Browsing by Author "Yanikkaya, H"

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    The effect of real exchange rates and their volatilities on the selected agricultural commodity exports: A case study on Turkey, 1971-2010
    Yanikkaya, H; Kaya, H; Kocturk, OM
    This study investigates the effect of the exchange rate volatility and the real exchange rate on the bilateral agricultural exports flows of Turkey to 46 countries. A panel data set, which contains 46 cross-sections and 1840 observations, is used for exports of the selected agricultural commodities to countries from 1971 to 2010. Our empirical results based on a gravity equation show that while the exchange rate volatility does not exert a significant effect on the Turkish agricultural commodity exports, the real exchange rate has a statistically significant effect on the agricultural commodity export flows. Regardless of the region chosen, raisins and tobacco exports are very much sensitive to the real exchange rates. It means that any depreciation in the Turkish Lira leads to higher exports for these commodities. We have also some interesting results on other commodities. Exports of dried figs show no sensitivity to the exchange rate or its volatilities, except for the EU countries. For the full sample, exports of citrus, grape and hazelnuts increases as the TL depreciates. The sensitivity of hazelnut to the real exchange rates varies among regions.
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    The effects of IMF and World Bank lending on long-run economic growth: An empirical analysis
    Butkiewicz, JL; Yanikkaya, H
    The International Monetary Fund and the World Bank, frequently, and often repeatedly, extend loans to developing nations. These loans have been blamed for generating adverse economic outcomes. The growth impact of Fund and Bank loan programs is assessed using an empirical growth model that controls for other determinants of growth. A unique feature of this study is the use of the value of loans rather than the number of programs. The estimates indicate that Bank lending stimulates growth in some cases, primarily by increasing public investment. Fund lending is either neutral or detrimental to growth. The channel for this effect is a negative impact of Fund lending on public as well as private investment. (c) 2004 Elsevier Ltd. All rights reserved.
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    Institutional quality and economic growth: Maintenance of the rule of law or democratic institutions, or both?
    Butkiewicz, JL; Yanikkaya, H
    Analysis of the factors determining rates of economic growth has found that country-specific characteristics have important effects on growth performance. Empirical evidence to date suggests that maintenance of the rule of law promotes growth, while adopting democratic institutions does not appear to improve growth performance. We find that these conclusions are very sensitive to sample selection and to estimation technique. When an identical sample of countries is used, we find that countries with democratic institutions do enjoy superior growth performance. The relationship between growth and democratic institutions is also sensitive to the estimation technique used. Estimates using instrumental variable techniques suggest that democratic institutions do experience better growth performance. These results are especially relevant for developing nations. (c) 2006 Elsevier B.V. All rights reserved.
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    The impact of sociopolitical instability on economic growth: Analysis and implications
    Butkiewicz, JL; Yanikkaya, H
    Sociopolitical instability is considered detrimental to long-run growth. This paper presents the results of a thorough investigation of the effects of sociopolitical instability on growth, for a panel of countries over a 30-year period. Consistent with the existing literature, weak relationships between sociopolitical instability and growth are found. Political violence has the greatest adverse effects on growth. Also, the impact of sociopolitical instability is greater in countries with high levels of development and democracy. Robustness tests indicate little evidence of simultaneity problems, but estimation results are very sensitive to extreme observations, and to a lesser extent, parameter heterogeneity. The results suggest that one of the best ways to improve the lot of the poorest countries is the prevention and/or termination of violence and war. (c) 2005 Society for Policy Modeling. Published by Elsevier Inc. All rights reserved.
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    The determinants of infant mortality in Turkey: A disaggregated analysis
    Yanikkaya, H; Selim, S
    Infant mortality rates drastically declined in Turkey during the last two decades but there are still wide variations within the country. For example, the infant mortality rate in the East region is twice as high as the West-South region average. This paper investigates the socioeconomic and demographic determinants of infant mortality at the regional level using Turkey Demographic and Health Survey, 1998 and 2003 data. Estimates of the zero-inflated negative binomial models find a number of significant determinants of infant mortality, including health, education and socioeconomic status variables. However our regressions results establish that the rural mortality model is different from the urban mortality model and that further significant differences exist between regional models.
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    Time-consistent polities and growth in developing countries: An empirical analysis
    Butkiewicz, JL; Yanikkaya, H
    This paper investigates whether stable political regimes develop stable systems of rules that are conducive to growth, similar to property rights. New measures of political stability indicate that stable political systems stimulate growth in developing autocratic countries. Contrarily, political instability significantly reduces growth in autocracies, as instability creates a time-consistency problem. In some specifications, an instability measure has significant negative growth effects in democracies, and may be an alternative to measures of property rights. Similarly, ethnic fractionalization reduces growth in autocracies, but not developing democracies. Tests indicate that these results are not sensitive to extreme values in the data.
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    Capital account openness, international trade, and economic growth
    Butkiewicz, JL; Yanikkaya, H
    New empirical estimates of the effects of capital restrictions on growth support capital account liberalization, especially for developed countries. Capital restrictions reduce the benefits of foreign direct investment (FDl) on growth in developing countries. Estimation results for long-term capital flows demonstrate that countries with higher flows grow faster, challenging the belief that countries must attain a threshold level of development or human capital to benefit from capital inflows. Moreover, findings show that trade with developed countries and FDl inflows are substitutes in developing countries. Overall, the results support capital account liberalization in developed and developing countries.
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    Trade openness and economic growth: a cross-country empirical investigation
    Yanikkaya, H
    This paper demonstrates that trade liberalization does not have a simple and straightforward relationship with growth using a large number of openness measures for a cross section of countries over the last three decades. We use two groups of trade openness measures. The regression results for numerous trade intensity ratios are mostly consistent with the existing literature. However, contrary to the conventional view on the growth effects of trade barriers, our estimation results show that trade barriers are positively and, in most specifications, significantly associated with growth, especially for developing countries and they are consistent with the findings of theoretical growth and development literature. (C) 2003 Elsevier Science B.V. All rights reserved.