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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 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.
