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    Hidden cointegration among borsa istanbul sector indices
    (University of Teheran, 2021) Eyuboglu, Kemal; Eyuboglu, Sinem
    In this study, the cointegration relationship between the financial, industrial, services and technology indices in Borsa Istanbul is analyzed by employing the Johansen cointegration test and Hatemi-J and Irandoust (2012) hidden cointegration test. Daily data cover the period January 02, 2012, to September 24, 2018. While the Johansen cointegration test indicates no cointegration, the Hatemi-J and Irandoust test showed that there is a hidden cointegration among the four indices. Accordingly, an increase or decrease in the index prices will be effective in the formation of other index prices. Thus, it is not possible to diversify within the Turkish stock market. © University of Tehran.
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    Öğe
    Is the Feldstein-Horioka puzzle valid in lucky seven countries?
    (Routledge Journals, Taylor & Francis Ltd, 2020) Eyuboglu, Sinem; Uzar, Umut
    In recent years, seven countries, called lucky seven have come to the fore due to improvements in governance quality and economic growth. Thus, examining the investment-saving nexus, which is an important factor of sustainable growth, is very important in the creation of economic policies. In this paper, the nexus between savings and investments in lucky seven countries are examined during the period 1990-2017. Westerlund (2006) and Westerlund (2007) cointegration test results denote that savings and investments are cointegrated. Common correlated effects mean group (CCEMG) and augmented mean group (AMG) estimation results showed that savings have a significant and positive effect on investments in Indonesia, Mexico, and Poland. Konya (2006) panel causality test results indicate that there is causality running from savings to investments in India and Mexico. Asymmetric test results denote that there is causality from positive shocks of savings to positive shocks of investments in Colombia, India, Kenya, and Mexico. In terms of negative shocks, no causality is determined. The overall results show that the hidden Feldstein-Horioka puzzle is valid in some lucky seven countries.
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    New emerging market economies and the roles of energy use, financial development and socioeconomic aspects
    (Springer India, 2024) Eyuboglu, Sinem; Uzar, Umut; Alola, Andrew Adewale
    In recent years, emerging market economies have consistently achieved growth rates above the world average. In this study, the nexus among economic growth, energy consumption, industrialization, financial development, trade openness, and urbanization were tested over the period 1995-2019 for selected emerging countries (Colombia, India, Indonesia, Kenya, Malaysia, Mexico and Poland). The main findings of this study are as follows: The results showed that energy consumption, industrialization, and financial development positively affected economic growth for the entire panel. While trade openness negatively affected economic growth, urbanization was statistically insignificant. The Dumitrescu and Hurlin causality test results indicate bidirectional causality between energy consumption and economic growth. Economic growth and energy consumption are the causes of industrialization. Thus, it can be concluded that a low-cost energy supply will help maintain economic performance with incentive policies such as tax deductions and credits provided for producers in the examined countries.
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    Re-investigation of Financial Development on Income Inequality: An Empirical Analysis for G-20 Emerging Economies
    (Alexandru Ioan Cuza Univ Iasi Fac Economics & Business Adm, 2024) Umit, Asiye Oznur; Eyuboglu, Sinem
    This research examines effects of financial development, economic growth, government expenditures, urbanization, and trade openness on income inequality in the leading emerging economies 1989 to 2021. The findings confirm the existence of a cointegration nexus among the variables over the long-term. According to the common correlated effects mean group estimator, financial development has negative effects on income inequality in the panel. Factors such as government expenditures and trade openness demonstrate positive effects on income inequality. In the country-specific effects, we find that the impact of financial development on income inequality is negative and statistically significant in Argentina, India, and Russia. The influence of economic growth on income inequality is positive and significant in Indonesia, Mexico, and Turkiye. Government expenditures on income inequality appear to be positive in Argentina, Indonesia, and Mexico. Finally, trade openness demonstrates a positive and significant effect in India, Indonesia, Mexico, and Turkiye. Among the reasons for the differences in test results across countries are variations in their political structures, particularly the high inflation and macroeconomic instability in Turkey, the presence of the informal economy and corruption in Brazil, Indonesia, Turkey, and China, as well as regional inequalities. In this context, based on the overall panel test results, it is recommended that policymakers increase financial inclusion, reduce regional disparities, reduce corruption, increase social assistance, and balanced trade policy to enhance the impact of financial development on income distribution.