Rasim Özcan

İktisat Bölümü, başta Türkiye ve çevre ülkeler olmak üzere küresel ekonomileri anlayan, var olan sorunları analiz ederken, iktisadi kuramları ve kavramları yetkin ve özgün bir şekilde kullanma becerisine sahip bireyler yetiştirmeyi amaçlamaktadır.

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Rasim Özcan

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Ekonomi,Finansal piyasalar, Manipülasyon ve Düzenleme, Blockchain Kripto Para Birim

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Listeleniyor 1 - 10 / 20

Choosing solitude in turmoil, herding in the decentralized finance (DeFi) token market: An international perspective
(Korea Distribution Science Assoc, 2022) Khan, Asad ul Islam; Özcan, Rasim; Khan, Asad ul Islam; Özcan, Rasim; Özcan, Rasim; Khan, Asad ul Islam; Turgut, Murat; Napari, Ayuba; Yönetim Bilimleri Fakültesi, İktisat Bölümü; Yönetim Bilimleri Fakültesi, İktisat Bölümü
Financial markets have long been known to be prone to behavioral biases. One such behavioural bias that is consequential yet pervasive in financial markets is the herd effect. The objective of this study is to determine whether or not there exist herd behaviour in the new and bourgeoning Decentralized Finance (DeFi) Tokens market. This is accomplished by using daily returns of 22 DeFi tokens from January 29, 2017 to August 19, 2021, and the Cross-sectional Absolute Deviation (CSAD) of market returns to capture herd behavior. The results fail to provide any evidence of herding in the DeFi token market on bullish days, that is days for which the average market returns is positive. For bearish days however, that is days for which the market returns is negative, our empirical findings point to the presence of adverse herding in the DeFi token market. This phenomenon can be explained to some extent by the investor composition of the DeFi market. The DeFi token space is a growth market dominated by experts and/or enthusiasts who are insulated against the temptation and panic of negative market swings by the level of market and technical information they possess on the assets they invest.
Till debt does us apart: Cross-country evidence on the relationship between microfinance prevalence and social distrust
(Public Library Science, 2023) Khan, Asad ul Islam; Özcan, Rasim; Khan, Asad ul Islam; Özcan, Rasim; Masood, Syed Muhammad Usman; Özcan, Rasim; Khan, Asad ul Islam; Yönetim Bilimleri Fakültesi, İktisat Bölümü; Yönetim Bilimleri Fakültesi, İktisat Bölümü
Economic interventions have social consequences. In this paper, we explore one such relationship, between microfinance intensity and social distrust levels reported by the low-income people. We find a significant association between microfinance intensity in a country and distrust among the poor as well as ultra-poor in cross-section using World Values Survey & European Values Survey (WVS-EVS) Wave 7 (2017-2022). We supplement these findings using empirical Bayes on a panel extending back from 7th to the 4th WVS wave (1999-2004). To deal with potential endogeneity, we run 2SLS as well as weak instruments-robust conditional instrumental variable tests and find evidence showing microfinance prevalence intensity affects distrust levels among the poor and ultra-poor households. We find no association between microfinance and distrust levels in the rich in any of the tests, potentially because the rich are not exposed to microfinance.
Whether the crypto market is efficient? Evidence from testing the validity of the efficient market hypothesis
(Bank Indonesia Institute, 2024) Özcan, Rasim; Khan, Asad ul Islam; Iftikhar, Sundas; Khan, Asad ul Islam; Özcan, Rasim; Yönetim Bilimleri Fakültesi, İktisat Bölümü
This study examines the validity of the efficient market hypothesis for the cryptocurrency market. We use the Exponential Generalized Autoregressive Conditional Heteroscedastic approach to examine the presence of different calendar anomalies i.e., the Halloween effect, the day-of-the-week (DOW) effect, and the month-of-the-year effect in the case of Bitcoin, Ethereum, XRP, Tether, and USD Coin. The findings show that there is no strong evidence of the Halloween effect. We find only robust Thursday and Saturday effects in the mean equation. In the case of the month-of-the-year effect, there is only a reverse January effect. More specifically, we note that April and February are statistically significant in the case of Bitcoin and Ethereum, respectively. Results obtained from the variance equations imply that September and October are the least risky months for investors.
Why companies fail? The boiling frog syndrome
(2018) Özcan, Rasim; Özcan, Rasim; Yönetim Bilimleri Fakültesi, İktisat Bölümü
Why nations fail? An answer is given by Acemoglu and Robinson (2012) by pointing out the importance of institutions for an economy that leads to innovations for economic growth. Christensen (2012) asks a similar question for a firm and diagnoses why companies fail. In this study, I relate Acemoglu and Robinson (2012) with Christensen (2012) in order to better understand how to make companies more prosperous, more powerful, healthier, and live longer via innovations.
Why Companies fail? The boiling frog syndrome
(Transstellar Journal Publications and Research Consultancy Private Limited (TJPRC PVT. LTD.), 2018) Özcan, Rasim; Özcan, Rasim; Yönetim Bilimleri Fakültesi, İktisat Bölümü
Why do nations fail? An answer is given by Acemoglu and Robinson (2012) by pointing out the importance of institutions for an economy that leads to innovations for economic growth. Christensen (2012) asks a similar question for a firm and diagnoses why companies fail. This study relates Acemoglu and Robinson (2012) with Christensen (2012) in order to better understand how to make companies more prosperous, powerful, healthier, and live longer via innovations. In order not to cause a company to fail, instead of traditional financial ratios, in addition to understanding types of innovations, right metrics and incentives have to be employed in order to foster the innovative environment in a company. Only then companies are able to avoid slow, persistent deterioration that will result in fatalities, the boiling frog syndrome.
Monetary policy and nonperforming loan ratios in a monetary union; a counterfactual study
(Emerald Publishing, 2023) Özcan, Rasim; Khan, Asad ul Islam; Napari, Ayuba; Yönetim Bilimleri Fakültesi, İktisat Bölümü
Purpose – For close to two decades, the West African Monetary Zone (WAMZ) has been preparing to launch a second monetary union within the ECOWAS region. This study aims to determine the impact such a unionised monetary regime will have on financial stability as represented by the nonperforming loan ratios of Ghana in a counterfactual framework. Design/methodology/approach – This study models nonperforming loan ratios as dependent on the monetary policy rate and the business cycle. The study then used historical data to estimate the parameters of the nonperforming loan ratio response function using an Autoregressive Distributed Lag (ARDL) approach. The estimated parameters are further used to estimate the impact of several counterfactual unionised monetary policy rates on the nonperforming loan ratios and its volatility of Ghana. As robustness check, the Least Absolute Shrinkage Selection Operator (LASSO) regression is also used to estimate the nonperforming loan ratios response function and to predict nonperforming loans under the counterfactual unionised monetary policy rates. Findings – The results of the counterfactual study reveals that the apparent cost of monetary unification is much less than supposed with a monetary union likely to dampen volatility in non-performing loans in Ghana. As such, the WAMZ members should increase the pace towards monetary unification. Originality/value – The paper contributes to the existing literature by explicitly modelling nonperforming loan ratios as dependent on monetary policy and the business cycle. The study also settles the debate on the financial stability cost of a monetary union due to the nonalignment of business cycles and economic structures.
Threat of intervention in cryptocurrency market: West side story of Bitcoin and Ripple
(Bucharest University of Economic Studies, 2023) Aysan, Ahmet Faruk; Isac, Nicoleta; Drammeh, Ousman; Khan, Asad ul Islam; Özcan, Rasim; Yönetim Bilimleri Fakültesi, İktisat Bölümü
This study examines the impact of intervention threats on the price and volume volatility of Bitcoin and XRP. Using the Threshold or GJR-GARCH model, we analyse the relationship between news shocks (representing intervention threats) and the volatilities of Bitcoin and XRP price and volume returns, based on data from January 2014 to April 2021. The results indicate a significant association between news shocks and Bitcoin's price volatility, suggesting that intervention-related news events have a notable impact. However, the relationship between news shocks and XRP's price volatility is insignificant. Notably, XRP's volume returns demonstrate a positive and significant relationship with news shocks, while Bitcoin's volume returns do not exhibit a significant relationship. Additionally, past shocks and conditional variance shocks significantly contribute to the volatility of today's price or volume returns. These findings suggest that Ripple (XRP) may benefit from the implicit threat of intervention, strategically managing its availability to control price surges.
The language of sustainability: Exploring the implications of metaphors on environmental action and finance
(Corvinus University of Budapest, 2023) Napari, Ayuba; Özcan, Rasim; Khan, Asad ul Islam; Özcan, Rasim; Yönetim Bilimleri Fakültesi, İktisat Bölümü
The relationship between humans and the environment is complex. To capture this complex relationship, metaphors/concepts have always been used. The most prominent of these metaphors/conceptions is the limits concept. This views the natural environment in terms of its carrying capacity and contend that human actions must be controlled so as not to overwhelm the environment. For overburdening the environment will result in a collapse of the natural system. The environmental optimists on the other hand discount the carrying capacity contending that human ingenuity and the market mechanism will overcome any temporary environmental problems that may arise. A tempered version of both is the political-ecological class of metaphors/conceptions which emphasize the political, cultural, and economic factors responsible for environmental decay and/or restoration. In this study, the implications of these metaphors/conceptions on environmental action and environmental finance are examined. It is concluded that, the limits conception views environmental action as a top-bottom endeavor and places governmental and multilateral organizations at the center of environmental and climate finance. The neoclassical and technological optimist concepts contend that, the current capitalist structure is well suited to tackle environmental externalities and government policy should encourage eco-innovation preferable through public-private partnerships. The tapestry and the political-ecological class of metaphors envisages a role for central authorities as well as private local individuals with crowdfunding and corporate social/environmental responsibilities along with governmental and multilateral aid and public-private partnerships being some of the main sources of funds for environmental protection and restoration.
The rise of robots! effects on employment and income
(Marmara Üniversitesi, 2019) Özcan, Rasim; Yönetim Bilimleri Fakültesi, İşletme Bölümü; Yönetim Bilimleri Fakültesi, İşletme Bölümü
Disruptive technological advances will have profound impacts on the employment landscape over the years to come. As in the past, new technologies will change the way humans live and work. Some occupations will become obsolete, while new occupations will emerge. Consequently, people will be displaced from some occupations, be forced to require new skills so that they can work in new occu- pations. Although the introduction of new technologies –robotization– has many dimensions, its effe- cts will range from structural unemployment to distribution of labor income. The first question would be what will be the impact of new technologies on labor demand? Given that new technologies expectedly increase productivity, hence income, the second question would be how the raise be distributed between low and high skilled labor. Hence, this study focuses on the effects of robotization on the structural unemployment, its implications on labor demand and its income distribution effects. I review the current situation of robotization, and make recommendations to policy makers and corporate managers to get prepared for accelerating robotization and not only to mitigate its potential adverse effects on employment and income distribution, but also to take this as an opportunity to increase the quality of life for all.
Does environmental sustainability afect the renewable energy consumption? Nexus among trade openness, CO2 emissions, income inequality, renewable energy, and economic growth in OECD countries
(Springer Nature, 2022) Özcan, Rasim; Özcan, Rasim; Muhammad, Iftikhar; Özcan, Rasim; Jain, Vipin; Sharma, Paritosh; Shahzad Shabbir, Malik; Yönetim Bilimleri Fakültesi, İktisat Bölümü; Yönetim Bilimleri Fakültesi, İktisat Bölümü
This study investigates the impact of carbon emissions, real oil prices, income inequality, economic growth, and trade openness on renewable energy consumption (REC) in twenty-three (23) OECD economies. The study employs the Westerlund panel cointegration technique to verify the existence of long-run equilibrium and the Augmented Mean Group (AMG) estimator to assess the long-run relationship between the variables, which allows for slope heterogeneity and cross-sectional dependency. Moreover, the panel causality test of Dumitrescu and Hurlin (DH) is utilized to gauge the causal relationship between the variables. The fndings of our study reveal that REC is positively related to economic growth, real oil prices, income inequality, and trade openness, but negatively related to CO2 emissions in OECD countries. In addition, there is one-way causality from GDP per capita to renewable energy consumption and a bidirectional causality between income inequality and REC. Furthermore, the results indicate that OECD policymakers and governments should regard foreign trade as a “clean energy fostering mechanism” while developing energy demand policies that are environmentally friendly.

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