A. Özlem Önder

Ege University · Department of Economics

This study examines the spillover of pollution among the 26 European Union (EU) countries from 1995 to 2020. In order to quantify pollution spillovers among the countries, we estimated the Environmental Kuznets Curve (EKC) using spatial econometric methods. Our research is unique in that it investigates ecological footprint spillovers for EU countr...

This study examines the spillover of pollution among the 26 European Union (EU) countries from 1995 to 2020. In order to quantify pollution spillovers among the countries we estimated Environmental Kuznets Curve (EKC) using spatial econometric methods. Our research is unique in that it investigates ecological footprint spillovers for the EU Countri...

The level of financial risk spread out to the world during the COVID-19 pandemic has shown that none of the countries are immune to financial uncertainty and the vast changes it brings to economic stability. The contagiousness of sovereign risk is a result of the interdependent structure of countries’ financial networks. Yet the analysis of soverei...

This paper makes an empirical comparison of prominent methods in portfolio optimisation, such as nodewise regression, the sample covariance matrix, observable factor model-based covariance matrices, linear and nonlinear shrinkage methods, and principal orthogonal complement thresholding (POET) estimators. Empirically, we find that the nodewise regr...

This article aims to assess the extent of oil price and exchange rate pass-through into disaggregated consumer prices in Turkey in a time-varying framework. For this purpose, pass-through coefficients are computed based on the TVP-VAR model with stochastic volatility by Primiceri (Rev Econ Stud 72:821–852, 2005). The results suggest that (a) oil pr...

This paper examines the interactions among CDS spreads across 13 European countries using spatial econometrics techniques. Our model allows for the estimation of direct and indirect transmission of sovereign risk and feedback effects across the network of these countries. The novelty of this paper is to link macroeconomic variables and CDS spreads...

Purpose This study aims to investigate herding spillover in BRIC (Brazil, Russia, India and China) countries and Turkey under different regimes by using a time-varying approach. Design/methodology/approach The authors used the structural change model of Bai and Perron (1998). Findings The results indicate that there is an evidence of herding beha...

This study aims to analyse the determinants of financial stress and to show the impact of the spatial linkages between 13 emerging economies during 1996–2016. The 2007 Global Financial Crisis has once again showed that financial/economic turmoil of countries has negative effects on other economies. At this point, this study brings novelty to the ex...

Migrants’ remittances have become an important development tool because they can raise income and reduce poverty rates in developing countries. These remittances might also promote development by providing funds that recipients can spend on education or health care or invest in entrepreneurial activities. Thus, workers’ remittances are a steadily g...

This article investigates the large sample properties of the variance, weights, and risk of high-dimensional portfolios where the inverse of the covariance matrix of excess asset returns is estimated using a technique called nodewise regression. Nodewise regression provides a direct estimator for the inverse covariance matrix using the least absolu...

This paper examines the macroeconomic determinants of the sovereign risks for emerging markets by taking spatial linkages into consideration. We employ spatial panel models for 20 emerging markets for this purpose. Using quarterly data for the period 2004-2015, our results show that there is a strong spatial linkage between the emerging markets. Th...

In this paper, using a novel proof technique, we show that the estimation error of the optimal portfolio variance decreases when the number of assets increases, in contrast to existing literature, notably results derived from factor based models. This proof is based on nodewise regression concept. Nodewise regression is a technique that helps us de...

In this paper we analyze the asymmetric impact of oil price changes on the economic activity in Turkey. In contrast to previous studies on Turkey, the existence of an asymmetric relationship between economic activity and oil prices is investigated by regime-dependent impulse response functions and forecast error variance decompositions based on a m...

The main aim of this paper is to compare data envelopment analysis (DEA) and stochastic frontier analysis (SFA) methods by estimating technical efficiency in the manufacturing industry in the selected provinces of Turkey by using panel data for the period 1990-1998. The comparison of the efficiency scores obtained from these two methods show that t...

The aim of this study is two-fold. Firstly, this study examines the size distribution of cities by using Zipf’s law. The second objective of this study is to investigate the effects of determinants of urban growth in Turkey by using the data for the 1980–2007 time period. The main findings of the study show that there is some evidence that Zipf’s la...

Purpose Using data from Turkey, this paper seeks to investigate whether relative price changes can help to explain the Phillips Curve relationship between inflation and output. Design/methodology/approach Building on work by Ball and Mankiw, the paper includes measures of the variance and skews of relative price adjustment in an otherwise standard...

This paper investigates the existence of oil pass-through to inflation for Turkey covering the period February 1996-May 2007. Oil price-augmented Phillips curves are estimated with linear and Markov regime-switching models. Markov regime-switching models reveal the asymmetric structure of oil pass-through and indicate the existence of two different...

In this paper using various trimmed mean estimators we aim to compute robust measures of core inflation for Turkey. For this purpose we use monthly 75 cross-sectional components of HICP (Harmonized Indices of Consumer Prices) at three digits covering the period 1996:01-2007:05. Although we find that all exclusion based measures are unbiased predict...

The effect of public capital on regional output and private sector productivity has been the subject of considerable research in the field of regional development literature. However, there have been only a few studies that develop linkages between public capital and regional economic convergence. This study examines the dynamic effects of public c...

This paper investigates distribution of inflation items using various measures of skewness and kurtosis for Turkey covering the period 1996-2007. Considering sensitivity of traditional distribution measures to outlying observations robust skewness and kurtosis are also computed as a novelty. Analysis results mainly reveal that inflation components...

This paper investigates distribution of inflation items using various measures of skewness and kurtosis for Turkey covering the period 1996-2007. Considering sensitivity of traditional distribution measures to outlying observations robust skewness and kurtosis are also computed as a novelty. Analysis results mainly reveal that inflation components...

Tourism has become an important sector in Turkey as a growing source of foreign exchange reserves and employment over the last two decades. After being one of the most important tourist destinations for decades, Izmir lost its relative importance after the 1990s. With its historical, cultural values and nature, Izmir still has a significant potenti...

This article, presents empirical evidence supporting instability of the Phillips curve in Turkey. We employ the multiple structural break models and the Markov-switching models and then evaluate the performance of the two models. The data pertain to the monthly inflation rate in Turkey for the period of 1987 to 2004. The results show that the Turki...

We consider the effects of using residuals from robust regression in place of OLS residuals in test statistics for the normality of the errors. We find that this can lead to substantially improved ability to detect lack of normality in suitable situations. Using simulations, we find that situations where a small subpopulation exhibits characteristi...

This paper investigates possible determinants of currency crises in Turkey. We use three different techniques—namely, the signaling approach, structural model, and Markov switching model with monthly data for the period 1992-2004. The results show that money market pressure index, real-sector confidence index, and public-sector variables are signif...

This paper investigates the spillover effects of public capital formation on the Turkish private manufacturing industry at the regional level over the period 1980–2000. The aggregate effects of public capital cannot be captured entirely from the direct effects of public capital installed in the region itself. Spillovers are also an integral part of...

This paper investigates possible determinants of currency crises in Turkey. We use three different techniquesânamely, the signaling approach, structural model, and Markov switching model with monthly data for the period 1992-2004. The results show that money market pressure index, real-sector confidence index, and public-sector variables are signif...

This paper investigates the effects of using residuals from robust regression in place of OLS residuals in test statistics for the normality of the errors. It is found that for systematic and clustered outliers, robustified normality tests yield greater power.

The main aim of this paper is to compare and analyse the performance of total factor productivity (TFP) in the European Union (EU) countries and Turkey over the period 1975-1997. This study also investigates the possible impact of membership on productivity in Turkey by evaluating the performance of the new member countries, namely, Greece, Portuga...

This article investigates the impact of public capital formation on private manufacturing sector performance in the seven geographical regions of Turkey and in aggregate. A vector autoregression (VAR) model has been employed to estimate long run accumulated elasticities of private sector variables with respect to public capital for the time period...

The aim of this paper is to investigate the performance of the Phillips curve to forecast inflation in a high inflation emerging market country by taking Turkey as a case. For this purpose, we compare the forecasting performance of the Phillips curve with alternative time series models, namely, the univariate ARIMA model, vector autoregression and...

This paper measures technical efficiency and technical and total factor productivity changes by estimating a translog stochastic frontier production function for the Turkish manufacturing industry in selected provinces. This method incorporates technical change and has time-varying technical efficiency effects. The stochastic frontier function was...

This paper investigates the impact of public capital formation on private manufacturing sector performance at national and regional level in Turkey. We employ vector autoregression (VAR) model for the time period 1980-2000. The results show that public capital affects private output positively in many regions and in aggregate. The results also reve...

We attempt to investigate the effects of using residuals from robust regression replacing OLS residuals in test statistics for the normality of the errors. We have found that this can lead to substantially improved ability to detect lack of normality in suitable situations. We derive the asymptotic distribution of the robustified normality test as...

One of the main concerns of the studies dealing with competitiveness and growth accounting is productivity. However, the overall consideration of productivity on the national level leads us to ignore the fact that productivity rates may diversify among regions within a country. A comparative analysis of productivity on the regional level might prov...

This paper extends the government optimum expenditure financing model by incorporating the effects of both the government's political orientation and the central bank's independence. For the panel data of fourteen OECD countries for the period from 1974 to 1997, this paper shows first that countries with higher levels of central bank independence g...

One of the main concerns of the studies dealing with competitiveness and growth accounting is productivity. However, the overall consideration of productivity on the national level leads us to ignore the fact that productivity rates may diversify among regions within a country. A comparative analysis of productivity on the regional level might prov...

The main aim of this paper is to estimate total factor productivity (TFP) change of the private and public sectors in the manufacturing industry in the selected provinces of Turkey by using panel data for the period 1990-1998. We employ data envelopment analysis (DEA) to compute Malmquist productivity indices, which are decomposed into two componen...