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Öğe An analytical approach on defense expenditure and economic growth: The case of Turkey and Greece(2006) Kalyoncu H.; Yucel F.Purpose - The objective of this study is to examine the relationship between defense expenditure and economic growth for Turkey and Greece in the period of 1956-2003 using yearly data. Design/methodology/approach - The Engle-Granger cointegration methodology and Granger causality test are used. Findings - It is found that these two variables are cointegrated for both countries studied. Unidirectional causality running from economic growth to defense expenditure is only found for Turkey. Originality/value - The paper investigates the long-run relationship between defense expenditure and economic growth by conducting cointegration and causality tests in the context of Turkey and Greece over the period 1956-2003. © Emerald Group Publishing Limited.Öğe Do oil prices affect the USD/YTL exchange rate: Evidence from Turkey(2008) Ozturk I.; Feridun M.; Kalyoncu H.This study aims at investigating the link between international oil prices and the exchange rate in the case of a small open industrial economy without oil resources - Turkey. Johansen cointegration and Granger causality tests are used to analyze the relationship between oil prices and the exchange rate in the period 1982:12-2006:5. We find that international real crude oil prices Granger cause the USD/YTL real exchange rate.Öğe Is per capita real GDP stationary in the OECD countries? Evidence from a panel unit root test(2007) Ozturk I.; Kalyoncu H.This paper examines the stationarity of real GDP per capita for 27 OECD countries during the period 1950 to 2004. Using ADF unit root test on single time series, it is found that real GDP per capita series of most OECD countries have unit root. This outcome, however, might be due to the generally low power of this test. The aim of this paper is to reconsider this issue by exploiting the extra information provided by the combination of the time-series and cross-sectional data and the subsequent power advantages of panel data unit root tests. We apply the test advocated by Im, Pesaran and Shin (1997). The results overwhelmingly indicate that real GDP per capita series among OECD countries are nonstationary.Öğe Purchasing power parity in OECD countries: Evidence from panel unit root(2008) Kalyoncu H.; Kalyoncu K.This paper investigates the validity of purchasing power parity (PPP) for 25 OECD countries by using a panel unit-root methodology. The procedure used here is to examine stationarity of real exchange rate. Using ADF unit-root test on single time-series, it is found that real exchange rate of all OECD countries have unit root. This outcome, however, might be due to the generally low power of this test. The aim of this paper is to reconsider this issue by exploiting the extra information provided by the combination of the time-series and cross-sectional data and the subsequent power advantages of panel data unit-root tests. We apply the test advocated by Im et al. [Im, K.S., Pesaran, M.H., Shin, Y., 1997. Testing for unit roots in heterogenous panels. University of Cambridge, Department of Applied Economics]. According to estimation results real exchange rate in OECD countries are stationary and support long-run purchasing power parity. © 2007 Elsevier B.V. All rights reserved.
