The difficulty of drawing the borders of the Middle East originates from the fact that the region is not a clear geographical unit. This means that it is determined by the political and cultural elements as “The West”, not by the geographical element as the “Western Europe”. The important position of the region becomes clear with the production of petroleum. The petroleum of the Middle East meets a large part of the energy requirements of Europe and Asia, however almost everyone agrees that water began to take the place of petroleum and will be the most important natural resource in the near future at the Middle East. We tried to emphasize the strategic importance of the water in the Middle East, the hydrological characteristics of water flowing beyond borders and the replace of South-Eastern Anatolia Project in the Turkish-Arabic relations, the use and management of water resources, some efforts and search for solutions.
The Purchasing Power Parity suggests that differences in relative prices in two countries move together with nominal exchange rates in the long run. This study examines the validity of PPP as transition economies for Commonwealth of Independent States (CIS). Purchasing Power Parity holds only when the real exchange rate is stationary in the equation. To test the stationary, we used both time series and panel data analysis. Testing unit root both with time series and panel data in this study, provides us double check of the results. We also test the cross sectional dependence to choose the appropriate panel unit root test. Our test statistics indicate that there is cross section dependence between countries. Hence, one needs to take into consideration the cross section dependence while undertaking unit root tests. Otherwise, the results would be biased. ADF and KPPS indicate that PPP cannot be accepted for the countries except for Russia. According to the panel unit root test results indicate that PPP does not hold for Armenia, Belarus, Georgia, Kazakhstan and Kyrgyzstan except for Russia.
After the fifth enlargement of European Union in 2004 and with the expansion of European Unions borders and new neighbors, it became one of the important policies to provide security, stability and prosperity, and develop relationship between neighborhood countries. Although, enlargement process provide some opportunities to the member states of European Union, it brings about some difficulties. The differences at the life standards, environment, public health, prevention and combating organized crime between European Union and neighbor countries caused to create new policies. European Neighborhood Policy was launched in 2004, and consists of 16 countries, namely: Israel, Jordan, Moldova, Morocco, The Palestinian Authority, Tunisia, Ukraine, Armenia, Azerbaijan, Egypt, Georgia, Lebanon, Algeria, Syria, Libya and Belarus. European Union and the partner country sign the Partnership and Cooperation Agreements or Association Agreements, and then the Agreement Action Plans are mutually adapted. Action Plans include privileged relationship, mutual commitment to common values, democracy and human rights, legal and market economy principles, good governance, sustainable development, energy and transportation policies. Within the framework of European Neighborhood Policy, the main aim is to arrange the relationship between the neighbors of European Union. In this study, economic effects of the European Neighborhood Policy will be examined for the relevant countries.
European Union is the main interest of this paper on account of the longestablished integration from 1950's. This paper examines the process of convergence in relative GDP per capita across European Union countries and candidate countries. As we found cross-section dependence, we present second generation panel cointegration tests of the theory for the European Union countries and candidate countries for the period 1990-2011. This paper also shows country-specific conditional and unconditional convergence at the long-run model by way of using Common Correlated Effect Model. This contribution gives crucial information about the European Union countries and candidate countries.
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