Scientific Publications

Articles in Refereed Journals

“Is Per Capita Energy Consumption Stationary in G7 Countries? Evidence from a Fourier LM Unit Root Test”, with Veli Yilanci, Renewable & Sustainable Energy Reviews, Volume: 36, August 2014, pp.20-25.

Abstract: In this study, we employ a recently introduced unit root test with a Fourier function that is capable of capturing the unknown nature of structural breaks, to reexamine the stationarity properties of energy consumption per capita of 109 countries over the period 1960–2011. The results of the Fourier Lagrange Multiplier unit root test show that the energy consumption per capita for Algeria, Australia, Benin, Bolivia, Canada, Costa Rica, Denmark, Egypt, Greece, Guatemala, Hong Kong, Ireland, Jordan, Korea Democratic Republic, Mexico, Myanmar, The Netherlands, New Zealand, Oman, Paraguay, Qatar, Singapore, Tanzania, The United States and Vietnam is stationary, indicating that energy demand management policies will not be effective on energy consumption in the long term. In addition to this, since the energy consumption in these countries does not contain a unit root, future movements in energy consumption can be predicted by employing historical behaviors.


“Current Acoount Sustainability in the Presence of Structural Shift: The Case of Turkey”, with Ozlem Goktas and Aycan Hepsag, Middle Eastern Finance and Economics, Issue: 11, March 2011, pp.132-141.

Abstract: The objective of this study is to analyze the sustainability of Turkish current account deficit over the period of first quarter of 1984 and the second quarter of 2008. Our analysis is based on the long run-relationship between exports and imports. Unlike the previous studies, we examine if there are any structural breaks in the relationship between export and import series using the multiple structural change approach of Bai and Perron (1998, 2003a) and then apply dynamic ordinary least squares (DOLS) method of Stock and Watson (1993) and the cointegration test of Shin (1994) to determine the long run relationship between them. Our findings suggest that with or without considering any structural break, Turkish current account deficit is sustainable only in the weak form. So policy makers should take into account current account deficits to avoid more severe economic problems in the future.


“Are Per Capita Incomes of MENA Countries Converging or Diverging?”, with Veli Yılanci, Physica A: Statistical Mechanics and its Applications, Volume: 389, No: 21, 2010, pp.4855-4862.

Abstract: This study considers the issue of income convergence among the MENA (Middle East and North African) countries by using real per capita incomes over the period 1950_2006. We employed (Kapetanios et al. 2003) [21] unit root test by incorporating an additive constant and a trend component as Chong et al. (2008) [20] did in their study and found most of the MENA countries diverging during the sample period.


“The Relationship between Budget Deficits and Current Account Deficits in Turkey (An Evaluation for the Post 2001 Economic Crisis)”, with Seyhun Dogan, Conferences of Public Finance Research Center, Istanbul University, forthcoming. (in Turkish).

Abstract: The imbalances seen in budget and current account are accepted as one of the most significant indicators of macroeconomic instabilities. High budget and current account deficits lead to economic crises by increasing the vulnerabilities of economies. In this study, the course of Turkish budget and current account balances and the relationship between budget deficits and current account deficits are investigated for the 2001-2012 period.

“Credit Mechanism of International Monetary Fund: An Investigation for Low Income Countries”, Conferences of Public Finance Research Center, Istanbul University, Volume: 56, Issue: 2, pp.69-93. (in Turkish).

Abstract: International Monetary Fund was founded on the purpose of fulfilling its members’ short term and temporary balance of payments needs after the Second World War. Credit mechanism which is one of the basic functions of the Fund,has changed dramatically until today. Credit facilities that provided funds only for short term financing needs at first, have started to provide funds for medium and long term financing needs too by the1960s. In this study, credit mechanism of International Monetary Fund and especially development of concessional credit facilities envisaged for low income countries are investigated.

“The Relationship between Financial Stability and Monetary Policy: An Evaluation for Turkey (Post 2001 Crisis), with Seyhun Dogan, Journal of Faculty of Economics, Istanbul University, Volume: 61, Issue: 2, 2011, pp.51-81. (in Turkish).

Abstract: The existence of a robust and stable financial system has become one of the most important conditions for economic growth and development in recent years. Hence, nowadays providing and maintaining financial stabiliy has been discussed intensively. In this study, after explaining the concept of financial stability and the relationship between financial stability and monetary policy, the effects of Turkish monetary policy on financial stability are evaluated for the post 2001 economic crisis period.

“Expectations in Economics and Modelling of Expectations”, Journal of Faculty of Economics, Istanbul University, Volume: 59, Issue: 1, 2008, pp.135-168. (in Turkish).

Abstract: Expectations play a key role in economic agents’ decision process. Rational Expectations Hypothesis is generally utilized to model expectations in economics literature. However the assumptions of Rational Expectations Hypothesis aren’t compatible with realities. Hence, in recent years new approches have been developed to model expectations. These approaches which are called Learning Models focus on expectations formation process. In this study it is tried to explain expectation concept and the models which are about expectations in economics.

“The New Neoclassical Synthesis, Monetary Policy and Turkey”, Journal of Faculty of Economics, Istanbul University, Volume: 58, Issue: 2, 2008, pp.87-115. (in Turkish).

Abstract: The New Neoclassical Synthesis is a new approach which combines the Classical and Keynesian elements into a single theoretical framework. The main assumptions of this synthesis are monopolistic competition, costly price adjusment and sticky prices. Hence, The New Neoclassical Synthesis claims that monetary policy has important effects on the real economic activities. According to New Neoclassical Synthesis, inflation targeting policy not only achieves price stability, but also reduces the volatility of output and employment level. In this study, the fundamental features of The New Neoclassical Synthesis are examined and The Turkish Inflation Targeting Policy is evaluated.

“The Sustainability of Turkish Current Account Deficits”, ”, Journal of Social Sciences, Istanbul University, Issue: 2008/1, 2007, pp.163-177.(in Turkish).

Abstract: Current account sustainability is one of the main problems in open economies. Since high current account deficits increase the probability of economic crisis, it becomes neccesary to determine whether the current account deficits are sustainable or not. The sustainability of current account deficits can be theoretically analyzed with the Intertemporal Model Of The Current Account, as well as it can be evaluated by macroeconomic and structural factors. In this study, the sustainability of Turkish current account deficits is examined by various macroeconomic and structural factors after the 2001 economic crisis.

“The Problems of Turkish Current Account Balance”, Journal of Social Sciences, Istanbul University, Issue: 2007/2, 2007, pp.151-175.(in Turkish).

Abstract: In this study, it is tried to determine the causes of  Turkish Current Account Deficits between 1980 and 2006 empirically. After the current account deficits and the causes of deficits are examined theoretically, a classic linear multiple reggression model and a VAR model is computed to specify the causes of Turkish Current Account Deficits and the dynamic relationship between current account deficits and its causes. According to computations, it is concluded that the basic causes of Turkish Current Account Deficits are economic growth, the appreciation of Turkish Lira and capital inflows.

“Monetary Approach to the Balance of Payments”, with Zafer Tunca Journal of Faculty of Economics, Istanbul University, Volume: 56, Issue: 1, 2006, pp.1-12.(in Turkish).

Abstract: The monetary approach to the balance of payments is a theory which emphasizes monetary factors in the balance of payments analysis. The models which are developed from this approach can be divided into two major groups: 1- IMF Model and 2- Johnson Model. While IMF Model states that there is an indirect relationship between the money supply and the balance of payments, Johnson Model emphasizes that this relationship is constructed directly. Nevertheless the monetary approach to the balance of payments, within a complete form, asserts that the balance of payments problems’ main cause is the imbalances between the money supply and the money demand. This paper’s aim is to explain the monetary approach to the balance of payments and the IMF and Johnson Models which are developed from this concept.


“State Aid Policy in the European Union”, with Jan Fidrmuc, Bratislava Economic Meeting 2014, Bratislava-Slovakia, 13-14 June 2014.

Abstract: Industrial policy is an important tool of economic policy making, especially so since the onset of the current global financial crisis in 2008. However, only relatively few empirical studies consider the macroeconomic effects of industrial policy, especially for the European Union countries. In this study, we investigate the effect of state aid policy on economic growth and investment, using a panel data set which covers 27 European Union countries over the period 1992-2011. Our results suggest that state aid policy is not an effective tool to achieve higher economic growth and investment rates in the European Union.

Link of the Full Programme:

“The Female Vote and the Rise of AKP in Turkey”, with Jan Fidrmuc, The 2014 Meeting of the European Public Choice Society, Cambridge, 03-06 April 2014.

Abstract: Differences between the voting behavior of men and women have become one of the most significant issues in social science research in recent years. In this study, we examine whether there is gender gap in voting behavior in Turkey by using ESS wave 2-2004 and ESS wave 4-2008 data sets. We find that education level and religiosity are the main elements that determine the voting behavior of both Turkish men and women, and the differences between them. In particular, our results suggest that there was a critical difference in the effect of education on the support for the Justice and Development Party (AKP) and the Republican People’s Party (CHP) in the 2002 election, which brought the AKP to power.

 Link of the Full Programme:

Link of the Paper:

“Open Innovation and Intellectual Property Rights: A Theoretical Examination”, New Ideas, New Products and Property Rights in Competitive Economies, 4th International Summit of Istanbul Economists,  Istanbul, 08-10 October 2012. (in Turkish).

Abstract: Especially in recent years, many firms have begun to prefer Open Innovation approach instead of Closed Innovation in their innovation activities. In Open Innovation approach, it is asserted that firms should utilize external ideas and inventions as well as internal ones while developing their technologies. According to Open Innovation approach, firms should open their borders and also enable other firms to use ideas and inventions created by themselves. This transformation that is occured in innovation strategy may create significant effects on the management of intellectual property rights. In this study, Open Innovation approach will be explained in detail and the management of intellectual property rights in Open Innovation process will be discussed.

Working Papers

“The Female Vote and the Rise of AKP in Turkey, with Jan Fidrmuc, Brunel University Center for Economic Development and Institutions (CEDI) Discussion Paper Series, Discussion Paper No: 14-02, 2014.


“State Aid Policy in the European Union, with Jan Fidrmuc, Brunel University Economics and Finance Working Paper Series, Working Paper No: 14-04, 2014.



Leave a Reply

Your email address will not be published. Required fields are marked *