Suchergebnisse

Sukuk markets have made significant progress both in terms of market volumes and international awareness in recent years. These financial products are specially designed for investors who avoid interest gain. On the other hand, it is an ongoing issue in the literature whether these markets are a useful alternative for conventional fixed income investors as well. Our main purpose is to explore sukuk market as an investment alternative for conventional fixed income market investors' points of view. Since the integration of assets is one of the key criteria for portfolio investments, this study investigated the long-term comovements between sukuk and other fixed-income indexes via Johansen and Engle-Granger cointegration technique. To proxy international fixed income portfolio, international bond indexes which are prepared by FTSE (Financial Times Stock Exchange Group) are employed. Besides, the vector error correction model is also applied to deepen the results. According to the findings, there is a limited causality in the long run between sukuk markets and conventional bond markets. This can make international sukuk assets highly beneficial diversification alternative to conventional bond portfolios. The study aims to contribute to the literature by examining the benefits of sukuk markets as an investment alternative to conventional, wide-range fixed income markets.

Bu makale esas olarak, 1993-2020 döneminde, Borsa İstanbul'da işlem görmek üzere yapılan ilk halkaarzların, kısa ve uzun dönemli performanslarının incelenmesini kapsamaktadır. 1993-2020 döneminde ilk halka arzını gerçekleştirmiş ve bu araştırma kapsamına alınmış şirketlerin sayısı 347'dir. İncelemede elde edilen bulgular diğer gelişmiş ve gelişmekte olan piyasalara paralel olarak Borsa İstanbul'da da kısa dönem düşük fiyatlama, uzun dönem düşük performans olgusunun geçerli olduğunu, ilk halka arzların kısa dönemde yüksek performans gösterdiğini ve uzun dönemde istatiksel olarak aşırı getiri elde etmenin mümkün olduğunu göstermektedir. Diğer bir deyişle, araştırmada elde edilen sonuçlar, uluslararası literatüre paralel biçimde, ilk halka arzlarda uzun dönemde (36 ay) aşırı getiri elde etmenin mümkün olduğu ve aşırı getirinin işaretinin negatif olması dolayısıyla da uzun dönemde düşük performans olgusunun Türkiye'de de geçerli olduğuna kanıt
sunmaktadır. Ayrıca, 1993-2020 inceleme döneminde, ilk gün getirileri, dönemsel olarak farklılık göstermekle birlikte, piyasaların canlı veya durgun (hot market-cold market) olduğu dönemlere göre belirgin bir farklılık göstermemektedir.

The economic and social costs of the COVID-19 pandemic affect society, individual investors, policy makers and all financial market participants. The COVID-19 pandemic has created shock waves in financial markets, as well as commodity prices, including oil, and the real economy. This study analyzes the short-term and long-term relations among the number of total COVID-19 cases, USA stock price index, crude oil price and economic policy uncertainty index for USA, based on daily figures between 31.12.2019 and 30.11.2020. The results of the study indicate that there are short-term and long-term cointegration between economic policy uncertainty index determinants in USA. Long-term elasticities project that a 1% increase in the number of COVID-19 cases would lead to an increase of 0.086% in USA economic policy uncertainty index, and an increase of 1% in crude oil price would lead to a decrease of 0.410% in USA economic policy uncertainty index and an increase of 1% in USA stock price index would lead to a 3.167% decrease in USA economic policy uncertainty index.

The American ten-year bond market, which is of great importance for financial markets, is a leading indicator for asset prices and other macroeconomic indicators. In the study, the cointegration causality relationship between the weekly data of 2021:01-2022:02 and the US ten-year bond interest rates and crude oil prices was examined. As a result of Johansen cointegration and Granger causality tests, it was concluded that there is a long-term relationship between the American ten-year bond interest rates and crude oil prices in the analyzed period, and that the long-term deviations are short-term due to the negative vector error correction coefficient. In addition, as a result of the Granger causality test, it was determined that there is causality from the American ten-year bond interest rates to the crude oil prices. The conclusion that the US ten-year bond interest rates dominate the markets has been confirmed.

The impact of rising economic activity, which increases with international economic relations and globalization, on environmental degradation has been subjected to many studies in the literature. Consequently, numerous factors that have both positive and negative impacts on the environment are included in a number of research. Using a sample of BRICS nations and controlling factors for income, population, and urbanization, our study examines the impact of economic disparity on the environment. In our study using the STIRPAT model, second-generation unit root, panel cointegration, and long-run coefficient tests were applied in light of the findings from the cross-sectional dependency and homogeneity tests. The variables behave jointly over the long term, which indicates that there is a cointegration link between the variables, according to the findings of the panel cointegration test that was conducted. Long-term coefficient estimate throughout the panel's data reveals that while CO2 emissions are increased by income disparity and per capita income, they are decreased by population. No significant relationship was found for the whole panelbetween the urbanization variable and the environment. When individual nations are taken into account, it is determined that India's income disparity causes a rise in CO2 emissions.

Bu çalışmanın amacı, 1990 ve 2005 yılları arasında OECD ülkelerinde ikiz açıklar teorisinin temelini oluşturan bütçe açıkları ve dış ticaret açıklarının iktisat politikası açısından CADF ve CIPS testlerini analiz etmektir. Bu amaçla 29 OECD ülkesinde bütçe açığı ve dış ticareti açık aylık verileri GAUSS programı yardımıyla incelenmiştir. CIPS testlerinin sonucuna göre 29 OECD ülkesi dış ticareti açıkları ve bütçe açıkları verileri birim köke sahip değildir yani uzun dönem ve kısa dönem iktisat politikası geliştirilebilir. CADF testi sonuçlarına göre ise bütçe açıklarında Kanada, Finlandiya, Almanya, Kore, Yunanistan, İtalya, Norveç, İngiltere serileri durağandır. Dış ticareti açıklarında ise Macaristan, Japonya, Hollanda, Norveç, Portekiz serileri durağan çıkmıştır. Bu ülkeler için iktisat politikası gerçekleştirilebilir. Eş bütünleme testi yapıldığında ise cari işlem açıkları ve bütçe açıklarının uzun dönemde dengeye ulaşabilecekleri görülebilmektedir. ; The aim of this paper is to analyze the CADF and CIPS tests of budget deficit and foreign trade deficit that underlie the twin deficit, in terms of economic policy. For this purpose, in 29 OECD countries, the monthly data of budget deficit and foreign trade deficit is analyzed by using GAUSS program. According to the results of CIPS tests, the data ofbudget deficit and current account of deficit of 29 OECD countries do not have unit root. This means thatshort term and long term economic policies can be built up. On the other hand, according to the CADF testresults, the series of budget deficit in Canada, Finland, German, Korea, Greece, Italy, Norway, and England are stationary. But, inforeign trade deficit, the series of Holland, Japan, Norway and Portugueseare stationary. An economic policy can be built up for these countries. Also, as a result of twin deficit test, it can be concluded that the foreign trade deficit and the budget deficit can reach stability in long term.

Uluslararası sistem, 1648 Vestefalya Barış anlaşması ile değişime uğramıştır, savaşmak yerine diplomatik ilişkilere önem verme, güç dengesi sistemi ile Avrupa daki tüm güçlerin varlığı korunmuştur. Sistemde etkili olan güçler ve bu güçlerin Avrupa hakimi olmak için verdikleri mücadele değerlendirilmiş, devlet ve egemenlik kavramları sistemin yapısını değiştirmeye başlamıştır. İmparatorun ve kilisenin etkinin azalması ile birlikte, halkların bağımsızlığı fikri yayılmaya başlamış, Fransa'da başlayan ihtilal tüm Avrupa'yı etkilemeye başlamış, güç dengesi sistemi bozulmuş, Avrupalı güçler Fransa'ya ve ihtilal fikirlerine karşı ittifak oluşturarak uzun süren savaşlara başlamışlardır. Napolyon Bonaparte'ın ortaya çıkması ile monarşi tekrar güç kazanmaya başlamış, Napolyon'un aşırı hırslı olması uzun süre başarılı olmasını engellemiştir, yapılan savaşlar sonrası Fransa yenilmiş ve 1815 Viyana Kongresi ile sistem tekrar değişime uğramış, güç dengesi sistemi ve diplomasi tekrar kullanılmaya başlamıştır. Uluslararası sistem 1648 ve 1815 yılları arasında birçok konuda dönüşüme uğramıştır. ; The international system was changed with 1648 Westphalia Peace, diplomacy relationship had been important than the war, all the Actor?s existance in europe was protected with power balance system. The effective Actors in system and these Actors performances to be the sage of the Europe was appreciated , goverment and hegenomy notions started to change the system?s structure.with reducting of the emperor?s and church?s effects, the idea of the populations? independences started to be spread. The revoluation which was started in France started to effect the all Europe,.the power balance was upsetted,.Europe Actors were setted to France and revoulation idea and started to long term wars.again the monarchy started to be powerfull with the apperance of the Napoleon Bonaparte. Napoleon?s ambition was blocked his success to a long time.after the long term wars France was defeated and system was again changed power balance system and diplomacy started to be use.the international system was changed about too much subject between 1648 and 1815.

Iran-China cooperation is not one-dimensional that based only on the economic interests of the two parties. It has other dimensions such as seeking new strategies to minimize the domination of the United States in Central Asia and the Middle East to ensure the efficient operation of their future political, economic, and strategic policies. In 2013, with the declaration of the Belt and Road Initiative (BRI), Iran-China cooperation increasingly became more critical for the two countries' political, national, and international interests. To this end, Iran and China have decided to sign a long-term (25 years) strategic cooperation agreement and Iran was admitted to the Shanghai Cooperation Organization (SCO) as a full member in September 2021. Since Iran and China have common interests in political, economic, security, and military cooperation, it is predicted that the strategic and long-standing cooperation between Iran and China will be one of the most significant factors to change the balance of the Middle East and Central Asia both politically and economically. From this point of view, this study aims to explore the dynamics affecting Iran-China strategic cooperation and analyze the core factors behind this rapprochement.

As the speed and dimensions of globalization increase, it has become more important to evaluate local and global processes in a harmonious manner in leadership processes. Having a global perspective is seen as the key to sustainability. There are many studies on the leaders who have taken place in Turkey so far. However, in the research on the leadership of Recep Tayyip Erdoğan, whose leadership process is still ongoing in terms of the leadership model in the history of the Republic of Turkey, new research is needed, especially in the context of global leadership qualities. For this reason, a total of 34 interviewers, 29% of whom were experts at doctorate level or above, were reached through semi-structured interview questions. The results of the research reveal that Erdogan basically displays a proactive foreign policy in the axis of global leadership and develops an independent policy against imperialism and westernization in Turkey. Interviewers generally stated that Erdogan adopts an approach that serves world peace. In addition, among the themes discovered, there are the unifying approaches that support each of the Turkic republics and Islamic countries, the sympathy of peoples outside of Turkey, and the respectability of world leaders. Among the leading personal leadership features, such as rhetoric, charisma, hardworking, being a follower of work, taking risks, being courageous, having quick insight, and having a strong memory have emerged. It has been discovered that Erdogan's personal and value-oriented characteristics are in harmony with each other. The results support the results of previous studies.

This study examines conceptually the relationship between sustainable security approach and public administration. Sustainable security represents the latest approach to security understanding within sustainable development policy which establishes a causality relationship between security and development. According to sustainable security approach, the focus should be on developmental and environmental root causes that undermine security conditions of individuals and communities, rather than on merely security issues and the state. In this respect, sustainable security approach contends that national security paradigm and pertinent security organization should change accordingly. The study first examines sustainable security approach drawing upon pertinent literature and policy documents. Then it discusses its implications for public administration. In this context, as an emerging security approach, sustainable security points to a long-reaching security organization in public administration, which relies on strategic management and foresight, and where coordination and policy coherence come to forefront. It can be asserted that sustainable security organization will be shaped by a public policy process which is multidisciplinary and integrated, in addition to the balances between effectiveness and accountability as well as between short-term and long-term. It is likely that a relevant security ethics will emerge and the relationships of both "economics-security" and "urbanization-security" as well as urban security policies will come to the fore. ; Bu çalışma, sürdürülebilir güvenlik yaklaşımı ve kamu yönetimi arasındaki ilişkiyi kavramsal olarak incelemektedir. Sürdürülebilir güvenlik, kalkınma ile güvenlik arasında nedensellik ilişkisi kuran sürdürülebilir kalkınma politikası içerisindeki en son güvenlik anlayışını temsil etmektedir. Sürdürülebilir güvenlik yaklaşımına göre, sadece güvenlik sorunlarına ve devlete odaklanmak yerine bireylerin ve toplulukların güvenlik koşullarını olumsuz etkileyen, kalkınma ve çevre sorunlarına ilişkin kök nedenlere odaklanılmalıdır. Bu yönüyle, sürdürülebilir güvenlik ulusal güvenlik anlayışının ve buna ait ulusal güvenlik örgütlenmesinin değişimini talep etmektedir. Çalışma öncelikle sürdürülebilir güvenlik yaklaşımını ilgili literatür ve politika belgelerinden incelemekte; daha sonra bu yaklaşımın kamu yönetimi bağlamında sonuçlarını tartışmaktadır. Bu kapsamda, sürdürülebilir güvenlik henüz gelişmekte olan bir yaklaşım olarak kamu yönetiminde uzun vadeli, stratejik yönetim ve uzgörüye dayanan, eşgüdüm ve politika uyumunun öne çıktığı bir güvenlik örgütlenmesine işaret etmektedir. Sürdürülebilir güvenlik öğütlenmesini ise, etkililikhesapverebilirlik ve kısa vade-uzun vade dengeleri yanında çok disiplinli ve bütünleşik bir kamu politikası sürecinin biçimlendireceği ileri sürülebilir. Bu güvenlik yaklaşımı çerçevesinde güvenlik etiğinin gelişmesi; yönetimde "ekonomigüvenlik" ve "kentleşme-güvenlik" ilişkileri ile kentsel güvenlik politikalarının öne çıkması olası görülmektedir.

Bu çalışmada literatürde büyük bir tartışma konusu teşkil eden bütçe açığı ile cari işlemler açığı arasındaki ilişki Geleneksel ve Ricardocu Yaklaşımlar açısından ele alınmaya çalışılmıştır. Çalışmada bütçe açığı ile cari işlemler açığı arasındaki ilişki 2006:01-2010:12 verileri ile sınır testi, VAR analizi ve Granger Nedensellik Testi kullanılarak uygulamalı olarak test edilmiştir. Çalışmada cari işlemler açığının dış ticaret açığına eşit olduğu varsayılmıştır. Sınır testi yaklaşımına göre uzun dönemde söz konusu iki açık arasında bir ilişki olmadığı bulgusuna ulaşılmıştır. Bu sonuç Ricardocu yaklaşım ile uyumludur. Kısa dönemli dinamiklerin ortaya konulması için yapılan VAR analizi sonuçlarına göre, bütçe açığı ve cari işlemler açığı arasında iki yönlü bir ilişki vardır. ; In this study, it was aimed to determine the relationship between the budget deficit and current account deficit, which constitutes a major subject of discussion in the literature, in terms of traditional and Ricardian approaches. The relationship between the budget deficit and the current account deficit with data from 2006:1-2010:12 has been tested empirically by employing bound test, VAR analysis and Granger causality test. The current account deficit is assumed to be equal to the foreign trade deficit. According to bound testing approach, it was found that there is no relationship between these two deficit in the long run. It is consistent with the Ricardian approaches. The results of the VAR analysis for establishment of short-term dynamics of the budget deficit and current account deficit show that there is bi-directional relationship.

One of the questions in social science is about the relationship between theory and practice. It goes back to the ancient Greek philosophers whose world was strictly separated into polis and oikos. The actors of polis were engaged in the formation of a democratic society requiring active action in the sense of vita activa. According to Arendt, with the decline of the polis and the emergence of the new forms of the society, vita activa was initially set in opposition to vita contemplativa and then later devalued in favour of vita contemplativa. However, with Galilei and Kant, there has been a counter-movement, which no longer understood theory as isolating oneself from the world but as shaping social realities. Theory and practice are joined today by the concept of research. The relationship between theory and practice will be examined initially within a historical perspective offering the genesis. Then the features of some institutions are discussed in terms of their communications with theory and practice and redefined accordingly.

In recent years, Kurdish folklore has seen extensive research and significant progress in analysis and classification. However, despite the magnitude and abundance of Kurdish folklore, scientific studies on the definition, differentiation, and determination of literary boundaries in oral literature genres have been inadequate. The most problematic issue in studies on Kurdish folklore has been the identification of specific genres and what to call them. The narrative genres are especially prone to obfuscate definitive genres and literary boundaries. Narrative types are long Kurdish narratives: epos (epic), bayt (with metres), and narrative songs (storytelling). Although the narrative types are divided into plain verse, plain prose, and verse-prose, plain prose is not examined in this article the aim of which is to introduce narrative genres per se, determine their literary boundaries, and reveal their characteristics. For this, the forms of epos, bayt, and narrative songs are compared and their similarities and differences are determined in terms of content, shape, performer, motif, theme, geography, and cultural region.

Küresel ticaretin artmaya başladığı ve sermaye akımlarının ülkelerarasında serbestçe dolaşmaya başladığı 1980'li yıllardan itibaren ortayaçıkan önemli ekonomik olgulardan birisi de ikiz açık hipotezidir. İkiz açıkhipotezi, bütçe açıkları ile cari açığın birbirlerini etkilemesi olaraktanımlanmaktadır. Keynesyen yaklaşım, bütçe açıkları ile cari açıkarasında ilişki olduğunu savunurken, Ricardo Denklik hipotezi ise, bütçeaçığı ve cari açık arasında ilişki olmadığını savunmaktadır. Buçalışmada, Türkiye'de 2006:Q1-2018:Q2 döneminde ikiz açık hipoteziningeçerli olup olmadığı zaman serisi analizi yöntemiyle incelenmiştir. Bukapsamda, Johansen eşbütünleşme analizi, hata düzeltme modeli, etkitepki fonksiyonları ve varyans ayrıştırma yöntemleri kullanılmıştır. Eldeedilen bulgulara göre, Türkiye'de 2006:Q1-2018:Q2 döneminde bütçeaçığı ile cari açık arasında uzun dönem ilişkinin olduğu ve dolayısıyla ikizaçık hipotezinin geçerli olduğu tespit edilmiştir. Hata düzeltme düzeltmemodeli sonuçlarından elde edilen bulgulara göre, uzun dönemdemeydana gelecek sapmaların 'sının her dönem düzeltildiği, kısadönemde bütçe açığında meydana gelecek %1'lik artışın cari açıküzerinde %-0.29'luk azalma yaratacağı tespit edilmiştir. Etki-Tepkifonksiyonlarından elde edilen bulgulara göre, bütçe açığı değişkenin, cariaçık değişkeninde meydana gelecek değişimlere daha duyarlı olduğu, cariaçık değişkenin modelde daha belirleyici değişken olduğu tespitedilmiştir. Varyans ayrıştırma sonuçlarından elde edilen bulgulara göre,cari açık değişkeninin, bütçe açığı değişkenin üzerindeki değişimleri dahafazla açıkladığı tespit edilmiştir. Etki-tepki fonksiyonları ile varyansayrıştırma sonuçlarının benzerlik taşıdığı tespit edilmiştir. ; One of the important economic phenomena that emerged from the 1980s during which global trade began to increase and capital flows began to move freely among the countries was the twin deficits hypothesis. Twin deficits hypothesis is defined as the fact that the budget deficits and the current account deficit affect each other. While the Keynesian approach argues that there is a relationship between budget deficits and the current account deficit, Ricardo Equivalence hypothesis argues that there is no relationship between budget deficits and the current account deficit. In this study, whether the twin deficits hypothesis was valid during the 2006:Q1-2018:Q2 period in Turkey was examined by the time series analysis method. In this context, Johansen cointegration analysis, vector error correction model, impulse-response functions and variance decomposition methods were used. According to the results obtained, it was determined that there was a long-term relationship between budget deficits and the current account deficit and therefore the twin deficits hypothesis was valid during the 2006:Q1- 2018:Q2 period in Turkey. According to the findings obtained from the results of vector error correction correction model, 26% of the long-term deviations were corrected in each period and the 1% increase in the budget deficit in the short term would create a decrease of -0.29% on the current account deficit. According to the findings obtained from the Impulse-Response functions, it is determined that the budget deficit variable is more sensitive to the changes in the current deficit variable and the current deficit variable is the more determinative variable in the model. According to the findings obtained from variance decomposition results, it is determined that the current deficit variable explains the changes in the budget deficit more than the variable. It was determined that the impulse-response functions and the variance decomposition results were similar.