| 1. |
- Gunduz, Lokman, et al.
(författare)
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Is the tourism-led growth hypothesis valid for Turkey?
- 2005
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Ingår i: Applied Economics Letters. - : Routledge. - 1350-4851 .- 1466-4291. ; 12:8, s. 499-504
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Tidskriftsartikel (refereegranskat)abstract
- Like many developing countries, Turkey has also given priority to the development of tourism industry as a part of its economic growth strategy. This study intends to investigate whether tourism has really contributed to the economic growth in Turkey. The interaction between tourism and economic growth is investigated by making use of leveraged bootstrap causality tests. This method is robust to the existence of non-normality and ARCH effects. Special attention is given to the choice of the optimal lag order of the empirical model. It is found that the tourism-led growth hypothesis is supported empirically in the case of Turkey.
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| 2. |
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| 3. |
- Gündüz, Lokman, et al.
(författare)
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Stock Price and Volume Relation in Emerging Markets
- 2005
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Ingår i: Emerging markets finance & trade. - : M. E. Sharpe. - 1540-496X .- 1558-0938. ; 41:1, s. 29-44
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Tidskriftsartikel (refereegranskat)abstract
- This paper explores the causal relationship between stock prices and volume figures for stock markets in the Czech Republic, Hungary, Poland, Russia, and Turkey. Prior to running causality tests, the time series properties of the data are carefully investigated and special attention is given to the choice of optimal lag order. Granger causality tests, based on the Toda-Yamamoto (1995) procedure, reveal that there is no causal relationship between the variables in the Czech Republic. In Hungary, there is a bidirectional causality irrespective of volume or market turnover tested. In Poland, while there is bidirectional causality between stock prices and volume, there exists a unidirectional causality running from market turnover to stock prices. The stock prices unidirectionally cause both volume and market turnover without any feedback in the case of Russia and Turkey. These results have important implications regarding market efficiency and the effects of different market characteristics on the stock price/volume relation.
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| 4. |
- Hatemi-J, Abdulnasser, et al.
(författare)
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The Effect of Asian Financial Crises on the Casual Relationship between Stock prices and Exchange rates : Evidence from MENA Region
- 2004
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Ingår i: Finance Letters. - : Finance Letters. - 1740-6242. ; 2:2, s. 6-10
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Tidskriftsartikel (refereegranskat)abstract
- This paper examines the causality between the exchange rates and stock prices in the Middle East and North Africa Region before and after Asian financial crisis. We empirically find that there is a unidirectional Granger causality from exchange rates to stock prices for Israel and Morocco before and after the Asian financial crisis, and for Jordan only after the crisis. However the causality runs from stock prices to exchange rates for Turkey after the Asian financial crisis. Moreover, we do not find any support for causal relationship between these two variables for Egypt
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