Browsing by Author "Berk, İstemi"

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Determinants of Energy Use in Turkish Manufacturing Industry: A Supply Side View
(2024) Berk, İstemi; Yetkiner, Hakan
This paper aims to assess the supply-side determinants of firm-level energy use. To this end, we first propose a model for a stylized economy using Solovian framework, in which the production function employs energy input, along with capital and labor. We show the full algebraic solution of the model at the steady-state and in the transitional period and derive the supply-side determinants of energy consumption. Then, using firm-level micro panel data on the Turkish manufacturing industry from 2009 to 2015, we test the proposed model with static and dynamic panel data estimators. Our empirical results suggest that the proposed model is consistent with Turkish manufacturing data. Out of the supply-side determinants, firms’ output/value-added and total factor productivity, as a proxy for technological progress, are found to be the most significant determinants of firm-level energy use. Estimations also reveal quite heterogenous effects of technology on energy use in different manufacturing subsectors. Hence, although promoting technological change in the manufacturing industry is, without a doubt, the most convenient way to reduce energy use, policymakers should develop sector-specific incentives to achieve this goal.
Citation - WoS: 1
Citation - Scopus: 1
Energy Intensity and Directed Fiscal Policy
(Elsevier, 2023) Yetkiner, Hakan; Berk, İstemi
This paper assesses the effects of fiscal policy on economy-wide energy intensity within an en-dogenous growth framework. To this end, we first develop a two-sector (investment good and consumption good) augmented AK model by integrating the Uzawa model with Rebelo's AK model, and assume that a non-renewable resource is one of the factors of production. Using this framework, we solve the model for the short and long run, identifying the sufficient parameter conditions that ensure higher energy intensity in the investment goods sector. We then introduce a balanced budget government, whose objective is to decrease the economy-wide energy in-tensity by levying tax on the energy-intensive investment goods sector and subsidizing the consumption goods sector. Contrary to our expectations, we find that this fiscal policy design increases economy-wide energy intensity as it leads to a decline in real GDP without changing total energy consumption. On the basis of this model, we propose the concept of a 'directed fiscal policy', which connotes a reduction of the economy-wide energy intensity by following a het-erogeneous taxation policy across sectors.(C) 2022 Elsevier B.V. All rights reserved.
Issues on Crude Oil Price Volatility: Determinants and Impact of Futures Trading
(İzmir Ekonomi Üniversitesi, 2010) Berk, İstemi; Kasman, Adnan
Bu çalışma vadeli işlemlerin petrol spot piyasası volatilitesi üzerindeki etkilerini incelemektedir. Spot ve vadeli işlemler piyasalarının varyansları arasındaki ilişki nedensellik ve kointegrasyon analizleri ile beraber GARCH volatilite modellemesi ile analiz edilmiştir. Bunun dışında ICSS algoritması spot piyasa varyansındaki yapısal kırılmaları bulmak için kullanılmış, bu yapısal kırılmalar ile beraber vadeli işlemler kontrat hacmi spot piyasa varyans denklemi içinde değişken olarak kullanılmıştır. Bu çalışmanın sonuçları göstermektedir ki, WTI petrol vadeli işlemler ve spot piyasaları arasında kısa dönem nedensellik ve uzun dönem kointegrasyon mevcuttur. Bununla beraber, vadeli işlem hacminin spot volatilite üzerinde istatistiksel olarak anlamlı ve pozitif etkisi bulunmaktadır. Bu sonuçlar vadeli işlem piyasasında oluşan fiyatların spot piyasa fiyat rejimleri üzerinde etkili olduğunu önermektedir. Bu önerme, açıkça, vadeli işlemlerin piyasa verimliliğini arttırdığı fikrine karşı gelmektedir.