Tugrul Gover - Academia.edu (original) (raw)
Papers by Tugrul Gover
Panoeconomicus, 2020
The objective of this study is to explain the financial liberalization processes in Turkey and Br... more The objective of this study is to explain the financial liberalization processes in Turkey and Brazil, to analyze the external financial liberalization processes and the financial integration indices and to compare the developments in the financial integration indices of Turkey and Brazil during the period 1980-2013. Our analysis revealed that, on the one hand, Brazil has continued its external liberalization process since the 1990s, but on the other hand, Brazil used two main tools to manage the capital flows, namely, capital controls and liberalization of capital outflows. In contrast, Turkey did not employ these tools following liberalization of the capital account.
Ekonomik Teori ve Analiz Dergisi, 2017
Ekonomik Teori ve Analiz Dergisi, 2018
Ekonomik Yaklasim, 2016
We consider remote state estimation of a scalar stationary linear Gauss-Markov process observed v... more We consider remote state estimation of a scalar stationary linear Gauss-Markov process observed via noisy measurements obtained by two sensors. The sensors can construct a causal linear function of their measurements, which are quantized and transmitted to a decoder (or fusion centre (FC)) over channels which are prone to packet erasures. We design linear encoding and decoding strategies for estimating the state of the linear system that allow improved estimation performance in the presence of packet erasures and quantization errors. To this end, we construct and compare various distributed encoding and decoding methods without any feedback from the FC regarding the channel erasures. We also design various decentralized benchmark methods that either assume perfect feedback from the FC or in addition co-location of the two sensors resulting in a centralized scheme with diversity. These benchmark methods provide various lower bounds for the distributed encodingdecoding schemes designed without feedback. Numerical results indicate i) that optimal decentralized design of the encoders and the decoder in the absence of feedback can provide a remote state estimation performance that is comparable to those achieved by the lower bounds (with feedback) particularly when the sensors are identical and their channels are symmetric, and (ii) a little feedback from the decoder can improve the performance considerably when the channels are asymmetric (i.e. the packet erasure probabilities are unequal).
İktisat İşletme ve Finans, 2015
Turkiye’nin finansal butunlesme derecesini gosteren yeni bir endekse ihtiyac duyuldugu belirlenmi... more Turkiye’nin finansal butunlesme derecesini gosteren yeni bir endekse ihtiyac duyuldugu belirlenmistir. Bu calismanin amaci Turkiye’nin 1980-2013 yillari arasinda sermaye hesabiyla ilgili olarak gerceklestirdigi duzenlemeleri temel alan yeni bir endeks olusturmaktir. Bu amaci gerceklestirebilmek icin 1980’den itibaren doviz islemlerini ve sermaye hesabini ilgilendiren tum yasal duzenlemeler gozden gecirilmistir. Sonucta olusturulan endeksin avantajlari sunlardir: 1- Aylik frekansta hazirlandigi icin finansal gostergeler gibi yuksek frekansli verilerle analiz yapmaya imkân tanimaktadir. 2-Sermaye girisleri ve cikislari icin ayri endeksler olusturulmustur. 3- Duzenlemeler birikimli olarak endekse yansitilmistir. 4- Duzenlemeler icin uc ayri agirlik belirlenmistir. 5- Sermaye hareketleriyle ilgili tum duzenlemelerdeki degisim dikkate alinmistir.
Kalecki and Schumpeter used distinct models to analyse the economic system by examining business ... more Kalecki and Schumpeter used distinct models to analyse the economic system by examining business cycles. Both economists thought that depression, which was an integral phase of the cyclical movements of the economic system, was inherent in capitalism. Although they had similar views on the nature of capitalism, Kalecki and Schumpeter differed considerably from one another with regard to the initial factor that led to the emergence of business cycles. Kalecki stated that the changes in the profitability of investments and the size of fixed capital equipment determined the change in fixed capital investments, and that business cycles emerged as a consequence. Conversely, Schumpeter argued that the main reason for the emergence of business cycles was lopsided, discontinuous, and disharmonious innovations. As a result of such innovations, the economic system moved away from the equilibrium and into business cycles. Given these diverging views, this study explains Kalecki’s and Schumpete...
Turkey became a member of the IMF in 1947 and has resorted to IMF sources many times since then. ... more Turkey became a member of the IMF in 1947 and has resorted to IMF sources many times since then. Turkey signed 19 Stand-By Arrangements with the IMF when faced with liquidity problems. Several studies have already provided detailed information about the history and evolution of the relationship between the IMF and Turkey. However, we have not come across studies about the reform efforts carried out by the
IMF since 2006 and their effects on Turkey. The IMF reforms completed during the 2006-2016 period positively affected Turkey's voting power, the amount of potential financing it could use, and its representation at the Executive Board. Yet, the conditionality principle, which applies to all countries, remains valid for Turkey as well. Therefore, it would benefit Turkey to explore alternative ways in which it can obtain potential financing on more flexible terms than the IMF. The objectives of the study are to examine the reform efforts carried out by the IMF during the period 2006- 2016 and their impact on Turkey and, to discuss the possibility of obtaining funds from other components of the Global Financial Safety Net for Turkey
The objective of this study is to examine the macro-prudential measures that were taken in Turkey... more The objective of this study is to examine the macro-prudential measures that were taken in Turkey between 2010 and 2015 within a holistic, and, an organized framework, to demonstrate the extent to which the prudential policy tools were used, and, to explain which Basel III standards were adopted in Turkey. In this sense, to our knowledge, this is the first and the most comprehensive study that deals with the macro-prudential measures in Turkey during the period 2010-2015. We reviewed all relevant legislation and reports regarding financial stability and macro-prudential measures. Then, we fit all macro-prudential policy tools into a framework which consists of loan-related measures, liquidity-related measures, and, capital-related measures. Furthermore, we incorporated Basel III standards with our framework in order to expand the scope of our analysis. Within the period under consideration, Turkey utilized all of the tools, except the limit on foreign currency lending, the limit on net open foreign currency position, the limit on currency mismatches. The authorities put 93 regulations into practice in total. 2013, 2011 and 2015 were the years in which the regulations were issued most extensively.
Bu çalışmanın amacı Keynes’in kapitalist ekonomilerde devletin rolüyle ilgili görüşlerini kendi e... more Bu çalışmanın amacı Keynes’in kapitalist ekonomilerde devletin rolüyle ilgili görüşlerini kendi eserleri çerçevesinde araştırmaktır. Bu amaçla Keynes’in ilgili çalışmaları ve doğrudan Keynes’in eserlerini referans alan çalışmalar incelenmiştir. Çalışmada iki temel bölüm bulunmaktadır. Birinci bölümde Keynes’in, devletin ekonomideki rolü konusundaki görüşlerinin temelini oluşturması bakımından, laissez-faire prensibine yönelik değerlendirmelerine yer verilmiştir. İkinci temel bölümde ise, gerçekleştirilen literatür taraması çerçevesinde Keynes’in devlet tarafından uygulanmasını önerdiği bazı iktisat politikaları değerlendirilmiştir. Söz konusu politikalar üç başlıkta toplanmıştır: 1- Keynes ve korporatizm, 2- Tam istihdamın ve adil gelir dağılımının sağlanması için bir araç olarak Keynes’in maliye politikası önerileri, 3- Keynes’in planlama konusundaki görüşleri.
Panoeconomicus, 2020
The objective of this study is to explain the financial liberalization processes in Turkey and Br... more The objective of this study is to explain the financial liberalization processes in Turkey and Brazil, to analyze the external financial liberalization processes and the financial integration indices and to compare the developments in the financial integration indices of Turkey and Brazil during the period 1980-2013. Our analysis revealed that, on the one hand, Brazil has continued its external liberalization process since the 1990s, but on the other hand, Brazil used two main tools to manage the capital flows, namely, capital controls and liberalization of capital outflows. In contrast, Turkey did not employ these tools following liberalization of the capital account.
Ekonomik Teori ve Analiz Dergisi, 2017
Ekonomik Teori ve Analiz Dergisi, 2018
Ekonomik Yaklasim, 2016
We consider remote state estimation of a scalar stationary linear Gauss-Markov process observed v... more We consider remote state estimation of a scalar stationary linear Gauss-Markov process observed via noisy measurements obtained by two sensors. The sensors can construct a causal linear function of their measurements, which are quantized and transmitted to a decoder (or fusion centre (FC)) over channels which are prone to packet erasures. We design linear encoding and decoding strategies for estimating the state of the linear system that allow improved estimation performance in the presence of packet erasures and quantization errors. To this end, we construct and compare various distributed encoding and decoding methods without any feedback from the FC regarding the channel erasures. We also design various decentralized benchmark methods that either assume perfect feedback from the FC or in addition co-location of the two sensors resulting in a centralized scheme with diversity. These benchmark methods provide various lower bounds for the distributed encodingdecoding schemes designed without feedback. Numerical results indicate i) that optimal decentralized design of the encoders and the decoder in the absence of feedback can provide a remote state estimation performance that is comparable to those achieved by the lower bounds (with feedback) particularly when the sensors are identical and their channels are symmetric, and (ii) a little feedback from the decoder can improve the performance considerably when the channels are asymmetric (i.e. the packet erasure probabilities are unequal).
İktisat İşletme ve Finans, 2015
Turkiye’nin finansal butunlesme derecesini gosteren yeni bir endekse ihtiyac duyuldugu belirlenmi... more Turkiye’nin finansal butunlesme derecesini gosteren yeni bir endekse ihtiyac duyuldugu belirlenmistir. Bu calismanin amaci Turkiye’nin 1980-2013 yillari arasinda sermaye hesabiyla ilgili olarak gerceklestirdigi duzenlemeleri temel alan yeni bir endeks olusturmaktir. Bu amaci gerceklestirebilmek icin 1980’den itibaren doviz islemlerini ve sermaye hesabini ilgilendiren tum yasal duzenlemeler gozden gecirilmistir. Sonucta olusturulan endeksin avantajlari sunlardir: 1- Aylik frekansta hazirlandigi icin finansal gostergeler gibi yuksek frekansli verilerle analiz yapmaya imkân tanimaktadir. 2-Sermaye girisleri ve cikislari icin ayri endeksler olusturulmustur. 3- Duzenlemeler birikimli olarak endekse yansitilmistir. 4- Duzenlemeler icin uc ayri agirlik belirlenmistir. 5- Sermaye hareketleriyle ilgili tum duzenlemelerdeki degisim dikkate alinmistir.
Kalecki and Schumpeter used distinct models to analyse the economic system by examining business ... more Kalecki and Schumpeter used distinct models to analyse the economic system by examining business cycles. Both economists thought that depression, which was an integral phase of the cyclical movements of the economic system, was inherent in capitalism. Although they had similar views on the nature of capitalism, Kalecki and Schumpeter differed considerably from one another with regard to the initial factor that led to the emergence of business cycles. Kalecki stated that the changes in the profitability of investments and the size of fixed capital equipment determined the change in fixed capital investments, and that business cycles emerged as a consequence. Conversely, Schumpeter argued that the main reason for the emergence of business cycles was lopsided, discontinuous, and disharmonious innovations. As a result of such innovations, the economic system moved away from the equilibrium and into business cycles. Given these diverging views, this study explains Kalecki’s and Schumpete...
Turkey became a member of the IMF in 1947 and has resorted to IMF sources many times since then. ... more Turkey became a member of the IMF in 1947 and has resorted to IMF sources many times since then. Turkey signed 19 Stand-By Arrangements with the IMF when faced with liquidity problems. Several studies have already provided detailed information about the history and evolution of the relationship between the IMF and Turkey. However, we have not come across studies about the reform efforts carried out by the
IMF since 2006 and their effects on Turkey. The IMF reforms completed during the 2006-2016 period positively affected Turkey's voting power, the amount of potential financing it could use, and its representation at the Executive Board. Yet, the conditionality principle, which applies to all countries, remains valid for Turkey as well. Therefore, it would benefit Turkey to explore alternative ways in which it can obtain potential financing on more flexible terms than the IMF. The objectives of the study are to examine the reform efforts carried out by the IMF during the period 2006- 2016 and their impact on Turkey and, to discuss the possibility of obtaining funds from other components of the Global Financial Safety Net for Turkey
The objective of this study is to examine the macro-prudential measures that were taken in Turkey... more The objective of this study is to examine the macro-prudential measures that were taken in Turkey between 2010 and 2015 within a holistic, and, an organized framework, to demonstrate the extent to which the prudential policy tools were used, and, to explain which Basel III standards were adopted in Turkey. In this sense, to our knowledge, this is the first and the most comprehensive study that deals with the macro-prudential measures in Turkey during the period 2010-2015. We reviewed all relevant legislation and reports regarding financial stability and macro-prudential measures. Then, we fit all macro-prudential policy tools into a framework which consists of loan-related measures, liquidity-related measures, and, capital-related measures. Furthermore, we incorporated Basel III standards with our framework in order to expand the scope of our analysis. Within the period under consideration, Turkey utilized all of the tools, except the limit on foreign currency lending, the limit on net open foreign currency position, the limit on currency mismatches. The authorities put 93 regulations into practice in total. 2013, 2011 and 2015 were the years in which the regulations were issued most extensively.
Bu çalışmanın amacı Keynes’in kapitalist ekonomilerde devletin rolüyle ilgili görüşlerini kendi e... more Bu çalışmanın amacı Keynes’in kapitalist ekonomilerde devletin rolüyle ilgili görüşlerini kendi eserleri çerçevesinde araştırmaktır. Bu amaçla Keynes’in ilgili çalışmaları ve doğrudan Keynes’in eserlerini referans alan çalışmalar incelenmiştir. Çalışmada iki temel bölüm bulunmaktadır. Birinci bölümde Keynes’in, devletin ekonomideki rolü konusundaki görüşlerinin temelini oluşturması bakımından, laissez-faire prensibine yönelik değerlendirmelerine yer verilmiştir. İkinci temel bölümde ise, gerçekleştirilen literatür taraması çerçevesinde Keynes’in devlet tarafından uygulanmasını önerdiği bazı iktisat politikaları değerlendirilmiştir. Söz konusu politikalar üç başlıkta toplanmıştır: 1- Keynes ve korporatizm, 2- Tam istihdamın ve adil gelir dağılımının sağlanması için bir araç olarak Keynes’in maliye politikası önerileri, 3- Keynes’in planlama konusundaki görüşleri.