Scopus İndeksli Yayınlar Koleksiyonu / Scopus Indexed Publications Collection
Permanent URI for this collectionhttps://hdl.handle.net/11147/7148
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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.