İşletme Fakültesi, İktisat Bölümü (İngilizce) Koleksiyonu

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Effects of COVID-19 pandemic on Turkish economy: A sectoral approach
(İstanbul Ticaret Üniversitesi, 2025) Özcan, Yunus
Although its unfavorable effects have been gradually fading today, the Covid-19 pandemic, which first appeared in China at the end of 2019 and then spread rapidly all over the earth, has had negative effects on world economies along with Turkish economy. The effects of Covid-19 have been felt as a whole in the economies, but more severely in service sectors such as the Accommodation and Food Service Activities. With this study, it is aimed to examine the effects of Covid-19 over Turkish economy in a detailed manner for the sectors, along with their contribution to GDP and changes in their balance sheet. To achieve this assessment, first the effects on all sectors were examined from a general perspective and then the study was expanded on a sector basis especially for the most unfavorably affected sectors. The "Sector Balance Sheets" data provided by CBRT and TURKSTAT have been mainly employed for the period of 2019-2023 to investigate these effects over the markets with GDP data. This sector data covers 17 main sectors, including more than 1.6 million company information according to NACE REV.2 classification, and is quite comprehensive to generate adequate conclusions for Turkish economy on a sectoral basis. According to the study results, the sectors that suffered the most losses in 2020, when the impact of Covid-19 was felt the most, were "transportation and storage", "accommodation and food service" and "real estate", respectively. However, in the same period, profits were made in different sectors such as "manufacture" and "wholesale and retail trade; repair of motor vehicles and motorcycles".
Fostering innovative entrepreneurship for sustainable economic development in Türkiye by transforming education and social attitudes
(İstanbul Ticaret Üniversitesi, 2025) Tayeh, Adel; Balcı, Yusuf
This paper investigates the root causes of Türkiye's persistent economic challenges, focusing on the interplay between historical events, social dynamics, and structural barriers to innovation. Using data from the Global Entrepreneurship Monitor (GEM), it explores Türkiye’s reliance on low-value goods, dependence on foreign capital, and slow transition to an innovation-driven economy. Drawing on Schumpeter's theory, which links low innovation to low-profit goods, the study analyzes barriers to innovative entrepreneurship, particularly in education and cultural norms. The study employs the GEM framework to assess Türkiye’s 13 Entrepreneurial Framework Conditions (EFCs). Using GEM’s Adult Population Survey (APS) and National Expert Survey (NES), it examines entrepreneurship stages, finance, policy, infrastructure, education, and cultural attitudes. Data from GEM, academic research, and government sources provide insights into barriers that hinder innovation and economic growth. Findings inform strategic recommendations for fostering an innovation-driven economy in Türkiye. Türkiye ranks low in global innovation and entrepreneurship indices, placing 39th out of 132 countries in the Global Innovation Index (GII, 2023) and 35th out of 50 in the GEM National Entrepreneurship Context Index (NECI, 2021). Weaknesses in Entrepreneurial Education at the School Stage (2.06/9) and Cultural and Social Norms (3.68/9) highlight gaps that hinder innovation. This produces low-value goods production, limited domestic savings, and high foreign capital dependence. This study uniquely applies GEM’s EFCs to identify structural barriers to entrepreneurship in Türkiye. By linking historical, economic, and social factors, it offers a novel perspective beyond short-term policy fixes. It provides insights for policymakers and stakeholders seeking to foster a resilient, innovation-driven economy.
Support vector machine-based and crisis-pertaining forecasts of a subset of foreign currency-denominated bank deposits in Türkiye
(İstanbul Ticaret Üniversitesi, 2024) Kara, Ahmet
This paper presents support vector machine-based forecasts of a subset of the banking system’s foreign currency-denominated deposit-growth for a crisis-inclusive period in Türkiye. Forecasts concerning such periods pose challenges that may not always be efficiently handled within the confines of conventional statistical methods. This brings out a need to make recourse to alternative methods, one of which is employed in this paper. The method employed in the paper belongs to a particular group of machine learning/artificial intelligence algorithms known as support vector machines, which could yield successful results in a wide range of cases. We demonstrate that proper employment of support vector machines leads to a reasonably high degree of accuracy in forecasting and produces, with a small margin of error, real-valuereplicating trajectories of the target variable in question. Accurate forecasts of foreign currencydenominated deposit growth rates at crisis-inclusive junctures could be of practical significance to the policy designers attempting to limit, in an optimal manner, the magnitudes or growths of the foreign currency-denominated deposits within the banking system. This article shows how the objective of practical significance in question could be achieved with an alternative method.
Vergi rekabet endeksi ve Türkiye
(2017) Batırel, Ömer Faruk
Bu makalenin amacı, uluslararası vergi rekabet endeksi olarak adlandırılan ve bir ülkenin uyguladığı vergi politikasının diğer ülkelerle karşılaştırmalı rekabet gücünü ve tarafsızlık derecesini ölçen endekste Türkiye'nin yerini tartışmaktır. Yapılan analiz ve karşılaştırmalarda elde edilen sonuçlara göre vergi rekabet endeksindeki başlıca bileşen kurumlar vergisidir. Gelir vergisi açısından ise en etkili alt bileşenin menkul sermaye iradı ve sermaye kazançlarının vergi yükü olduğu, tüketim vergilerinin rekabet endeksine yaptığı katkıyı tüketim üzerindeki efektif vergi oranının belirlediği saptanmıştır. Türkiye'nin endeksin üst sıralarındaki yerini, büyük ölçüde düşük kurumlar vergisi oranı ile sermaye gelir ve kazançları üzerindeki vergi yükünün hafifliği belirlemektedir. Ülkemizin OECD ülkeleri arasında ilk onda yer almasında sermaye kazançlarının fiilen vergi dışı olmasının en etkili bileşen olduğu gözlenmiştir.
Borsa endeksi belirleyicileri: BİST örneği
(2021) Bodur, Halil Ömer Furkan ; Özcan, Yunus
Tarihi milattan öncesine kadar giden borsa, her dönemde varlığını devam ettirmiş ve günümüzde ülke ekonomileri açısından en önemli göstergelerinden birisi olabilmeyi başarmıştır. Günümüzde ister gelişmiş ister gelişmekte tüm ülkelerde borsaların varlığından söz edebiliriz. Finansal bir aracı olarak borsaların en önemli fonksiyonu fon fazlası olan kesimden fon açığı olan kesime doğru kaynakların etkin bir şekilde dağılımı gerçekleştirerek ülke ekonomilerinin gelişimine katkı sağlamalarıdır. Borsa İstanbul (BİST) Anonim Şirketi yürürlüğe giren 6362 sayılı Sermaye Piyasası Kanunu’nun 138. maddesine dayanarak, borsacılık faaliyetlerini yerine getirmek amacıyla kurulmuştur. Günümüzde 477 şirket BİST’te faaliyet göstermekte ve bunlardan piyasa değeri ve işlem hacmi bakımından en yüksek 100 hisse BİST100’de yer almaktadır. Bu çalışma ile BİST100 endeksinin belirleyicileri çeşitli makroekonomik ve finansal değişkenler kullanılarak ARDL Modeli ile analiz edilmektedir. Analiz sonuçlarına göre altın fiyatları ve işsizlik oranları ile BİST100 endekis arasında uzun dönemli anlamlı negatif yönlü bir ilişki söz konusu iken; enflasyon, faiz ve sanayi üretim endeksi arasında pozitif yönlü istatistiksel açıdan anlamlı ilişkiler hesaplanmıştır.
Motherhood wage penalty in Turkey
(2022) Sefil Tansever, Sinem
The motherhood wage penalty refers to the wage differentials between mothers and women without children that cannot be attributed to differences in personal and job characteristics. The magnitude of the adverse impact of motherhood on women’s wages depends on the institutional labor market framework of work-family balance and the cultural perception of maternal employment. The motherhood wage penalty is a potentially significant challenge for working mothers in the Turkish labor market, characterized by a low female labor force participation rate and a high gender wage gap. This study examines the motherhood wage penalty in Turkey on different wage levels by employing Buchinsky’s (1998) quantile regression method with sample selection correction for the years 2018, 2019, and 2020 by taking into account education, experience, work intensity, and the relative wage level of the residing region. The study results showed that regular and casual wage earner mothers are subjected to different levels of motherhood wage penalties depending on their place in the wage distribution.
Blockchain based decentralized lending protocols: A return analysis between S&P 500 and DeFi assets
(2023) Kaplan, Betül; Benlı, Vahit Ferhan; Aykaç Alp, Elçin
This article explores the financial benefits and challenges of decentralized finance (DeFi) in the banking sector. DeFi revolutionizes financial services through blockchain technology and smart contracts, offering efficient lending and borrowing without intermediaries. The article presents an empirical study that analyzes the relationship between S&P 500 and DeFi assets (MKR, AAVE, COMP), comparing centralized and decentralized finance. Using an EGARCH model, it estimates asset volatility and examines asymmetry and leverage effects. The results show a positive relationship between S&P 500 and MKR and COMP, while AAVE has no significant relationship. The EGARCH variance equation reveals a positive effect of AAVE and a negative effect of COMP on S&P 500 volatility, with leverage effects for S&P 500 and COMP. DeFi has transformative potential, fostering inclusivity. This article aims to contribute by providing a comprehensive return analysis of S&P 500 and DeFi assets for investors seeking alternative investment options.
Simulations of optimal human capital and total factor productivity in universities
(2023) Kara, Ahmet
In this paper, we develop models of university capital in disaggregated and aggregated forms and simulate the trajectories of human/ non-human capital and total factor productivity in universities. The capital employed by a representative university is decomposed into two composite human capital and non-human capital dimensions, each of which is further disaggregated into some sub-dimensions. We first present a sketch of a disaggregated model for illustrative purposes and then develop an aggregated model for the simulation of the key variables in the system. We incorporate an investment support (subsidy) parameter into the model, the optimal value of which is computationally determined. Based on the optimal value of this decision variable, the trajectories of human/non-human capital and total factor productivity are obtained. Though the exercise constructed in the paper is a particular or limited one, the model is highly suitable for generalized exercises with multiple decision variables and multidimensional objective functions capturing a rich variety of different possibilities in real life. The optimality and simulation exercises of this kind could help the university managers to design optimal decision systems to achieve the university objectives in a best possible manner in dynamic settings.
Suriyeli göçünün Türkiye'deki evlilik ve boşanmaya etkisi
(Marmara Üniversitesi, 2023) Mercan, Murat Anıl; Cebeci, Ali Fehim; Karaduman, Hasan Ağan; Barlın, Hande; Beğen, Nazire
Suriye İç Savaşının 2011 yılında başlamasından sonra Suriyeliler Türkiye’ye yoğun bir şekilde göç etmişlerdir. Suriyelilerin göç hareketinin ev sahibi ülkeler üzerindeki etkileri akademik yazında yoğun olarak incelenen konular arasındadır. Bahse konu niceliksel yöntem kullanan çalışmaların önemli bir kısmı Suriyeli göçünün ekonomik etkilerine odaklanmaktadır. Suriyelilerin göçünün evlilik ve boşanma üzerindeki etkisi, niceliksel yöntemler kullanılarak şimdiye kadar hiç incelenmemiştir. Literatürdeki bu açığı kapatmak amacıyla çalışmada 2008-2020 yılları arasında Türkiye’deki illerde Suriyeli sayısındaki değişimlerin, Türkiye’deki evlilik ve boşanmalar üzerindeki etkilerini incelenmektir. Analiz için akademik yazında nedenselliği ölçmeye yönelik sıklıkla tercih edilen Farkların Farkı yöntemi kullanılmıştır. Araştırmanın sonuçları, 25-29 ve 30-34 yaşlarındaki yerli erkeklerin yanı sıra 20-24, 25-29, 40-44 ve 45-49 yaşlarındaki yerli kadınların evlilik oranlarının Suriyeli akınından etkilendiğini ortaya koymaktadır. 20-24 yaş arası yerli kadınların ve 25-29 yaş arası yerli erkeklerin, diğer gruplardaki yaşıtlarına göre daha fazla etkilendikleri görülmektedir. Ayrıca, 20-24 ve 60 ve üstü yaş gruplarındaki erkeklerin evlenme hızında düşüş olduğu tespit edilmiştir. Öte yandan, Suriyeli akınının Türkiye’de hem erkeklerde hem de kadınlarda 25-29 ve 30-34 yaş grupları arasında; erkeklerde 35-39 ve kadınlarda 20-24 yaş arasındaki bireylerin boşanma oranlarını artırdığı bulunmuştur.
Educational wage premia and wage inequality in Turkey
(Inderscience Publishers, 2021) Kent, Oya; Sefil Tansever, Sinem
This paper examines the effect of educational attainment on the male wage inequality in Turkey by employing Structure of Earnings Survey Micro Data compiled by TURKSTAT. We compare two years, namely 2006 and 2014, by estimating the Mincerian wage equation. Quantile regression method is utilised in order to explore the differentials in educational wage premia along the wage distribution. Our findings show that, despite the overall increase in the male wage inequality over the period, inequality declined at the top end of the wage distribution while displaying a significant increase at the bottom end. Education had a positive impact on both within and between groups inequality in both years. In general, educational wage premia in all education categories along the wage distribution increased, with two exceptions (vocational high school and higher education). Especially, in higher education category, educational wage premia have declined at the top half of the wage distribution while increased in lower quantiles. Copyright © 2021 Inderscience Enterprises Ltd.
Minimum wage and spillover effects in a minimum wage society
(Wiley, 2024) Sefil Tansever, Sinem; Yılmaz, Ensar
Minimum wage policies are widely implemented in developing countries, but their consequences remain uncertain. This study empirically investigates the impact of the minimum wage on monthly income inequality and its spillover effects in Turkey between 2004 and 2022, utilizing comprehensive micro data. We aim to shed light on the impact of national minimum wage policies by examining their diverse influences on the wage structure within the country. Our findings reveal that the minimum wage significantly reduces income disparities, particularly among formal workers at the lower and upper end of the wage distribution. While wage gaps below the median wage decline, those above it experience a slower growth rate, ultimately leading to wage convergence. Notably, this effect is more pronounced during macroeconomic instability from 2016 to 2022, compared with the relatively stable period of 2004-15. Moreover, the outcomes differ depending on individual attributes like gender, age, education, and other relevant factors. Furthermore, we observe tentative evidence of a lighthouse effect to some degree: the minimum wage seems to exert an equalizing influence on the wage structure of workers in the informal sector beyond a certain percentile.
Energy-related uncertainty shocks and inflation dynamics in the U.S: A multivariate quantile-on-quantile regression approach
(Elsevier, 2024) Usman, Ojonugwa; Özkan, Oktay; Koy, Ayben; Adebayo, Tomiwa Sunday
Existing literature suggests that uncertainty shocks can propagate like aggregate demand shocks or aggregate supply shocks. By way of extension, this study investigates the effect of energy-related uncertainty shocks on U.S. inflation while incorporating the effect of industrial production and interest rate uncertainty shocks. Using a multivariate quantile-on-quantile regression for the period 2000:M6 to 2019:M7, the findings reveal that energyrelated uncertainty shocks amplify inflation by manifesting as cost-push shocks with a stronger connection emerging in quantiles slightly above the median quantile distribution of energy-related uncertainty. Although industrial production positively drives inflation, its effect is observed less around median quantiles of inflation than in the lower and upper quantiles. Furthermore, the effect of interest rate uncertainty is negative and stronger in quantiles around the median of inflation, suggesting that interest rate uncertainty behaves like aggregate demand shocks. Based on these findings, policy implications are offered.
Global evidence on the energy-environment dilemma: The role of energy-related uncertainty across diverse environmental indicators
(Taylor & Francis Inc, 2024) Özkan, Oktay; Usman, Ojonugwa; Eweade, Babatunde Sunday
Several existing studies show that macroeconomic uncertainties intensify global environmental and climate challenges, putting the globe at risk of not being able to achieve the United Nations' Sustainable Development Goals by 2030. In this study, we provide global evidence on the role of energy-related uncertainty in the energy - environment dilemma between 1996 and 2021. We employ three distinct environmental indicators - load capacity factor (LCF), carbon dioxide emissions (CO2), and ecological footprint (EFP) - alongside a comprehensive global energy-related uncertainty index and time-frequency-quantile methods based on the Wavelet Quantile Correlation, Cross-Quantilogram, and Wavelet Local Multiple Correlation with Dominance. The empirical results suggest negative and strong nonlinear dependencies between energy-related uncertainty and the LCF across periods and quantiles. The results further suggest that the energy-related uncertainty has positive and strong nonlinear dependences not only with CO2 emissions but also EFP across various periods and quantiles. The results further suggest that the dependences between energy-related uncertainty and environmental indicators vary across periods and quantiles, with evidence of stronger dependency structures in the long run. These findings underscore the substantial influence of energy-related uncertainties on contemporary environmental challenges. We suggest that governments and policymakers need to reshape policy directives toward mitigating the environmental effects of energy-related uncertainties.
The role of environmental innovation on ecological footprint in nations with high technology exports concentrations in international trade
(Elsevier Science Inc, 2024) Ersin, Özgür Ömer; Ustabaş, Ayfer; Usman, Ojonugwa
This study focuses on four major high-technology exporting countries--the USA, Germany, France, and China--to explore the long and short-run associations among ecological footprint, environmental technology patents, high-technology exports, and economic growth. The sample covering 1988-2019 is subject to a set of structural breaks, including 2009 Global Recession in addition to uncertainty in the order of integration captured by unit root tests, which provide basis for novel Fourier ARDL and Fourier Toda-Yamamoto causality methods. The Fourier ARDL findings reveal the importance of environmental technology innovations in dampening the level of ecological footprints and promoting a more sustainable environment in the USA, Germany, and France, whereas more high-technology exports in international trade worsen the ecological footprints in these countries in addition to the negative effects of economic growth in all countries including China. In contrast, hightechnology exports appear to mitigate ecological footprint in China, however, eco-friendly technologies fail to reduce ecological footprints as in other analysed nations. The causality tests indicate bidirectional and unidirectional causal relationships among variables with the exception of China where the neutrality hypothesis holds between economic growth and ecological patents and also high-technology exports and ecological patents. These findings provide important insights in achieving sustainable development.
Nonlinear network connectedness: Assessing financial risk transmission in MENA and influence of external financial conditions
(Elsevier, 2024) Balcılar, Mehmet; Usman, Ojonugwa; Duman, Gazi Murat
This study investigates the influence of global financial market conditions on financial risk connectedness and transmission among the Middle East and North Africa (MENA) economies. Utilizing weekly realized stock market volatilities as a measure of risk and employing a smooth transition threshold vector autoregressive (STVAR) model to analyze risk transmission under varying levels of financial stress, the authors also examine the impact of external macroeconomic conditions on the risk connectedness of MENA economies. The results indicate that the overall connectedness, based on a standard VAR model, is moderate at 48.34%. However, in the low financial stress regime, overall connectedness increases to 52.79%, and in the high financial stress regime, it rises to 72.94%, indicating stronger risk interdependency among MENA countries during times of high stress. In the high financial stress regime, Kuwait, Oman, Qatar, Saudi Arabia, Turkey, and the United Arab Emirates are identified as net risk transmitters among MENA countries. The study also reveals that risk transmission across MENA is more pronounced in the regime-dependent model compared to the overall mean-based VAR model.
Effect of domestic material production on environmental sustainability in EU countries under changing financial development: a dynamic panel threshold regression approach
(Springer, 2024) Usman, Ojonugwa; Iorember, Paul Terhemba; Alola, Andrew Adewale; Bekun, Festus Victor
Although the European Union (EU) has made significant progress towards achieving the Sustainable Development Goals (SDGs), the goal of sustainable consumption and production (SDG 12) is reported to be far from being achieved in the region. This study examines the effect of domestic material production on environmental sustainability (measured by greenhouse gas emissions) at different levels of financial development in 19 EU countries over the period 2000-2017. Using a dynamic panel threshold regression approach, the results provide evidence that domestic material production increases greenhouse gas emissions only when financial development is below a threshold of 0.8743%. The effect of domestic material production on greenhouse gas emissions is negative and insignificant when financial development exceeds the estimated threshold. The results further show that domestic material consumption, financial development and investment in research and development all hinder environmental sustainability by intensifying greenhouse gas emissions. Moreover, the results indicate that income per capita and renewable energy improve environmental sustainability by dampening greenhouse gas emissions. The robustness of these results is tested using fixed-effects ordinary least squares and random-effects generalised least squares with Driscoll-Kraay standard errors. Therefore, this study offers policy implications for achieving a sustainable environment.
Stabilizing instability-suboptimality-and-chaos-pronefluctuations at crisis junctures: Stochastic possibilitiesfor crisis management
(Wiley, 2021) Kara, Ahmet
There is a rich array of ways in which unstable, suboptimal and chaos-prone fluc-tuations could appear at crisis junctures. The richness of the patterns associatedwith such fluctuation s presents considerable challenges to the theory of crises aswell as the policies targeting various tendencies induced by crises. Dealing withcomplexly interwoven unstable , suboptimal and potentially chaotic tendencies isnot an easy task, which may require new combinations of methods analysing thecausal connections and feedback relations embedded in the web of relations char-acterizing the crisis-junctures. In this paper, we develop an illustrative dynamicmodel that takes into account such causally connected feedback relations so as toconstruct and simulate stochastic policy options, which can influence and helpstabilize unstable, suboptimal and chaotic trajectories of exchange rates at finan-cial crisis junctures. For reasons of convenience and practical relevance, we exem-plified such policies using taxes. One of the constructed examples makes use astochastic taxing policy to influence the coefficient of adjustment, which influ-ences the amount of adjustments and hence fluctuations in the market. We incor-porate a software-based optimization setup into the simulation model to find theoptimal values of the policy parameter to be used for the purpose of simulatingthe trajectories of the exchange rates. It turns out that the suggested policies couldinfluence/reduce the fluctuations in the market and hence help stabilize unstableorchaoticexchangeratetrajectories.Thesecondexampleinthepaperiscon-cerned with an empirical case relating to a particular financial crisis juncture ofTurkey during May–November 2018.
Simulation-Based Decision-Support Model and Exercises for Universities
(İstanbul Ticaret Üniversitesi, 2014) Kara, Ahmet
This paper presents a system dynamics-based decision-support model for universities so as to simulate the dynamic trajectory of key decision variables, namely teaching performance and research performance, and exemplify the design of optimal policies that enable universities to achieve certain desired objectives. The paper constructs a simple dynamic-stochastic model with properly specified adjustment dynamics and employs a system dynamics method to simulate the trajectories in question and to optimize the relevant parameter values. Examples presented in the paper could easily be extended to analyze the effects of a variety of factors, such as academic capital, physical capital or income, on teaching performance and research performance. The model could be generalized to take into account the possible and potentially highly complex interrelations among different fields.
Türkiye’de gelir polarizasyonu eğilimi ve kaynakları
(Okan Üniversitesi, 2021) Sefil Tansever, Sinem
Income polarization which refers to the shrinkage of the middle income group and polarization of the income distribution towards the low and /or high income group, is a distributional measure that is related to the concepts of income distribution, such as poverty and income inequality, but should be examined separately due to its conceptual differences. This study examines the magnitude and trends of income polarization, as well as its relation to income inequality and its income sources in Turkey between 2006 and 2018 by using data from Income and Living Condition Survey. The obtained results showed that Wolfston bi-polarization index and DER index decreased by11.9% and 3.5% respectively, while the former had a downward trend and the letter was relatively more stable during the analysis period. A more detailed examination of DER index revealed that income distances between income groups in distribution decreased while the income groups became more pronounced. It was observed that social transfers, which decreased the income polarization at the beginning of the analysis period, increased the income polarization at the end. It was also revealed that most significant income source of income polarization was salary and wage incomes.
Ex-post assessment of heterogenous effects of trade agreements: the case of Turkey
(Press Academia, 2021) Demiroğlu, Özlem; Aykaç Alp, Elçin
Purpose -Free trade agreements (FTA) are prominent features of international trade. The proliferation of FTAs over the past 20 years is one of the most prominent aspects of the global economy. Turkey has also signed many FTAs in this period on the basis of obligations stemming from customs union with European Union. FTAs aim to increase trade flows and welfare through liberalizing trade and achieving a deeper integration between partners. In this respect, FTAs are getting more and more important as international trade is a crucial tool to boost the economic development. Indeed, getting the utmost benefit from FTAs is very important for Turkey and other developing countries. Regarding the increasing importance of FTAs, the ex-post effects of FTAs on Turkey’s trade are examined in this paper. Methodology -In the light of recent techniques, structural gravity model is used in this study. Trade data used consists of aggregate trade flows among pairs of 90 countries from 1988-2016, 29 years in total. As the estimation technique, Ppml_panel_sg command is used. This is an estimation command for Poisson pseudo-maximum-likelihood (PPML) regression for panel gravity models with time varying importer and exporter fixed effects and time invariant pair fixed effects. Findings-The results indicate the econometric evidence of the impact of FTAs on Turkey’s trade. When all FTAs are considered at macro level, the results suggest that, FTAs had a statistically significant positive effect on exports and imports of Turkey. However, at micro level, there is substantial variation and heterogeneity in the agreement specific effects and trade direction specific effects within the agreement. Conclusion-This paper provides the first evidence that the impact of FTAs are heterogenous and not all the FTAs affected the trade of Turkey in the same positive way. Even within the same agreement, the effects vary considerably depending on the direction of trade.

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