We aim to analyze the stochastic convergence hypothesis for 14 major tourist source markets of Turkey using monthly data over the period January 1996 to December 2012. To this aim, we use recently developed the two-step LM (Lagrange multiplier) unit root test that allow for two structural breaks...

Literaturde, doviz piyasasinin etkinligi, doviz alim-satimi yapanlar ve politika yapicilar icin onemli bir kavram olup bir piyasada fiyat tum bilgi setini yansitiyor ise bu piyasanin etkin oldugu ifade edilmektedir. Bir diger ifadeyle, Fama vd. (1969) etkin piyasa terimini “yeni bilgiye hizli...

In this study, we examine both stochastic and deterministic convergence in the logarithm of the relative per capita income of eighteen EU countries. The panel stationary test developed by Carrion-i Silvestre et al. (2005) is employed over the period 1950-2010. The univariate results attained...

Financial development, financial liberalization and financial deepness have been important research topics in recent years. Especially, the relationship between financial development and economic growth has been analyzed by many researchers. Different results have been obtained since the country...

Foreign direct investment is performed either building a new foundation or buying an existing corporation by the multinational corporations. These investments have become prevalent around the world at the late of 1950s. Capital liberalization has engendered to pick up speed of transnational...