Browsing by Author "Ozkan, F. Gulcin"

Now showing 1 - 4 of 4

Citation - WoS: 11
Citation - Scopus: 13
The Banking Sector, Government Bonds, and Financial Intermediation: The Case of Emerging Market Countries
(M E Sharpe inc, 2010) Ozkan, F. Gulcin; Kipici, Ahmet; Ismihan, Mustafa; Department of Business; 17. Graduate School of Social Sciences; 01. Atılım University
This 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.
Citation - WoS: 2
Citation - Scopus: 2
A Note on Public Investment, Public Debt, and Macroeconomic Performance
(Cambridge Univ Press, 2011) Ismihan, Mustafa; Ozkan, F. Gulcin; Department of Business; 17. Graduate School of Social Sciences; 01. Atılım University
This 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.
Citation - WoS: 1
Citation - Scopus: 3
Political Instability, Public Investment and Macroeconomic Performance
(Economics Bulletin, 2005) Ismihan, Mustafa; Ozkan, F. Gulcin; Department of Business; Department of Business; 17. Graduate School of Social Sciences; 01. Atılım University
This paper attempts to provide a framework to explain both the lower share of current spending in large fiscal adjustments and the potential expansionary effects of fiscal contractions. We distinguish between current spending and productivity enhancing public investments and analyze the potential determinants of the policy maker's choice for the composition of overall public spending. Using this framework, we also link the overall macroeconomic performance to the public spending decisions. Our results suggest that raising current spending at the expense of public investment is associated with less favourable performance in terms of not only inflation and output but also, interestingly, future 'current' spending.
Citation - WoS: 27
Citation - Scopus: 27
Public Debt and Financial Development: a Theoretical Exploration
(Elsevier Science Sa, 2012) Ismihan, Mustafa; Ozkan, F. Gulcin; Department of Business; 17. Graduate School of Social Sciences; 01. Atılım University
In 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.