This study examines how Turkish manufacturing industry responded to increased competitive pressures that it has faced over the past decade. Pressures arose both from growing trade competition from low-cost countries, which have similar trade specialisation patterns to Turkey’s, and from strong...

This paper reviews the literature on the Middle Income Trap and compares Turkey to the rest of the trapped and non-trapped (non-middle income trapped) countries. We analyze country experiences by focusing on the role of well-designed and high quality education system to avoid the trap. When we...

The aim of this paper is to determine if OPEC acts as a cartel by testing whether the production decisions of the different countries are coordinated and if they have an influence on oil prices. Relying on cointegration and causality tests in both time series and panel settings, our findings...

This paper investigates the links between price returns for 25 commodities and stocks over the period from January 2001 to November 2011, by paying a particular attention to energy raw materials. Relying on the dynamic conditional correlation (DCC) GARCH methodology, we show that the...

The aim of this paper is to investigate the determinants of the carbon price during the two phases of the European Union Emission Trading Scheme (EU ETS). More specifically, relying on daily EU allowance futures contracts, we test whether the carbon price drivers identified for Phase I still...