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Öğe Dynamic Efficiency and Herd Behavior During Pre- and Post-COVID-19 in the NFT Market: Evidence from Multifractal Analysis(Springer, 2024) Ozdemir, Onur; Kumar, Anoop S.This study investigates how the lockdowns during the COVID-19 outbreak affect the multifractal features of four Non-Fungible Tokens (NFTs) (i.e., Cryptokitties, Cryptopunks, SuperRare, and Decentraland) using daily price data ranging from 23 June 2017 to 15 February 2022. The major concern is to assess whether the presence of herd investing and the level of market inefficiency altered for the period between pre-first-lockdown (i.e., 23 June 2017-22 March 2020) and post-first-lockdown (i.e., 23 March 2020-15 February 2022). The generalized Hurst exponents are measured towards a multifractal detrended fluctuation approach. In particular, the empirical results document that multifractality exists for each NFT during the COVID-19 outbreak. Besides, the level of market inefficiency differs among the selected NFTs. The results refer to the case that the post-first-lockdown period is more prone to herd investing for Cryptokitties, Cryptopunks, and Decentraland. Furthermore, testing for MLM (inefficiency) index, the empirical findings show that Cryptokitties became more vulnerable in the post-first-lockdown period. Regarding the impacts of this far-reaching outbreak, the highest MLM (inefficiency) index value is attributed to Cryptopunks before the first lockdown and Cryptokitties after the first lockdown periods.Öğe Electric power consumption in high-income countries as catalyst for sustainable development: empirical evidence from generalized quantile regression(Springer, 2023) Ozdemir, Onur; Bekun, Festus VictorThis paper investigates the nature of the effects of electric power consumption on economic growth for 41 high-income countries. It introduces a heterodox growth model, which integrates economic capabilities and economic structure into the energy consumption-economic growth nexus. The study leverages on the dynamic pooled ordinary least squares, dynamic fixed effects, system-GMM, the panel autoregressive distributed lag, and the generalized quantile regression estimations as estimation techniques. Empirical findings suggest that electric power consumption, human capital, and technological progress are positively associated with a higher rate of economic growth. Moreover, the study revealed that an increase in the level of capabilities of an economy can promote new incentives for employed people to raise their skills, and thus increases economic progress. In that sense, it is worth important to argue that the changes in the income level of any country may be reflected by the changes in the level of consumption of electric power along with the changes in the level of capabilities of an economy.Öğe Foreign Exchange Volatility and the Bubble Formation in Financial Markets: Evidence From The COVID-19 Pandemic(Vilnius University Press, 2022) Ozdemir, OnurThis paper applies recursive right-tailed unit root tests to detect bubble activity for Turkish Lira against financially most-traded five currencies (i.e., the US Dollar (USD/TRY), the British pound (GBP/TRY), the Euro (EUR/TRY), the Chinese Yuan (CNY/TRY) and the Russian Ruble (RUB/TRY)) over January 2, 2015 to February 12, 2021. It can be identified from the Supremum Augmented Dickey-Fuller (SADF) and the Generalized Supremum Augmented Dickey-Fuller (GSADF) tests statistics that there is a high degree of evidence of bubble activity which characterizes all five exchange rates both in the full-sample period and in the sub-periods, including the pre-COVID-19 era (January 2, 2015 to November 15, 2019) and the COVID-19 era (November 18, 2019 to February 12, 2021). The empirical results also indicate that positive bubbles are common for each selected exchange rate and the multiple bubbles were intensified during the COVID-19 period, referring that forex markets became relatively more inefficient compared to the pre-COVID-19 period. © 2022 Citizen Science: Theory and Practice. All rights reserved.Öğe HIGH-INCOME COUNTRIES AND THE FELDSTEIN-HORIOKA PUZZLE: ECONOMETRIC EVIDENCE FROM DYNAMIC COMMON-CORRELATED EFFECTS MODEL(Inst Economic Forecasting, 2022) Ozdemir, OnurThis paper reexamines the magnitude of international capital mobility under the Feldstein-Horioka puzzle in the context of 29 high-income countries over the 1980-2019 period. The puzzle is also revisited by employing the Dynamic Common-Correlated Effects method to incorporate the issues of cross-sectional dependence and heterogeneity. Moreover, the study investigates the role of macroeconomic and social factors, such as labor share of income, welfare-relevant technological progress, financial development, government expenditure, and political globalization, to go further beyond the traditional findings in the existing literature. The empirical results are based on three main headings. First, the findings confirm the existence of the Feldstein-Horioka puzzle. In other words, there is a lack of international capital mobility among high-income countries. Second, by using the interaction terms for financial development, government expenditure, and political globalization with the savings ratio, the immobile characteristics of international capital can be reduced by further implications of a higher rate of government expenditure. Finally, the results show that having more unequal distribution of income among capital and labor intensifies the domestic investment-saving nexus for an aggregate economy since the financial assets become more shrinking away from flowing out of the host country.Öğe The Relevance of Financial Integration Across Europe: A Dynamic Panel Data Approach(Better Advances Press, 2021) Ozdemir, Onur; Kayhan, FatihThis paper aims to examine the degree of financial integration for selected European countries from 1980 to 2019 using dynamic panel data approaches, covering the panel unit-root tests, cointegration analysis, panel Granger causality tests, and the DOLS and FMOLS methods. Saving and investment rates are found to be stationary at order of integration one, i.e., I (1). It is also found to be that the series are cointegrated along with different meth-ods. Similar to that of cointegration analysis, it is observed that the causality between the variables is statistically significant and bidirectional. Finally, the current study proceeds to test the direction of coefficients for the estimation of the long-run relationship among the series by way of using panel DOLS and FMOLS methods. The values of co-efficients show that the effects of each variable on another are both positive and statistically significant at the 1% level. Therefore, the empirical findings point out that strong financial integration is relevant to those European coun-tries. © 2021 Better Advances Press. All rights reserved.Öğe A Spillover Effect of Human Capital on Gross Capital Formation: A Quantile Regression Approach(Walter De Gruyter Gmbh, 2023) Ozdemir, OnurThe major aim of this paper is to examine the extent to which human capital spillover effects are responsive to different quantiles of gross capital formation across selected 19 OECD countries for the period 1980-2017. We develop an endogenous model for estimating the spillover effects on investment regarding the bargaining power of workers. In this sense, different quantile regression models are applied to analyze this miscellaneous linkage and to correct possible diagnostic problems stemming from the endogenous regressors. The empirical results suggest that there are statistically significant spillover effects of human capital on investment level due to a change in the degree of threat option of capital and thereby a decrease in bargaining power of labor. Moreover, the findings reveal the fact that there is significant heterogeneity of human capital spillovers across different quantiles, which means that lowest quartile of investment activities are confronted with higher value of spillovers.
