Asuman Oktayer

This paper examines the impact of globalization and liberalization on wage inequality using the KOF globalization index, the Economic Freedom Index (EFI) of the Fraser Institute and the Theil industrial pay inequality statistic compiled by the University of Texas Inequality Project (UTIP). Both static and dynamic fixedeffects models are estimated using a 5-year panel data set consisting of about 90 developed and developing countries for the 1970-2005 period. Estimation results from the dynamic panel data specification suggest that wage inequality has a significant and slowly changing component. The overall KOF and EFI indexes are found to be statistically insignificant in the full sample, but the results show that economic freedom is associated with more wage inequality, especially in Organisation for Economic Co-operation and Development (OECD) countries. The estimation results from country groups indicate that more deregulation is associated with more earnings inequality in OECD c...

... Koru ve Özmen (2003) en geniş (M2Y) ve en dar (dolaşımdaki para) para tanımlarının yer aldığı iki model ele almışlardır. Uyguladıkları ampirik metotlar sonucunda elde ettikleri bulgu, Türkiye'de enflasyonun temelinde bütçe açıklarının yattığı yönündedir. ...

Ilk kez 1883 yilinda Wagner tarafindan ifade edilen kamu harcamalari ve ulusal gelir iliskisi, literaturde uzun suredir hem teorik hem de ampirik alanda tartisma konusu olmustur. Bu calismanin amaci Wagner kanununun Turkiye icin gecerliligini 1950-2009 donemine ait veriler kullanarak test etmektir. Kanun, uzun donemde, kamu harcamalarindaki artisin gorece ulusal gelirdeki artisa gore daha hizli olacagini ifade eder. Kanunun gecerli oldugu durumda, nedensellik iliskisinin ulusal gelirden kamu harcamalarina dogru olmasi gerekmektedir. Esbutunlesme ve vektor hata duzeltme yontemleri kullanarak yaptigimiz ampirik sinamada elde ettigimiz sonuclar, kanunun ele alinan bes versiyonunda hipotezin gecerli oldugunu gostermektedir.

Sosyal guvenlik reformunun bir parcasi olan Bireysel Emeklilik Tasarruf ve Yatirim Sistemi 2001 yilinda yururluge girmistir. Soz konusu uygulamanin yururluge girmesi sosyal guvenlik alaninda onemli bir kilometre tasi olarak kabul edilmektedir. Bireysel emeklilik sistemi sosyal guvenlik reformunun bir parcasi olmakla birlikte yalnizca bu amaca hizmet etmekle kalmaz, bununla birlikte finansal sistemin gelismesinde de onemli bir rol oynar. Emeklilik fonlarinin portfoy dagilimi, soz konusu sistemin finansal piyasalar uzerindeki etkisinin en onemli belirleyicilerindendir. Bu calismanin amaci, Turkiye’de ozel emeklilik fonlarinin portfoy yapisindan hareketle, soz konusu sistemin finansal derinlesme uzerindeki muhtemel etkilerini incelemektir.

In this paper validity of the Fiscal Theory of Price Level in Turkey is investigated by using quarterly data and by applying Johansen cointegration test, vektor error correction model and impulse-response functions. The empirical analysis is applied over the period of 1988.4-2013.1 and the subperiods of 1988.4-2001.1 and 2001.2-2013.1. Empirical evidence related to the period of 1988.4-2001.1 indicates a non-Ricardian regime in Turkey, whereas it shows the validity of a Ricardian regime for the period 2001.22013.1. The findings related to the whole period, 1988.4-2013.1, imply that the effects of the economic policy implementation related to 1988.4-2001.1 period outweigh the effects of 2001.2-2013.1 period, meaning the validity of a non-Ricardian regime for the whole period as well.

This paper investigates the relationship between financial development and economic growth for developed and developing countries comparatively. The impacts of both stock markets and banks on economic growth are examined by using a panel data set of 21 developing and 16 developed economies for the period 1975-2006. Generalized method of moments technique developed for dynamic panel is applied. While the results of the econometric evidence relevant to developing economies indicate that both stock markets and banks positively influence the economic growth, the results of econometric evidence relevant to developed economies indicate that only stock markets positively influences the economic growth.

This paper investigates the relationship between financial development and economic growth for developed and developing countries comparatively. The impacts of both stock markets and banks on economic growth are examined by using a panel data set of 21 developing and 16 developed economies for the period 1975-2006. Generalized method of moments technique developed for dynamic panel is applied. While the results of the econometric evidence relevant to developing economies indicate that both stock markets and banks positively influence the economic growth, the results of econometric evidence relevant to developed economies indicate that only stock markets positively influences the economic growth.

... Empirical results obtained from the cointegration and vector error correction tests indicate that all five versions of the Law that we use in this study support the Law. Key Words:Wagner's Law, Growth, Public Expenditures, Causality, Cointegration ...

The purpose of this study is to analyse the relationship between government expenditure andeconomic growth in Turkey. The study tests the validity of Wagner´s law by applying autoregressive distributed lag (ARDL) cointegration technique using annual data over 1950-2010 period. In order to find out the possible impact of omitted variables, we first tested the standard bivariate versions of Wagner´s law. In the next step by including a third variable – inflation ratio - the analysis extended on a trivariate system. The findings of each testing procedure indicate that omitted variables matter. Since, while there exists no long-run relationship between the variables in the first step of the testing procedure, a long-run correlation is found in the second step. The differences of this paper from the earlier studies testing the Law for Turkey are that, the causal link is examined within a trivariate framework and non-interest government expenditure is considered instead of total governmen...

This paper examines the impact of globalization and liberalization on wage inequality using the KOF globalization index, the Economic Freedom Index (EFI) of the Fraser Institute and the Theil industrial pay inequality statistic compiled by the University of Texas Inequality Project (UTIP). Both static and dynamic fixed-effects models are estimated using a 5-year panel data set consisting of about 90 developed and developing countries for the 1970–2005 period. Estimation results from the dynamic panel data specification suggest that wage inequality has a significant and slowly changing component. The overall KOF and EFI indexes are found to be statistically insignificant in the full sample, but the results show that economic freedom is associated with more wage inequality, especially in Organisation for Economic Cooperation and Development (OECD) countries. The estimation results from country groups indicate that more deregulation is associated with more earnings inequality in OECD countries. The results from the models with subcomponents of the EFI imply that access to sound money has a negative effect on wage inequality. A more stable price system in an economy implies a more equal wage distribution in emerging markets (EM), non-OECD countries, and European Union (EU). The purpose of this paper is to empirically examine the relationship between within-country industrial wage inequality and composite indices of globalization and economic freedom using a crosscountry panel data set. Although there is a sizable literature on the nexus among globalization, liberalization, and inequality, many studies typically employ narrow measures of globalization and liberalization neglecting their multifaceted nature. Accordingly, the number of studies focusing on the impact of different dimensions of globalization and economic freedom on wage inequality is rather limited. Furthermore, the link between industrial earnings inequality and the extent and degree of economic freedom has not been examined in a crosscountry panel data context in the empirical literature. This paper aims to fill this gap. More specifically, this paper attempts to answer the following question: Is there a statistically and economically significant relationship between wage inequality and the measures of globalization and liberalization? To answer that question, we construct

This paper examines the impact of globalization and liberalization on wage inequality using the KOF globalization index, the Economic Freedom Index (EFI) of the Fraser Institute and the Theil industrial pay inequality statistic compiled by the University of Texas Inequality Project (UTIP). Both static and dynamic fixed-effects models are estimated using a 5-year panel data set consisting of about 90 developed and developing countries for the 1970–2005 period. Estimation results from the dynamic panel data specification suggest that wage inequality has a significant and slowly changing component. The overall KOF and EFI indexes are found to be statistically insignificant in the full sample, but the results show that economic freedom is associated with more wage inequality, especially in Organisation for Economic Cooperation and Development (OECD) countries. The estimation results from country groups indicate that more deregulation is associated with more earnings inequality in OECD countries. The results from the models with subcomponents of the EFI imply that access to sound money has a negative effect on wage inequality. A more stable price system in an economy implies a more equal wage distribution in emerging markets (EM), non-OECD countries, and European Union (EU). The purpose of this paper is to empirically examine the relationship between within-country industrial wage inequality and composite indices of globalization and economic freedom using a crosscountry panel data set. Although there is a sizable literature on the nexus among globalization, liberalization, and inequality, many studies typically employ narrow measures of globalization and liberalization neglecting their multifaceted nature. Accordingly, the number of studies focusing on the impact of different dimensions of globalization and economic freedom on wage inequality is rather limited. Furthermore, the link between industrial earnings inequality and the extent and degree of economic freedom has not been examined in a crosscountry panel data context in the empirical literature. This paper aims to fill this gap. More specifically, this paper attempts to answer the following question: Is there a statistically and economically significant relationship between wage inequality and the measures of globalization and liberalization? To answer that question, we construct

This paper examines the impact of globalization and liberalization on wage inequality using the KOF globalization index, the Economic Freedom Index (EFI) of the Fraser Institute and the Theil industrial pay inequality statistic compiled by the University of Texas Inequality Project (UTIP). Both static and dynamic fixed-effects models are estimated using a 5-year panel data set consisting of about 90 developed and developing countries for the 1970–2005 period. Estimation results from the dynamic panel data specification suggest that wage inequality has a significant and slowly changing component. The overall KOF and EFI indexes are found to be statistically insignificant in the full sample, but the results show that economic freedom is associated with more wage inequality, especially in Organisation for Economic Cooperation and Development (OECD) countries. The estimation results from country groups indicate that more deregulation is associated with more earnings inequality in OECD countries. The results from the models with subcomponents of the EFI imply that access to sound money has a negative effect on wage inequality. A more stable price system in an economy implies a more equal wage distribution in emerging markets (EM), non-OECD countries, and European Union (EU). The purpose of this paper is to empirically examine the relationship between within-country industrial wage inequality and composite indices of globalization and economic freedom using a crosscountry panel data set. Although there is a sizable literature on the nexus among globalization, liberalization, and inequality, many studies typically employ narrow measures of globalization and liberalization neglecting their multifaceted nature. Accordingly, the number of studies focusing on the impact of different dimensions of globalization and economic freedom on wage inequality is rather limited. Furthermore, the link between industrial earnings inequality and the extent and degree of economic freedom has not been examined in a crosscountry panel data context in the empirical literature. This paper aims to fill this gap. More specifically, this paper attempts to answer the following question: Is there a statistically and economically significant relationship between wage inequality and the measures of globalization and liberalization? To answer that question, we construct