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Unformatted text preview: econstor A Service of zbw Make Your Publications Visible. Leibniz-Informationszentrum Wirtschaft Leibniz Information Centre for Economics Morady, Farhang (Ed.); Kapucu, Hakan (Ed.); Yalçinkaya, Ömer (Ed.) Proceedings Development & Growth: Economic Impacts Of Globalization Global Studies, No. 3 Provided in Cooperation with: IJOPEC Publication, London Suggested Citation: Morady, Farhang (Ed.); Kapucu, Hakan (Ed.); Yalçinkaya, Ömer (Ed.) (2017) : Development & Growth: Economic Impacts Of Globalization, Global Studies, No. 3, ISBN 978-1-9997035-0-9, IJOPEC Publication, London, This Version is available at: Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Documents in EconStor may be saved and copied for your personal and scholarly purposes. 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Development & Growth Economic Impacts of Globalization Global Studies Vol.3 Global Studies Vol.3 */01234,5/640,7482 IJOPEC PUBLICATION Editors London ijopec.co.uk Istanbul Farhang Morady, Hakan Kapucu, Ömer Yalçınkaya */01234,5/640,7482 */01234,5/640,7482 Development & Growth: Economic Impact of Globalization (Edited by: Farhang Morady, Hakan Kapucu, Ömer Yalçınkaya) DEVELOPMENT & GROWTH Economic Impacts of Globalization Global Studies Vol.3 Edited By Farhang Morady Hakan Kapucu Ömer Yalçınkaya Development & Growth: Economic Impacts of Globalization Edited By: Farhang Morady, Hakan Kapucu, Ömer Yalçınkaya IJOPEC PUBLICATION London ijopec.co.uk Istanbul IJOPEC Publication International Journal of Politics & Economics London, United Kingdom 3 Bassingbourn, HouseSutton Dwellings Upper Street, London N1 1UB E-Mail: [email protected] Phone: (+44) 73 875 2361 (UK) (+90) 488 217 4007 (Turkey) Development & Growth: Economic Impacts of Globalization First Edition, April 2017 IJOPEC Publication No: 40/1 ISBN: 978-1-9997035-0-9 No part of this book may be reproduced, stored in a retrieval system, transmitted in any form or by any means electronically without author’s permission. No responsibility is accepted for the accuracy of information contained in the text, illustrations or advertisements. The opinions expressed in these chapters are not necessarily those of the editors or publisher. A catalogue record for this book is available from Nielsen Book Data, British Library and Google Books. The publishing responsibilities of the chapters in this book belong to the authors. Printed in Turkey. Kayhan Printing Co Ltd. Merkez Efendi Mh. Fazıl Paşa Cd. No: 8/2 Zeytinburnu / İstanbul, Turkey Phone: (+90) 212 576 0136 2 Composer: IJOPEC Art Design London, UK [email protected] Development & Growth: Economic Impact of Globalization (Edited by: Farhang Morady, Hakan Kapucu, Ömer Yalçınkaya) Contents List of Contributers............................................................................................ 5-10 Introduction: Development & Growth: Economic Impacts of Globalization ... 11-20 Farhang Morady, Hakan Kapucu, Ömer Yalçınkaya 1. The Effects of the Global Scale Economic and Political Uncertainty on Economic Growth: The Example of Selected Emerging Market Economies (1992-2015) ................................................. 21-33 Ömer Yalçınkaya, Halil İbrahim Aydın 2. Neoliberalism and Market in God’s Kingdom: Energy, and Development in Iran ............................................................................ 35-58 Farhang Morady 3. The Impact of Regional Economic Cooperation: Case of South Caucasus .. 59-74 Giorgi Benashvili 4. The Relationship Between Economic Globalization and Financial Freedoms in Eastern European Countries: A Panel Data Analysis............... 75-93 Dilek Şahin 5. The Effects of Globalization on Financial (Money and Capital) Market ... 95-108 Ayşe Ergin 6. Monetary Policies and Economic Growth/Development Relationships within the Context of Globalization ................................. 109-124 Ayberk Nuri Berkman 7. The Rising Eco-Power in Global World: An Analysis Over The Economic Growth Model of PRC ....................... 125-143 Fulya Köksoy 8. Economic Threat of Globalization: Crisis Generation Mechanism ......... 145-164 Halim Tatlı, Mahmut Erdem 9. The Impacts of Banking Sector on Economic Growth within the Context of Globalization ....................................................... 165-182 Filiz Yetiz 10. Get Up, Stand Up and Do Not Give Up The Fight: aking a Terrorist Homo Socio Economicus ............................................ 183-202 Haktan Sevinç, Merter Akıncı 11. The Rise of Theo-Politics In the Context of Globalization: Impacts on Global Political Economy ..................................................... 203-215 Murat Silinir 12. Interaction between Domestic/Foreign Savings and Investments in The Context of Globalization ............................................................. 215-238 Merve Tuncay 13. The Relation of Foreign Trade and Globalization: A Practice in Turkey 239-257 İbrahim Çütcü 14. Geographical Location Analysis of Sectoral Concentration in the TR63 Region ................................................................................ 259-276 Fatma Betül Urhan, Ersin Kaya Sandal 15. Defense Expenditures and Turkey .......................................................... 277-290 Hamza Şimşek 16. Inflation, Interest Rates, and Output Level in Terms of Globalising Monetary Policies ................................................................................... 291-309 Canan Sancar 4 Development & Growth: Economic Impact of Globalization (Edited by: Farhang Morady, Hakan Kapucu, Ömer Yalçınkaya) List of Contributors This is a list of those who contributed to Development & Growth: Economic Impacts of Globalization. The scientific and the legal responsibilities belong to the authors. The copyrights of the publications belong to the IJOPEC Publication. The authors are responsible for the content of the papers and for the accuracy of the references. Editors Farhang MORADY is Principal Lecturer in Globalisation and Development in the Department of Politics and International Relations at the University of Westminster, London. He researches in the fields of international political economy, the US/Iranian conflict, and state and development in post-revolutionary Iran. With a PhD from the University of Leeds, he has taught at the University of Westminster since 1994. [email protected] Hakan KAPUCU is an Associate Professor at Kocaeli University. He is one of the coeditor of International Journal of Politics & Economics (IJOPEC) Publication and the organizing co-chair of the annual International Conference of Political Economy Series. He recieved his doctorate degree in finance at Marmara University in 2003. In addition to teaching at Kocaeli University, he researches in the field of Impacts of Globalization, on Finance, Portfolio Modelling, VAR Analaysis. [email protected] Dr. Ömer YALÇINKAYA is an Assistant Professor Ph.D. at Economics Department Faculty of Economics and Administrative Sciences at the Ağrı İbrahim Çeçen University in Turkey since 2015. He earned his master’s degree and doctorate in economics the University of Atatürk in Turkey. His teaching and researchs are in the area of macroeconomic, money politics and theory, Turkish economy and theories of economic growth. He has also worked extensively on the determinants of economic growth and explaining differences the economic growth/income levels among countries. [email protected] 5 List of Contributor Authors Dr. Halil İbrahim AYDIN is an Assistant Prof. Ph.D. at the Department of Economics, Faculty of Economics and Administrative Sciences at Batman University, Batman, Turkey. His teaching and research fields are international and development economics. His research interests include, Economic Development, Regional Development, Regional Development Agency, Social Capital, Poverty, Economic Growth, Economic Crises. There are many books that he edited; “The Economic Crisis and Turkey’s Economy”, “Articles on Regional development”, “Economics and Politics Articles on Development”, “Monetary-Banking and Finance”. Besides, he has also written books on “Social Capital and Development”. [email protected] Giorgi BENASHVILI, International Relations Coordinator of Fabrication Laboratory at Tbilisi State University, MA researcher in International Economics, Faculty of Economics and Business at Tbilisi State University. B.A (Department of Political Sciences, Faculty of Social and Political Sciences, Tbilisi State University) He is authors of few Publications on Economics, Regional Development and Political Transitions. His research interests are: International Trade Agreements, Regional Economic Development, State Security and Political Systems. Contact: Tbilisi State University, [email protected] Dr. Dilek ŞAHİN is an Assistant Prof. Ph.D. at the Department of Hospitality Management Department, Tourism and Hotel Management at Cumhuriyet University, Sivas, Turkey. Her teaching and research fields are international economics. Her research interests include, Economic Development, Regional Development, Economic Growth, Foreign Trade, Intra-Industry Trade and Competition. She has many articles and books about the field of interest. Dr. Ayşe ERGİN is an Assistant Professor Ph.D at the Department of Banking and Finance, Faculty of Economics and Administrative Sciences at Ömer Halisdemir University, Niğde, Turkey. Macroeconomics, Monetary Economics, and International Economics are within the scope of her teaching and research fields. Her main areas of interest are Foreign Exchange Rates, Financial Systems, and International Trade on which she published several articles. Dr. Ayberk Nuri BERKMAN is a full-time Assistant Professor at the Department of Banking and Finance, Faculty of Economics and Administrative Sciences at Ömer 6 Development & Growth: Economic Impact of Globalization (Edited by: Farhang Morady, Hakan Kapucu, Ömer Yalçınkaya) Halisdemir University, Niğde, Turkey. Applied Macroeconomics & Microeconomics, International Finance, and Political Economics are within the scope of his teaching and research fields. His main areas of interest include Monetary and Fiscal Policies, Financial Liberalization, Term Structure of Interest, Corporate Governance, Agricultural Production, Current Account Deficits, and Energy Policies on which he published several articles. Fulya KÖKSOY is a research assistant in the department of International Relations at the Faculty of Economics and Administrative Sciences in Batman University, Batman, Turkey. She received the bachelor’s degree in the department of international relations from Atılım Üniversity in 2010. Köksoy who had a merit-based scholarship graduated ranking first in Atılım University. She received the dual master’s degree in the department of international security from Police Academy and international relations from Ankara University. She has gone on the dual doctorate in the department of international security and international relations. Her interest areas are China foreign policy, the foreign policy of USA, USA-China relations, European Union, EU-China relations, and International Security and theories of international security. Fulya KÖKSOY who is born in Ankara and who likes to do interdisciplinary studies related to her interest areas and knows English very well and French at middle level. Dr. Halim TATLI is still working as an Asst. Prof. Ph.D at the University of Bingol in faculty of Economics and Administrative Sciences in department of Economics. He gave lectures are as follows: microeconomics, economic growth, economic development, econometrics. His work areas of human development, poverty, household behavior and family economics labor market, economic growth, energy economics. He worked as an expert in the Agriculture and Rural Development Support Institution during 10 years. E-mail: [email protected] Mahmut ERDEM graduated from Istanbul University, Department of Economics and currently holds a master's degree in Islamic Economics and Law from Bingöl University, Bingol, Turkey. His interests and fields of study include Development, Global Economy and Islamic Finance, and there are some researches and studies his has done on this field. E-mail: [email protected] Dr. Filiz YETİZ is an Assistant Professor Ph.D at the Department of Banking and Finance, Faculty of Economics and Administrative Sciences at Ömer Halisdemir 7 List of Contributor University, Niğde, Turkey. Macroeconomics, Monetary Economics, and International Economics are within the scope of her teaching and research fields. Her main areas of interest are Foreign Exchange Rates, Financial Systems, and Banking Sector on which she published several articles. Dr. Haktan SEVİNÇ is an Assistant Prof. Ph.D. at the Department of Economics, Faculty of Economics and Administrative Sciences at Iğdır University, Iğdır, Turkey. His teaching and research fields are international economics and development economics. His research interests include regional and rural development, sustainable development, foreign investment and investment incentives. Dr. Merter AKINCI is an Assistant Prof. Ph.D. at the Department of Economics, Ünye Faculty of Economics and Administrative Sciences at Ordu University, Ünye-Ordu, Turkey. His teaching and research fields are international economics and economic growth. His research interests include economic growth and development, regional development, international trade, financial economics, poverty and income inequality, economics of happiness and economics of identity. There are some books that he wrote such as “Economic Growth and Its Macroeconomic Determinants”, “The Relationship between Economic Freedom and Economic Growth” and “Basic Mathematical Processors, Matrices and Determinants” which is a chapter in an edited book named as “Econometrics”. Dr. Murat SİLİNİR is an Asst. Prof. in the Department of International Relations at the Faculty of Economics and Administrative Sciences in Batman University, Batman, Turkey. His main research areas are international Politics, International Security, Political Economy, American Foreign Policy, and Middle East Politics. He is author of two books “Amerikan Gücünün Geleceği”(The Future of American Power) and “ABD’nin İslam Algısı”(The Islamic Perception of USA). Dr. SİLİNİR is also head of department of International Relations. In the faculty, he teaches International Relations, International Politics, International Relations Theories. Dr. Merve TUNCAY is an assistant professor doctor at the Department of Banking and Finance in the Faculty of Economics and Administrative Sciences in Cumhuriyet University, in Sivas/Turkey. She is the author/coauthor of a bunch of studies and presented papers both abroad and homeland regarding areas basically asset valuation, financial markets, international finance, financial econometrics and spatial 8 Development & Growth: Economic Impact of Globalization (Edited by: Farhang Morady, Hakan Kapucu, Ömer Yalçınkaya) econometrics. Her research and teaching fields comprise financial management, financial statement analysis, and financial markets. Dr. İbrahim ÇÜTCÜ is an Assistant Prof. Ph.D. at the Department of Economics, Faculty of Economics, Administrative & Social Sciences at Hasan Kalyoncu University, Gaziantep, Turkey. His teaching and research fields are International Economics. His research interests include, Foreign Trade, Inovation Economics, Education Economics and European Union. He has also managed some projects about export and inovation area. He is now deputy of dean at Faculty of Economics, Administrative & Social Sciences. Fatma Betul URHAN is a research assistant and Ph.D student at the Department of Geography at Kahramanmaras Sutcu Imam University. She earned her bachelor degree in the Department of Geography at Ankara University and master’s degree at Kahramanmaras Sutcu Imam University. The topic of her master thesis and publications are about regional development and development agencies. Her other research interests include Economic Geography, Urban Geography, Spatial Analysis, Social Capital and Gender. Dr. Ersin Kaya SANDAL is an Assoc. Prof. Ph.D. at the Department of Geography, Faculty of Science and Letters at Kahramanmaraş Sütçü İmam University, Kahramanmaraş, Turkey. His teaching and research fields are about Human Geography. His research interests include Economic Geography, Urban Geography, Cultural studies, and statistical techniques. He has many books or book sections, and articles. Dr. Hamza ŞİMŞEK is an Assistant Professor Ph.D at the Department of Economics in Batman University. He received his M.S and Ph.D. degrees in economics from Muğla University. His research activities are focused on macroeconomics, microeconomics, poverty, game theory. He teaches microeconomics, macroeconomics, and monetary policies. He has recently published papers and books on poverty in Batman, money supply theories and game theory. [email protected] Dr. Canan SANCAR is an Assistant Prof. Ph.D at Gumushane University, Turkey. Her teaching and research fields are Monetary Policy and Financial Markets. Among her research interests are Economic Growth and Development, Regional Development, 9 List of Contributor Energy Economy, Economic Crises and Monetary Policy. She wrote many academic articles, books, and projects. 10 Development & Growth: Economic Impact of Globalization (Edited by: Farhang Morady, Hakan Kapucu, Ömer Yalçınkaya) Introduction Development & Growth: Economic Impacts of Globalization Farhang MORADY Hakan KAPUCU Ömer YALÇINKAYA T he growth paradigm or the economic growth generally been presented as a positive, limitless and good for social problems. The term was hardly touched in pre-capitalism by any academic research. With the rise of capitalism and industrial revolution it became an important tool to measure production quantitatively and qualitatively. Industrialisation also encouraged the expansion of trade and gradual breakdown of the pre-capitalist order in 18th century in Britain. The spread of market had facilitated the specialisation, encouraging division of labour. Whilst for The Classical Political Economists; Adam Smith, David Ricardo and Thomas Malthus; economic growth is self-reinforcing. Marx pointed out importance of forces and relations of production and significance of social classes within it (Marx, 1863). Smith, Ricardo and Malthus were writing at a time when capitalist development was expanding fast and growth was a central in the process. The gradual impact of the West on the rest of world became part of a wider process of change in the World Economy. European capital increased its domination of the world trade through expansionist commercial policies (Wallerstein, 1979). The economic growth encouraged commerce. The necessity to export, and other technological changes formed part of the reason for the decline of feudalism. This transition from feudalism to capitalism began in the West and soon made an impact on the rest of the World. 11 Farhang Morady...
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