Browsing by Author "Omay,T."

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Asymmetric Effects of Credit Growth on the Current Account Balance: Panel Data Evidence
(Springer Science and Business Media B.V., 2019) Ekinci,M.F.; Omay,T.; Economics; 05. School of Business; 01. Atılım University
Expanding current account balances (both surpluses and deficits) prior to the global economic crisis dominated academic and policy debates over the past decade. Understanding the role of credit growth on the current account balance has become a priority particularly with the rebalancing experience in the post-crisis period. In this study, we adopt a comprehensive framework by constructing an empirical model that accommodates asymmetric adjustments of current account balance to the changes in the total and household credit growth. We consider the asymmetric effects in two dimensions. When we discriminate between credit expansion and contraction episodes, our results show that credit growth has a stronger negative impact on the current account balance during credit expansion periods. Furthermore, negative effects of total and household credit growth on the current account balance are more pronounced during current account deficit episodes. © 2019, Springer Nature Switzerland AG.
Citation - Scopus: 2
Fiscal Sustainability From a Nonlinear Framework: Evidence From 14 European Countries
(Springer Science and Business Media B.V., 2019) Hasdemir,E.; Omay,T.; Department of Basic English (Prep School); International Trade and Logistics; Economics; 05. School of Business; 14. School of Foreign Languages; 01. Atılım University
This study examines the fiscal sustainability of 14 European Union (EU) Member countries in the long run. For this purpose, a linear Augmented Dickey Fuller (ADF) and a variety of nonlinear univariate unit root tests are applied to the debt-to-GDP series of the 14 EU Member countries; Belgium, Czech Republic, Denmark, Finland, France, Greece, Hungary, Italy, Netherlands, Poland, Portugal, Romania, Slovakia and Sweden. In addition to that, the nonlinear unit root tests applied in this study are classified according to the source of nonlinearities: (i) time dependent nonlinearity (structural break(s)), (ii) state dependent nonlinearity and (iii) hybrid nonlinearity. Thus, the nonlinearities and their sources in data generating process of debt-to-GDP series of every country can be determined. The findings of this study show that the null of linear unit root cannot be rejected for none of the countries by applying linear ADF whereas it can be rejected as a result of nonlinear unit root tests for considerable number of countries, i.e. 11 out of 14 countries exhibit time dependent nonlinearity, 6 out of 14 exhibit state dependent nonlinearity and 10 out of 14 exhibit hybrid nonlinearity in their relevant data. So, the source of nonlinearities in the relevant data differs according to the country. That is, for testing the fiscal sustainability, the nonlinearities in the data need to be taken into account. Ignoring the nonlinearities in the testing procedure can lead misleading results in the decision of fiscal sustainability in the long run. © 2019, Springer Nature Switzerland AG.
Nonlinearity in Emerging European Markets: Pre and Post Crisis Periods
(Springer Science and Business Media B.V., 2019) Aktan,C.; Omay,T.; Economics; 05. School of Business; 01. Atılım University
Investigating the efficiency of emerging markets has been a popular research trend in the past decade, showing implications on both the economy and the policies of the countries in question. Market efficiency, in other words, informational efficiency, states that if markets are fully efficient, then all information is instantly reflected the prices of stocks. However, there are many arguments for and against this theory, especially on the discussions of the 2008 Global Financial Crisis. These past studies are seen to be showing mixed results. It is important the note that there is a nonlinear movement among the stock prices within stock markets and this needs to be incorporated in the tests that are used to measure their efficiency in order to obtain more accurate results. Therefore, in this study, we have tested the weak form efficiency of the emerging markets located in Europe, namely, Czech Republic, Greece, Hungary, Poland, Turkey, and Russia. Effects of the 2008 Global Financial Crisis were put forward by taking two different time periods (Pre: November 2005–September 2008 and Post: October 2008–February 2019—Crisis) and applying newly developed nonlinear unit root tests. Results of the study supported previous research and showed that the efficiency of most markets changed in the post-crisis period from efficient to inefficient. © 2019, Springer Nature Switzerland AG.
Citation - Scopus: 44
Sharp and smooth breaks in unit root testing of renewable energy consumption: The way forward
(International Research Center for Energy and, 2018) Shahbaz,M.; Omay,T.; Roubaud,D.; Economics; 05. School of Business; 01. Atılım University
[No abstract available]