Yazar "Kazak, Hasan" seçeneğine göre listele

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    Are OECD Countries Converging in Export Diversification? Evidence from PANIC-Fourier Panel Unit Root Test
    (MDPI, 2025) Ozekicioglu, Halil; Topuz, Huseyin; Kazak, Hasan; Kilic, Cuneyt; Akcan, Ahmet Tayfur
    This study examines whether OECD countries have converged over time in terms of export diversification. Focusing on the period 1995-2023, the study employs a new Fourier function-enhanced panel unit root test that takes into account gradual changes instead of sudden breaks. The findings show that more than half of OECD countries have not converged in terms of export diversification. Export diversification plays an important role in achieving economic growth and development as well as long-term sustainability goals. In this context, the study provides critical data for policymakers in support of sustainable development goals. The results point to the need to reassess the economic and environmental impacts of export diversification policies in OECD countries.
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    Factors Affecting the Material Footprint in G7 Countries: Panel Cointegration Approach With Fourier Function
    (Wiley, 2025) Rahman, Mohammad Mafizur; Kilic, Cuneyt; Akcan, Ahmet Tayfur; Kazak, Hasan
    The material footprint (MFP) is a critical issue due to the pressure on natural resources, environmental degradation, biodiversity loss, and increased greenhouse gas emissions. In the existing literature, the determinants and their impacts on the MFP of G7 countries have not been sufficiently examined. The aim of this study is to analyze the effects of material productivity, energy transition (ET), globalization, economic growth, financial development, and population on the MFP of G7 countries. Using annual data from 1983 to 2021, the panel cointegration technique and the Toda-Yamamoto causality test with Fourier function are applied. The results reveal that there are significant but variable causal relationships between the dependent and independent variables specific to each country. Panel cointegration estimates show that renewable energy, economic growth, financial development, and population have a positive effect on MFP, while material productivity, globalization, and the square of economic growth have a negative effect. These findings support the validity of the Environmental Kuznets Curve (EKC) hypothesis in the context of MFP. Our study provides policy recommendations to help G7 countries achieve a balance between environmental sustainability and economic growth.
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    How Does Economic and Monetary Policy Uncertainty Affect Climate Policy Uncertainty in the United States?
    (Politechnika Lubelska, 2025) Akcan, Ahmet Tayfur; Shahbaz, Muhammad; Kilic, Cuneyt; Kazak, Hasan
    Policy uncertainties can directly affect the outcomes of policies to be implemented. Therefore, it is important to reduce policy uncertainties. Identifying policy uncertainties and related factors is important in this regard. This study examines the impact of economic and monetary policy uncertainty on climate policy uncertainty in the United States. The relationship between the variables is examined asymmetrically using monthly data for 19882022. First, the Augmented Dickey-Fuller Unit Root Test and the Fractional Frequency Fourier Augmented Dickey-Fuller Unit Root Test are applied. The Asymmetric Wavelet Transform Coherence Test is also used to determine the direction and frequency of the relationship between the variables. Asymmetric time-varying causality analysis was used for the causality dimension. The significant relationship between economic policy uncertainty, monetary policy uncertainty and climate policy uncertainty varies at different time periods.
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    Impact of Global Risk Factors on the Islamic Stock Market: New Evidence from Wavelet Analysis
    (Springer, 2024) Kazak, Hasan; Saiti, Buerhan; Kilic, Cueneyt; Akcan, Ahmet Tayfur; Karatas, Ali Rauf
    The emergence of Islamic finance as an alternative financial investment area and the increasing political and economic uncertainty around the world necessitated an examination of the relationship between these two factors. This study examines the impact of four important global uncertainty and risk indicators Global Economic Policy Uncertainty-GEPU, Geopolitical Risk Index-GPR, World Uncertainty Index-WUI, and CBOE Volatility Index-VIX on two important Islamic stock market indices (Dow Jones Islamic Market Index and Bist Participation 100) using wavelet coherence (WTC) and asymmetric Fourier TY analyzes Quarterly data for the period March 2011-June 2023 were used in the study. The results of the analysis show that economic instability indicators impact Islamic equity market indices (both in Turkey and the world). This effect is determined as VIX, GEPU, GPR, and WUI. In addition, the fact that the GPR and WUI indices, which have an impact on conventional markets, have truly little and only a partial impact on Islamic equity markets is an important finding. The results of this study make important contributions to the literature and provide important findings for investors and policy makers.
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    Is export diversification detrimental to environmental quality? An examination of the roles of green innovation and environmental taxation
    (Iop Publishing Ltd, 2025) Topuz, Huseyin; Kazak, Hasan; Rahman, Mohammad Mafizur; Kilic, Cuneyt; Akcan, Ahmet Tayfur; Ozekicioglu, Halil
    The primary objective of this study is to assess the environmental impact of various factors, including export diversification and GDP, as well as elements believed to facilitate this assessment process, such as green innovation and environmental taxes. The study aims to identify factors that contribute to the reduction of CO2 emissions. It analyzes data from 21 European Union (EU) member states for the period from 1995 to 2020, employing the FFFFF panel cointegration test. The findings indicate that export diversification (EXD), environmental taxes (ET), and economic growth (GDP) have a positive effect on CO2 emissions, whereas green innovation (GI) and GDP squared (GDP2) exert a negative influence. These results indicate that export diversification is detrimental to environmental quality. Another significant finding of the study is the validation of the Environmental Kuznets Curve (EKC) hypothesis. Finally, one of the most critical conclusions of the study is the negative impact of green innovation on the volume of CO2 emissions.
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    Is Islamic Banking Sustainable in Terms of Financial Performance? Empirical Evidence from GCC Countries
    (Research Center Islamic Economics-Ikam, 2024) Kazak, Hasan; Karatas, Ali Rauf; Akcan, Melike Buse; Azazi, Hasan
    The aim of this study is to evaluate the Islamic banking sector with the help of financial performance criteria and to reveal whether the sector is sustainable or not. The sustainability analysis uses the latest unit root tests that take into account Fourier expansions. The study uses unit root tests, which are generally used to analyze the sustainability of public debt, with updated versions that differ from the literature and with the help of financial performance indicators of the banking sector for sustainability analysis. The study uses the data of the Islamic banking sector operating in the member countries of the Gulf Cooperation Council (GCC) for the 4th quarter of 2013 and the 2nd quarter of 2022. The quarterly data of ROA, ROE and Net Profit Margin are considered as financial performance indicators for sustainability analysis. Although the results of the empirical analysis show different results for each of the financial indicators of Islamic banking in the analyzed countries, in general it shows that the Islamic banking sector operating in all GCC countries except the UAE is sustainable in terms of the financial indicators used in at least one category. These results show that the development of Islamic banking is real and promising for the future. Therefore, the development of projects that contribute to the development of the Islamic financial sector and the support of this sector is an important responsibility for the relevant parties. It is expected that these results will provide important signals to the policymakers of the respective countries and contribute to the healthy development of the Islamic banking sector.
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    Profitability determinants in Turkish banking: comparing Islamic and conventional banks under inflation and bond rate effects
    (Emerald Group Publishing Ltd, 2025) Kazak, Hasan; Akcan, Ahmet Tayfur; Kilic, Cuneyt; Kilicarslan, Abdullah
    PurposeThis study aims to compare the effects of exogenous factors, particularly inflation and bond interest rates, on the profitability of Islamic (participation) and conventional banks in T & uuml;rkiye.Design/methodology/approachThe Fourier function-enhanced Johansen cointegration test was applied to data covering the period 2005/Q1-2023/Q4. The stationarity levels of the variables were determined using the Zivot-Andrews unit root test, followed by a cointegration test, and long-run coefficient estimates were evaluated.FindingsThe results indicate that inflation positively affects bank profitability in both Islamic and conventional banking sectors, whereas bond interest rates have a negative impact. No significant difference was observed between the two banking models in terms of these effects. Furthermore, contrary to existing literature suggesting a positive relationship between bond interest rates and bank profitability, this study provides empirical evidence of a negative long-run impact.Originality/valueThis study contributes to the literature by demonstrating the negative effect of bond interest rates on bank profitability, challenging conventional claims. In addition, it highlights the similar sensitivities of Islamic and conventional banks to macroeconomic factors, providing valuable insights for policymakers. The findings have significant implications for both the Turkish banking sector and the global financial system.
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    Was the interest burden of the Ottoman public debt sustainable? A cliometric analysis
    (Emerald Group Publishing Ltd, 2024) Hassan, M. Kabir; Kazak, Hasan; Akcan, Melike Buse; Azazi, Hasan
    PurposeThe purpose of this study is to determine whether the Ottoman Empire's net interest payments and foreign debt were sustainable or not in terms of their burden on budget revenues, using the method of historical econometric analysis.Design/methodology/approachIn this study, the period between 1847 and 1882 of the Ottoman Empire is analyzed for sustainability analysis. Within the framework of the study, unit root tests and econometric analysis methods frequently used in the literature were used to analyze the sustainability of public debt. In the econometric analysis, in addition to various unit root tests, current econometric analysis methods, in particular Fourier expansion, were also used.FindingsThe results of econometric analyses showed that the burden of interest payments and foreign debt on the budget of the Ottoman state was unsustainable. This situation clearly shows the reason for the official bankruptcy of the Ottoman Empire, which was declared in 1875.Practical implicationsAlthough this study reveals the bankruptcy process of an important structure such as the Ottoman Empire in the historical process through econometric analyses, it also gives a very important message to today's states. Accordingly, today's state policies and decision-making mechanisms should take these results into account and strive to make the burden of public interest payments sustainable. It is believed that the study will shed light on the public finance policies of today's states by drawing lessons from the collapse process of the Ottoman state.Originality/valueUnlike the historical assessments in the literature on the decline of the Ottoman Empire, this study presents a cliometric approach by applying current econometric analysis techniques to past historical data. The study explains the unsustainability of the Ottoman Empire's interest payments and external debt burden in the period under consideration in a way that, to the best of the authors' knowledge, has not been done before.