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Öğe THE EFFECT OF FINANCIAL LIBERALIZATION ON ECONOMIC GROWTH IN TRANSITION ECONOMIES: CASE OF ROMANIA(Univ Sibiu, Lucian Blaga, 2007) Cesur, Fatma; Yuruk, Mehmet Serkan; Uzunoglu, SadiFinancial liberalization process constituted by 80's when the trend of liberalization has become effective. The process has initiated with liberalization of foreign trade. After this it has continued with liberalization of every kind of capital movements and freely determination of financial asset prices, at the market by the market forces which are called as supply and demand. It is argued that the prices determined by the market improve the efficiency. Practices which targets eliminating the government interference and letting price mechanism to be determined by the market are the key factors of financial liberalization process. Allowing market to determine the interest rates under the liberal market conditions is the most important instrument of them. It obtains rational interest rates. It has stated that rational interest rates provide investment expansion and reallocation of resources from inactive to active assets. Therefore expansion of savings provides adequate resource formation to financing the investments. Thus, level of investments will also increase as parallel to the savings. An increase at the credit interest rates shifts resources to higher-yield investments thereby it will improve aggregate investment e)efficiency. As a result of the trend it will bring in its train a stable economic growth. During the 80's most of the developing countries which are in a debt and resource bottleneck, have influenced by the financial liberalization and have applied the liberalization implications. In the beginning, financial liberalization has a positive effect on economies. But after '97 Asian Crisis it argued by lots of economists that this positive effect cannot he sustainable. Hence this unfavorable effects deriving from structural problems of developing countries' financial system; we should take corrosive effect of capital inflow and outflows into account. The objective of the paper is to show the effect of financial liberalization on economic growth and to discuss the importance of financial liberalization in sustainable economic growth.Öğe PROTECTING AND PROMOTING HUMAN HEALTH WITH ENVIRONMENTAL ROLE. THE CASE OF THE BALKAN COUNTRIES(Scibulcom Ltd, 2009) Apak, S.; Uzunoglu, Sadi; Acikgoz, A. F.; Uzunoglu, SernazThe state of human health is closely linked to development. Impaired health lowers productivity. The environmental role on the health refers to the inadequate sanitation, malnutrition or lack of medical treatment. Therefore, improvements in primary health care, particularly in rural areas, better control of diseases with protection of environment and reduction of health risks from the pollution are the essential subjects for better quality of life. The Balkan countries need to analyse these factors by the policy analysis and research, country specific sector work, training and partnership: the common policy issues to establish an information network for the Balkan countries will contribute for research addressing issues to communicable diseases, maternal conditions, microbiological threats, incommunicable diseases, and health policy; the country specific research will cause stimulating analysis to form a consensus among the decision-makers; the health training of the Balkan countries as a common policy will result in a sustainable financing; partnership implies to ensure access to cost-effective services, as well as focusing on efficient spending, quality in service delivery and civil participation. To achieve these challenges to the health, the common policy among the Balkan countries will lead to the focusing on poverty alleviation, preventing uncontrolled expenditures and unsustainable systems, assisting in policy formulation and broad sector reform. The target of the study is to reduce the hazardous health effects as a result of environmental problems. The comparative data are adapted for the health-environment relations to reduce the obstacles to the EU standards.Öğe The role of the AFA coefficient as a new criterion in the long-run liaison between corporate liquidity and bank credit: Evidence from Turkey(Emerald Group Publishing Ltd, 2018) Acikgoz, Ali Faruk; Apak, Sudi; Apergis, Nicholas; Uzunoglu, SadiPurpose This paper aims to focus on the absence of a direct criterion for the ideal level of net working capital (NWC) for which Acikgoz (2014) theoretically demonstrates that this NWC can be treated in a manner that allows the assessment of repayments. The study presents and discusses a new multiplier (i.e. the afa coefficient), defined as the ratio of cash equivalents ratio to NWC, measured as the percentage of short-term liabilities (Acikgoz, 2014). In other words, the study explores whether NWC could be an indicator of the ratios of corporate short-term bank credit to STL and of bank credit to total assets. Design/methodology/approach Sectoral panel regressions are used in the case of Turkey, spanning the period 1996-2013, on data obtained from the Central Bank of Turkey. Through second-generation panel unit root tests for cross-section dependence and panel cointegration methodologies, the results illustrate the statistical significance of the CD statistics, indicating the presence of cross dependence, the presence of non-stationary variables and the presence of a long-run association for the variables under study. Findings The findings document that a transformed variable of NWC is more substantive than the explicatory quality of the current ratio and may potentially be used in the prediction of bank credit in corporate liabilities. Originality/value The afa coefficient shows the ratio of liquid assets to NWC as a percentage of STL. The results illustrate that this coefficient plays a significant role for corporate bank credit usage in the case of the Turkish sectoral analysis.
