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following Turkey's financial crisis in 2001, but then started moving in the opposite direction in the second half of 2000s. This … military's influence and the broadening of effective political participation. As Turkey-European Union relations collapsed and …-paced and lower-quality growth Turkey has been experiencing since about 2007 …
Persistent link: https://www.econbiz.de/10013014300
This paper assesses the empirical relevance of "dynamic" factors in industrialization in developing countries. Using data from a sample of 91 firms, rates of growth of output per unit of input are calculated. It is shown that there is little basis, at least with regard to Turkish experience, to...
Persistent link: https://www.econbiz.de/10013223348
In the mid-1950's, Turkey was a much richer country than Korea. With about the same population, Turkish GNP was about …
Persistent link: https://www.econbiz.de/10014157344
This paper analyzes the effectiveness of the tax and transfer systems in the European Union and the US to act as an automatic stabilizer in the current economic crisis. We find that automatic stabilizers absorb 38 per cent of a proportional income shock in the EU, compared to 32 per cent in the...
Persistent link: https://www.econbiz.de/10013139144
It is often argued that tax competition may lead to a "race to the bottom". Such a race may hold indeed in the case of the pure case of factor mobility (such as capital mobility). However, in this paper we emphasize the unique feature of labor migration, that may nullify the "race to the bottom"...
Persistent link: https://www.econbiz.de/10013139888
Bulgaria signed the Europe Association Agreement (EAA) in 1995 and the European Union accession treaty in 2005. Accession had the effect of increasing FDI in Bulgaria. We analyze World Bank BEEPS firm level data for 2007 to better understand characteristics and performance of foreign firms in...
Persistent link: https://www.econbiz.de/10013001768
This paper brings out the special mechanism through which taxes influence bilateral FDI, when investment decisions are two-fold in the presence of fixed setup flows costs. For each pair of source-host countries, there is a set of factors determining whether aggregate FDI flows will occur at all,...
Persistent link: https://www.econbiz.de/10012782945
Three large current account imbalances -- one deficit (the United States) and two surpluses (Japan and the Euro area) -- are subjected to a minimalist structural interpretation. Though simple, this interpretation enables us to assess how much of each of the imbalances require a real exchange...
Persistent link: https://www.econbiz.de/10012783481
The accession countries to the euro area are increasingly binding their economic activity, external and internal, to the euro area countries. One aspect of this phenomenon concerns the currency invoicing of international trade transactions, where accession countries have reduced their use of the...
Persistent link: https://www.econbiz.de/10012783660
We develop an estimator for latent factors in a large-dimensional panel of financial data that can explain expected excess returns. Statistical factor analysis based on Principal Component Analysis (PCA) has problems identifying factors with a small variance that are important for asset pricing....
Persistent link: https://www.econbiz.de/10012918632