Template-Type: ReDIF-Article 1.0
Author-Name: Hülya Bulut
Title: Assessing Fiscal Sustainability in Turkey through Cointegration Analysis with Multiple Structural Breaks
Publication-Status: Published
Abstract: Nowadays, from the viewpoint of the authorities in the realm of monetary and fiscal policy, it is of importance to reach the determined macroeconomic targets; but at the same time, the long-term maintenance of the economic stability environment, which is positively affected by the achievement of these targets, is also important in terms of sustainable macroeconomic balances. In this context, it is possible to say that the concept of fiscal sustainability is both a prerequisite and a consequence of consistent monetary and fiscal policies. Therefore, the phenomenon of fiscal sustainability is of particular importance in terms of continuity of public activities, in countries using the borrowing method in public financing due to the persistence of budget deficits for many years, like Turkey. Due to fiscal policies turning into unsustainable models, it will be inevitable that increasing borrowing costs will adversely affect economic growth and development, in parallel with possible increases in interest rates and risk premiums. The study is focused on the bivariate approach, which is prominent in the literature, to examine fiscal sustainability. According to this perspective, fiscal sustainability is determined by the status of the cointegration between budget revenues and budget expenditures (primary). Accordingly, for the monthly data of the period from January 2001 to November 2019, the stationarity statuses were examined via Kapetanios' (2005) unit root test with multiple structural breaks, and the existence of the cointegration relationship between the series was examined through Maki's (2012) test method with multiple structural breaks. According to the analysis results, it was determined that there was no cointegration relationship between the general budget revenues and the general budget primary expenditures series. In this context, no fiscal sustainability was observed in Turkey in terms of the period studied.
Keywords: Fiscal sustainability; Unit root test with multiple breaks; Cointegration test with multiple breaks; Budget Constraint Approach
Journal: International Journal of Applied Business and Management Studies
Pages: 1-9
Volume: 5
Issue: 1
Year: 2020
Month: March
DOI: 10.68099/ijabms.2020.231
File-URL: https://journal.bauderpress.org.tr/index.php/ijabms/article/view/231
File-Function: Abstract page
File-Format: text/html
File-URL: https://journal.bauderpress.org.tr/index.php/ijabms/article/download/231/161
File-Function: Full text
File-Format: application/pdf
Handle: RePEc:bau:ijabms:v:5:y:2020:i:1:id:231

Template-Type: ReDIF-Article 1.0
Author-Name: Naib Alakbarov
Author-Name: Rakhshada Murshudova
Title: The Relationship between Financial Markets and Economic Growth: The Case Study of Georgia
Publication-Status: Published
Abstract: The aim of the study is to investigate the relationship between financial markets and economic growth in Georgia. In this study, causality relationship between financial development indices representing financial markets and gross domestic product representing economic growth was investigated by using annual data for the period of 1995-2017. According to the results of the Breitung and Candelon (2006) Frequency Domain Causality Test, it was observed that there was no causal relationship between the development in the financial markets and economic growth, but the economic growth positively affected the productivity in the financial markets.
Keywords: Financial Markets; Financial Development; Economic Growth; Georgia
Journal: International Journal of Applied Business and Management Studies
Pages: 10-18
Volume: 5
Issue: 1
Year: 2020
Month: March
DOI: 10.68099/ijabms.2020.232
File-URL: https://journal.bauderpress.org.tr/index.php/ijabms/article/view/232
File-Function: Abstract page
File-Format: text/html
File-URL: https://journal.bauderpress.org.tr/index.php/ijabms/article/download/232/162
File-Function: Full text
File-Format: application/pdf
Handle: RePEc:bau:ijabms:v:5:y:2020:i:1:id:232

Template-Type: ReDIF-Article 1.0
Author-Name: Yilmaz Bayar
Author-Name: Tuğba Betül Özav
Title: Economic Impacts of Tourism: A Literature Research
Publication-Status: Published
Abstract: Tourism sector has considerably expanded and become a significant item of global export. The tourism sector has led many economic, environmental, social, and cultural impacts. In this study, we researched the empirical literature on the impacts of tourism on economic growth, employment, and balance of payments. The empirical literature revealed that tourism sector made a positive contribution to economic growth, employment, and balance of payments.
Keywords: Tourism sector; economic growth; employment; balance of payments
Journal: International Journal of Applied Business and Management Studies
Pages: 19-28
Volume: 5
Issue: 1
Year: 2020
Month: March
DOI: 10.68099/ijabms.2020.233
File-URL: https://journal.bauderpress.org.tr/index.php/ijabms/article/view/233
File-Function: Abstract page
File-Format: text/html
File-URL: https://journal.bauderpress.org.tr/index.php/ijabms/article/download/233/163
File-Function: Full text
File-Format: application/pdf
Handle: RePEc:bau:ijabms:v:5:y:2020:i:1:id:233