A Structural VAR Analysis of the Determinants of Capital Flows Into Turkey

Since the beginning of 1990s, Turkey has been exposed to large amounts of capital flows with significant effects on the economic performance. This study examines the determinants of capital flows into Turkey in the traditional ‘push-pull’ factors approach. To this end, a structural vector autoregression (SVAR) model has been employed and impulse-response and variance decomposition functions have been produced covering the period from 1992 : 01 to 2005 : 12. The same analysis has also been carried out for the two sub-periods 1992 : 01-2001 : 12 and 2002:01-2005 : 12 to inspect if there exists a change in the roles of push and pull factors before and after the 2001 economic crisis. The empirical evidence suggests that the relative roles of some of the factors have changed considerably in the post crisis period and pull factors are in general dominant over push factors in determining capital flows into Turkey.Capital Flows, Push and Pull Factors, Structural Vector Autoregression

A Structural VAR Analysis of the Determinants of Capital Flows into Turkey

Since the beginning of 1990s, Turkey has been exposed to large amounts of capital flows with significant effects on the economic performance. This study examines the determinants of capital flows into Turkey in the traditional 'push-pull' factors approach. To this end, a structural vector autoregression (SVAR) model has been employed and impulse-response and variance decomposition functions have been produced covering the period from 1992:01 to 2005:12. The same analysis has also been carried out for the two sub-periods 1992:01-2001:12 and 2002:01-2005:12 to inspect if there exists a change in the roles of push and pull factors before and after the 2001 economic crisis. The empirical evidence suggests that the relative roles of some of the factors have changed considerably in the post crisis period and pull factors are in general dominant over push factors in determining capital flows into Turkey.Capital Flows, Push and Pull Factors, Structural Vector Autoregression

The Determinants of the Price-Cost Margins of the Manufacturing Firms in Turkey

This study examines the determinants of the price-cost margins in the Turkish manufacturing industry spanning from 1995 to 2003. The literature on this subject points to the importance of market structure, business cycles and input costs. Utilizing panel data econometric techniques on a large number of manufacturing firms by conditioning on their firm size, age, ownership and export orientation, the study finds that there exists a marked difference among the firms’ pricing behaviors according to their market share. Import penetration seems to be ineffective to reduce the price-cost margins of large, high market share and foreign partner firms, while exporting activity was observed to act as a factor to enhance competition. The analysis also suggests that price-cost margins behave pro-cyclically in general and an appreciation of the domestic currency reduces price-cost margins by way of lowering input costs.Price-cost margins, Market Structure, Import Penetration

The Determinants of Sovereign Spreads in Emerging Markets

This study analyzes both short-run and long-run determinants of the sovereign spreads in a set of 21 emerging countries over the period 1998-2004 utilizing both daily and monthly data and estimate individual country and panel regressions. Our analysis shows that both domestic and international factors affect spreads, where the most important common determinant of the spreads is found to be the risk appetite of foreign investors. By using an event study methodology we find no evidence of impact of the FOMC announcements on spreads. Finally, we analyze whether news regarding domestic politics and announcements of international organizations play a role in the evolution of spreads. Using the postcrisis data of Turkey, we point out an important effect of such news releases.Bond spreads, emerging markets, Fed announcements, political news

Causes and Effectiveness of Foreign Exchange Interventions for the Turkish Economy

Foreign exchange rate interventions of the central banks for the emerging market economies are studied only to a limited extent. However, due to the different characteristics of these economies, especially in terms of the exchange rate dynamics, such an analysis can reveal important information. This study analyzes both the causes and the effectiveness of foreign exchange interventions of the Central Bank of the Republic of Turkey in the post-crisis period. We find that, as officially stated by the Central Bank, the main motivation behind the interventions is the excessive volatility in the exchange rate. Regarding the effectiveness of the interventions, the large and isolated purchase-based interventions seem to be effective in decreasing the volatility in the exchange rate.Foreign Exchange Interventions, Emerging Markets, Probit Analysis, and GARCH Models

The Effectiveness of Foreign Exchange Interventions for the Turkish Economy : A Post-Crisis Period Analysis

This study has two purposes. First, it attempts to improve the literature on foreign exchange interventions of the central banks for the emerging market economies, which have not been studied in details. The Turkish economy in the post-crisis period constitutes a good example in this context. Second, it proposes a new methodology, a time-varying parameter model, to analyze the effectiveness of the foreign exchange interventions. When the results from such an exercise are compared with the ones obtained from an event-study analysis, we find that the purchase-based interventions seem to be successful especially after the financial markets were stabilized. In that sense, we detect an asymmetry regarding the effectiveness of interventions. About the relationship between the interest rates and the exchange rates, we find that the uncovered interest rate parity condition operates in an unconventional way supporting the views put forth by the new emerging markets literature.Foreign Exchange Interventions, Emerging Markets, Event Study and Time Varying Parameter Model

Involuntary social cue integration in patients with obsessive compulsive disorder

Objective Patients with obsessive compulsive disorder (OCD) have inferior social functioning compared to healthy controls, but the exact nature of these social deficits, and the underpinning mechanisms, are unknown. We sought to investigate social functioning in patients with OCD by measuring their involuntary/spontaneous processing of social cues using a specifically designed test, which might reveal deficits in these patients that explicit voluntary tasks do not detect. Methods The sample of the study consisted of an OCD group (n = 25) and a control group (n = 26). Both groups performed an adaptation of the Social Distance Judgment Task (SDJT; Jellema et al., 2009), in which participants have to judge the geometrical distance between two human cartoon figures presented on a computer screen. Head/gaze direction and body direction were manipulated to be either compatible, i.e. both directed to the left or to the right (Compatible condition) or incompatible, i.e. body directed toward the observer (frontal view) and head/gaze directed to the left or right (Incompatible condition). Results In the Compatible condition, controls nor OCD patients were influenced by the social cues in their judgments of the geometrical distances. However, in the Incompatible condition, where the attentional cue was more conspicuous, both groups were influenced by the cues, but the controls to a significantly larger extent than the OCD patients. Conclusions This study showed that patients with OCD are less likely, compared to controls, to automatically/spontaneously integrate the other’s direction of attention into their visual percept. This may have resulted in their judgments of the geometrical distances between the agents to be more accurate than those of controls. The suggested impairment in automatically integrating social cues may have important repercussions for the social functioning of OCD patients

Soft manipulators and grippers: A review

Soft robotics is a growing area of research which utilizes the compliance and adaptability of soft structures to develop highly adaptive robotics for soft interactions. One area in which soft robotics has the ability to make significant impact is in the development of soft grippers and manipulators. With an increased requirement for automation, robotics systems are required to perform task in unstructured and not well defined environments; conditions which conventional rigid robotics are not best suited. This requires a paradigm shift in the methods and materials used to develop robots such that they can adapt to and work safely in human environments. One solution to this is soft robotics, which enables soft interactions with the surroundings while maintaining the ability to apply significant force. This review paper assesses the current materials and methods, actuation methods and sensors which are used in the development of soft manipulators. The achievements and shortcomings of recent technology in these key areas are evaluated, and this paper concludes with a discussion on the potential impacts of soft manipulators on industry and society

New record for the mollusca fauna of the black sea coast (sinop peninsula) of turkey: white belted shell, Tornus subcarinatus (Montagu, 1803), (Gastropoda, Tornidae)

1503-1507The present study is concerned with one prosobranch gastropod species [Tornus subcarinatus (Montagu, 1803)], obtained during the benthic sampling by surveying at the upper-infralittoral zone (10-20 m.) of the Sinop Peninsula coasts between the years 2010 and 2011. A total of 155 species of marine Gastropoda (Mollusca) are known in the Black Sea coast of Turkey. However, the Prosobranch gastropod Tornus subcarinatus (Montagu, 1803) is recorded for the first time from the central Black Sea of Turkey. Previous records of the species were confined to the southern part of the Turkey, it is occurrence at Turkish coast of the Black Sea extends its distribution range to the Black Sea continued to Turkish coastal waters of Black Sea

Refugee students in open and distance learning during the Covid-19 pandemic through the eyes of Turkish teachers

This study was conducted to identify the problems faced by refugee students during Covid-19 pandemic in open and distance learning and the best examples of practices put into effect to cope with these problems cope and solutions recommended to eliminate these problems, in Turkiye. In the study, the phenomenological research design, which is one of a qualitative research method, was used. By using the criterion sampling technique, a total of 14 teachers who had refugee students were selected as the research participants. Interviews were held with the volunteer participants. The research data were collected by using a semistructured interview form. The descriptive analysis method was used in the analysis of the research data. According to the study findings, the refugee students who did not have the necessary educational technology facilities in open and distance learning process and could not get sufficient family support felt more deeply the language problems which is experienced also by them in face-to-face education. In order to help refugee students with these problems, some school administrations provided the refugee students with tablet and computer support within the bounds of their means. In order to alleviate the effects of the problems faced by refugee students, it is recommended to provide refugee students with educational technology support, making up education and psychological support