Browsing by Author "Seven, Unal"

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Citation - WoS: 3
An Application of the Cusp Catastrophe Theory To the Istanbul Stock Exchange Crash of 2008
(Bilgesel Yayincilik San & Tic Ltd, 2013) Tutek, Hulya; Seven, Unal
This paper examines whether the stochastic cusp catastrophe model explains the crash of stock markets much better than the linear and non-linear models. It is one of the first quantitative attempts to test the cusp catastrophe model by using real stock market data of an emerging market. We test the stochastic cusp catastrophe model on the Turkish financial market data. In our analysis, the crash of October 2008 is chosen since Istanbul Stock Exchange 100 index (ISE 100) fell by 63% in 2008. To construct the catastrophe model we use daily change of ISE 100 index as a behavioral variable, total trading value and foreign investors' share in the market capitalization as control measures. However, we show that the stochastic cusp catastrophe model does not explain well the crash of October 2008 in the Turkish stock market. Therefore, it can be concluded that October 2008 Turkish stock market crash was not in a bifurcation area.
Citation - WoS: 1
The Competitive Conditions of the Banking Industry in the Post-Crises Period: an Analysis of Turkish Banks
(Bilgesel Yayincilik San & Tic Ltd, 2014) Vardar, Gulin; Aydogan, Berna; Seven, Unal
After the 2000-2001 financial crises, the Turkish banking sector experienced a process of concentration, with the tendency for merger and acquisition activities, the revocation of licenses and the liquidation of some insolvent banks. This paper assesses the competitive structures in the Turkish banking industry over the period 2003-2011 using a rigidly statistical method of Panzar-Rosse (1987), and examines whether the banking system was affected by the structural changes initiated in the post crises period. The results indicate that competition in the banking sector is most accurately characterized by the theoretical model of monopolistic competition for the period under consideration. There is no evidence that the deregulation adopted after the crises resulted in a significant change in the competitive conditions in Turkish banking industry.
Citation - WoS: 9
Citation - Scopus: 10
Does Credit Composition Have Asymmetric Effects on Income Inequality? New Evidence From Panel Data
(Mdpi, 2018) Seven, Unal; Kilinc, Dilara; Coskun, Yener
This paper studied the effects of credit to private non-financial sectors on income inequality. In particular, we focused on the distinction between household and firm credits, and investigated whether these two types of credit had adverse effects on income inequality. Employing cross-section augmented cointegrating regressions and using balanced panel data for 30 developed and developing countries over the period from 1995 to 2013, we showed that firm credit reduced income inequality, whereas there was no significant impact of household credit on income inequality. We concluded that it was not the size of the private credit but its composition which mattered in reducing income inequality, due to the asymmetric effects of different types of credit.
Citation - WoS: 156
Citation - Scopus: 191
Does Financial Development Reduce Income Inequality and Poverty? Evidence From Emerging Countries
(Elsevier Science Bv, 2016) Seven, Unal; Coşkun, Yener
The objective of this paper is to examine whether bank and stock market development contributes, to reducing income inequality and poverty in emerging countries. Using dynamic panel data methods with an updated dataset for the period 1987-2011, we assess the finance inequality-poverty nexus by taking the separate and simultaneous impacts of banks and stock markets into account Mixed explanatory findings on panel studies suggest that although financial development promotes economic growth, this does not necessarily benefit those on low-incomes in emerging countries. For the finance-poverty link, we find that neither banks nor stock markets play a significant role in poverty reduction. (C) 2016 Elsevier B.V. All rights reserved.
Citation - WoS: 28
Citation - Scopus: 27
Financial Development Convergence: New Evidence for the Eu
(Central Bank Republic Turkey, 2017) Kilinc, Dilara; Seven, Unal; Yetkiner, Hakan
This paper aims to investigate whether the banking and stock market measures among European Union countries have been subject to a convergence process in order to verify whether the transition from the European Monetary System to the Single Currency in the last five decades have led to the integration of financial markets. We show that banking and stock market measures tend to converge across the EU over time, and the process is even improved by controlling for the quality of country level institutions and a range of macroeconomic variables. We conclude that there is a degree of success in the financial integration process of EU countries and therefore recommend that the EU accelerates financial integration to completion rather than to slowing the process. (C) 2017 Central Bank of The Republic of Turkey. Production and hosting by Elsevier B.V.
Citation - WoS: 56
Citation - Scopus: 64
Financial Intermediation and Economic Growth: Does Income Matter?
(Elsevier, 2016) Seven, Unal; Yetkiner, Hakan
This study provides evidence on the role of financial development in accounting for economic growth in low-, middle-, and high-income countries. Using panel data from 1991 to 2011, we conduct panel regression to examine whether the relationship between banks, stock markets, and economic growth differs across income levels, and to identify the channels through which financial development affects economic growth. The empirical evidence suggests that, in low- and middle-income countries, banking development has a positive impact on economic growth. However, contrary to the conventional findings, the impact is negative in high-income countries. Moreover, stock market development and economic growth are positively associated in both middle- and high-income countries. Therefore, it seems that a well-functioning financial system may not always be sufficient to achieve economic growth in high-income countries, while it promotes economic growth in developing countries. (C) 2016 Elsevier B.V. All rights reserved.