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The impact of financial development on homeownership and housing in emerging economies evidence from Turkey
(Walter de Gruyter GmbH, 2012-10-31) Yılmazer, Tansel; Adaman, Fikret; Kaytaz, Mehmet
This paper aims to investigate the role of financial development on homeownership and housing in emerging economies. We construct a measure of regional financial development using data from the Survey of Consumer Finances in Turkey. Specifically, we estimate regional effects on the probability that a household does not have access to credit (i.e., are discouraged from applying for credit or their application was denied), and use these estimates to create an indicator of financial development. We find that homeownership increases with financial development in metropolitan areas. Home values, however, increase with financial development in both metropolitan and non-metropolitan areas. Our findings are robust to correction of potential endogeneity of our financial development measure. Our results are also robust to using the variation in the supply of credit across provinces as another measure of financial development.
İnsani sermayeye kritik yatırım: erken çocukluk eğitimi
(SETA Siyaset, Ekonomi ve Toplum Araştırmaları Vakfı, 2019-07-26) Kaytaz, Mehmet; Öztürk, Naciye
Birey ve toplumun gelişmesinde eğitimin önemi çok eski zamanlardan itibaren bilinmektedir. Ancak erken çocukluk döneminin değeri son yıllarda kavranmaya başlamıştır. Özellikle tıp alanındaki yeni bulgular bu döneme verilen önemin artışında etkili olmuştur. Erken çocukluk embriyo halindeyken başlamakta ve sekiz yaşına kadar devam etmektedir. Bu dönemde en kritik aşama beynin gelişimidir. Başta zihinsel ve fiziksel olmak üzere sosyal, duygusal ve dille alakalı gelişimlerin ana kısımları erken çocukluk döneminde başlamaktadır. Bu nedenle erken çocukluk döneminde yapılan müdahalelerin getirisi yüksek olmaktadır. Yeterince müdahalede bulunulmadığı veya niteliksiz müdahale yapıldığında risk artmakta ve gelecekteki yatırımların da maliyeti bununla beraber yükselmektedir. Çalışmalar bu dönemdeki müdahalelerin –özellikle erken çocukluk eğitiminin– bireysel ve toplumsal getirisinin yüksek olduğunu göstermektedir. Elverişsiz koşullarda yaşayan çocuklara yönelik müdahalelerin bireysel ve toplumsal getirisi çok daha yüksek olmaktadır. Yeterli müdahalede bulunulmadığı zaman ekonomik ve toplumsal eşitsizlik artmaktadır. Sonuç olarak da toplumsal sorunlar büyümektedir. Türkiye son yıllarda erken çocukluk hizmetlerinde önemli adımlar atmıştır. Ancak bunlar yeterli değildir. Türkiye’de okullaşma oranı (3-5 yaş) benzer sosyoekonomik koşullara sahip ülkelere kıyasla düşüktür. Türkiye gibi orta-yüksek gelir grubunda olan ülkelerde okullaşma oranı yüzde 60 civarındayken Türkiye’de bu oran yüzde 40’a yaklaşmıştır. Bu oran dünya ve İktisadi Kalkınma ve İş Birliği Teşkilatı (OECD) ortalamasından düşüktür. Erken çocukluk müdahaleleri insani sermayeye yapılan yatırımdır. Doğal olarak hükümetler ve politika yapıcılar ülkenin gelişimi açısından öncelikler belirlemek zorundadır. Türkiye’nin üyesi olduğu OECD ve Birleşmiş Milletler (BM) gibi kuruluşlar üyelerini bu alanda yatırım yapmaya teşvik etmektedir. Ülkeler kendi ekonomik durumlarına, toplumsal ve siyasi örgütlenmelerine göre değişik finansman modelleri uygulamaktadır. Bununla beraber kamunun payı ve rehberliği önemli bir yer tutmaktadır. 2023 Eğitim Vizyonu’na göre erken çocukluk eğitiminin kapsamını genişletici adımlar atılacaktır. Ancak bunlar Türkiye’nin ana hedeflerine ulaşması için yeterli olmayabilir. Bu nedenle erken çocukluk eğitimi için daha fazla kaynak ayırmak gereklidir.
Kentsel dönüşümde dönüşüm öncesi yapı durumu korunmayan malikin sebepsiz zenginleşme kapsamında alacak talebi
(Süleyman Demirel Üniversitesi, 2025-12-30) Kılıç, Mahmut Alper
Kentsel dönüşüm uygulamaları Türk hukukunda 6306 sayılı Afet Riski Altındaki Alanların Dönüştürülmesi Hakkında Kanun kapsamında düzenlenmiştir. Yapılan düzenlemelerde, uygulama işlemlerinin malikler tarafından yapılması esası benimsenmiştir. Malikler tarafından uygulama işlemlerine ilişkin alınabilecek kararlar arasında, mevcut riskli yapının yıktırılarak yeni bir yapı inşa edilmesi de bulunmaktadır. Paydaşlar, inşa edilecek yapının yüklenicisine, yapının şekline, paylaşımın ne şekilde yapılacağına salt çoğunluk ile karar verebilecektir. Kanun kapsamında salt çoğunluk ile karar alınabileceğine yönelik yapılan düzenleme, uygulamada genellikle salt çoğunluğu sağlayan maliklerin toplantı yapmaksızın kendi aralarında karar almalarına neden olmaktadır. Çoğunluk payına sahip malikler tarafından verilen bu karar azınlık payına sahip kişilerin haklarını doğrudan etkileyebilecek niteliktedir. Uygulamada, azınlık payına sahip kişilerin, paylarının satılması yaptırımı ile karşılaşmamak için genellikle menfaatlerine aykırı olsa dahi çoğunluk payına sahip malikler ile yüklenici arasında yapılan arsa payı karşılığı inşaat sözleşmesine katılım sağladığı görülmektedir. Çalışmamız kapsamında, riskli yapının yeniden inşasına ilişkin yapılan sözleşmede yapı durumu korunmayan malikin başvurabileceği hukuki yollar, tazminat talep edip edemeyeceği, sebepsiz zenginleşmeden kaynaklı alacak davası açıp açamayacağı, bu taleplerini kimlere karşı ileri sürebileceği incelenecektir.
Macroeconomic determinants of cryptocurrency volatility: time series analysis
(The Brooklyn Research and Publishing Institute, 2020-03) Teker, Dilek; Teker, Suat; Özyeşil, Mustafa
Cryptocurrency is a recent and popular topic that attracts the interest of investors and fund managers. Beyond the market discipline, researchers question the interaction between cryptocurrencies and macroeconomic variables. This study focuses on how the changes in gold and oil prices affect the daily price movements of various cryptocurrencies. The daily database used in this study includes the prices of the cryptocurrencies such as Bitcoin, Tether, Ethereum, Litecon and EOS for the period of August 1, 2017 and April 3, 2019. Initially, the stationarity of the time series is tested by Ng and Perron (2001) method. The existence of the cointegration relationship among the series is tested by Johansen (1988) technique. The presence of causality relationships among the series is investigated with the Dolado and Lütkepohl (1996) causality test. The empirical results support that there exists a cointegration relationship only in between Tether and gold and oil prices.
Dynamics of digital transformation process for businesses
(International Journal of Economics, Commerce and Management, 2022-09) Teker, Suat; Teker, Dilek; Örendil, Emre
This study intends to review on the dynamics of digital transformation processes and its expected outcomes for the businesses. This investigation covers the questions of what digital transformation means for businesses, how digital transformation process is applied for businesses, why digital transformation fails in businesses and how digital transformation can benefit businesses. The digital transformation is defined by Google Trends as the set of changes in an organisation triggered and shaped by proliferation of digital technologies. It is widely accepted that higher levels of digitalization observed in all types of business estimated shorter time for recovery. With a successful digital transformation, any business may become a totally different organization in terms of products, processes, technology and employees.
Granger causality relation between interest rates and stock markets evidence from emerging markets
(European Journal of Business and Social Sciences, 2014-01) Teker, Dilek; Aykaç, Alp, Elçin
This research analyses the granger cause relation between interest rates and stock market for four emerging markets as Turkey, Brasil, China and Hungary. The database includes daily prices of stock market indices of BIST100 Index (Turkey), the IBOV Index (Brasil), the SHCOMP Index (China), and the BUX Index (Hungary) and government securities with different maturities. As the initial step, the stationarity of the variables is tested with Augmented DickeyFuller (ADF) and Phillips-Perron (PP) unit root tests. Then Granger Causality is implemented.
A comparative study for appoinment procedures of university presidents
(European Journal of Business and Social Sciences, 2013-11) Teker, Suat; Teker, Dilek; Sayan, Pınar
The administration structure plays a central role in the development of a university, both academically and administratively, and both for attracting qualified academic staff and students. The role of presidents (chancellors/ rectors) and their selection procedures are crucial in the organizational structur e of a university. Considering that selection processes provide critical clues about the democratic culture of institutions in the name of representativeness, accountability, transparency, and participation; the issue demands more attention since these values should constitute the fundamental basis of all universities. This study deals with this important aspect of the administration structure and aims to explore the selection procedures of university presidents in the United States and the United Kingdom, and then compare these procedures with the ones in Turkey, underlying the similarities and differences.
Causal relations among macroeconomic variables under various exchange rate levels: an implementation of threshold vector autoregression model
(EconJournals, 2018-07-04) Teker, Dilek; Teker, Suat; Aykaç, Alp, Elçin
The paper examines interaction between selected macroeconomic determinants such as exchange rates, stock exchange market indexes, gold prices, money supply and inflation rates. Considering a nonlinear relationships in various macroeconomic indicators, a threshold vector autoregression (AVR) model is implemented. The data covers a period from 2003:01 to 2017:07. The results of the analysis points out the relationship between those macroeconomic indicators above and below the specific threshold value for exchange rate. The estimations indicate that policy maker may use monetary variables as policy variable for the stability of this system if they do not ignore the level of exchange rate.
5G technology and future of banking
(The Brooklyn Research and Publishing Institute, 2021-12) Teker, Suat; Teker, Dilek; Orman, Irmak
This study examines the effects ofdevelopments in communication technologies on the banking sector and banking services. In addition, it is envisioned how 5G technology will shape the future of the banking industry. As a result of the analysis, it has been observed that an important innovation and structural transformation period was lived in the banking sector with the use of 3G and before 2000, which we define as traditional banking era. It is concluded that with the expected wide use of 5G technology after year 2022, the banking sector is expected to enter a new and disruptive restructuring and service innovation.
Importance and development of foreign direct investment: an analysis for Turkey
(International Journal of Economics, Commerce and Management, 2021-04) Kılıç, Fatih; Teker, Dilek
After 1980, with the increased globalization race investments in Turkey increased significantly with the lifting of barriers to capital flows. With the Economic Stability Decisions of January 24, 1980, Turkey entered this race and entered into full financial release with Decree No. 32 issued in 1989. In this study, the relationship between inflation, unemployment and industrial production, which is one of the economic indicators of foreign direct investments in Turkey, was analyzed with the VAR model. Johansen cointegration test, Impulse - Response analysis and Variance Decomposition analysis were conducted to evaluate the relationship between variables. The outcomes highlight that inflation, unemployment and industrial production have a crucial impact on foreign investments for Turkey.
Deterrents affecting consumers’ organic product purchase
(International Journal of Economics, Commerce and Management, 2020-10) Yarman Ak, Anda; Teker, Dilek
Organic agriculture is becoming an important factor of the economy as years go by and as the awareness on the subject increases among consumers. Although the sector is very promising, the demand is still very low. The value added to be obtained by organic agriculture can be a strong factor of the economy, especially on local basis. Therefore consumers’ purchase behaviors must be examined thoroughly to figure out how the demand can be increased. This study is, hence, focused on the deterrents that prevent consumers to purchase organic foods. An online survey is employed to a sample size of 556 respondents out of 543 were selected based on answering all questionnaire. Two different question set is employed to buyers and nonbuyers to depict the reasons of buying and not buying organic food. This study demonstrates the deterrents for non buyers. The replies given to the hypothesis specific questions are tested by chi-square test. Regarding the outputs, the main deterrents for buying organic food is the lack of packaging and trust in the authenticity of the seller. However, cosmetic concerns are not examined as one of the deterrent for a buy decision. For elimination of these deterrents can convince the consumers to purchase organic foods, which in consequence increase the demand and cause value added for local economy.
Estimation of Bitcoin volatility: GARCH implementation
(Seventh Sense Research Group, 2020-01) Teker, Dilek; Teker, Suat
As bitcoin has been a topic of high interest for academic and professional life over recent years, a number of literature has examined its price movements, volatility, and predictions. Bitcoin is the first and perhaps the most popular cryptocurrency with a high volatility pattern compared to the other cryptocurrencies. This paper examines the models that explain the volatility of Bitcoin prices. The daily data for the Bitcoin prices are used through a period of July 31, 2017, to April 3, 2019, with a total number of observations of 484. Initially, unit root tests are implemented. Then, the heteroskedasticity problem is tested among variables. Based on the results of the heteroskedasticity test, it is decided to use ARCH models. Then, ARCH, GARCH, TGARCH, and EGARCH results are tested to find out the best fit model that explains the bitcoin price movements.
Determinants of cryptocurrency market: an analysis for Bitcoin, Ethereum and Ripple
(Center for Promoting Ideas (CPI), 2020-11) Deniz, Asena; Teker, Dilek
One of the most important innovations brought by digitalization is crypto money known as virtual money. Cryptocurrencies, which have been discussed in recent years and especially a new portfolio for investors, are very popular. Bitcoin is the most well-known of these cryptographic systems, which do not depend on a central authority and have maximum reliability. The effects of various financial indicators on cryptoparas were examined in this study. The model includes a daily database in between April 3, 2018 to December 31, 2019. Initially stationarity is tested with unit root tests. Then cointegration and causality tests are employed. Impulse response is also implemented and analysed.
Evolution of digital payment systems and a breakthrough
(Ms. M. B. Mondal, Ph.D., 2022-09-26) Teker, Suat; Teker, Dilek; Orman, Irmak
This analytical study examines the evolution of digital payment systems and the use by financial institutions and fintech companies in line with the changing user needs, along with the evolutionary developments in information technologies. It also makes a comparative analysis of digital payment platforms that are popularly used all over the world, e.g. PayPal, GooglePay, Wise. The introduction of the first ATM in 1967, the first contactless credit card payment in 1999, the introduction of blockchain in 2009, the emergence of GoogleWallet in 2011 and the introduction of Visa Click-topay in 2020 may be defined as the milestones of digital payment systems. Digital payment systems can be broadly classified as smart cards, online payments, mobile applications, blockchain transfers and biometric authentication. All payment systems in the world are generally shaped according to user needs. The exponential growth of e-commerce and the increasing influence of market regulators also contribute to shaping the future of payment systems. A decentralized monetary management is envisioned by the transition to a cashless economy, the emergence of new online financial institutions, and the adoption of blockchain and cryptocurrencies. It is concluded that the evolution of digital payment systems will expand convenience, refund, convergence, cross-border and time limitless transaction. With the increasing adoption of digital payment systems by all spenders, there is a clear transition towards a cashless economy. The current arguments in academic and professional platforms about the future of digital systems predict that by the 2050s, physical money will be completely out of circulation and these currencies will be replaced by virtual currencies that can easily be transferred over number of digital platforms.
Gender differences in perception of macroeconomic indicators
(Scitech Research Organisation, 2015-10-31) Teker, Dilek; Kıygı Çallı, Meltem
This paper examines if there exist gender differences in macroeconomic expectations. Two surveys were implemented in Turkey’s leading CEOs, CFOs, economists, portfolio managers, strategists and academics. One of the survey was conducted in 2013 while the other was in 2014. The survey points out if there are significant differences in expectations among women and men. The survey asks the participant’s macroeconomic expectations. Mainly, inflation, exchange rate, loan interest rate, stock-exchange rate, export and sector-specific expectations are investigated. Response to expectation questions is given on an ordinal scale with three levels. In the survey, a 3-point Likert scale response was used for the questions of export and sector-specific expectations. Firstly, the normality of the observations was tested with the KolmogorovSmirnov test. Then, the differences in macroeconomic expectations of males and females were tested with the Chi-square test of independence. Although the empirical findings of each survey indicate different outputs, the general result mainly exhibits that women are more risk averse than men.
Sustainability of agriculture: agritech practices
(International Strategic Management and Managers Association, 2023-12) Teker, Suat; Teker, Dilek; Orman, Irmak
Agriculture is a fundamental sector for a global economic and social development. It provides food, fiber, and raw materials for industries and contributes to the livelihoods of millions of people worldwide. However, agricultural production faces several constraints such as climate change, limited resources, and population growth, among others. These challenges require sustainable solutions to ensure food security, maintain ecological balance, and improve livelihoods. Agricultural technologies provide innovative approaches to overcome these challenges, enhancing productivity, efficiency, and profitability. This paper provides a discussion that agricultural technologies could be a viable and sustainable solution for agricultural production constraints.
Investor behavior and risk perception: a gender perspective
(International Strategic Management and Managers Association, 2023-12) Teker, Dilek; Teker, Suat; Demirel Gümüştepe, Esin
Financial literacy is explained as the cognitive understanding of financial indicators and risk aversion, risk perception and investor behavior. Perhaps the investor behavior may vary depending on several factors such as gender, age, income level, social status, education etc. This research aims to highlight the effect of gender on financial market perception among Turkish investors. The outputs of two surveys the first for the last quarter of 2022 and the second for the first quarter of 2023, are analysed and compared. Therefore, two consecutive quarters are compared by gender for investment behaviors. This reserach observes some factors such as stress level, portfolio holding times, investment decisions and expectations regarding cryptocurrency markets. The methodology follows the Cronbach Alpha, Kolmogorov-Smirnov and ShapiroWilk Normality, and Mann-Whitney U tests respectively. The findings support gender differences in perception and investment behavior.
Measurement of market risk premiums: a sectoral analysis on Borsa Istanbul
(Institute for Promoting Research & Policy Development (IPRPD), 2023-12) Teker, Dilek; Teker, Suat; Demirel Gümüştepe, Esin
The determination of market risk premium is often a problem for academics and practioners when applying Capital Asset Pricing Model (CAPM). This study intends to measure the market risk premiums (MRP) in the sectors of Borsa Istanbul. The monthly data are extracted from Reuters Database for the period of 2016-2021 for the seventeen sectors of Borsa Istanbul. The whole sampling period is devided into two sub-periods based upon the results of Cusum-Squared test statistics showing a structural break with the Covid-19. The emprical results reveal that the market risk premium on BIST100 is -0.7% with a volatility of 0.3% in the pre-Covid-19 period while the market risk premium on BIST100 is -0.21% with a volatlity of 0.23% post-Covid-19 period. The findings show that a significant increase in market risk premiums and volatilies post-Covid-19 era compared to the pre-Covid era. More, the market risk premiums and their volatilies are estimated by utilizing ARIMA model for the 2022-2024 period. The estimates point even higher market risk premiums and volatilies in the near future.
Backcasting Bitcoin prices: implementation with ARCH & GARCH models
(International Journal of Economics, Commerce and Management, 2024-12) Teker, Dilek; Teker, Suat; Demirel Gümüştepe, Esin
Bitcoin, the first decentralized cryptocurrency, has gained popularity among investors for several reasons. Its potential for high returns makes it attractive to those seeking alternatives to traditional investments. Bitcoin's volatility provides both risk and reward, drawing in speculative investors. Moreover, Bitcoin operates independently of central banks or governments, appealing to those wary of inflation and economic instability. As more businesses and financial institutions adopt Bitcoin as an investment tool and a medium of exchange, its appeal continues to grow. For institutional investors, Bitcoin offers a way to diversify portfolios amid low interest rates and geopolitical uncertainty. However, the volatility in Bitcoin markets tends to be a risk exposure, so developing models to understand Bitcoin fluctuations is crucial to determining more about market behavior. Accurate financial models help predict price movements, manage risk, and identify macroeconomic correlations. Given its complexity, these models are essential for long-term investors to navigate volatility and optimize their investment strategies. This research employs ARCH and GARCH models to forecast Bitcoin volatility. The outputs indicate that ARIMA is the best fit model that explains Bitcoin’s price fluctuations in the selected data period.
The investor behaviour, risk perception and expectations on cryptocurrency markets
(Al-Kindi Center for Research and Development, 2023-12-15) Teker, Dilek; Teker, Suat; Demirel, Esin
The financial sector, which has sparked increasing organizational and scientific interest in recent years, plays a vital rolein the Turkish economy. After enduring multiple economic downturns, consumers have become more cautious when considering financial investments, making it challenging for financial institutions to formulate effective marketing strategies. This study aims to shed light on investor behavior in Tukish markets. The results of two surveys are examined: the first conducted in the final quarter of 2022, and the second in the first quarter of 2023. This article delves into various variables, including stress levels, portfolio holding times, investment choices, and attention to cryptocurrency markets. The methodology employs the Mann-Whitney U test, Cronbach's Alpha, Kolmogorov-Smirnov, and Shapiro-Wilk normality tests. The findings from the two surveys are compared. Based on the analysis results, it can be inferred that respondents' investment preferences and risk tolerance have evolved over time. The results demonstrate a spectrum of portfolio diversification tendencies.

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