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Article Citation - WoS: 17Citation - Scopus: 17Productivity and Growth in an Unstable Emerging Market Economy: the Case of Turkey, 1960-2004(Routledge Journals, Taylor & Francis Ltd, 2009) Ismihan, Mustafa; Metin-Ozcan, KivilcimThis 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 - WoS: 11Citation - Scopus: 13The Banking Sector, Government Bonds, and Financial Intermediation: The Case of Emerging Market Countries(M E Sharpe inc, 2010) Ozkan, F. Gulcin; Kipici, Ahmet; Ismihan, MustafaThis 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 - WoS: 4Citation - Scopus: 5A Useful Framework for Linking Labor and Goods Markets: Okun's Law and Its Stability Revisited(Edward Elgar Publishing Ltd, 2016) Ismihan, MustafaThis 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.
