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https://hdl.handle.net/20.500.12428/3523

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Performance of green finance: An evaluation of the OIC countries in the scope of 2030 Sustainable Development Goals
(Elsevier Sci Ltd, 2025) Kazak, Hasan; Rahman, Mohammad Mafizur; Akcan, Ahmet Tayfur; Çetintaş, Halit Buluthan; Koçyiğit, Nezahat; Kılıç, Cüneyt
This study investigates the role of green finance (GF) in mitigating the carbon ecological footprint (CEF) in the member states of the Organization of Islamic Cooperation (OIC) during 2000-2022. Employing annual panel data and drawing on a Fourier function-based panel estimation framework, the study examines whether GF can sufficiently minimize environmental pressures and achieve the objectives of sustainable development. Empirical findings indicate that GF is statistically significant and negatively affects CEF, i.e., greater financial resources directed toward green investment help reduce environmental pressures. Furthermore, it is established that economic growth, merchandise exports, and private domestic credit are positively associated with an increase in CEF, suggesting a likely trade-off between economic development and sustainability. The results are robust across different model specifications and underscore the importance of incorporating GF instruments into national and regional policy plans. The paper provides major policy suggestions for OIC members, emphasizing that strengthening GF mechanisms and promoting innovative financial instruments will facilitate progress toward the 2030 Sustainable Development Goals while minimizing ecological risks.
Addressing the resource curse through human capital and digital transformation: a panel fourier analysis of BRICS plus countries
(Emerald Group Publishing Ltd, 2025) Akcan, Ahmet Tayfur; Eren, Tevfik; Saiti, Burhan; Kılıç, Cüneyt; Kazak, Hasan
Purpose This study investigates the long-run effects of natural resource rents on economic growth in BRICS + countries, with a particular focus on the moderating roles of digitalization, renewable energy consumption, human capital, and foreign direct investment. The aim is to determine whether digital transformation and human capital investment can alleviate the negative growth effects associated with resource abundance. Design/methodology/approach Panel data covering ten BRICS + economies from 2002 to 2021 were analyzed using advanced Fourier-based econometric techniques. The empirical strategy incorporates panel Fourier cointegration tests, Driscoll–Kraay estimators, and panel Fourier causality analyses, all of which account for structural breaks and cross-sectional dependence. The model explicitly examines the interaction between digitalization and resource rents, as well as the separate contributions of human capital, FDI, and renewable energy consumption. Findings Empirical findings provide strong support for the resource curse hypothesis: a 1% increase in resource rents is associated with a 0.16% decrease in per capita GDP over the long run. The effect of digitalization on the resource curse is U-shaped—while low levels of digitalization deepen the negative impact, higher levels attenuate it. Human capital exerts a robust and positive effect on growth, whereas FDI contributes modestly. In contrast, renewable energy consumption is found to reduce GDP per capita in the short run, likely due to adjustment costs during energy transitions. Practical implications The findings highlight the need for BRICS + policymakers to strategically invest resource revenues into digital infrastructure, human capital development, and clean energy technologies. These policy priorities are crucial for escaping the resource curse and promoting sustainable, innovation-driven growth. Originality/value This study is among the first to integrate the moderating role of digitalization within the resource curse framework, employing robust Fourier-based methods that flexibly account for structural breaks and heterogeneous dynamics. The evidence presented offers novel insights for emerging economies seeking to leverage digital transformation and human capital to overcome the limitations of resource dependency.
Uluslararası Sosyal Bilimler Konferansı III, 5-6 Temmuz 2023, Kongre Kitabı
(Çanakkale Onsekiz Mart Üniversitesi, 2023) Kılınç Savrul, Burcu; Kılınç Savrul, Burcu
Çanakkale Onsekiz Mart Üniversitesi Uluslararası Sosyal Bİlimler Konferansı III, Çevrimiçi, 5-6 Temmuz 2023 "Türkiye Cumhuriyeti'nin 100. Yılında, Sosyal, Ekonomik ve Politik Meseleleri ve Uygulanan Politikalar"
The role of ICT, human capital and economic growth on sustainable forest management: evidence from panel cointegration and Fourier causality tests
(Commonwealth Forestry Assoc, 2025) Soyyiğit, S.; Solarin, S.; Kılıç, Cüneyt; Akcan, A. T.; Kazak, H.
Forests provide a critical role in many ecosystem services such as biodiversity conservation, soil erosion prevention, land conservation and climate change mitigation. However, forest degradation and deforestation have been increasing globally in recent years, causing serious environmental and social problems. The main objective of this study is to analyze the impacts of information and communication technologies (ICT), human capital (HC) and economic growth on forest degradation and deforestation and to assess the effectiveness of ICT and HC policies in sustainable forest management. For this purpose, data from 28 countries covering the period 1993-2020 were analyzed with Fourier-based panel cointegration and causality tests. The findings show that economic growth increases the footprint of forest products in the long run, whereas ICT and human capital reduce the footprint of forest products. Moreover, a causal relationship from ICT and human capital to forest products footprint was found to be valid in countries with high forest density. On the other hand, a causal relationship from economic growth to forest product footprint was found to hold in countries with relatively low forest density. These results provide important clues for the development of sustainable forest management policies and suggest that promoting ICT and human capital should be part of a sustainable forest management agenda. In this context, it is recommended that policymakers prioritize ICT-based monitoring and warning systems in countries with high forest cover, and it is recommended that they prioritize training and capacity building efforts to develop human capital in countries with low forest cover.
Factors Affecting the Material Footprint in G7 Countries: Panel Cointegration Approach With Fourier Function
(Wiley, 2025) Rahman, Mohammad Mafizur; Kılıç, Cüneyt; Akçan, 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.
Are policy shocks to forest products footprint permanent or temporary? Evidence from 128 countries
(Taylor & Francis Ltd, 2025) Shahbaz, Muhammad; Akçan, Ahmet Tayfur; Soyyiğit, Semanur; Kılıç, Cüneyt
Sustainable environmental policies are important for future generations to live in a more livable world. Therefore, the environmental damage of the policies implemented is expected to be minimized. In this way, the effects of environmental shocks can be temporary. Rather than analyzing ecological footprint as a deductive approach, analyzing the smaller components that cause ecological footprint will make a different contribution to the literature. For this reason, forest products footprint analysis affecting ecological footprint was investigated. In order to analyze the permanent or temporary nature of environmental shocks, forest product footprint, which is one of the variables used in the calculation of environmental damage, is used for 128 countries covering the period of 1961-2022. We used three different tests in this study. Firstly, the PANIC unit root test, which developed in 2003, secondly the PANIC with sharp breaks test, which developed in 2009 and finally the PANIC with dummy factor break unit root test, which developed in 2022, is used to calculate the permanent and temporary of shocks. According to results of the PANIC with dummy factor break unit root test with two breaks and without trend effect, environmental shocks have a permanent effect in 110 countries and in the model with trend effect, environmental shocks are permanent in 103 countries. In countries where policy shocks are temporary, permanent structural reforms are needed to prevent deforestation.
Is export diversification detrimental to environmental quality? An examination of the roles of green innovation and environmental taxation
(Iop Publishing Ltd, 2025) Topuz, Hüseyin; Kazak, Hasan; Rahman, Mohammad Mafizur; Kılıç, Cüneyt; Akcan, Ahmet Tayfur; Özekiçioğlu, 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.
Profitability determinants in Turkish banking: comparing Islamic and conventional banks under inflation and bond rate effects
(Emerald Group Publishing Ltd, 2025) Kazak, Hasan; Akçan, Ahmet Tayfur; Kılıç, Cüneyt; Kılıçarslan, Abdullah
Purpose This 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 Türkiye. Design/methodology/approach The 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. Findings The 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/value This 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.
Determinants of Ecological Footprint in Türkiye: Evidence from the Fourier ARDL Bounds Test Approach
(Istanbul Univ, 2024) Torun, Mustafa; Kılıç, Cüneyt; Akcan, Ahmet Tayfur; Arık, Müşerref
Ecological footprint calculations evaluate sustainability by examining natural resources. The ecological footprint obtained by calculating the number of natural resources per person provides information about the amount of waste produced as well as the natural resources consumed and examines the sustainability of living conditions in the world in this respect. The ecological footprint is one of the frequently encountered topics in the literature in terms of the analysis of environmental impacts. This study examines the factors influencing the Ecological Footprint in Turkey. Using annual data between 1980 and 2018, the relationship of renewable energyconsumption, human capital and urbanization variables to the Ecological Footprint is examined. The Fractional Fourier Augmented Dickey Fuller Unit Root Test and the Fourier Autoregressive Distributed Lag Bound Test is used in the study. There is a statistically significant relationship between the renewable energy, human capital and urbanization variables and the Ecological Footprint. When the outputs obtained in the study are examined, it is seen that the variables affect the ecological footprint. The increased value of these variables can be used to explain why the Ecological Footprint increased. Increasing industrialactivities due to globalization and technological developments, increasing vehicle traffic in cities due to population growth, unplanned urbanization and destruction of green areas due to the sheltering needs of the increasing population, inability of recycling facilities to adapt to the increasing population and unplanned waste management, etc. factors can increase the ecological footprint. However, as urbanization increases, if a correct plan is drawn by taking these factors into consideration, the negative correlation between the ecological footprint and urbanization can be explained. Within the determined plan; Wastewater management, protection of green areas, prevention of unplanned urbanization and efficient use of resources are explanatory at this point. The empirical findings have important policy implications. According to these policy implications, to offset the effects on the ecological footprint, educational activities to raise environmental awareness and adopt energy-efficient lifestyles should be given due importance, various incentives and supports should be implemented and a green-based lifestyle.
Are OECD Countries Converging in Export Diversification? Evidence from PANIC-Fourier Panel Unit Root Test
(MDPI, 2025) Özekicioğlu, Halil; Topuz, Hüseyin; Kazak, Hasan; Kılıç, Cüneyt; Akçan, 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.
How Does Economic and Monetary Policy Uncertainty Affect Climate Policy Uncertainty in the United States?
(Politechnika Lubelska, 2025) Akçan, Ahmet Tayfur; Shahbaz, Muhammad; Kılıç, Cüneyt; 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.
Financial Development, Renewable Energy Consumption and Industrial Output Relation: Testing Fourier ARDL for Turkey
(Lucian Blaga University of Sibiu, 2024) Kılıç, Cüneyt; Akçan, Ahmet Tayfur; Topkaya, Özgür; Arık, Müşerref
Energy plays a vital role in every aspect of the economy and in recent years renewable energy is highly debated for its pros and cons. While renewable energy consumption is important for sustainable growth and reduction of environmental damage it has some negative effects on the industrial production. The aim of the study is to examine the relationship between renewable energy consumption, financial development and industrial output for Turkey. Annual data between 1980 and 2019 were used in the study. Fractional Fourier Augmented Dickey-Fuller Unit Root Test and the Fourier Autoregressive Distributed Lag Bound Tests were used to analyze the relationship between variables. As a result of the study, a positive relationship was found between financial development and renewable energy consumption, while a negative relationship was found between industrial output and renewable energy consumption. Our empirical findings have important policy implications. According to these policy implications, the focus should be on a green-based economy with various subsidies, selective taxation procedures and incentive policies to increase the demand for renewable energy use.
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
Purpose The 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/approach In 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. Findings The 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 implications Although 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/value Unlike 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.
Impact of Global Risk Factors on the Islamic Stock Market: New Evidence from Wavelet Analysis
(Springer, 2024) Kazak, Hasan; Saiti, Buerhan; Kılıç, Cüneyt; Akcan, Ahmet Tayfur; Karataş, 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.
Unemployment hysteresis by gender and youth in the EU: evidence from new factor PANIC unit root tests with breaks
(Emerald Group Publishing Ltd, 2024) Ataklı Yavuz, Rüya; Kılıç, Cüneyt; Akcan, Ahmet Tayfur
Purpose Unemployment hysteresis is when the unemployment rate increases at the time of an economic shock and does not return to its previous level after the shock. Unemployment hysteresis is one of the most common economic diseases in labour markets. In this study, unemployment hysteresis is investigated for female, male, youth and general unemployment rates of EU countries. Design/methodology/approach The new factorial PANIC test was employed to ascertain the existence of hysteresis in the labour market in the EU countries between 1991 and 2023. Findings Although there are some countries where the hysteresis effect is not a priori valid, it is generally accepted that the hysteresis effect is valid in most European countries. Practical implications In order to enhance the labour markets of EU countries, it is recommended that active and passive employment policies be implemented in a more comprehensive manner. Originality/value While there are numerous studies that examine the phenomenon of unemployment hysteresis in relation to general unemployment rates, there are only a limited number of studies that examine it in relation to female, male and youth unemployment rates. Another significant contribution of the study is the utilisation of the new factorial PANIC unit root test approach developed by Payne et al. (2022).
Is Islamic Banking Sustainable in Terms of Financial Performance? Empirical Evidence from GCC Countries
(Research Center Islamic Economics-Ikam, 2024) Kazak, Hasan; Karataş, 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.
Yenilik üretimi (inovasyon) ile bilgi ve iletişim teknolojileri (ICT) yatırımlarının insani gelişme endeksine etkisinin ekonometrik analizi
(Çanakkale Onsekiz Mart Üniversitesi Biga İktisadi ve İdari Bilimler Fakültesi, 2009) Torun, Mustafa; Sarıdoğan, Ercan; Kurt, Serdar
Bu çalışmada, yenilik üretimi (inovasyon) ile Bilgi ve İletişim Teknolojileri (ICT) yatırımlarının insani gelişme endeksi üzerindeki etkisi OECD ülkeleri açısından ekonometrik olarak incelenmiştir. Bilindiği gibi insani gelişim endeksi, sosyal, eğitimsel ve ekonomik açıdan yaşam kalitesindeki değişimi ölçmektedir. Diğer yandan, teknolojideki değişimler, ülke ekonomilerinin büyümesine ve toplumsal refaha katkı yapmaktadır. Teknolojik gelişim ise ancak yenilik üreterek ortaya çıkmaktadır. Bilgi ve iletişim teknolojisindeki ilerlemeler ise hem mikro bazda hem de makro bazda ülke ekonomilerine katkı yapmaktadır. Bu sebeple bilgi ve iletişim teknolojisindeki gelişmeler, yenilik üretimi ve insani gelişim endeksi arasındaki karşılıklı ilişkileri çözümlemek, toplumun sosyal ve ekonomik gelişimine yönelik etkin politikalar tasarlanmasına imkân verecektir.
Purchasing Power Parity Theory Test in Turkey: (1923-1980) Cliometric Fourier Analysis
(2023) Azazi, Hasan; Arık, Müşerref; Akcan, Melike Buse
The study is a cliometric analysis created to determine the stability level of purchasing power parity (PPT) in Turkey between the years 1923-1980. The absence of any study examining the post-republican period with the Fourier analysis method shows the contribution of this study to the literature. Real exchange rate values for the relevant years were used in the study. These values were obtained using the State Institute of Statistics report.. In the study, Unit Root Tests (ADF, Phillips-Perron) were used assuming that the series were linear and Fourier ADF Unit Root Tests were used assuming that the series were non-linear. The test result shows that the PPP theory is not valid between the relevant years.
Türkiye’de 1990-2021 Döneminde Kadının İşgücüne Katılımı İle Kentleşme İlişkisi: Nedensellik Analizi
(Bursa Uludağ Üniversitesi, 2023) Ataklı Yavuz, Rüya
Bu çalışmanın temel amacı, Türkiye’de 1990-2021 yılları arası dönemde kadının işgücüne katılımı ile kentleşme olgusu arasındaki nedensellik ilişkinin zaman serisi yöntemi ile ampirik olarak sınanmasıdır. Modelde, kadının işgücüne katılımı, kentleşme ve doğurganlık değişkenleri yer almıştır. Çalışma kapsamında Dünya Bankası veri tabanından elde edilen veriler kullanılarak öncelikle serilerin durağanlıkları sınanmıştır. Durağan olmayan seriler durağan hale getirildikten sonra, Granger nedensellik testi yardımıyla değişkenler arası nedensellik ilişkisi belirlenmeye çalışılmıştır. Çalışmadan elde edilen ampirik bulgulara göre, kentleşmenin kadının işgücüne katılımının ve doğurganlık oranının Granger nedeni olduğu, dolayısıyla kentleşme değişkeninin geçmiş değerlerinin hem kadının işgücüne katılımının hem de doğurganlık oranının cari değeri üzerinde anlamlı etkili olduğu sonucuna varılmıştır.
CLIOMETRIC ANALYSIS OF SECTORAL EMPLOYMENT-FREE GROWTH IN TURKEY BEFORE 1980: FOURIER EVIDENCE
(2024) Arık, Müşerref; Azazi, Hasan; Akcan, Melike Buse
Cliometric analysis refers to the use of econometric analysis tools to study the connection between variables in a certain era, in addition to they have historical significance and seek to offer information about the period. The aim of the study is to examine the period that started after the proclamation of the Republic until the 1980 coup, which can be described as the crisis period. Therefore, the republican period between 1923 and 1980 will be subjected to cliometric analysis in this The variables to be analysed in the study are sectoral employment data taking into account agriculture, industry and services sectors and GDP data defining economic growth. By examining the relationship between variables, the existence of jobless growth will be tested on a sectoral basis, and the data sets will be examined in two separate analyses. The tests to be applied in the study will be carried out by applying both traditional analysis methods and new generation analysis methods. The first of the tests to be applied in the study can be expressed as the traditional Augmented Dickey Fuller (ADF) unit root test and the Fourier Granger Causality test to determine the causality relationship between variables. The use of the Fourier analysis method, which is among the new generation analysis methods, in the applied tests shows that the study will contribute to the literature. When the Augmented Dickey Fuller test results are examined, it is seen that the independent variables consisting of agriculture, industry and service sectors and the dependent variable consisting of the growth rate each contain unit roots at their level values but are purified from the unit root as a result of taking the first order difference. The results obtained from the Fourier Granger causality test of the study show that growth without employment was valid in the service sector between 1923 and 1980, while growth without employment was invalid in the agricultural and industrial sectors.

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