Ekonomi Bölümü Yayın Koleksiyonu

Permanent URI for this collectionhttps://hdl.handle.net/20.500.12416/818

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Citation - WoS: 10
Citation - Scopus: 11
Is There Convergence in Renewable Energy Deployment? Evidence From a New Panel Unit Root Test With Smooth and Sharp Structural Breaks
(Pergamon-elsevier Science Ltd, 2023) Omay, Tolga; Corakci, Aysegul
This study examines whether the contribution of renewable energy to the total primary energy supply converges in a panel of 24 OECD countries over the period 1960-2020. To this end, a new panel unit root test that allows for both sharp and smooth breaks is proposed to test for the stochastic convergence hypothesis. Although renewable energy convergence is not rejected when the newly proposed test is applied to the full panel of OECD countries, it found only moderate support within the members of the panel using a sequential panel selection methodology. In fact, in two high-income OECD countries, the contribution of renewable energy to the primary energy supply shows no sign of convergence: Poland and Iceland. Therefore, the renewable energy shares seem to be converging to a common steady state in only a group of OECD countries over the long run. This uneven pattern of convergence, in turn, suggests that the OECD countries are still far away from developing a common sustainable renewable energy target, calling for urgent international policy cooperation to encourage the divergent econo-mies to seek out the menu of policies that ensure the worldwide success of renewable energy transformation.
Citation - WoS: 13
Citation - Scopus: 12
A Nonparametric Panel Data Model for Examining the Contribution of Tourism To Economic Growth
(Elsevier, 2023) Zhang, Xibin; Dogan, Ergun
We apply a nonparametric panel data model with cross-sectional and time-varying coefficients to examine the relationship between tourist arrivals and economic growth in the Schengen area from 1995 to 2019. In contrast to the parametric models employed in other studies, our nonparametric model makes no assumption about functional form and, hence, allows us to model the relationship nonlinearly. We find that the tourism-economic growth relationship in the Schengen area is nonlinear and time-varying. While the relationship between tourism and economic growth was positive and significant during 1995-2003, it was negative and significant during the Global Financial Crisis (2007-2008) and the European recession of 2012-2013. One additional contribution of the study is the finding that total factor productivity (TFP) has been growing at 1.45% per year. The results also show that country-level TFP growth was disrupted during the aforementioned negative economic shocks.
Citation - WoS: 25
Citation - Scopus: 23
Real Interest Rates: Nonlinearity and Structural Breaks
(Physica-verlag Gmbh & Co, 2017) Corakci, Aysegul; Emirmahmutoglu, Furkan; Omay, Tolga
Real interest rate is a crucial variable that determines the consumption, investment and saving behavior of individuals and thereby acts as a key policy tool that the central banks use to control the economy. Although many important theoretical models require the real interest rates to be stationary, the empirical evidence accumulated so far has not been able to provide conclusive evidence on the mean reverting dynamics of this variable. To resolve this puzzle we re-investigate the stochastic nature of the real interest rates by developing unit root tests for nonlinear heterogeneous panels where the alternative hypothesis allows for a smooth transition between deterministic linear trends around which stationary asymmetric adjustment may occur. When the newly developed panel unit root tests are applied to the real interest rates of the 17 OECD countries, we were able to uncover overwhelming empirical support in favor of mean reversion in the short-run and long-run real interest rates. Therefore, these results show that the conclusions drawn from a miss-specified test that ignores the presence of either nonlinearity, structural breaks or cross sectional dependence can give quite misleading results about the stochastic behavior of the real interest rates.
Citation - WoS: 20
Citation - Scopus: 22
Regression Analysis With a Dtochastic Design Variable
(Wiley, 2006) Sazak, HS; Tiku, ML; Islam, MQ
In regression models, the design variable has primarily been treated as a nonstochastic variable. In numerous situations, however, the design variable is stochastic. The estimation and hypothesis testing problems in such situations are considered. Real life examples are given.

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