The world financial markets are integrated more than ever. Together with countries opening their economies to the world, we see the dynamics of capital movements changing together with how countries respond to their domestic capital needs. Today, foreign capital is financing most of Turkey's current account deficit. With this paper, we show that the main reason why Turkey is borrowing so much money from international markets and its current account deficit is substantial, is global liquidity rather than domestic conditions. We spend more, either for consumption or investment, due to the availability of cheap money. The availability of cheap credit prevents the economy to self-adjust through movements in exchange rates which would narrow the current account deficit.We find that U.S. interest rates, Turkish current account balance and Turkish real GDP are nonstationary and cointegrated which prevented us from using an ordinary least square estimation. Instead, we use a vector error correction model to estimate the relationship between these variables. We find that there is a long-run causal relationship from U.S. interest rates to Turkish current account balance. We further confirm our results with Granger causality tests and support the view that global liquidity is fueling growth across the world, including Turkey.
This study exatnined 29 irrigation organizations in the province of Antalya, Turkey. Sufficiency, efficiency, sustainability and producer satisfaction were used as criteria for the productivity of irrigation networks. Differences in the irrigation organizations were compared and analyzed using a number of performance indicators. It was found that the irrigation associations had an irrigation ratio of 50.4%, that the amount of water distributed in the irrigation facilities was 2.6 times more than the total amount required by the plants themselves, a production value per unit irrigated area of Turkish Lira (TL) 18,382.9 ha~', a production value per diverted unit of irrigation water of TLI.3 m~^, an irrigation area sustainability ratio of 65%, a financial self-sufficiency ratio of 82.2%, an irrigated area per worker of 189 ha person"', and a water fee collection ratio of 62.7%. The measurement of water taken into and distributed from a network, the establishment of a monitoring and assessment system to that end, and regular assessment of the water and the performance of the irrigation system are necessary for the efficient use of water resources. In addition, emphasis should be given to tubular irrigation systems, and therefore both water saving and modem irrigation system use should be encouraged.
Th e study analyses the relations between the quality characteristics and price of the Anatolian Hard Red Wheat. It uses a data set consisting of the price and eight quality characteristics of the Anatolian Hard Red Wheat traded in spot transaction in each month of 2011 in the Polatli Commodity Exchange. Marginal implicit values of the quality characteristics of the Anatolian Red Hard Wheat traded in the spot market of the Polatli Commodity Exchange are determined through the hedonic price model. Th is model is estimated from the linear-log functional form. Results of the hedonic price model demonstrate that the quality characteristics, which are statistically signifi cant in the determination of price, namely, the protein content, the hectolitre weight, and the grain content damaged by pests and wheat bugs, are important factors in the purchasing decisions of fl our millers. As the protein content and the hectolitre weight of wheat increase by 1%, the price increases by TL 0.005 and TL 0.006, respectively. As the grain content damaged by pests and wheat bugs increases by 1%, the price of wheat drops by TL 0.0002. Th ese marginal implicit values are expected to encourage wheat producers to produce the higher quality wheat.
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