MSc in Economics
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Öğe Patterns of democratization in post-1990 Tunisia: orginis, actors, and outcomes(İstanbul Bilgi Üniversitesi, 2023) Tiouiri, Kods Glai Ep; Boyraz, CemilABSTRACT: The 25th of July 2021 exposed the fragility of Tunisia's democratic structures and marked the beginning of a new political era under a highly personalized system. This dramatic transformation sets the ground for this study to explore, analyze, and understand the current crisis's grassroots and assess the prospects of democratization in Tunisia. Tunisian democratization experiences tend to be analyzed from either a purely domestic or external dimension; the linkage between these two dimensions and their impact on the course of democracy has barely been discussed. Using qualitative analysis, this study aims to grasp the origins of the ongoing democracy crisis in Tunisia by investigating the impact of the different democratization phases from the 1990s to 2022. The study evaluates the main internal and external actors and factors in each democratization phase and highlights how the nexus between them triggered, influenced, and shaped democratization processes. The study lays out four main contributions to democratization studies in Tunisia and the debate over the internal-external linkages in democratization. First, it highlights the fact that both the liberalization and de-liberalization processes in Tunisia during the 1990s and early 2000s are the outcomes of a combination of internal and external dimensions. Second, the study argues that the democratic transition, triggered by social demonstrations, influenced the domestic and regional landscape. This made the Tunisian democratic transition of regional and international order. The interactions between internal and external dimensions during this phase led to destabilizing and stabilizing Tunisia’s democratic transition process. Third, the study suggests that after the establishment of the democratic institutions, the international actors’ role shifted towards an ‘adjusting’ role, mainly during the crisis, to maintain the secularist-Islamist balance of power and, thus the country’s stability. Fourth, regarding the current crisis the study emphasizes how the accumulative effect, the domestic actors’ dynamics, tensions and conflicts, and the regime-external actors' relationship have paved the way for a fully-fledged and continuing democracy crisis. As the origin of the ongoing crisis is multidimensional so is its resolution.Öğe The effect of individual wealth on investment decisions under different bankruptcy rules: an experimental study(İstanbul Bilgi Üniversitesi, 2022) Şenyurd, Fatih Mehmet; Giritligil, Ayça EbruABSTRACT: In this thesis, we theoretically and experimentally analyze the effect of the wealth levels and underlying bankruptcy rules on investment decisions in a bankruptcy game setting. Chapter 1 constructs a bankruptcy model using DARA (Decreasing Absolute Risk Aversion) as investors’ utility function to examine the wealth effect on investment. This utility function assumption includes the uninvested portion of the wealth in the utility equation and leads to an intuitive equilibrium behaviour. Using Nash Equilibrium as the solution concept, investment levels become observable under different rules and parameters. The three division rules focused on this thesis are Proportionality (PRO), Equal Awards (EA), and Equal Losses (EL). These rules are examined separately and as combinations to see which rule(s) leads to higher total investment levels. The analysis results show that an agent’s equilibrium investment is affected by her own wealth and the wealth of the other agents. There is a two-agents case for computational and illustrative purposes in the last part of the chapter to complement the theoretical part. In Chapter 2, a controlled laboratory experiment is conducted to test and analyze the theoretical outcomes achieved in Chapter 1. The theoretical framework refers explicitly to DARA in terms of risk behaviour. A risk elicitation method classified subjects according to their risk aversion classes. Analyses contested the outcomes of Chapter 1 for DARA subjects and all classes included. In order to capture wealth effect and endowment asymmetries, various endowment allocations were assigned under each rule. Predictions formed by the theory are successfully observed in the individual investments under PRO and EA. Both PRO and EL maximize the investments by yielding more investment than EA. However, PRO and EL do not differ significantly.Öğe The effects of the intermediation spread on formal and informal entrepreneurship(İstanbul Bilgi Üniversitesi, 2021) Şahin, Mehmet Cem; Ateşağaoğlu, Orhan EremABSTRACT: In this thesis, we attempt to measure the effects of the interest wedge between the deposit and the lending rate on the overall economy in an overlapping generations setup that features the formal and the informal sector. The increases in the magnitude of the interest wedge harm output, lower wages and increase the prevalence of production units that evade taxes and stay small in order to remain undetected. General equilibrium results show that the increases in the intermediation wedge affect capital and labor demand for the formal sector, lower the equilibrium prices and thus, decrease the opportunity cost for the entrepreneurs in the informal sector. The presence of intermediation spread increases the measure of informal producers that would otherwise be either formal producers or workers. It also decreases the scale at which formal entrepreneurs would operate if the intermediation spread was absent. The decreases in wages and interest rates also cripple the incentive to accumulate asset among low skilled agents in the finite-horizon model. As the increases in the user cost of capital combine with the decreases in the return to asset accumulation and being a salaried worker, the amount of external funds that the formal entrepreneurs would benefit goes down.Öğe Suggested regulations to generalize green supply chain practices in medical supply chain(İstanbul Bilgi Üniversitesi, 2021) Dağlı, Asena Nur; İncekara, Beyhan; Dinç, KenanABSTRACT: While human beings make their life easier thanks to industrialization, they actually cause excessive harm to the environment. The only way to prevent these damages and reduce environmental problems is to promote the use of green practices in all sectors. Natural disasters, diseases caused by environmental pollution and depleting natural resources show that the need for green practices all over the world has reached a level that cannot be ignored. The medical supply chain, which tries to protect human health, is one of the weakest sectors in this regard. For this reason, the need for the sector to transition to green practices has become an urgent situation. The aim of this study is to provide government incentives and legislative proposals to promote green practices in the medical supply chain. In addition, in order to show the response of the suggestions in the sector, the attitudes of the sector employees were examined with the survey data method and the relationships between these attitudes was examined through the Spearmen correlation analysis. As the results show, medical supply chain workers strongly support green practices. For this reason, if the recommendations are implemented, they are expected to be successful.Öğe Recovering non-monotonicity problems of voting rules(İstanbul Bilgi Üniversitesi, 2019) Tosunlu, Halil Berkay; Keskin, UmutABSTRACT: Social choice rule (SCR) is monotonic if an elected alternative still gets elected when it is improved for at least one voter and the ranking among other alternatives remain the same. Monotonicity is rather weak but well-known to discriminate against scoring elimination rules, such as plurality with a run off and single transferable vote. We define the minimal monotonic extension of a SCR as its unique monotonic supercorrespondence that is minimal with respect to set inclusion. After showing the existence of the concept, we charac- terize, for every non-monotonic SCR, the alternatives that its minimal mono- tonic extension must contain. We also discuss measures of non-monotonicity based on the divergence between the minimal monotonic extension of a SCR and the SCR itself. As minimal monotonic extensions can entail coarse SCRs, we address the possibility of maximally refining them without violating mono- tonicity provided that this refinement does not diverge from the original SCR more than the divergence prescribed by the minimal monotonic extension it- self. We call these refinements minimal monotonic adjustments and identify conditions over SCRs that ensure unique minimal monotonic adjustments. As an application of our general findings, we consider plurality with a runoff, charaterize its minimal monotonic extension as well as its (unique) minimal monotonic adjustment. Interestingly, this adjustment is not coarser than plu- rality with a run off itself, hence we suggest it as a monotonic rectification of plurality with a runoff.Öğe The effect of sovereign credit rating announcements on us dollar/Turkish lira exchange rate volatility(İstanbul Bilgi Üniversitesi, 2020) Erdem, Mustafa; Öztürk, Serda SelinABSTRACT: Credit rating agencies publicly announce their independent evaluations about issuers, securities and countries in the form of letter grades and outlooks in certain periods. These evaluations give an information on the willingness and capability to fulfill debt obligations of issuers. While higher rating grades facilitate borrowers to obtain funds at low costs, lower rating grades increase the funding costs due to the implications of high default risks. Credit rating announcements’ role in pricing capital and monet market securities have important effects for fluctuations of macroeconomic variables due to interconnectedness of financial markets. In this thesis, the effects of credit rating announcements of three international credit rating agencies, S&P, Moody’s and Fitch, on US Dollar /TL exchange rate volatility is examined. Time period of analysis covers all credit rating announcements between January 6, 1992 and April 8, 2019. In order to examine the effects, GARCH, EGARCH and stochastic volatility models are used. Empirical findings of all models show that positive and negative credit rating announcements have statistically significant impacts on exchange rate volatility. Moreover, negative announcements increase the volatility more than positive annoncements. Lastly, likelihood ratio test is conducted to select the best model that fits on data. Test results exhibit that EGARCH model is the best model for the relationship between rating announcements and exchange rate volatility.Öğe A sector level analysis for macrovariables and stock indices in Turkey(İstanbul Bilgi Üniversitesi, 2020) Çetin, Gizem; Öztürk, Serda SelinABSTRACT: The way of macroeconomical factors affect stock returns has been discussed for long time by investors. The paper aims to examine stock returns and macroeconomic variables relationship on sector level for Turkey by covering period of 2006:1 and 2018:12. The choosen domestic economical factors are exchange rate USD/TRY, consumer price index, industrial production and 1-year deposit rates ; international factors are US M2 money supply and 10-year treasury constant maturity rate. BIST00, service, industry, technology and financial sector indices are selected as endogenous variables in VAR model. The main findings are while exchange rate USD/TRY, 1-year deposit rate and US M2 money supply have negative effects on stock indexes; industrial production influence positively compatibly previous researhes. In addition, global factors found to be significant on returns like local factors. The test results also show that Turkish consumer price index and US long term treasury yield do not have any effect on chosen sector indices. Moreover, there is no bilateral correlation among BIST100 index and other sector indices between 2006-2018.Öğe Which yield curve spread is the best for predicting the recessions in the U.S economy? A wavelet approach(İstanbul Bilgi Üniversitesi, 2019) Özmen, Mehmet İkbal; Eroğlu, Burak AlparslanUsing out-of sample methods, we compare the performance of the wavelet-based probit model and standard probit model in forecasting recession in the U.S. Additionally, the performance of different financial indices, such as term spreads, credit spreads, interest rates, was evaluated in both the wavelet-based probit model and the standard probit model. The out-of-sample exercises are employed respectively for three, six, twelve and twenty-four-months ahead forecasts. We use four different wavelet filtering methods including Haar, Symlet, Coiflet and Daubechies to obtain low frequency fluctuations of observed series. According to numerical results, forecasting performance of the wavelet-based model outperforms standard probit model for three, six and twelve month-ahead forecasting. Moreover, the yield curve spread between between 3-Y ear Treasıny Constant Maturity Rate - 1-Y ear Treasury Constant Maturity Rate and the yield curve spread between between 3-Year Treasury Constant Maturity Rate - Federal Funds Rate among indexes have better results in forecasting a recession in the U.S.Öğe A behavioral approach to institutional economics rules of the game and cooperation behavior(İstanbul Bilgi Üniversitesi, 2019) Arslanoğlu, Selin; Giritligil, Ayça EbruIn the behavioral economics literature, the dynamics of cooperation in groups have received a great deal of interest. There are many studies investigating the effect of some individual characteristics and external factors on cooperation behavior of individuals in different settings. The findings of those studies show that the effect of a policy on cooperation is greater when the policy is chosen democratically by group members than when it is imposed exogenously. With this motivation, in this thesis study, I mainly focus on whether cooperation behavior of individuals is influenced by the mechanisms imposing the rules when there is a conflict between what is individually optimal and what is optimal for the society as a whole. In an experimental setting, using a prisoners’ dilemma game which can be transformed into a coordination game, the study questions if people can coordination the socially efficient equilibrium when the transformation is imposed democratically. Also, with a coordination game it is investigated how people coordinate when there are more than one equilibrium. The results cannot confirm the claim that democratic decision-making processes increase cooperation but suggest that individual-level cooperation is influenced by prior mutual cooperation experience and some personal characteristics.Öğe Asymmetric monitoring of a law in a public good game an experimental study(İstanbul Bilgi Üniversitesi, 2019) Okan, Nedim; Giritligil, Ayça EbruThis paper aims to contribute to the experimental economics literature by testing the effect of asymmetric monitoring on the decision to follow the law with a controlled laboratory experiment. In a repeated public good game, we assign heterogeneous monitoring probabilities to subjects to create an abstract setting where individuals are not treated equally by the law. Average contributions and deterrence rates in treatments with low, high and asymmetric monitoring are compared to understand if the asymmetric implementation of the law affects subjects’ contributions to the public good. The experiment consists of two blocks of ten repeated rounds. By changing the monitoring regime in the second block, we aim to investigate how individual behaviour is affected by a shift between symmetric and asymmetric regimes. Experimental results indicate that there is no significant difference between the average contribution or deterrence rates of subjects who are monitored with the same probability under symmetric and asymmetric settings. Subjects who are monitored with high probability contribute more on average, and their contribution level is sustained through repeated rounds. In contrast, the average contribution of subjects who are monitored with a low probability decrease over time. Furthermore, a shift from symmetric to the asymmetric regime had no effect on subjects’ behaviour.Öğe Sosyal pazarlamanın Z Kuşağı üzerindeki etkisi sosyal pazarlama uygulamalarının gerekliliği, kurum ve kuruluşlara yönelik algı ve satın alma yönelimlerine yönelik bir analiz(İstanbul Bilgi Üniversitesi, 2019) Karababa, Gamze; Sanje, GresiGeneration Z still preserves its mystery according to many researchers. Although generation X and Y has the purchasing power, the attention of the marketers and communications has shifted to the generation Z which grew up in very different environment than previous generations. Unlike its predecessors, this generation does not know a world without mobile phones, the Internet and the digital. In this study, Generation Z and the impact of social marketing practices on consumer buying behaviors and attitudes is examined.Öğe Satisfaction mediates the effect of content and personal value of youtubers on purchasing games and in-game contents(İstanbul Bilgi Üniversitesi, 2019) Tekeli, Ahmet Cenkhan; Durmuş, BerilThis Master of Art Thesis aims to explore the sources' (gamer vloggers on YouTube) personal values, vloggers' content values and user generated content's effects on viewer's satisfaction and intention to purchase; in the context of vloggers' attitudes, usefulness of content generated by vloggers' and viewers' intention to purchase resulting from satisfaction welding on social interaction in YouTube videos about gaming and e-sports. The primary target of this research is to understand how the viewers respond the vloggers' content values as well as vloggers' personal attitudes through YouTube videos and viewers' social satisfaction affecting their intention to buy the related products. In this context, "Theory of Planned Behavior", "Theory of Reasoned Act" and "Uncertain Reduction Theory" is used, vloggers' content values examined in the meaning of entertainment, informativeness and irritation, vloggers' personal values examined in the meanings of social competency, authoritative knowledge and engagement knowledge, and viewers' satisfaction examined in the meanings of social exchange, recreation and information.Öğe Estimating open economy new keynesian phillips curve for Turkey(İstanbul Bilgi Üniversitesi, 2007) Nebioğlu, Deniz; Akay, KorayBu tezde aylık ve üç aylık data kullanarak marjinal maliyete dayalı Yeni Keynesyen Phillips Egrisi (YKPE) tahmin edilmektedir. Türkiye ekonomisi büyük ölçüde küresel gelişmelere bağımlı olduğu için, geleneksel YKPE yerel enflasyonun uluslararası fiyat değişmelerinden etkilenmesine izin verecek şekilde değiştirilmiştir. İlk olarak aylık veriyle Türkiye Cumhuriyet Merkez Bankası’nın yayımladığı enflasyon beklentileri verisi kullanarak model en küçük kareler yöntemiyle tahmin edilmiştir. İkinci olarak, model üç aylık veriyle genelleştirilmiş moment metodu kullanarak tahmin edilmiştir. Dört spesifikasyon ele alınmıştır:(1) Temel kapalı ekonomi YKPE spesifikasyonu (2)Temel kapalı ekonomi Gali, Gertler (1999) melez spesifikasyonu (3)Tamamıyla ileriye dönük açık ekonomi YKPE spesifikasyonu (4)Açk ekonomi Leith, Malley (2002,2007) melez YKPE spesifikasyonu. Bütün spesifikasyonlarında hem indirgenmiş form katsayıları hem de yapısal parametreler tahmin edilmiştir.Öğe A vecm analysis for stock and estate market indexes in Turkey: Global crisis changed it?(İstanbul Bilgi Üniversitesi, 2019) Bayraktar, Öykü; Öztürk, Serda Selin[Abstract Not Available]Öğe What is required for (r)evolutions? — the case of economics(İstanbul Bilgi Üniversitesi, 2016) Kellecioğlu, Deniz; Akay, Koray[Abstract Not Available]Öğe The economic and political impact of "Socialism" on Somali Republic (1969-1991)(İstanbul Bilgi Üniversitesi, 2015) Osman, Mohamed Omer; Çoban, Güney[Abstract Not Available]Öğe The x-efficiency in Turkish banks(İstanbul Bilgi Üniversitesi, 2015) Özören, Engin; Özyıldırım, Cenktan[Abstract Not Available]Öğe The anomalies of intertempolar choice on small and medium size enterprises: An experimental survey analysis(İstanbul Bilgi Üniversitesi, 2016) Yılmaz, Ali Fuat; Öztürk, Serda Selin[Abstract Not Available]Öğe Implementation of unconventional monetary policies: case of CBRT(İstanbul Bilgi Üniversitesi, 2018) Sürücü, Cemil Can; Eroğlu, Burak Alparslan[Abstract Not Available]Öğe Türkiyede özelleştirme uygulamalarının karşılatırmalı analizi(İstanbul Bilgi Üniversitesi, 2006) Dilaver, Hatice; Aşan, Göksel[Abstract Not Available]
