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  • Author: Yilmaz Bayar x
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Abstract

Global foreign direct investment flows in terms of greenfield and brownfield investments have increased during the recent three decades resulting from the accelerating globalization. The considerable increases in the flows of foreign direct investment have many eventualities for the national economies. This study investigates the mutual effects among greenfield and brownfield (mergers and acquisitions) investments and economic growth in Central and Eastern European Union countries during the 2003–2015 period employing panel data analysis. The findings revealed that both greenfield and brownfield investments had positive influence on the economic growth, but the influence of greenfield investments was found to be relatively higher. Furthermore, one-way causality was discovered from both greenfield and brownfield investments to the economic growth.

Abstract

Beginning with the 1980s, when the sustainability of the public pension systems became endangedered, many countries have developed their individual pension plans and/or occupational pension plans in order to supersede or support their public pension systems,. This study examines the impact of individual pension funds on the development of both debt securities market and stock market in Turkey during the period October 2006-May 2015, using cointegration test and causality test with monthly data. We found that, in the long run, the private pension funds had positive impact on both development of debt securities market and stock market. Furthermore, causality appears to exist between the market for private pension funds, the debt securities market and the stock market.

Abstract

Banking sector is important for various macroeconomic and microeconomic variables in terms of mobilization of funds, increasing savings, and providing alternative investment instruments suited to the every person by minimizing the risk of adverse selection and moral hazard, allocating funds to most productive projects, risk diversification. Therefore, sound functioning of the banking sector is critical especially for emerging and developing countries. This study explores the macroeconomic, institutional, and bank-specific factors behind nonperforming banking loans as an indicator of banking sector functioning in emerging market economies over the 2000-2013 period by employing the system GMM dynamic panel data estimator. Results of the dynamic panel regression analysis showed that economic growth, inflation, economic freedom (institutional development), return on assets and equity, regulatory capital to risk-weighted assets, and noninterest income to total income affected nonperforming loans negatively, while unemployment, public debt, credit growth, lagged values of nonperforming loans, cost to income ratio and financial crises affected nonperforming loans positively.

Abstract

Financial sector has experienced significant expansion together with accelerating financial globalization in recent years and had important positive and negative economic implications for all the economies. This study investigates the interaction among unemployment, financial development and domestic investment in 16 emerging market economies during 2001-2014 period using panel data analysis. We found that there was long relationship among the variables and domestic investment had negative impact on the unemployment, while financial development had no significant impact on the unemployment. Furthermore, there was unidirectional causality from development of financial sector to unemployment.

Abstract

Globalization has quickened, especially during the past three decades, due to technological, institutional, legal and political developments in the world. During this process, many countries reduced or removed the barriers on the cross-country flows of goods, services and capital, and the global trade volume increased substantially. Therefore, openness-oriented policies have led many social and economic implications for the national economies. In this regard, this study investigates the interaction among trade openness, poverty alleviation and inequality in 11 Latin American countries by employing a panel data analysis. We revealed that trade openness and financial development affected inequality and poverty negatively in the long term, while inequality affected poverty positively.

Abstract

Great numbers of countries have made the limitations loose on the transnational goods, services and capital flows and begun to follow a policy of export-oriented growth. Total value of global financial asset flows exceeded the value of global trade over time and financial markets have experienced considerable expansions in almost every country. This paper investigates the interaction between openness and financial development in 9 Central and Eastern European countries during 1996-2014 period employing cointegration test of Westerlund and Edgerton (2007) and causality test of Dumitrescu and Hurlin (2012). We reached that openness affected financial sector development positively in the long term. Furthermore, there was one-way causality from financial openness to financial sector development.