cannot eliminate the destructive impact of FDI on economic growth shows that tourism development policies should be based on a greener and more sustainable ground, taking into account the effects of the coronavirus.Öğe Türkiye'de İşsizliğin Seçili Makroekonomik Göstergelerle Etkileşimi: SVAR Analizi.(Iğdır Üniversitesi, 2020) Soylu, Özgür Bayram; Okur, FatihBu çalışmanın amacı 1996-2018 dönemi için Türkiye ekonomisi açısından özellikle de son dönemde önemli bir yere sahip olan işsizlik göstergesinin küreselleşmenin etkisiyle önem kazanan yabancı yatırım akımları ile olan etkileşimi, yatırımların finansmanında önemli bir yere sahip olan tasarruflar ile etkileşimi, yeni ekonomik düzende üzerinde önemle durulan Arge harcamaları ile etkileşimini incelemektir. SVAR modelinin kullanıldığı çalışmada işsizlik oranı, doğrudan yabancı yatırım akımlarının gayrisafi yurtiçi hâsıla içerisindeki payı, Ar-ge harcamalarının gayrisafi yurtiçi hâsıla içerisindeki payı ve tasarrufların gayrisafi yurtiçi hâsıla içerisindeki payı yüzdelik olarak kullanılmıştır. Bulgular incelenen dönemde doğrudan yabancı yatırım akımlarının işsizlikte meydana gelen değişimlerin %50’sini açıkladığını, Ar-ge harcamalarının işsizlikte meydana gelen değişimlerin %28’ini açıkladığını, tasarrufların ise işsizlikte meydana gelen değişimlerin %13’ünü açıkladığını ortaya koymaktadır. İşsizlikte meydana gelen değişimlerin %9’u ise göstergenin kendi iç dinamiklerinden kaynaklanmaktadır.Öğe Türkiye’de İşsizliğin Seçili Makroekonomik Göstergelerle Etkileşimi: SVAR Analizi(2020) Soylu, Özgür Bayram; Okur, FatihBu çalışmanın amacı 1996-2018 dönemi için Türkiye ekonomisi açısından özellikle de son dönemde önemli bir yere sahip olan işsizlik göstergesinin küreselleşmenin etkisiyle önemkazanan yabancı yatırım akımları ile olan etkileşimi, yatırımların finansmanında önemli bir yere sahip olan tasarruflar ile etkileşimi, yeni ekonomik düzende üzerinde önemle durulan Arge harcamaları ile etkileşimini incelemektir. SVAR modelininkullanıldığı çalışmada işsizlik oranı, doğrudan yabancı yatırımakımlarının gayrisafi yurtiçi hâsıla içerisindeki payı, Ar-ge harcamalarının gayrisafi yurtiçi hâsıla içerisindeki payı ve tasarrufların gayrisafi yurtiçi hâsıla içerisindeki payı yüzdelik olarakkullanılmıştır. Bulgular incelenen dönemde doğrudan yabancıyatırım akımlarının işsizlikte meydana gelen değişimlerin%50’sini açıkladığını, Ar-ge harcamalarının işsizlikte meydanagelen değişimlerin %28’ini açıkladığını, tasarrufların ise işsizlikte meydana gelen değişimlerin %13’ünü açıkladığını ortayakoymaktadır. İşsizlikte meydana gelen değişimlerin %9’u isegöstergenin kendi iç dinamiklerinden kaynaklanmaktadır.
