Saffet Akdag, Hakan Yildirim and Andrew Adewale Alola
The recent dynamics of trade policy, especially that is associated with the United States of America (USA) and China, has not only triggered policy adjustments in two economies…
Abstract
Purpose
The recent dynamics of trade policy, especially that is associated with the United States of America (USA) and China, has not only triggered policy adjustments in two economies, it has also implied an uncertainty spillover to other economies across the globe. Consequently, the current study attempts to examine the effect of uncertainties in the USA–China trade policies on stock market indexes. In addition, the cointegration evidence between the USA–China trade policy uncertainty index and of the leading Global South fragile quintet (Brazil, Indonesia, South Africa, India and Turkey) stock market indices is investigated.
Design/methodology/approach
Mainly, the FMOLS and DOLS Granger causality analysis with cointegration coefficient estimators were employed for the dataset over the monthly data period of March 2003 and July 2019.
Findings
Accordingly, the study found a long-term relationship between the USA–China Trade Policy Uncertainty index and the stock exchange indexes. In addition, a causal relationship was established from the change in the USA–China Trade Policy Uncertainty index to the change in the stock market indexes of almost all of the examined countries (Brazil, Indonesia, South Africa, India and Turkey). In addition, the nonlinear Autoregressive Distributed Lag approach further offers evidence of asymmetric relationship among the examined indicators.
Originality/value
Moreover, this study contributed to the existing literature because it employed the indexes of BIST100, BOVESPA, BSE Sensex 30, IDX Composite and South Africa 40 in a novel approach. Thus, the study posited a useful policy guideline for associated economic uncertainties arising from the trade dispute, such as the case of the world’s two largest trading giants or partners (i.e. the USA and China).
Details
Keywords
Hakan Yildirim, Saffet Akdag and Andrew Adewale Alola
The last decades have experienced increasingly integrated global political and economic dynamics ranging especially from the influence of exchange rates and trade amid other…
Abstract
Purpose
The last decades have experienced increasingly integrated global political and economic dynamics ranging especially from the influence of exchange rates and trade amid other sources of uncertainties. The purpose of this study is to examine the exchange rate dynamics of Brazil, Russia, India, China, and South Africa (BRICS) and the Republic of Turkey.
Design/methodology/approach
Given this perceived global dynamics, the current study examined the BRICS countries and the Republic of Turkey's exchange rate dynamics by using the United States (US) monthly dollar exchange rate data between January 2002 and August 2019. The price bubble which is expressed as exceeding the real value of assets' prices which is observably caused by speculative movements is investigated by using the Supremum Augmented Dickey-Fuller (SADF) and the Generalized Supremum Augmented Dickey-Fuller (GSADF) approaches.
Findings
Accordingly, the GSADF test results opined that there are price bubbles in the dollar exchange rate of other countries except for the United States Dollar (USD)/Indian Rupee (INR) exchange rate. As the related countries are classified as developing countries in terms of their structure, they are also expectedly the subject of speculative exchange rate movements. Speculative movements in exchange rates may cause serious problems in national economies.
Originality/value
Thus, the current study provides a policy framework to the BRICS countries and the Republic of Turkey.
Details
Keywords
Hakan Yılmaz, Kemal Yıldırım and Mehmet Lutfi Hidayetoglu
This study aims to determine the effects of three different carrier system materials (laminated wooden beams, post-tensioned concrete beams and steel beams) used widely in…
Abstract
Purpose
This study aims to determine the effects of three different carrier system materials (laminated wooden beams, post-tensioned concrete beams and steel beams) used widely in interior spaces on the perceptual evaluations of respondents.
Design/methodology/approach
The large opening Olympic swimming pool space was chosen as the research environment. A total of 376 university graduates participated. After experiencing the 360-degree virtual images of the experimental spaces, a “spatial perception” questionnaire was applied to these respondents.
Findings
The spaces using the laminated wood beams in the carrier system were perceived as warmer, lighter, more attractive, more spacious, more informal, closer, more well-planned, freer, simpler, more peaceful, more exciting, and uncrowded compared to the spaces that used post-tensioned concrete beams and steel beams. The architect respondents made more negative perceptual evaluations for all the adjective pairs compared to the respondents in the other professional groups. Respondents who were males, and in the 26–35 years of age group, perceived more positively the physical environmental factors of the virtual swimming pools compared to females, and the 36 years of age or above age group.
Originality/value
The results set forth that the structural elements of buildings, such as ceilings, walls and furnishings, were not only systematic elements used in the formation of the structure, they were also important environmental factors in the perceptual evaluation of the space.
Details
Keywords
Derya Timucin Hayat and Blend Ibrahim
Introduction Summary: Tourism is accepted as a multidisciplinary industry .Hoteliers and tour operators/travel agencies (TO/TA) count as two main stakeholders in the tourism…
Abstract
Introduction Summary: Tourism is accepted as a multidisciplinary industry .Hoteliers and tour operators/travel agencies (TO/TA) count as two main stakeholders in the tourism sector, and they are interdependent with regard to their marketing and service objectives. Distribution channels, as TO and TA, are an important part of tourism growth. As TOs and TAs are the intermediaries between tourist and tourism service providers. Tourists travel to satisfy or fulfill their dreams because travel is a need for psychological relief that motivates people for temporary movement to different places and different countries. The research aims to examine the effects of perceived stakeholder conflict factors (PSCF) issues identified from the existing literature on guests’ outcomes in accommodation establishment located in Kyrenia, Northern Cyprus. PSCF is, namely, misinformation, unmanaged bookings and operational mistakes involving quality-price inconsistency and unsolved guest’s problems should be considered by both parties. Therefore, the objective of this study is to address the research gap regarding the effects of PSCFs on guests’ perceived value (GPV), guest satisfaction (GS) and behavioral intention (BI). Purpose: This study aims to investigate stakeholders conflict and its effects on guests’ outcomes, namely GPV, GS and BI associated with accommodation establishments, which has not been examining empirically before. Design/Methodology/Approach: This study conceptualized PSCFs and developed a scale for assessing this conflict and its outcomes. Through careful instrument development process, four sub-dimensions and 17 items of PSCFs were identified. Findings: The overall PSCFs’ effects obtained indicate that GPV, GS and BI are associated with accommodation establishments, and are negatively affected by the unsatisfactory relationship between these two key stakeholders. Originality/Value: The study empirically tested the conceptual model through conducting survey research to collect data from the guests whose trips were organized through a TO/TA and staying in five-star or four-star accommodation establishments located in Kyrenia, Northern Cyprus.
Details
Keywords
Introduction: Financial development has a direct impact on the housing market by facilitating access to credit. The increase in housing loans resulting from the relaxation of the…
Abstract
Introduction: Financial development has a direct impact on the housing market by facilitating access to credit. The increase in housing loans resulting from the relaxation of the credit constraint causes an increase in housing demand and house prices. Purpose: This study aims to examine the relationship between financial development and house prices in Turkey, using the variables: the domestic credit to the private sector and total housing and consumer credits. Methodology: To determine any long-run relationship between financial development and house prices, the autoregressive distributed lag methods are used, covering the selected variables such as real GDP, inflation, mortgage interest rate, and stock price from 2010Q1 to 2020Q2. Findings: The study’s findings show that both variables representing financial development have a statistically significant and substantial positive effect on house prices. Besides, the selected macroeconomic variables have the theoretically expected impact on house prices.
Details
Keywords
Hasan Hüseyin Yildirim and Bahadir Ildokuz
Introduction – The banking sector is one of the most important building blocks of the financial system. A failure in the banking sector can cause serious problems in a country’s…
Abstract
Introduction – The banking sector is one of the most important building blocks of the financial system. A failure in the banking sector can cause serious problems in a country’s economy. In order for countries to achieve economic growth and development goals, the banking sector, which affects all sectors significantly, needs to be strong. Countries with a robust and reliable banking system have a high credit rating. As a result of this high credit rating, the interest of foreign capital in the country increases. Thus, the credit volume of banks expands and loans are provided at a more appropriate rate for investments. In this respect, the performance and profitability of banks are important. The CAMELS performance model is a valuation system used to determine the general status of banks. The CAMELS model consists of six components. According to this, C represents capital adequacy; A, asset quality; M, management adequacy; E, earnings; L, liquidity; and S, sensitivity to market risks.
Purpose – The purpose of this study is to demonstrate the effect of the CAMLS variables on the variable E.
Methodology – In the implementation part of the study, the data of 11 banks in the BIST Bank Index between 2004 and 2018 were used. In the analysis part of the study, a panel data analysis method was used.
Findings – The capital adequacy (C), management adequacy (M) and liquidity (L) variables were effective on profitability. This study revealed the importance of the capital, management and liquidity variables, which are internal factors, in increasing the profitability of banks.
Details
Keywords
Luan Vardari, Dafina Abdullahu and Rinor Kurteshi
Introduction: In this era, financial literacy is conceptualised diversely in the literature. However, as a general term, ‘Financial Literacy’ can be said to mean acting in line…
Abstract
Introduction: In this era, financial literacy is conceptualised diversely in the literature. However, as a general term, ‘Financial Literacy’ can be said to mean acting in line with one’s material realities whilst using or managing money. Increasing the financial literacy rate amongst students in Kosovo is paramount since it will prepare and support them in making informed investment decisions and in managing their financial situations.
Aim: The study aims to determine the financial literacy levels of students in Kosovo and to determine the relationship between investment decisions and the Covid-19 pandemic.
Method: The dataset examines four factors (i.e. financial literacy, self-control, peer influence and COVID-19) that influence investment behaviour amongst young students in Kosovo. A total of 228 students from Kosovo participated in the study, and the survey measured their financial literacy, investment knowledge, and the COVID-19 impact on their investment decisions using the random sampling technique. The reflective measurement was made using the Partial Least Squares Structural Equation Model (PLS-SEM) on the data scanned from the survey (N = 228). The measurement includes the evaluation of external loading, internal reliability, and convergent reliability. The final equation model was evaluated and estimated using the Smart-PLS v.3.3.3 program.
Findings: The research findings are useful for companies seeking potential investors from generation Y. In addition to that, the results of the research show that students from Kosovo who are more financially literate are more skilled and make more well-informed decisions when investing. In this study, it was determined that the COVID-19 pandemic did not have a negative effect on the investment decisions of students from Kosovo.
Details
Keywords
TURKEY: New cabinet shifts personnel more than policy