Erhan Uluceviz's research while affiliated with Gebze Technical University and other places

... Therefore, while the EPU index is relevance may be more pronounced when studying the effects of policy-related uncertainties on specific economic sectors or policy-driven events, the ADS index is more relevant when the impact of real economic shocks. Furthermore, the ADS index has been widely used and validated in empirical research, demonstrating its robustness and accuracy in capturing changes in business conditions (e.g., Diebold 2020; Uluceviz and Yilmaz 2021;Cenesizoglu 2022). It has been shown to have a strong correlation with key macroeconomic variables, such as GDP growth and industrial production. ...

... It is pertinent to state that interest in inter-sectoral and intra-sectoral connectedness within and across countries among scholars and practitioners intensified in the aftermath of the 2007-2009 GFC, which purportedly shed more light on the significance of connectedness in shock propagation (Uluceviz and Yilmaz, 2020) and macroeconomic instability (Minoiu et al., 2015). Claessens and Kose (2017) conclude that the near-crash of the global financial system and the deep contraction in the real sector in the heat of the crisis were mainly amplified by macro-financial linkages. ...

... In 2013, Russia's GDP was around 2.8% of global GDP; the total value of Russia's stock market in 2012 was around 1.5% of the world stock market value. 1 Russia's trading volume with the EU was approximately EUR 340 billion at that time 2 and the EU's GDP was approximately EUR 13,500 billion. 3 However, empirical studies have found evidence of strong dependence between Russia as one of the major raw-materials exporter along with its fellow BRIC (Brazil, Russia, India, China) country Brazil and the US markets, as well as a significant increase of connectedness among BRIC equity markets and with equity markets in the developed world beginning in 2005 (see Alou et al., 2011;Schmidbauer et al., 2013a). Bekiros (2014), investi- gating the spillover effects of the US financial crisis to the BRIC markets, also finds that " [...] almost all markets have become more internationally integrated after the US financial crisis and the consequent Eurozone sovereign debt crisis". ...

... Besides, political and security considerations regarding crude oil have also affected the trade in this commodity. Later, after the crude oil crisis in the 1970s, some countries tried to use trade agreements to reduce crude oil export restrictions [4]. Dependence on oil revenues in these countries will create dangerous conditions for oil exporters for four reasons: 1. ...

... Following the univariate wavelet decomposition of two time series x t and y t , crosswavelet analysis evaluates the similarity of W ave x (τ, s) and W ave y (τ, s) with respect to its periodic components and the development over time (Schmidbauer et al., 2017). The cross-wavelet transform is depicted by W ave xy (τ, s) = W ave x (τ, s)W ave ⋆ y (τ, s), where the complex wavelet coherency is defined as Γ xy (τ, s) = S(W avexy(τ,s)) √ S(W avexx(τ,s))S(W aveyy(τ,s)) provided that S denotes a smoothing operator in time and scale. ...

... The US stock market was a net volatility receiver in 2015 when oil prices historically plunged due to shale booming. Our findings are partially in line with Schmidbauer et al. (2016), who argue that Chinese and Russian stock markets contributed to the US stock market significantly. ...