{"title":"Tourism Location Choice of Local and Foreign Tourist: A Perspective through Spatial Analysis","authors":"Dilek Çetin, Emre Aksoy, Yalçın Arslantürk","doi":"10.22440/wjae.8.2.2","DOIUrl":"https://doi.org/10.22440/wjae.8.2.2","url":null,"abstract":"The economic outreach of tourism businesses has undoubtedly had a significant contribution to the economic growth of countries and regions. Attracting tourists to the tourist provinces is an important regional growth and development issue. The main aim of this study is to present the factors influencing the tourism location choice of both foreign and domestic tourists. Cross-sectional spatial analysis is applied to Turkish province-level data for 2002-2019, and the time and spatial effects of regional tourism demands are considered. Lisa and Geary’s cluster maps provide the regional clusters. Accordingly, Bitlis, Siirt and Tunceli are the common low-tourist number provinces surrounded by low-ranking provinces (low-low cluster), whereas Burdur is the common low province surrounded by high-ranking provinces (low-high cluster). Both domestic and foreign tourist location choices were strictly influenced by their choice in 2002, i.e., time consistency in location choice is valid. The location choices do not depend on whether the province is on the seaside or inland, which is contrary to our expectations. Foreign tourists’ location choices are influenced by domestic tourists’ location choices three times more than that domestic tourists. Most importantly, according to the spatial autocorrelation results, location choice made by foreign tourists is spatially dependent, but this is not true for domestic tourists.","PeriodicalId":447082,"journal":{"name":"World Journal of Applied Economics","volume":"811 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132258274","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Determinants of Bilateral Trade between Europeans and the Ottoman Empire: 1878-1913","authors":"Meryem Türel, Kazım Baycar","doi":"10.22440/wjae.8.2.3","DOIUrl":"https://doi.org/10.22440/wjae.8.2.3","url":null,"abstract":"During the 19th century, the Ottoman Empire experienced an increased integration into the world economy, primarily through the development of bilateral trade with European markets. This study examines the determinants of bilateral trade of the Ottoman Empire with its trading partners between 1878 and 1913 using a panel regression framework. The results indicate that the GDP of trading partners, distance, common borders, and the adoption of the metric system significantly affected bilateral trade. In contrast, the GDP of the Ottoman Empire, trade agreements, railways, and commercial ports had no statistically significant effects on the mentioned trade relations.","PeriodicalId":447082,"journal":{"name":"World Journal of Applied Economics","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127849026","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"International Trade, Foreign Direct Investment, Financial Development and Renewable Energy Supply: Panel Data Evidence from Newly Industrialized Countries","authors":"G. Yücel, Ayfer Ustabaş, Tuğçe Acar","doi":"10.22440/wjae.8.2.1","DOIUrl":"https://doi.org/10.22440/wjae.8.2.1","url":null,"abstract":"In many newly industrializing countries (NICs), increased international trade activities are often triggered by several advancements, including attracting foreign direct investment (FDI), financial development, and technological changes. Recently, abundant and diversified renewable energy sources used in production have also started to take their place among these advancements. Although the relationship between FDI, financial developments, and international trade for NICs has been analyzed in many studies, incorporating renewable energy supply’s impact in this linkage has been relatively narrow. This paper aims to fill the gap in the literature by investigating the effects of renewable energy supply on FDI, financial development, and international trade for newly industrialized countries using panel causality and panel cointegration analyses between 1990 and 2019. Our findings indicate (i) uni-directional causality running from international trade to financial development, (ii) uni-directional causality running from renewable energy supply to financial development, and (iii) bi-directional causality between financial development and FDI. The result of the cointegration analysis showed that there is no long-term relationship between the variables.","PeriodicalId":447082,"journal":{"name":"World Journal of Applied Economics","volume":"43 11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134430279","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Employability and Labor Income of Immigrants in the US: A Special Focus on the Roles of Language and Home Country Income Level","authors":"Selda Dudu","doi":"10.22440/wjae.8.1.2","DOIUrl":"https://doi.org/10.22440/wjae.8.1.2","url":null,"abstract":"Speaking the most-demanded languages is an asset in the labor market. However, coming from a high-income country may give immigrants an advantage in the labor market as those may have more transferable skills. This article investigates the determinants of the employability and labor income of immigrants and newcomer immigrants in the United States (US) labor market, specifically focusing on the role of language and income level of the home country. It applies the Heckman two-step selection procedure to the American Community Survey between 2000 and 2019. The findings show that immigrating from both high-income countries and countries where internationally most widely used languages (English, French, Portuguese, Spanish, and Chinese) are spoken gives immigrants an advantage in the US labor market compared to those from the countries where only national languages are spoken. This article emphasizes the key role of the income level of the home country on immigrants' labor income in the US. It contributes to the literature by employing the interaction terms of being from the same-income-level countries and the same-languages-speaking countries.","PeriodicalId":447082,"journal":{"name":"World Journal of Applied Economics","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114252997","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Financial Development and Female Labor Income Share: Evidence from Global Data","authors":"A. Elveren, Hale Kırmızıoğlu","doi":"10.22440/wjae.8.1.3","DOIUrl":"https://doi.org/10.22440/wjae.8.1.3","url":null,"abstract":"While there has been sizable literature on the effect of financial development on growth, inequality, and poverty, there are fewer studies on its impact on female labor force participation or women’s wellbeing. Using a novel dataset, this paper investigates the association between the dimensions of financial development and female labor income share for 156 countries for the period of 1991-2019 to contribute to the literature on the role of financial development in improving women’s wellbeing. The findings show that financial development is positively associated with women’s income in high-income countries but not in low-income countries. The main implication of the study is that financial development in poor countries is not sufficiently inclusive enough to create economic opportunities for women.","PeriodicalId":447082,"journal":{"name":"World Journal of Applied Economics","volume":"34 S135","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132227742","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Asymmetric Effectiveness of Monetary and Fiscal Policies: Evidence from Turkey","authors":"Cemal Öztürk, Günsenin Altınkaynak","doi":"10.22440/wjae.8.1.1","DOIUrl":"https://doi.org/10.22440/wjae.8.1.1","url":null,"abstract":"This study assesses the asymmetric effectiveness of Turkey's monetary policy and fiscal policy under the inflation targeting regime in the period of 2006-2020. We employed the non-linear autoregressive distributed lag (NARDL) method and Hatemi-J asymmetric causality test with the assistance of the St. Louis equation, which relates the growth in nominal income with the growth in money supply and public expenditures. The NARDL model revealed that an increase in money supply and gross domestic product (GDP) has a positive relationship. On the other hand, a decrease in money supply and government expenditures have no significant relationship with GDP. In addition, Hatemi-J asymmetric causality results showed an asymmetric causality between money supply and GDP. It demonstrates that the money supply in Turkey during the period 2006-2020 is endogenous.","PeriodicalId":447082,"journal":{"name":"World Journal of Applied Economics","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122552997","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Economic and Monetary Integration in ECOWAS Countries: A Panel VAR Approach to Identify Macroeconomic Shocks","authors":"Asta Ndongo, I. Diop","doi":"10.22440/wjae.7.2.3","DOIUrl":"https://doi.org/10.22440/wjae.7.2.3","url":null,"abstract":"This paper studies the impact of output, exchange rate, price, and economic policies (fiscal and monetary) shocks to Economic Community of West African States (ECOWAS) economies over the period 1977-2019. The results of the impulse response functions obtained from the panel VAR show that monetary policy shocks stimulate economic activity, whereas fiscal shocks lead to a contraction. Moreover, these economic policy shocks lead to an increase in the price level. Finally, they have opposite effects on the real exchange rate: a monetary policy shock leads to an appreciation of national currencies against the US dollar, while a fiscal innovation leads to a depreciation of these currencies. As for exchange rate and price shocks, they create inflation and consequently a decline in economic activity. Furthermore, the forecast error variance decomposition reveals that real exchange rate shocks contribute the most to future fluctuations in macroeconomic variables in ECOWAS countries. Moreover, a comparison of the impact on the two currency areas, West African Economic and Monetary Union (WAEMU) and West African Monetary Zone (WAMZ), shows the degree of asymmetry between the two areas. The analysis shows, on the one hand, that shocks are more persistent and significant in the WAMZ and, on the other hand, that except for real exchange rate shocks, the two zones respond asymmetrically to shocks emanating from the other variables.","PeriodicalId":447082,"journal":{"name":"World Journal of Applied Economics","volume":"1074 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122889110","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Time-Varying Network Connectedness of G-7 Economic Policy Uncertainties: A Locally Stationary TVP-VAR Approach","authors":"Onur Polat","doi":"10.22440/wjae.7.2.2","DOIUrl":"https://doi.org/10.22440/wjae.7.2.2","url":null,"abstract":"This work analyzes the frequency-dependent network structure of Economic Policy Uncertainties (EPU) across G-7 countries between January 1998 and April 2021. We implement an approach that builds dynamic networks relying on a locally stationary Time-Varying Parameter-Vector Autoregressive model using Quasi-Bayesian Local Likelihood methods. We compute short-, medium-, and long-term network connectedness of G-7 EPUs over a period covering several economic/financial turmoils. Furthermore, we structure short-term network topologies for the Global Financial Crisis (GFC) and the COVID-19 pandemic periods. Findings of the study indicate amplified interdependencies between G-7 EPUs around well-known economic/geopolitical incidents, frequency-dependent connectedness networks among them, and stronger interdependencies than the medium-, and long-term linkages. Finally, we find that short-term spillovers are not persistent in the long-term for both turmoil periods.","PeriodicalId":447082,"journal":{"name":"World Journal of Applied Economics","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132921638","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Comparison of News Impacts on Sectoral Stock Returns during the COVID-19 Pandemic in Turkey","authors":"Metin Teti̇k","doi":"10.22440/wjae.7.2.1","DOIUrl":"https://doi.org/10.22440/wjae.7.2.1","url":null,"abstract":"This study examines how the volatility of the sectoral stock returns within Borsa İstanbul are affected during the COVID-19 pandemic. The analysis uses daily stock return data for four main sector indices: services, finance, industry, and technology. The sample period of the study covers 03.03.2015–11.03.2021, and 12.03.2020-03.04.2021 is separately analyzed for the COVID-19 period. When E-GARCH models and news impact curves are analyzed, it is found that the services sector stock returns volatility differs from other sectoral stock returns.","PeriodicalId":447082,"journal":{"name":"World Journal of Applied Economics","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131125786","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Government Size and Openness: Insights Based on Country Classifications","authors":"Erkam Sarı, Hakan Hotunluoğlu","doi":"10.22440/wjae.7.1.1","DOIUrl":"https://doi.org/10.22440/wjae.7.1.1","url":null,"abstract":"This study investigates the nexus between government size and openness by paying special attention to country classification. The main results of our empirical investigations show that (i) there are two government size trends meaning two different country groups exist; (ii) there is a positive relationship between trade openness and government size for the first country group, which validates the compensation hypothesis; (iii) a negative relationship between financial openness and government size is found for the second country group, which confirms the efficiency hypothesis; (iv) the effect of financial openness is nearly ten times higher than trade openness; (v) an endogenous country classification process yields better results to understand the linkages between openness and government size. In this regard our study incorporates both hypotheses and provides a uniform explanation.","PeriodicalId":447082,"journal":{"name":"World Journal of Applied Economics","volume":"120 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123309265","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}