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Yayın Cointegration and adjustment dynamics of REIT and stock markets during the global financial and European debt crises(Inderscience Publishers, 2020-06-03) Erol, Ümit; Yüksel, Sadettin Aydın; Yüksel, Aslı; Öztürk, HakkıThis paper analyses the cointegration relationship between the REIT and stock markets of ten developed countries during the 2005-2013 period, which is characterised by the global financial and the European debt crises. Given the structural breaks in the data, the effect of these two crises is examined separately by dividing the sample period into four equal parts and by using M-TAR cointegration analysis. The results suggest that the cointegration between the stock and REIT markets was not a globally observed feature prior to the twin crises. The strong and globally valid cointegration observed after 2007 was due to the common negative response of both markets to the unexpected massive shocks. These shocks also led to bilateral causality and strong feedback effects between these two markets, thus strictly limiting the diversification benefits of the REIT market during the crisis period.Yayın Consumer response to economic crisis and lessons for marketers: The Turkish experience(Elsevier Science Inc, 2014-01) Kaytaz, Mehmet; Gül, Mısra ÇağlaPrivate consumption is the largest component of gross domestic product (GDP). It has a substantial impact on the speed of recovery from an economic crisis. This paper aims to examine the behavior of consumers, firms, and government in Turkey in response to the recent global economic crisis. Turkey was one of the few countries that emerged from the economic downturn relatively quickly. The demographics of consumers, the solidity of financial sector, and the government policies led to a speedy recovery from the crisis through an increase in consumption expenditures. During the initial shock, consumers switched to cheaper goods and decreased consumption expenditures in total. The government emphasized that the impact of crisis would be limited. The opening of credit lines, the temporary reduction in value-added tax and special consumption tax on certain commodities, aggressive marketing campaigns, and a rosy future drawn by chambers of commerce and NGOs in specific promotional activities were influential in increasing consumption. This paper discusses the consumer response to and the marketing lessons derived from this experience.Yayın When do workers support executive aggrandizement? Lessons from the recent Turkish experience(John Wiley and Sons Inc, 2022-03) Apaydın, Fulya; Öngel, Ferit Serkan; Schmid, Jonas W.; Ülker, ErolFollowing the 2017 constitutional referendum under the Adalet ve Kalkinma Partisi (Justice and Development Party-AKP) rule in Turkey, the reforms granted judicial and legislative powers to the head of the executive under a presidential system. Initial observations reveal that some blue-collar workers who are members of a historically progressive union have also supported these reforms. This is surprising because the union leadership has publicly opposed these changes. What explains this discrepancy? Why did some of these workers support reforms in favour of a powerful executive? Based on a sample from a major metalworking union, this paper finds that partisan identity moderates support for AKP's push for challenging the separation of powers. Although we find that higher amount of debt may reduce worker support for stronger executive, this is conditional on the metal workers' pre-existing partisan commitments. Under these circumstances, highly indebted partisan workers do not diverge from the party line. These results also raise further questions for students of labour and regime change elsewhere in the developing world.Yayın How does multi-level governance create capacity to address refugee needs, and with what limitations? an analysis of municipal responses to Syrian refugees in Istanbul(Oxford University Press, 2022-03) Karakaya Polat, Rabia; Lowndes, VivienA multi-level governance (MLG) framework is used to investigate how municipalities in Turkey have coped with the arrival of 3.6 million Syrians amid limited resources, an ambiguous legal framework, and changing national policy priorities. Qualitative research in Istanbul, which hosts the largest number of refugees, shows how municipalities have generated capacity by working with actors at other governance levels and in non-governmental spaces, via formal and informal networks. MLG arrangements did not however imply the retreat of a powerful central state. Rather, they were decisively influenced by existing power relations and governing traditions, specifically a strong state, weak local government, and mistrust of civil society. The research illuminates the complex, and sometimes surprising, relationships between tiers and spheres of governance in shaping local responses to refugee needs. The research demonstrates the explanatory power of MLG in a highly centralized unitary state, outside of the democratic (and mostly federal) contexts where it is usually applied.Yayın G20: On Behalf of the Rest?(Elsevier Science BV, 2016) Teker, Suat; Yüksel, Ahmet HakanMajor developments in the last three decades have set the scene for the rise of novel problems on global scale. The unprecedented level of interdependence and interconnectedness between countries, firms and institutions has paved the way for the emergence of, both, novel practices that increase the quality of life and intriguingly complicated issues of global governance. The relationship between global actors are so intertwined that striving for predictability is barely feasible. In spite of the enhanced capabilities gained through involvement in the economic and financial value creation process, there are perils ahead for better global governance. Major issues pose global actors in terms of credibility, building and ensuring sustainability, erosion of capacity to fulfill promises and increasing fragility of financial markets as well as issues regarding depleting energy resources, environment and security. G-20 emerged as a remedial governance structure in the wake of the 2008 financial turmoil making sure that the prominent dynamic emerging countries are seated around the table. The expansion of G-8 into G-20 including the new global powerhouses has many positive implications. However, ongoing debates regarding this structure oscillate between hope and contestation. This conceptual paper intends to draw a general framework regarding the representative capability of G20 members and discuss the hybrid quality of this so called steering committee given the era of turbulence that the world is heading towards.Yayın Developmental state in the context of globalization: definitional, conceptual, and methodological issues(Routledge, 2025-08) Karaoğuz, Hüseyin Emrah; Ayhan, Berkay; Albasar, İlgi DoğaDevelopmental state has offered one of the most widely used analytical toolkits to study political economy of development. One of the intriguing debates in the scholarship is whether ‘conceptual stretching’ undermined the analytical usefulness of the framework. While for some scholars the developmental state has just become a buzzword because the framework is applied to many different regions inappropriately, for others there are varieties of developmental states in the context of globalization. We address this debate by systematically and critically examining the developmental state scholarship, including its main trends and evolution, key discussions, methodology, and emerging areas of research. We conclude that the developmental state remains a valuable approach for researchers in the post-neoliberal political economy context, but scholars would benefit from more precise definitions, clearer justifications of why a particular conceptualization is chosen over others, and more rigorous application of research methods.Yayın Social responses to Turkey’s recent economic crises of 2008-2010(Istanbul University, 2012-11-25) Soykut Sarıca, Yeşim PınarThe objective of this article is to discuss how the labor market can respond to challenges facing enterprises and workers during the crisis as well as the key ingredients of overcoming the crisis. Responses may be both of a macro and micro character. Following some introductory remarks, micro-level decent responses are introduced first. This is followed by examining national (macro) responses to the crisis, including financial and fiscal policy measures, labor market initiatives and social dialogue. The need for, and possibility of, coordinating through mutual adjustment at the national level increase especially in times of crisis, as the stakeholders come to recognize the necessity for system-wide solutions. Also, achieving consensus and comprehensiveness become more possible at higher levels. Thus, in the final analysis, stimulating economic recovery is important in making labor market adjustments with a view to prevent social crises and promote social cohesion, but the importance of taking adequate firm-level (using the terminology of the International Labor Office) “decent”, measures should not be overlooked either.
