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    The Asymmetric Effect of Foreign Ownership and Concentration on Financial Dollarization: The Case of the Turkish Economy
    (Springer, 2025) Zhao, Jin; Kaya, Emine; Ali, Kishwar; Magazzino, Cosimo; Barut, Abdulkadir
    The Turkish economy is fragile and exhibits high exchange rate volatility, and financial dollarization is chronic in this country. Thus, this study explores the asymmetric effect of foreign ownership and concentration on financial dollarization in Turkey. The study covers 2004: Q1–2020: Q2 quarterly period and determines the asymmetric relationship between foreign ownership and concentration on financial dollarization. The nonlinear autoregressive distributed lags (NARDL) model is used as a main model and the autoregressive distributed lags (ARDL) model, the Bayesian vector autoregression (BVAR) model, and the standard vector autoregression (VAR) model are employed for robustness checks. The NARDL model shows that concentration, exchange rate, foreign ownership, inflation, and GDP growth rates are effective factors in influencing deposit dollarization. The study confirms that positive (negative) shocks in concentration have a significant and positive (negative) effect on deposit dollarization in the short run. Also, the standard VAR model performs better than the BVAR model and the ARDL model and standard VAR model give approximately similar results to the NARDL model. These findings imply that speculative trading can be considered the cause of deposit dollarization and credit dollarization for Turkey, and domestic citizens do not dollarize the deposits to protect their wealth. Credit dollarization increases even if both positive and negative shocks happen to foreign ownership and concentration since credit dollarization may be seen as a hedging mechanism for the banking system in a high-inflation environment. © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2024.
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    Treasure lying beneath the waters: exploring the deep connections between biodiversity and the blue economy
    (Frontiers Media Sa, 2025) Camkaya, Serhat; Kaya, Emine; Barut, Abdulkadir; Ali, Kishwar; Pilatin, Abdulmuttalip; Nassani, Abdelmohsen A.
    Introduction The blue economy has become a pivotal framework for achieving sustainable development, emphasizing the responsible utilization of marine and coastal resources while preserving ecosystem integrity. Although biodiversity is central to fisheries, aquaculture, and coastal tourism, its direct role in shaping the blue economy remains underexplored. Furthermore, the interactions of biodiversity with other structural factors, such as financial development, institutional quality, and environmental pressures, are insufficiently addressed in existing studies.Methods This study investigates the determinants of the blue economy by employing panel data from the world's ten highest-income blue economies over the period 2000-2021. To address econometric challenges such as cross-sectional dependence, unit roots, and cointegration, second-generation panel techniques were applied. Long-term relationships were estimated using the Augmented Mean Group (AMG) estimator, and robustness was assessed through complementary econometric tests.Results The empirical findings demonstrate that biodiversity exerts a positive and statistically significant effect on the blue economy. In contrast, financial development is negatively associated with blue economy performance. Institutional quality and per capita income are found to enhance blue economy outcomes, while CO2 emissions exert a detrimental influence. Robustness checks confirm the stability and reliability of these results across alternative specifications.Discussion The results underscore the vital role of biodiversity conservation in fostering sustainable growth within the blue economy framework. However, the negative effect of financial development suggests that existing financial structures do not sufficiently channel resources into environmentally sustainable marine activities. Strengthening institutional frameworks and aligning financial systems with ecological priorities are therefore critical. Moreover, reducing carbon emissions is indispensable to securing long-term resilience of marine ecosystems and ensuring the sustainability of blue economy activities.