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Asimetriler ve Makroekonomik Şoklar: Kriz Öncesi Dönem ve Avrupa İçin Kanıtlar

Yıl 2020, Cilt: 28 Sayı: 44, 283 - 317, 19.04.2020
https://doi.org/10.17233/sosyoekonomi.2020.02.13

Öz

Bu yazının asıl amacı, borç krizinin temelini açıklamak ve kriz öncesi dönemde Avrupa Birliği’ne üye ve aday ülkeler için asimetrik arz ve talep şoklarını analiz ederek ülkeler arasındaki farklılıkları incelemektir. Bayoumi ve Eichengreen (1993, 1997) ve Blanchard ve Quah (1989) ‘un yolunu takiben yapılan hesaplamalar Yunanistan’ın en büyük arz şoklarına sahip olduğunu, Türkiye’nin ise en büyük talep şoklarına sahip olduğunu göstermektedir. Yapısal VAR analizi sonuçları incelendiğinde, Yunanistan’ın talep şoklarındaki düzensizliklere karşı Birleşik Krallık ile birlikte en düşük uyarlanma hızına sahip ülkeler olduğu görülmektedir. Diğer ülkeler ile kıyaslandığında borç krizi yaşayan ülkelerin karşılaştıkları arz ve talep şoklarının hem büyük olduğu hem de bu ülkelerin bu şoklara uyum hızlarının düşük olduğu görülmektedir.

Kaynakça

  • Alakbarov, N. (2013), “Optimum Para Sahası, Parasal Birlik ve İktisadi Şoklar: Avrupa Parasal Birliği ve Türkiye Eksenli Bir İktisadi Analiz”, Unpublished Dissertation, Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü.
  • Arghyrou, M.G. & A. Kontonikas (2012), “The EMU sovereign-debt crisis: Fundamentals, expectations and contagion”, Journal of International Financial Markets, Institutions and Money, 22(4), 658-677.
  • Bąk, H. & S. Maciejewski (2015), “Endogeneity and specialization in the European Monetary Union”, International Journal of Management and Economics, 46(1), 7-40.
  • Baldwin, R. & C. Wyplosz (2004), The Economics of European Integration, 2nd ed., McGraw Hill Education, London.
  • Bayoumi, T. & A. Thomas (1995), “Relative Prices and Economic Adjustment in the United States and the European Union: A Real Story about EMU”, IMF Staff Papers, 42, 1, IMF/Washington.
  • Bayoumi, T. & B. Eichengreen (1993), “Shocking Aspects of European Monetary Integration”, in: Paul De Grauwe (ed.) 2001, The Political Economy of Monetary Union, An Elgar Reference Collection, Cheltenham/Northampton.
  • Bayoumi, T. & B. Eichengreen (1994), One Money or Many? Analyzing the Prospects for Monetary Unification in Various Parts of the World, Princeton Studies in International Finance, Princeton University Press, Princeton/New Jersey.
  • Bayoumi, T. & B. Eichengreen (1997), “Ever Closer to Heaven? An Optimum-Currency-Area Index for European Countries”, European Economic Review, 41(3-5), 761-770.
  • Blanchard, O.J. & D. Quah (1989), “The Dynamic Effects of Aggregate Demand and Supply Disturbances”, American Economic Review, 79, 655-673.
  • Boltho, A. & W. Carlin (2012), “The problems of European Monetary union-asymmetric shocks or asymmetric behavior”, VoxEU.org, 31, 2012.
  • Campos, N.F. & C. Macchiarelli (2016), “Core and periphery in the European Monetary Union: Bayoumi and Eichengreen 25 years later”, Economics Letters, 147, 127-130.
  • Cohen, B. (1993), “Beyond EMU: The problem of sustainability”, Economics and Politics, 5, 187-203.
  • Corden, W.M. (1972), Monetary integration, essays in international finance, Princeton, NJ: International Finance Section, Princeton University.
  • De Grauwe, P. & F. Mongelli (2004), “The Enlargement of the Euro area and Optimum Currency Areas”, 8th CEPR/ESI Annual Conference on ‘EMU Enlargement to the East and the West’, September, 24-25.
  • De Grauwe, P. & Y. Ji (2013), “Self-fulfilling crises in the Eurozone: An empirical test”, Journal of International Money and Finance, 34, 15-36.
  • De Grauwe, P. (2012), “Lessons from the Eurocrisis for East Asian monetary relations”, The World Economy, 35(4), 405-418.
  • De Grauwe, P. & H. Heens (1993), “Real exchange rate variability in monetary unions”, Recherches Économiques de Louvain/Louvain Economic Review, 59(1-2), 105-117.
  • De Grawue, P. (2016), Economics of Monetary Union (11th ed.), Oxford, UK: Oxford University Press.
  • De Haan, J. & R. Inklaar & R. Jong-A-Pin (2008), “Will Business Cycles in the Euro Area Converge? A Critical Survey of Empirical Research”, Journal of Economic Surveys, 22(2), 234-273.
  • De Santis, R. & T. Cesaroni (2016), “Current Account ‘Core-Periphery Dualism’in the EMU”, The World Economy, 39(10), 1514-1538.
  • Dellas, H. & G.S. Tavlas (2009), “An optimum-currency-area odyssey”, Journal of International Money and Finance, 28(7), 1117-1137.
  • Demertzis, M. & A.H. Hallet & O. Rummel (1997), “Does Core-Periphery Regime Make Europe into an Optimal Currency Area?”, in: Paul J.J. Welfens (ed.), European Monetary Union: Transition, International Impact and Policy Options, Springer Verlag, Berlin/Heidelberg.
  • Eichengreen, B. (2014), “The Eurozone Crisis: The Theory of Optimum Currency Areas Bites Back”, Notenstein Academy White Paper Series.
  • Enders, W. (1995), Applied Econometric Time Series, John Wiley and Sons. Inc., New York.
  • Fidrmuc, J. & I. Korhonen (2003), “Similarity of supply and demand shocks between the euro area and the CEECs”, BOFIT Discussion Paper No. 14.
  • Fingleton, B. & H. Garretsen & R. Martin (2015), “Shocking aspects of monetary union: the vulnerability of regions in Euroland”, Journal of Economic Geography, 15(5), 907-934.
  • Fleming, J.M. (1971), “On exchange rate unification”, Economic Journal, 81, 467-488.
  • Frankel, J.A. & A.K. Rose (1997), “Is EMU more justifiable ex post than ex-ante?”, European Economic Review, 41(3-5), 753-760.
  • Frankel, J.A. & A.K. Rose (1998), “Endogenity of the Optimum Currency Criteria”, Economic Journal, 108, 1009-1025.
  • Frenkel, M. & C. Nickel (2005), “How Symmetric are the Shocks and the Shock Adjustment Dynamics between the Euro Area and Central and Eastern European Countries?”, JCMS, 43(1), 53-74.
  • Gros, D. & C. Hefeker (2004), “Asymmetric Transmission of Monetary Policy: What Should the ECB Do If One Size Does Not Fit All?”, in: H-W Sinn & M. Widgrén & M. Köthenbürger (eds), European Monetary Integration, CE-Sifo Seminar Series, The MIT Press, Cambridge.
  • Haberler, G. (1970), “The International Monetary System: Some Recent Developments and Discussions”, in: G. Halm (ed.), Approaches to Greater Flexibility in Exchange Rates, 115-123.
  • Ingram, J. (1962), Regional payments mechanisms: The case of Puerto Rico, University of North Carolina Press.
  • Ingram, J.C. (1969), “Comment: The Currency Area Problem”, in: R. Mundell & A. Swoboda (eds.), Monetary Problems of the International Economy, 95-100, Chicago: The University of Chicago Press.
  • Investopedia Financial Dictionary (n.d.), Demand Shocks, <https://www.investopedia.com/terms/d/demandshock.asp>, 01.03.2020.
  • Investopedia Financial Dictionary (n.d.), European Sovereign Debt Crisis, <https://www.investopedia.com/terms/e/european-sovereign-debt-crisis.asp>, 02.04.2018.
  • Investopedia Financial Dictionary (n.d.), Supply Shocks, <https://www.investopedia.com/terms/s/supplyshock.asp>, 01.03.2020.
  • Juncker, J.C. & D. Tusk & J. Dijsselbloem & M. Draghi & M. Schulz (2015), Completing Europe’s economic and monetary union, European Commission, <https://ec.europa.eu/commission/sites/beta-political/files/5-presidents-report_en.pdf>, 01.03.2020.
  • Kendall, M.G. & A. Stuart (1967), The Advanced Theory of Statistics, Charles Griffin and Company Limited, London.
  • Kenen, P. (1969), “The theory of optimum currency areas: an eclectic view”, Monetary Problems of the International Economy, 41-60.
  • Kim, Y. & H.K. Chow (2003), “Optimum currency area in Europe: an alternative assessment”, Economics Letters, 81(3), 297-304.
  • Konrad, I. (2002), Zur Integration ausgewählter mittel-und osteuropäischer Länder in die währungspolitische Ordnung Europas, Berlin: Peter Lang International Academic Publishers.
  • Lane, P.R. (2012), “The European sovereign debt crisis”, Journal of Economic Perspectives, 26(3), 49-68.
  • Loužek, M. (2015), “Eurozone crisis”, Prague Economic Papers, 24(1), 88-104.
  • Magnifico, G. (1971), European monetary unification for balanced growth: a new approach (No. 88), International Finance Section, Princeton University.
  • Martin-Das, J.C. (2002), The European Monetary Union in a Public Choice Perspective, Edward Elgar, Cheltenham/Northamton.
  • McKinnon, R.I. (1963), “Optimum currency areas”, The American Economic Review, 53(4), 717-725.
  • Mihov, I. (2001), “Monetary Policy Implementation in EMU and Transmission in the European Monetary Union”, Economic Policy, 16(33), 369-406.
  • Mikek, P. (2009), “Shocks to New and Old Europe: How Symmetric?”, JCMS 2009, 47(4), 811-830.
  • Mink, M. & J. De Haan (2013), “Contagion during the Greek sovereign debt crisis”, Journal of International Money and Finance, 34, 102-113.
  • Mintz, N.N. (1970), Monetary union and economic integration (No. 64), CJ Devine Institute of Finance, New York University, Graduate School of Business Administration.
  • Mundell, R.A. (1961), “A theory of optimum currency areas”, The American Economic Review, 51(4), 657-665.
  • Özer, I. (2007), “Optimum Para Alanları Teorisi”, Sosyoekonomi, 5(5), 77-98.
  • Papavassiliou, V. (2014), “Financial contagion during the European sovereign debt crisis: A selective literature review”, Crisis Observatory, ELIAMEP, Hellenic Foundation for European and Foreign Policy, Research Paper, (11).
  • Peters, H. (2006), “Theorie optimaler Währungsräume vor dem Hintergrund der EU-Erweiterung”, List Forum für Wirtschafts-und Finanzpolitik, 32(3), 214-238, Springer Berlin Heidelberg.
  • Ramos, R. & J. Suriach (2004), “Shocking aspects of European enlargement”, Eastern European Economics, 42(5), 36-57.
  • Ricci, L. (2008), “A model of an optimum currency area”, Economics: The Open-Access, Open-Assessment E-Journal, 2(8), 1-31.
  • Scitovsky, T. (1967), “The theory of balance-of-payments adjustment”, Journal of Political Economy, 75(4, Part 2), 523-531.
  • Tower, E. & T.D. Willett (1976), The theory of optimum currency areas and exchange-rate flexibility (No. 11), International Finance Section, Dept. of Economics, Princeton University.
  • Vaubel, R. (1976), “Real exchange rate changes in the European Community: The empirical evidence and its implications for European currency unification”, Review of World Economics, 112, 429-470.
  • Vaubel, R. (1978), Strategies for currency unification, Tubingen: J.C.B. Mohr.

Asymmetries and Macroeconomic Shocks: The Pre-Crisis Period and Evidence for Europe

Yıl 2020, Cilt: 28 Sayı: 44, 283 - 317, 19.04.2020
https://doi.org/10.17233/sosyoekonomi.2020.02.13

Öz

The main purpose of this paper is to discover the underlying of the debt crisis and examine the cross-country differences by analyzing the asymmetric supply and demand shocks for the member and candidate countries of the European Union for the pre-crisis period. Following the path of Bayoumi and Eichengreen (1993, 1997) and Blanchard and Quah (1989), the calculations show us that Greece has the largest supply shocks, while Turkey has the largest demand shocks. By looking at the impulse response functions associated with the SVARs, it is clear that Greece has the lowest adjustment speed to demand disturbances followed by the United Kingdom. Those countries which experienced debt crises in the EMU, seemed to have big supply and demand shocks and compared to other member countries the adjustment speed of their economies to these shocks are slower.

Kaynakça

  • Alakbarov, N. (2013), “Optimum Para Sahası, Parasal Birlik ve İktisadi Şoklar: Avrupa Parasal Birliği ve Türkiye Eksenli Bir İktisadi Analiz”, Unpublished Dissertation, Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü.
  • Arghyrou, M.G. & A. Kontonikas (2012), “The EMU sovereign-debt crisis: Fundamentals, expectations and contagion”, Journal of International Financial Markets, Institutions and Money, 22(4), 658-677.
  • Bąk, H. & S. Maciejewski (2015), “Endogeneity and specialization in the European Monetary Union”, International Journal of Management and Economics, 46(1), 7-40.
  • Baldwin, R. & C. Wyplosz (2004), The Economics of European Integration, 2nd ed., McGraw Hill Education, London.
  • Bayoumi, T. & A. Thomas (1995), “Relative Prices and Economic Adjustment in the United States and the European Union: A Real Story about EMU”, IMF Staff Papers, 42, 1, IMF/Washington.
  • Bayoumi, T. & B. Eichengreen (1993), “Shocking Aspects of European Monetary Integration”, in: Paul De Grauwe (ed.) 2001, The Political Economy of Monetary Union, An Elgar Reference Collection, Cheltenham/Northampton.
  • Bayoumi, T. & B. Eichengreen (1994), One Money or Many? Analyzing the Prospects for Monetary Unification in Various Parts of the World, Princeton Studies in International Finance, Princeton University Press, Princeton/New Jersey.
  • Bayoumi, T. & B. Eichengreen (1997), “Ever Closer to Heaven? An Optimum-Currency-Area Index for European Countries”, European Economic Review, 41(3-5), 761-770.
  • Blanchard, O.J. & D. Quah (1989), “The Dynamic Effects of Aggregate Demand and Supply Disturbances”, American Economic Review, 79, 655-673.
  • Boltho, A. & W. Carlin (2012), “The problems of European Monetary union-asymmetric shocks or asymmetric behavior”, VoxEU.org, 31, 2012.
  • Campos, N.F. & C. Macchiarelli (2016), “Core and periphery in the European Monetary Union: Bayoumi and Eichengreen 25 years later”, Economics Letters, 147, 127-130.
  • Cohen, B. (1993), “Beyond EMU: The problem of sustainability”, Economics and Politics, 5, 187-203.
  • Corden, W.M. (1972), Monetary integration, essays in international finance, Princeton, NJ: International Finance Section, Princeton University.
  • De Grauwe, P. & F. Mongelli (2004), “The Enlargement of the Euro area and Optimum Currency Areas”, 8th CEPR/ESI Annual Conference on ‘EMU Enlargement to the East and the West’, September, 24-25.
  • De Grauwe, P. & Y. Ji (2013), “Self-fulfilling crises in the Eurozone: An empirical test”, Journal of International Money and Finance, 34, 15-36.
  • De Grauwe, P. (2012), “Lessons from the Eurocrisis for East Asian monetary relations”, The World Economy, 35(4), 405-418.
  • De Grauwe, P. & H. Heens (1993), “Real exchange rate variability in monetary unions”, Recherches Économiques de Louvain/Louvain Economic Review, 59(1-2), 105-117.
  • De Grawue, P. (2016), Economics of Monetary Union (11th ed.), Oxford, UK: Oxford University Press.
  • De Haan, J. & R. Inklaar & R. Jong-A-Pin (2008), “Will Business Cycles in the Euro Area Converge? A Critical Survey of Empirical Research”, Journal of Economic Surveys, 22(2), 234-273.
  • De Santis, R. & T. Cesaroni (2016), “Current Account ‘Core-Periphery Dualism’in the EMU”, The World Economy, 39(10), 1514-1538.
  • Dellas, H. & G.S. Tavlas (2009), “An optimum-currency-area odyssey”, Journal of International Money and Finance, 28(7), 1117-1137.
  • Demertzis, M. & A.H. Hallet & O. Rummel (1997), “Does Core-Periphery Regime Make Europe into an Optimal Currency Area?”, in: Paul J.J. Welfens (ed.), European Monetary Union: Transition, International Impact and Policy Options, Springer Verlag, Berlin/Heidelberg.
  • Eichengreen, B. (2014), “The Eurozone Crisis: The Theory of Optimum Currency Areas Bites Back”, Notenstein Academy White Paper Series.
  • Enders, W. (1995), Applied Econometric Time Series, John Wiley and Sons. Inc., New York.
  • Fidrmuc, J. & I. Korhonen (2003), “Similarity of supply and demand shocks between the euro area and the CEECs”, BOFIT Discussion Paper No. 14.
  • Fingleton, B. & H. Garretsen & R. Martin (2015), “Shocking aspects of monetary union: the vulnerability of regions in Euroland”, Journal of Economic Geography, 15(5), 907-934.
  • Fleming, J.M. (1971), “On exchange rate unification”, Economic Journal, 81, 467-488.
  • Frankel, J.A. & A.K. Rose (1997), “Is EMU more justifiable ex post than ex-ante?”, European Economic Review, 41(3-5), 753-760.
  • Frankel, J.A. & A.K. Rose (1998), “Endogenity of the Optimum Currency Criteria”, Economic Journal, 108, 1009-1025.
  • Frenkel, M. & C. Nickel (2005), “How Symmetric are the Shocks and the Shock Adjustment Dynamics between the Euro Area and Central and Eastern European Countries?”, JCMS, 43(1), 53-74.
  • Gros, D. & C. Hefeker (2004), “Asymmetric Transmission of Monetary Policy: What Should the ECB Do If One Size Does Not Fit All?”, in: H-W Sinn & M. Widgrén & M. Köthenbürger (eds), European Monetary Integration, CE-Sifo Seminar Series, The MIT Press, Cambridge.
  • Haberler, G. (1970), “The International Monetary System: Some Recent Developments and Discussions”, in: G. Halm (ed.), Approaches to Greater Flexibility in Exchange Rates, 115-123.
  • Ingram, J. (1962), Regional payments mechanisms: The case of Puerto Rico, University of North Carolina Press.
  • Ingram, J.C. (1969), “Comment: The Currency Area Problem”, in: R. Mundell & A. Swoboda (eds.), Monetary Problems of the International Economy, 95-100, Chicago: The University of Chicago Press.
  • Investopedia Financial Dictionary (n.d.), Demand Shocks, <https://www.investopedia.com/terms/d/demandshock.asp>, 01.03.2020.
  • Investopedia Financial Dictionary (n.d.), European Sovereign Debt Crisis, <https://www.investopedia.com/terms/e/european-sovereign-debt-crisis.asp>, 02.04.2018.
  • Investopedia Financial Dictionary (n.d.), Supply Shocks, <https://www.investopedia.com/terms/s/supplyshock.asp>, 01.03.2020.
  • Juncker, J.C. & D. Tusk & J. Dijsselbloem & M. Draghi & M. Schulz (2015), Completing Europe’s economic and monetary union, European Commission, <https://ec.europa.eu/commission/sites/beta-political/files/5-presidents-report_en.pdf>, 01.03.2020.
  • Kendall, M.G. & A. Stuart (1967), The Advanced Theory of Statistics, Charles Griffin and Company Limited, London.
  • Kenen, P. (1969), “The theory of optimum currency areas: an eclectic view”, Monetary Problems of the International Economy, 41-60.
  • Kim, Y. & H.K. Chow (2003), “Optimum currency area in Europe: an alternative assessment”, Economics Letters, 81(3), 297-304.
  • Konrad, I. (2002), Zur Integration ausgewählter mittel-und osteuropäischer Länder in die währungspolitische Ordnung Europas, Berlin: Peter Lang International Academic Publishers.
  • Lane, P.R. (2012), “The European sovereign debt crisis”, Journal of Economic Perspectives, 26(3), 49-68.
  • Loužek, M. (2015), “Eurozone crisis”, Prague Economic Papers, 24(1), 88-104.
  • Magnifico, G. (1971), European monetary unification for balanced growth: a new approach (No. 88), International Finance Section, Princeton University.
  • Martin-Das, J.C. (2002), The European Monetary Union in a Public Choice Perspective, Edward Elgar, Cheltenham/Northamton.
  • McKinnon, R.I. (1963), “Optimum currency areas”, The American Economic Review, 53(4), 717-725.
  • Mihov, I. (2001), “Monetary Policy Implementation in EMU and Transmission in the European Monetary Union”, Economic Policy, 16(33), 369-406.
  • Mikek, P. (2009), “Shocks to New and Old Europe: How Symmetric?”, JCMS 2009, 47(4), 811-830.
  • Mink, M. & J. De Haan (2013), “Contagion during the Greek sovereign debt crisis”, Journal of International Money and Finance, 34, 102-113.
  • Mintz, N.N. (1970), Monetary union and economic integration (No. 64), CJ Devine Institute of Finance, New York University, Graduate School of Business Administration.
  • Mundell, R.A. (1961), “A theory of optimum currency areas”, The American Economic Review, 51(4), 657-665.
  • Özer, I. (2007), “Optimum Para Alanları Teorisi”, Sosyoekonomi, 5(5), 77-98.
  • Papavassiliou, V. (2014), “Financial contagion during the European sovereign debt crisis: A selective literature review”, Crisis Observatory, ELIAMEP, Hellenic Foundation for European and Foreign Policy, Research Paper, (11).
  • Peters, H. (2006), “Theorie optimaler Währungsräume vor dem Hintergrund der EU-Erweiterung”, List Forum für Wirtschafts-und Finanzpolitik, 32(3), 214-238, Springer Berlin Heidelberg.
  • Ramos, R. & J. Suriach (2004), “Shocking aspects of European enlargement”, Eastern European Economics, 42(5), 36-57.
  • Ricci, L. (2008), “A model of an optimum currency area”, Economics: The Open-Access, Open-Assessment E-Journal, 2(8), 1-31.
  • Scitovsky, T. (1967), “The theory of balance-of-payments adjustment”, Journal of Political Economy, 75(4, Part 2), 523-531.
  • Tower, E. & T.D. Willett (1976), The theory of optimum currency areas and exchange-rate flexibility (No. 11), International Finance Section, Dept. of Economics, Princeton University.
  • Vaubel, R. (1976), “Real exchange rate changes in the European Community: The empirical evidence and its implications for European currency unification”, Review of World Economics, 112, 429-470.
  • Vaubel, R. (1978), Strategies for currency unification, Tubingen: J.C.B. Mohr.
Toplam 61 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Makaleler
Yazarlar

Naib Alakbarov 0000-0003-1511-0512

Utku Utkulu 0000-0002-8419-0598

Yayımlanma Tarihi 19 Nisan 2020
Gönderilme Tarihi 24 Ekim 2019
Yayımlandığı Sayı Yıl 2020 Cilt: 28 Sayı: 44

Kaynak Göster

APA Alakbarov, N., & Utkulu, U. (2020). Asymmetries and Macroeconomic Shocks: The Pre-Crisis Period and Evidence for Europe. Sosyoekonomi, 28(44), 283-317. https://doi.org/10.17233/sosyoekonomi.2020.02.13
AMA Alakbarov N, Utkulu U. Asymmetries and Macroeconomic Shocks: The Pre-Crisis Period and Evidence for Europe. Sosyoekonomi. Nisan 2020;28(44):283-317. doi:10.17233/sosyoekonomi.2020.02.13
Chicago Alakbarov, Naib, ve Utku Utkulu. “Asymmetries and Macroeconomic Shocks: The Pre-Crisis Period and Evidence for Europe”. Sosyoekonomi 28, sy. 44 (Nisan 2020): 283-317. https://doi.org/10.17233/sosyoekonomi.2020.02.13.
EndNote Alakbarov N, Utkulu U (01 Nisan 2020) Asymmetries and Macroeconomic Shocks: The Pre-Crisis Period and Evidence for Europe. Sosyoekonomi 28 44 283–317.
IEEE N. Alakbarov ve U. Utkulu, “Asymmetries and Macroeconomic Shocks: The Pre-Crisis Period and Evidence for Europe”, Sosyoekonomi, c. 28, sy. 44, ss. 283–317, 2020, doi: 10.17233/sosyoekonomi.2020.02.13.
ISNAD Alakbarov, Naib - Utkulu, Utku. “Asymmetries and Macroeconomic Shocks: The Pre-Crisis Period and Evidence for Europe”. Sosyoekonomi 28/44 (Nisan 2020), 283-317. https://doi.org/10.17233/sosyoekonomi.2020.02.13.
JAMA Alakbarov N, Utkulu U. Asymmetries and Macroeconomic Shocks: The Pre-Crisis Period and Evidence for Europe. Sosyoekonomi. 2020;28:283–317.
MLA Alakbarov, Naib ve Utku Utkulu. “Asymmetries and Macroeconomic Shocks: The Pre-Crisis Period and Evidence for Europe”. Sosyoekonomi, c. 28, sy. 44, 2020, ss. 283-17, doi:10.17233/sosyoekonomi.2020.02.13.
Vancouver Alakbarov N, Utkulu U. Asymmetries and Macroeconomic Shocks: The Pre-Crisis Period and Evidence for Europe. Sosyoekonomi. 2020;28(44):283-317.