The purpose of this study is to analyze the effects of economic, financial and political risks on CDS premium of Turkey. For this purpose, we examine asymmetric effects of economic, financial and political risk variables on Turkey's CDS by employing nonlinear autoregressive distributed lag model for the period 2000:10-2020:06. Our findings are two-fold. First, we find that both economic and financial risks have asymmetric effects on CDS premium, while political risks have symmetric effect on CDS. Second, we find that increases in financial risks raise CDS premium more than that of economic risks, while decreases in economic risks reduce CDS premium more than that of financial risks. The empirical results imply that economic reforms appear to be more efficient than the financial recovery measures in reducing CDS premium of Turkey.

Globalization notion is encountered not only economically, but also politically, culturally, technologically and ecologically. Environmental problems seen national at first glance can cause regional and subsequently global problems. Climate changes create regional, social and economic problems in terms of effects thereof. Many factors such as continuation of rapid population growth, proliferation of water problems, increase of global warming and irrevocable habits of countries can lead to world pollution and impairment of environment. Industrialization, population growth and excessive consumption tendency on the one hand and need for balanced use of natural sources such that energy can meet needs of future generations on the other hand has rendered “environment” and “development” subjects substitute for each other. While increase of welfare and happiness of people are aimed with economic development, socio-economical costs caused by global climate change threaten this welfare cycle. A variety of sources extinct due to global warming and some of them cannot be effectively used in a desirable level. This situation prevents economic productivity. Global climate change problem should be reevaluated with not only conventional sustainable development approach but also in a global plane containing new political ecology notions such as “environmental justice” and “climate justice”. For this purpose, each of us has a role to play and also, novel law and policies are required that will lead global-scale solutions. In this study, relationship between global climate change and sustainable development approach will be handled within the scope of a new tendency.

The sugar industry has a strategic importance for all countries due to its economic and social effects. In this sector, efficiency comes to the fore in order to ensure sustainability and increase competitiveness. In this context, the purpose of the study are to determine the severity levels of inputs and outputs of the 25 public sugar factories in Turkey between the years 2002-2019 and to compare the efficiency levels of the companies * e-

Bu çalışmanın amacı Türkiye’de şeker fabrikalarının (kamu-özel) 2018-2020 döneminde, etkinlik ve verimliliğini ortaya koymaktır. Şeker sanayisinin üretim etkinlik analizi ve toplam faktör verimlilikleri Critic ve Eatwios yöntemleri ile analiz edilmektedir. Elde edilen bulgulara göre; 2018, 2019 ve 2020 yıllarının tümünde en önemli girdi değişkeni geçici işçi sayısı iken, en az öneme sahip olan değişken ise 2018 yılında daimi işçi sayısı, 2019 ve 2020 yıllarında işlenen pancar miktarıdır. Çıktı değişkenlerine ait Critic skorları yıllar itibariyle farklılık göstermektedir. Buna göre tüm yıllarda posa en önemli çıktı değişkeni iken; 2018’de üretilen şeker miktarı, 2019 ve 2020 yıllarında ise melas en az öneme sahip çıktı değişkenleridir. Critic yöntemi ile girdi ve çıktı değişkenlerinin önem düzeylerinin belirlenmesinin ardından Eatwios yöntemiyle firmaların verimlilik düzeyleri hesaplanmıştır. Elde edilen bulgulara göre; tüm yıllarda Ö6 kodlu şeker fabrikası en verimli firma iken, Ereğli şeker fabrikası ikinci sırada yer almaktadır. Verimlilik düzeyi en düşük firma ise Erciş şeker fabrikasıdır. Yıllara göre verimlilik düzeyleri değerlendirildiğinde; 2018, 2019 ve 2020 yıllarında Ö6 kodlu şeker fabrikası en verimli firma iken, ikinci sırada 2018 ve 2020 yılında Ereğli şeker fabrikası, 2019 yılında ise Ilgın şeker fabrikası yer almaktadır.

In this study, the effects of COVID-19 (mortality rate, case rate, and bed capacity) on the stock market was examined within the framework of the efficient market hypothesis. Unlike other studies in the literature, we used the variable of bed capacity besides the mortality rate and case rate variables. The relationship between the mentioned variables, using daily data between December 31 of 2019 and November 10 of 2020, has been analyzed with time-varying symmetric and asymmetric causality tests for China, Germany, the USA, and India. Considering that the responses to positive and negative shocks during the pandemic process may be different and that the results may change depending on time, time-varying symmetric and asymmetric causality tests were used. According to the time-varying symmetric causality test, stock markets in all countries were affected in the period when the cases first appeared. A causal relationship between COVID-19 and country stock markets was found. The results showed that the effects of the case rate and bed capacity on the stock market occurred around the same time in Germany and the United States; however, these dates differed in China and India. According to time-varying asymmetric causality test findings, the asymmetric effect of the pandemic on the stock market in countries emerged during the second wave. The findings showed that the period during which positive and negative information about the pandemic intensified coincided with the period during which the second wave occurred; besides, the results show the effect of this information on the stock market differed as positive and negative shocks.