Tuna Can Güleç

Background/Objectives: This study compares European health systems by considering the cost-related unmet-care inequality between income groups and primary-care-sensitive avoidable hospitalizations. Methods: This was a longitudinal comparative benchmarking study. The main sample consists of 275 country-year observations from 20 European countries with at least ten years of data during 2009–2023. The first dimension is measured by the absolute difference between the lowest and highest income quintiles in the prevalence of unmet medical examination or treatment because it was too expensive. The second dimension uses age- and sex-standardized avoidable hospitalization rates for asthma, chronic obstructive pulmonary disease, congestive heart failure, and diabetes. The 20-country core sample was defined before within-year rank normalization. The indicators were converted into rank scores on a scale of 0–1 within each annual comparison set, with equal weighting for both dimensions. Temporal uncertainty in country rankings was examined using a three-year synchronized moving-block bootstrap with 10,000 iterations. Results: In the main comparison, the Netherlands, Slovenia, Spain, Sweden, and Finland ranked in the top five. The Netherlands and Slovenia remained in the top five in all valid bootstrap replications; the corresponding probabilities were 99.90% for Spain, 90.67% for Sweden, and 95.66% for Finland. Top-five membership nevertheless changed under some alternative weighting, disease-omission, scaling, and balanced-period specifications. In the spending-adjusted assessment, each country was compared based on a nonlinear spending–performance relationship established from other countries, without including its own observations in the estimation equation; Slovenia, the Netherlands, and Spain took the top three positions. Conclusions: The findings should be interpreted not as a definitive country ranking, but as a relative assessment of health systems that highlights the differences between health inequality, primary care-sensitive outcomes, and resource intensity.

Rapid developments in blockchain, decentralized finance, and tokenization have raised the question of whether Sukuk can complement technology-based financial assets. This study compares the time-varying efficiency and multifractal dynamics of Sukuk indices, DeFi tokens, lending and borrowing tokens, and a FinTech index from May 25, 2020, to November 29, 2023. Using TGARCH, nonlinearity and long-memory tests, MF-DFA, and MF-DCCA, the study examines shock persistence, asymmetric volatility, market efficiency, and cross-market dependence. The findings show that negative shocks increase volatility more strongly than positive shocks and that all markets display nonlinear and multifractal behavior. Sukuk indices, particularly RMENA and RDJSUKUK, show lower market deficiency values than most technology-based assets. However, persistent cross-correlations indicate that Sukuk is not a direct substitute for these assets. Rather, Sukuk may serve as a relatively stable and efficient complementary asset in technology-exposed portfolios.Key Words: Sukuk, DeFi assets, Tokenization, Financial Economics, MF-DFA, MF-DCCAJEL Classification: F65, E44, G15, C58

Decentralization of finance is usually regarded as a revolution in just the field of finance. However, thanks to chain structures (e.g. blockchain) ranging from supply chain management to enterprise resource management systems, decentralization gradually reforms all aspects of global business simultaneously. Cryptocurrency markets and decentralization of network structures may be considered as two independent chaotic processes by an uninformed observer; however, almost every step of this transformation process can be associated with a certain innovative motivation which was designed for a specific purpose. In this chapter, the implications of financial decentralization movements have been discussed with the assumption that the cryptocurrency market movements and relevant infrastructure improvements may be regarded as the end result of a chain of events which may be influenced by a number of decision-makers. The system components affecting the adoption process have been divided into four categories. Three potential scenarios have been presented for each category with an emphasis on their potential effects on the global business environment. Using intuitive logic, a pathway has been speculated for the adoption process for each component of decentralized finance. Topics discussed in this context should be regarded as pure speculation and should not be perceived as investment advices in any shape or form.

En tr Kriptopara piyasaları, Bitcoin ilk popüler hale geldiğinden bu yana kendisinden beklenenlerin sadece küçük bir kısmını gerçekleştirebildi. Bitcoinden sonra gelen ve teknik olarak üstün niteliklere sahip kriptopara birimlerinin geliştirilmesi, pazarda da yıkıcı bir inovasyon etkisi yaratmayı başaramadı. Kriptopara birimi piyasasının neden algılanan yıkıcı yenilik potansiyelini yerine getiremediğini anlamak için, bu çalışma ilgili yazını sistematik bir şekilde incelemektedir. Yazın detaylıca incelenmiş ve belirli ölçütleri karşılayan birçok çalışma derlemeye dâhil edilmiştir. Bu çalışmalar, konuya yaklaşımlarına dayanarak, destekleyici çalışmalar ve çelişkili çalışmalar olarak kategorize edilmiştir. Bu kategorilerde, incelenen her çalışmanın bulgularına ve sonuçlarına dayanarak alt bölümler oluşturulmuştur. Teorik tartışma sonrasında, sezgisel yapay zeka algoritma çıktılarıyla desteklenen bir regresyon modeli kullanılarak piyasadaki fiyat hareketlerinin rasyonelliği test edilmiştir.Yazındaki çalışmalardan yola çıkarak varılan sonuca göre, kriptopara birimleri, sadece piyasa ihtiyaçlarına en uygun niteliklere sahip olan para birimlerinin hayatta kalmasına izin verecek şekilde çalışan bir doğal seçilim mekanizmasına ihtiyaç duymaktadır. Ek olarak, regresyon analizinin bulguları yazın ile eş yönlüdür ve kripto para birimi fiyatlarının, insan irrasyonelliğini hesaba katan gelişmiş AI algoritmalarının kullanımıyla bile doğrudan tahmin edilemez olduğunu göstermektedir. Tüm bunlar bir bütün olarak, mevcut ICO tabanlı kriptopara piyasasının kademeli bir şekilde başarısız olacağına işaret etmektedir. Anahtar Kelimeler: Finansal Piyasalar, Fintek, Kriptopara JEL Sınıflandırması: G14, F30, E30 The cryptocurrency market could only accomplish a small fraction of what it was capable of since Bitcoin was first popularized. Improving upon Bitcoin, the development of technically superior cryptocurrencies couldn’t manage to create a disruptive innovation impact on the market either. In order to understand why the cryptocurrency market couldn’t fulfill its perceived disruptive innovation potential, this study systematically reviews the literature. Relevant literature has been thoroughly searched and several studies that use certain methodologies are included in the review. These studies have been categorized based upon their approaches to the subject as supportive studies and contradictory studies. Within these categories, subsections have been created based on the findings and conclusions of each study reviewed. Following the theoretical discussion, the rationality of the movements in the market has been analyzed with regression models supported by sentimental estimation model outputs. According to the interpretation of the studies in the literature, cryptocurrencies seem to need a properly functioning natural selection mechanism, which will only allow the survival of the currencies that have the best “fit” to the needs of the market. Additionally, the findings of the regression analysis are in line with the majority of literature and suggest that the cryptocurrency prices are straight out unpredictable even with the usage of advanced AI algorithms that take human irrationality into account. Collectively, evidence suggests that in its current structural form, the ICO based cryptocurrency market is set to fail in a gradual pattern. Key Words: Financial Markets, Fintech, Cryptocurrency JEL Classification: G14, F30, E30

This study aims to analyze the nature of the dollarization that takes place in the Turkish economy and to decompose the factors that have contributed to its increase in recent years. With this purpose, we first identify the events that have significantly affected the dollarization trend in Turkey using the Iterative Cumulative Sum of Squares (ICSS) and Markov Switching Dynamic Regression (MS-Dynamic) structural break models. Then, we proceed to analyze the relationship between the percentage of Forex deposits of the residents over total deposits of the residents and the TRY/USD exchange rate using the Johansen cointegration test. USD, EUR, and TRY interest rates are also added to the model as independent variables to account for the effects of the difference between exchange rates. Long-term and short-term effects are tested with the Vector Error Correction Model, and causality is tested using the Granger causality test. The results of the study indicate that speculative trading is not the cause of the dollarization of deposits in Turkey. Additionally, results suggest that the political events have a stronger influence over dollarization compared to economic events. Collectively, our findings suggest that domestic citizens dollarize their deposits with the motivation to protect against political ambiguity rather than economic volatility. The results of the study are in line with the literature in the sense that they support the claim that dollarization can be averted in the short run with an increase in interest rates.

The purpose of the present study is to evaluate the current state of the linkage between corporate governance and performance. Corporate governance is by far the most important subject that should be studied due to its role and significance. Accordingly, there is intensive literature on corporate governance and its possible impact on performance. By conducting a systematic literature review, the authors provide the results of frequently used variables that supposed to reflect the character of corporate governance on firm performance. The study covers the findings of empirical papers that analyze the impact of “board size,” “percentage of independent directors,” “CEO duality,” “ownership concentration,” “audit committee and auditor reputation,” “board meetings,” and “firm size.” The examination of the reviewed studies indicates that there is a need to explain the competing findings observed among firms, markets, and countries by developing a theoretical explanation.

Tr en Çalışmanın amacı, kripto para birimi piyasalarındaki fiyat hareketlerini etkinlik açısından değerlendirerek piyasanın geleceğine dair kritik noktalara ışık tutmaktır. Bu kapsamda piyasa etkinliğine dair uzun hafıza ve değişen varyans özellikleri test edilmiştir. Piyasa derinliği ve volatilite yapısı arasındaki ilişki, 8 kripto para birimi için asimetrik GARCH modelleri kullanılarak incelenmiştir. Analiz bulguları, kripto para piyasalarında uzun hafıza özelliğinin varlığını ortaya koymaktadır. Buna ek olarak, elde edilen bulgulara göre, tüm kripto para birimleri için işlem hacmi arttıkça volatilitede azalma gözlemlenmektedir. Dolayısıyla, piyasa etkinliğinin tüm kripto para birimleri için piyasa derinliğiyle birlikte arttığı sonucuna ulaşılmaktadır. Bu çalışma, güncel finans literatürünün en tartışmalı konularından birisi olan kripto para piyasalarının geleceğine dair sinyallere işaret etme aracılığıyla literatüre katkı sağlamaktadır. The purpose of this study is to shed light on the critical points of the future of the crypto currency market by evaluating the price movements and market efficiency. In this context, efficiency structure of the market has been tested for long-memory and heteroscedasticity characteristics. The relationship between market depth and volatility structure has been tested for 8 crypto currencies using asymmetrical GARCH models. Results of the analysis indicate presence of long-memory characteristics. Additionally, that as market volume increases so does the efficiency of the market. Therefore, it is concluded that the market efficiency increases with the market depth for all tested crypto currencies. This study contributes to the literature by pointing out the signals about the future of the crypto currency markets, which is one of the most controversial issues in the current finance literature.

Tüm alanlarda olduğu gibi, muhasebe eğitimi alanında da öğretme yöntemleri sürekli tartışıla gelmektedir. Daha iyi ve daha etkin muhasebe eğitimi için çeşitli ders anlatım yöntemlerinin karşılaştırıldığı, avantaj ve dezavantajlarının ortaya konduğu çalışmalar yapılmaktadır. Bu eğitim yöntemlerinden bir tanesi de oyunlaştırma (gamification) yöntemidir. Oyunlaştırma yöntemi, hem işletmeler tarafından hem de eğitim kurumları tarafından kullanılmaktadır. Teknolojinin de öncülüğünde, oyunlaştırma uygulamaları dijital olarak gerçekleştirilmekte ve giderek gelişmektedir. Çalışmada oyunlaştırma uygulamalarının muhasebe eğitiminde ders faaliyetlerini destekleyici unsur olarak kullanımı irdelenmiş ve “Temel Muhasebe Kavramları” konusunu temel alan bir oyunlaştırma projesi hazırlanarak çevrim içi hale getirilmiştir.

This chapter aims to explain the effects of Business Environment policies on global investment decisions by analyzing the effects and results of environmental reforms of 5 Turkic countries between 2004-2014 period. World Bank's yearly Doing Business reports are interpreted and potential effects of Business Environment reforms are calculated using Reform Calculator tool provided. Chapter is critical for understanding the influence of business environment policy decisions on globalization and capital movements.