Browsing by Author "Ismihan, Mustafa"
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Article Citation Count: 11The Banking Sector, Government Bonds, and Financial Intermediation: The Case of Emerging Market Countries(M E Sharpe inc, 2010) İsmihan, Mustafa; Kipici, Ahmet; Ismihan, Mustafa; Department of BusinessThis paper develops an analytical framework to explore how financial-sector characteristics shape the terms and the scale of public borrowing in emerging market economies. We find that the more competitive the banking sector and the more liquid and deeper the deposit market, the better are conditions in the public securities market. We also show that the greater the central bank independence, the higher the cost of public borrowing. Furthermore, our results suggest that, in countries where banks rely significantly on foreign currency financing, the greater the government's reliance on bank lending, the greater is its exposure to exchange rate risk.Article Citation Count: 2A NOTE ON PUBLIC INVESTMENT, PUBLIC DEBT, AND MACROECONOMIC PERFORMANCE(Cambridge Univ Press, 2011) İsmihan, Mustafa; Ozkan, F. Gulcin; Department of BusinessThis paper provides an assessment of public capital spending within a macroeconomic policy model with explicit monetary and fiscal interactions, in contrast to most of the existing analyses of public investment that utilize "real" general equilibrium models. As such, we are able to consider the interactions of public investment with inflation, taxation, and public debt. Our results indicate that a clear trade-off exists between the costs and benefits of public investment, as is the case in the existing literature. However, the use of a monetary-fiscal policy model rather than a "real" general equilibrium one enables us to trace the macroeconomic channels including monetary ones through which these costs and benefits are transmitted to the rest of the economy. To the extent that these costs and benefits vary between countries, our results provide a potential explanation for the mixed empirical findings on the real effects of public capital spending.Article Citation Count: 20Productivity and Growth in an Unstable Emerging Market Economy: The Case of Turkey, 1960-2004(Routledge Journals, Taylor & Francis Ltd, 2009) İsmihan, Mustafa; Metin-Ozcan, Kivilcim; Department of BusinessThis paper explores sources of growth in the Turkish economy by performing growth accounting exercises over the 1960-2004 period and relevant subperiods. It also analyzes the role of a number of important policy-related factors, such as infrastructure investment, macroeconomic instability, and imports, on total factor productivity (TFP) by performing cointegration and impulse response analyses. The results suggest that both TFP and capital accumulation were crucial sources of growth during the sample period. Nevertheless, TFP growth displayed enormous variation from 1960 to 2004. The descriptive and empirical evidence suggests that TFP is positively affected by imports and public infrastructure investment and negatively affected by macroeconomic instability.Article Citation Count: 28Public debt and financial development: A theoretical exploration(Elsevier Science Sa, 2012) İsmihan, Mustafa; Ozkan, F. Gulcin; Department of BusinessIn countries where the government is the major recipient of bank lending, public debt is likely to harm financial development. Moreover, the lower the financial depth, the greater the adverse effects of public borrowing on financial development and macroeconomic outcomes. (C) 2012 Elsevier B.V. All rights reserved.Article Citation Count: 4Revisiting the finance-growth nexus: the Turkish case, 1980-2010(Routledge Journals, Taylor & Francis Ltd, 2017) Dinçergök, Burcu; Dincergok, Burcu; Cilasun, Seyit Mümin; İsmihan, Mustafa; Business; Department of BusinessIn Turkey, the empirical results on the link between financial development and economic growth are mixed. The existing studies do not take into account the fact that Turkey has experienced endemic political and economic instabilities over extended periods. This study aims to analyse the role of macroeconomic instability and public borrowing on the finance-growth nexus in Turkey by using time series econometric techniques over the 1980-2010 period. In doing so, we attempt to extend the existing literature by taking into account the role of macroeconomic instability as well as public borrowing. Our results reveal that there are additional - albeit indirect - channels between finance and growth via the effects of macro instability and public borrowing on financial development and economic growth. After taking into account the effects of overall instability and public borrowing, we found that growth-financial development relationship is bidirectional and permanent. In other words, in Turkish case, economic growth and financial development are jointly determined. Thus, our results shed some light on the ambiguity of the evidence on the link between financial development and economic growth for Turkey.Article Citation Count: 2A useful framework for linking labor and goods markets: Okun's law and its stability revisited(Edward Elgar Publishing Ltd, 2016) İsmihan, Mustafa; Department of BusinessThis paper introduces a useful framework for linking labor and goods markets. This framework enables us to provide a reasonable theoretical background to Okun's law and hence facilitates the decomposition of Okun's coefficient into several quantifiable and interpretable components that incorporate the main insights of Arthur Okun's original analysis and the traditional Keynesian view. The empirical decomposition exercise indicates that Okun's law has an inherent tendency to vary substantially over time and this provides a potential explanation to the empirical studies that have shed doubt on the stability of Okun's law.