This study aims to investigate the channels through which international business cycles are transmitted to Turkish economy. Our analysis follows two steps: i) business cycle transmission is measured using Longest Common Subsequence (LCS) method, a pattern recognition algorithm that accounts for...

This study is a contribution to the empirical literature on the significance of productivity shocks in explaining a high saving-investment correlation, using data from a panel of 21 OECD countries over the period 1970-2003. The study looks at the distributional properties of the productivity...

This study aims to shed light on the Feldstein-Horioka (F-H) puzzle, making use of the potential explanations put forward in the related literature. To this end, the study takes a distinct empirical route, combining a cointegration technique and regression analysis. In the first step, we obtain...

One objective of privatisation is to provide a favourable fiscal position. Thus, the success of privatisation depends on fiscal responses of governments to privatisation. To assess the success of privatisation, the study uses a fiscal response model as an appropriate theoretical framework,...

This study uses panel data from 19 developing countries from 1980 to 1997 to examine the impact of public investment on private investment. A model is developed to identify both the short run and long-run effects of public investment on private investment, builds in the role of uncertainty on...

The literature on the impact of public investment in developing economies gives inconsistent results on whether it complements or crowds out private investment. Applying several pooled specifications of a standard investment model to a panel of developing economies for 1980 to 1997, this study...

This study aims to identify optimum currency areas (OCA) variables that distinguish certain Economic and Monetary Union (EMU) member countries from the other EMU members. In the previous studies, EMU members were identified in the light of criteria suggested by the OCA theory. In this study, in...

This paper investigates the impact of the 2008–2009 global financial crisis on the co-movement of 16 currencies in the sample. It employs a two-step atheoretic empirical methodology; it i) applies change point estimation based on geometric Brownian motion to detect change points in...

This study aims to analyze Turkey and the Economic and Monetary Union (EMU) countries in the light of criteria suggested by the optimum currency areas (OCA) theory and to compare the criteria obtained by an application of Hodrick-Prescott (H-P) and Baxter-King (B-K) filters. To this end, we...

The aims of this study are to assess exchange rate co-movements by grouping the currencies based on similarities in their patterns, and to emphasize the importance of the trajectories of exchange rate co-movements in the exchange rate classification. Hierarchical clustering is performed with...