Scopus İndeksli Yayınlar Koleksiyonu / Scopus Indexed Publications Collection
Permanent URI for this collectionhttps://hdl.handle.net/11147/7148
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Article Citation - Scopus: 2Is Tourism Specialisation a Trap for Economic Growth? the Case of the Italian Regions(Routledge Journals, Taylor & Francis Ltd, 2024) Biagi, Bianca; Duran, Hasan Engin; Pulina, ManuelaTourism activity is a pivotal driver of global economic growth in an era of globalisation. Yet, its ecological footprints call for urgent sustainable practices. This paper enriches intricate interconnections between tourism, economic growth, and sustainability. Novel insights bridge gaps in understanding the effects of domestic and international tourism, regional heterogeneities, and spill-over effects, focusing on Italian regions (2004-2019). Based on a new neoclassical model, this study integrates key indicators beyond Gross Domestic Product and physical capital, encompassing sustainability (renewable energy) and human capital within the KLEM (Capital, Labour, Energy, Materials) specification. These frameworks assess multifaceted dynamics and raise questions about whether high tourism specialisation can lead to a trap for economic growth, development and, ultimately, socio-economic inequalities. Significantly, the research uncovers notable regional heterogeneities, and spill-over effects, shedding light on distinct economic trajectories and challenges, triggering the pursuit of resilience strategies. By highlighting intricate tourism-economy-sustainability connections, this study advances sustainable tourism understanding, urging a delicate balance between tourism's economic benefits and ecosystem concerns. It emphasises the need for eco-conscious practices and economic diversification to ensure harmonious development, aligning with the SDG agenda (UN, 2024).Article Citation - WoS: 1Citation - Scopus: 1State-Level Taylor Rule and Monetary Policy Stress(Instytut Badan Gospodarczych/Institute of Economic Research (Poland), 2023) Duran, Hasan Engin; Gajewski, PawelResearch background: Taylor rule is a widely adopted approach to follow monetary policy and investigate various mechanisms related to or triggered by monetary policy. To date, no in-depth examination of scale, determinants and spillovers of state-level monetary policy stress, stemming from the Federal Reserve Board's (Fed's) policy has been performed. Purpose of the article: This paper aims to investigate the nature of monetary policy stress on US States delivered by the single monetary policy by using a quarterly dataset spanning the years between 1989 and 2017. Methods: We apply a wide array of time series and panel regressions, such as unit root tests, co-integration tests, co-integrating FMOLS and DOLS regressions, and Spatial Panel SAR and SEM models. Findings & value added: When average stress imposed on states is calculated, it is observed that the level of stress is moderate, but the distribution across states is asymmetric. The cross-state determinants behind the average stress show that states with a higher percentage of working-age and highly educated population, as well as those with higher population density and more export-oriented are negatively stressed (i.e. they experience excessively low interest rates), whereas higher unemployment rate contributes to a positive stress (too high interest rates). To the best of our knowledge, the contribution of this paper lies in estimating monetary policy stress at the state level and unveiling some of the determinants of this stress. Moreover, the paper makes the first attempt to empirically test spatial spillovers of the stress, which are indeed found significant and negative.Article Citation - WoS: 17Citation - Scopus: 15Analyzing Housing Price Determinants in Izmir Using Spatial Models(Elsevier, 2022) Sayın, Zeynep Melike; Elburz, Zeynep; Duran, Hasan EnginThe vast majority of the studies on house price dynamics focus on either structural/locational/demographic variables in a cross-sectional setting (i.e., hedonic price modeling) or on the impact of macroeconomic fundamentals in a time series framework. In this work, we argue that both approaches fall short of providing adequate information as cross-sectional analyses largely ignore the macro-dynamics, whereas time series approaches fail to incorporate the cross-sectional dimension. Current work combines both dimensions in a panel framework and provides, in this way, a methodological contribution as well as more informative analyses as it captures the impact of a wide array of variables. Thus, this study examines the housing prices in Izmir/Turkey by adopting the above-mentioned dimensions with both panel and spatial panel regressions. The study area consists of 212 neighborhoods located in different districts of Izmir. The period of analysis covers 30 months between 2017 and 2019. As an outcome of the empirical analyses, both structural/demographic, and macroeconomic variables were found evidently important. Hence, it is understood that all dimensions (structural/locational/demographic, macroeconomic) should be incorporated into comprehensive modeling. A high spatial dependence and positive spatial spillover effects were also detected.Article Citation - WoS: 5Citation - Scopus: 5The Revival of the Feldstein-Horioka Puzzle and Moderation of Capital Flows After the Global Financial Crisis(Elsevier, 2022) Duran, Hasan Engin; Ferreira-Lopes, AlexandraThis study investigates the recent trend of the Feldstein-Horioka puzzle and the underlying reasons for moderation in capital flows. This issue is analysed quite inadequately for the period after the Global Financial Crisis, which represents a crucial turning point for economic climate and policies. The Feldstein-Horioka Puzzle is estimated using the World's 13 largest economies, with panel GMM regression, between 1996 and 2016. We uncover that the Global Financial Crisis had a persistent detrimental effect on capital liberalization, after which the Feldstein-Horioka puzzle has revived and capital mobility has decreased. We suggest two possible explanations for such moderation in capital flows: the increasing risk perception and risk aversion behaviour of fund supplying countries, which increases the home bias, and capital controls against free flow of capital that have been applied after the Global Financial Crisis of 2008/2009.Article Citation - WoS: 27Citation - Scopus: 28Lime Mortar Technology in Ancient Eastern Roman Provinces(Elsevier, 2021) Uğurlu Sağın, Elif; Duran, Hasan Engin; Böke, HasanNatural pozzolanic aggregates were discovered during the Roman era and have been widely used in hydraulic mortar production. Despite the claims of ancient treatises, the properties of pozzolans and the technology of hydraulic lime mortars were well known and applied in the eastern provinces of the Roman Empire. In this study, the characteristics of lime mortar at the ancient sites of Aigai and Nysa located in Western Anatolia were investigated to elicit the technology applied. The raw material compositions of the mortars, the hydraulic properties of the binders, and the mineralogical and chemical compositions of the natural pozzolans used were determined via X-ray diffraction, X-ray fluorescence spectroscopy, scanning electron microscopy coupled with energy dispersive spectroscopy, and thermogravimetric analysis. The major and trace element compositions of the natural pozzolans were evaluated via multivariate statistical analysis to determine whether the same local raw material resources were used in their manufacture. The analytical results indicated that the Roman mortars were hydraulic, stiff, and durable materials due to the use of natural pozzolanic aggregates mostly comprising dacite. Although the aggregates had similar mineralogical compositions, multivariate statistical analysis revealed that their chemical compositions were clearly distinguishable, indicating the use of different sources of raw materials. Thus, it was inferred that similar pozzolan resources were known and deliberately used to produce hydraulic mortars in the eastern ancient Roman provinces.Article Citation - Scopus: 9Asymmetries Across Regional Housing Markets in Turkey(Elsevier, 2020) Duran, Hasan Engin; Özdoğan, HilalIn the literature on real estate prices, two main groups of determinants are primarily considered; speculative and fundamental variables. Empirical literature in the areas has, however, several shortcomings. First, although existing studies have analysed the role played by speculative factors, none of the studies, have measured precisely the relative importance of speculative and fundamental variables. We aim at doing this. Moreover, the literature has measured the speculation only by analysing backward-looking behavior. We improve this analysis by considering also forward-looking expectations. Second, in terms of cross-regional determinants, the literature has largely considered economic and demographic variables whereas geographical and cultural variables have been ignored. We intend to incorporate them. Hence, aim of this paper is to understand the dynamics behind the housing prices in 26 Turkish regions between 2010:1–2016:9. We employ range of econometric methods such as Vector-Autoregressions, Unit Root Analysis, Cholesky Forecast Error Variance Decompositions, Impulse-Response Functions, Panel Regressions, Lagrange Multiplier Spatial Dependence Tests and Granger Causality Tests. As an outcome, three results emerge. First, housing price appreciations are so heterogeneous across regions. Second, role of speculative behaviour is quite significant. Third, regions which have high urbanization, population, crime rate, trade openness, seaside and cultural density experience faster housing appreciations. © 2020 Elsevier B.V.Article Citation - Scopus: 10Asymmetries in Regional Development: Does Tfp or Capital Accumulation Matter for Spatial Inequalities?(Elsevier Ltd., 2019) Duran, Hasan EnginIn the literature on regional inequalities, commonly adopted Neo-Classical theoretical framework (Y=AK ? (hL) 1?? ) implies that disparities may arise for two reasons, either due to differences in factor endowments or TFP differentials. In the current study, we address the following rarely examined questions: i. Do regional income inequalities arise due to TFP or factor endowment disparities across regions? ii. What's their relative contribution to the level of and change in regional inequality? Our dataset covers the period 2004–2014 and 81 Turkish provinces. We use mathematical decompositions, Panel unit root, panel VAR and generalized impulse-response analyses. Results are summarized in two groups. First, the main contributor to income inequality is the disparity in regional factor endowments, whereas TFP differentials are relatively less influential. Second, the main source of decline in disparities seems to be the narrowing of TFP differences. © 2019 Elsevier B.V.Article Citation - WoS: 22Citation - Scopus: 26Regional Convergence and Aggregate Business Cycle in the United States(Routledge, 2015) Magrini, Stefano; Gerolimetto, Margherita; Duran, Hasan EnginMagrini S., Gerolimetto M. and Engin Duran H. Regional convergence and aggregate business cycle in the United States, Regional Studies. The existing literature on convergence largely ignores the effect of aggregate fluctuations on the evolution of income disparities. However, if regional disparities follow a distinct cyclical pattern in the short run, the period of analysis should be chosen with great care to avoid distortions in the results. By analysing convergence among forty-eight conterminous US states through the distribution dynamics approach, it is shown that these distortions could be quite sizeable. Moreover, when convergence is analysed over an appropriate period that includes only complete cycles (1989–2007), results show that regional disparities exhibit a pro-cyclical behaviour and that the underlying long-run tendency is towards divergence. © 2013, © 2013 Regional Studies Association.