Saban Nazlioglu
(Update: November, 2025)
Affiliation:
Department of International Trade & Finance
Faculty of Economics and Administrative Sciences
Pamukkale University, Denizli-Turkey.
Contact:
Pamukkale Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, Uluslararası Ticaret & Finans Bölümü, Kınıklı Kampusu Denizli/Türkiye
Tel: +90 258 296 2694
Fax: +90 258 296 2626
e-mail : snazlioglu@pau.edu.tr; snazlioglu@hotmail.com
webpage : www.pau.edu.tr/snazlioglu
Education:
PhD : Erciyes University (Turkey), Institute of Social Sciences, Economics, 2010.
Master’s Degree : Erciyes University (Turkey), Institute of Social Sciences, Economics, 2006.
Undergraduate : Erciyes University (Turkey), School of Economics and Administrative Sciences, Department of Management, 2002.
Academic Appointments:
Professor : Pamukkale University-Department of International Trade & Finance, 2018-
Associate Professor : Pamukkale University-Department of Econometrics, 2012-2018.
Assistant Professor : Pamukkale University-Department of Econometrics, 2011-2012.
Research Associate : Pamukkale University-Department of Econometrics, 2010-2011.
Research Assistant : Erciyes University-Institute of Social Sciences, 2005-2010.
Administrative Appointments:
Coordinator : Pamukkale University-Scientific Research Projects Unit, 2016-2018.
Chair : Pamukkale University-Department of Econometrics, 2016-2018.
Chair : Pamukkale University-Department of Econometrics, 2011-2014.
Awards:
Pamukkale University Social Sciences “Science Award-2016”.
TÜBA (Turkish Academy of Sciences) “The Outstanding Young Scientists Award (GEBIP)-2015”.
TÜBİTAK (Scientific and Technological Research Council of Turkey) “Incentive Award-2015”.
Pamukkale University Social Sciences “Research Performance Award-2012”.
Research Fields:
Applied econometrics, panel data econometrics, commodity prices, international finance, international trade.
Professional Assignments (Referee):
Agricultural Economics, Economic Modelling, Energy Sources Part B, Emerging Markets Finance and Trade, Ege Academic Review, Journal of International Development, Energy Policy, Energy Journal, Energy Economics, European Review of Agricultural Economics, Empirical Economics, Resources Policy, Journal of International Trade and Economic Development, Applied Economics.
Professional Memberships:
International Association for Applied Econometrics (IAAE), International Trade and Finance Association, Society for the Study of Emerging Markets, International Economic Society.
Software (Econometric) Library:
Nazlioglu, S (2023). “TSPDLIB: GAUSS Time Series and Panel Data Methods (Version 3.0). Source Code. https://github.com/aptech/tspdlib.
Grant/Projects
“Panel Causality with Cross-section Dependence and Structural Shifts”. Principal Investigator, TÜBİTAK-SOBAG 1001/Project No: 124K835, 2024-2027.
“Determining Turkey's Sectoral Export Sophistication and Examining its Position in the World”. Researcher, TÜBİTAK-SOBAG 1001/Project No: 122R040, 2023-2025.
“A New Panel Unit Root Test with Gradual Structural Shifts”. Principal Investigator, TÜBİTAK-SOBAG 1001/Project No: 215K086, 2015-2017.
“Are Commodity Price Shocks Temporary or Permanent? A New Perspective with Panel Unit Root Analysis”. Principal Investigator, TÜBA-GEBİP, 2015-2018.
Invited Presentations
“How independent are monetary policies: insights from quantile factor model” Pamukkale University Faculty of Economics and Administrative Sciences Midday Seminars, November 06, 2025, Denizli-Türkiye.
“Akademik Yolculuk: Ekonometrinin Kullanımı, Tecrübe ve Öneriler”. The University Conferences of the Turkish Academy of Sciences. Presented at Necmettin Erbakan University, September 29, 2025. Konya-Türkiye.
“How independent are monetary policies: insights from quantile factor model”. The University Conferences of the Turkish Academy of Sciences. Presented at Erciyes University, June 23, 2025. Kayseri-Türkiye.
“Akademik Yolculuk: Ekonometrinin Kullanımı, Tecrübe ve Öneriler”. Erzurum Teknik Üniversitesi, II. Sosyal Bilimler Lisansüstü Öğrenci Sempozyumu, ETÜ-SBS)-2025, 15 Mayıs 2025 – Erzurum.
“Econometric modelling: developments in factor models”. Erzurum Teknik Üniversitesi, II. Sosyal Bilimler Lisansüstü Öğrenci Sempozyumu, ETÜ-SBS)-2025, 15 Mayıs 2025 – Erzurum.
“Econometric modelling: developments in factor models”. International Economic Research & Financial Markets Congress (IERFM)-2025, May 09, 2025. Bursa-Türkiye.
“International interest rates and asymmetric co-movement: quantile factor model approach and new insights”. The University Conferences of the Turkish Academy of Sciences. Presented at Aydın Adnan Menderes University, April 17, 2025. Aydın-Türkiye.
“Inflation co-movement: new insight from quantile factor model”. Central Bank of the Republic of Türkiye, January 09, 2025, İstanbul-Türkiye.
“Inflation co-movement: new insights”. Department of Economics, Afyon Kocatepe University, December 09, 2024, Afyon-Türkiye.
“Oil and (agricultural) commodity markets: essentials, modeling strategies and future directions”. Turkic States 6th Summer School: New Energy Technologies, 18-25 August 2024, Turkestan-Kazakhstan.
“Econometric modelling: developments in panel causality testing”. International Economic Research & Financial Markets Congress (IERFM)-2024, May 09, 2024, Mersin-Türkiye.
“Econometric modelling: quantile unit root tests”. International Economic Research & Financial Markets Congress (IERFM)-2023, April 28, 2023, Eskişehir-Türkiye.
“Inflation, interest rate and exchange rate: New perspectives for price stability”. TUREK-2022, June 23, 2022, Denizli-Türkiye.
“Inflation, interest rate and exchange rate trilogy in Turkey: empirical results or political arguments? Pamukkale University Faculty of Economics and Administrative Sciences Midday Seminars, March 24, 2022, Denizli-Türkiye.
“Econometric modelling: inflation, interest rate and exchange rate trilogy in Turkey and emerging markets”. International Economic Research & Financial Markets Congress (IERFM)-2022, May 12, 2022, Konya-Türkiye.
“Econometric methodology”. International Economic Research & Financial Markets Congress (IERFM)-2021, May 15, 2021, İstanbul-Türkiye.
“A panel stationarity test with gradual structural shifts: re-investigate the international commodity price shocks”. Department of Economics, Pamukkale University, May 11, 2018, Denizli-Türkiye.
“Granger causality testing with smooth breaks: an application to energy-finance markets”. Finans Bilim Platformu Bahar Toplantısı-2016, June 04, 2016, Alaçatı/Çeşme-İzmir-Türkiye.
“Granger causality testing with smooth breaks: an application to energy-finance markets”. Department of Economics, Pamukkale University, April 01, 2016, Denizli-Türkiye.
“A panel stationarity test with gradual structural shifts: re-investigate the international commodity price shocks”. Department of Economics, Erciyes University, December 23, 2016, Kayseri-Türkiye.
Research:
Articles with Methodological Contributions [Codes and Data]
Lee, J., Islam, I., Tieslau, M., Payne, J.E., Nazlioglu, S. (2026). “Trends of Relative Commodity Prices with Comovements and Structural Changes”. Journal of International Money and Finance. 161(2): 1-19. [Codes and Data]
Nazlioglu, S., Karul, C. (2024). “Testing for Granger Causality in Heterogeneous Panels with Cross-sectional Dependence”. Empirical Economics 67(4): 1541-1579. [Codes and Data]
Nazlioglu, S., Lee, J., Tieslau, M., Karul, C., Yu, Y. (2023) “Smooth Structural Changes and Common Factors in Nonstationary Panel Data: An Analysis of Healthcare Expenditures”. Econometric Reviews 47(1): 78-97. [Codes and Data]
Payne, J. E., Lee, J., Islam, M.T., Nazlioglu, S. (2022) “Stochastic Convergence of Per Capita Greenhouse Gas Emissions: New Unit Root Tests with Breaks and a Factor Structure”. Energy Economics 113, Article 106201. [Codes and Data]
Pascalau, R., Lee, J., Nazlioglu, S., Lu, Y. O. (2022). "Johansen-type Cointegration Tests with a Fourier Function". Journal of Time Series Analysis 83(5): 828-852. [Codes and Data]
Nazlioglu, S., Lee, J., Karul, C., You, Y. (2022). "Testing for stationarity with covariates: More Powerful Tests with Non-normal Errors". Studies in Nonlinear Dynamics & Econometrics 26(2): 191-203. [Codes and Data]
Nazlioglu, S., Payne, J.E., Lee, J., Rayos-Velazquez, M., Karul, C. (2021). "Convergence in OPEC Carbon Dioxide Emissions: Evidence from New Panel Stationarity Tests with Factors and Breaks". Economic Modelling 100, Article 105498. [Codes and Data]
Nazlioglu, S., Lee, J. (2020). "Response Surface Estimates of the LM Unit Toot Tests". Economics Letters 192, Article 109136. [Codes and Data]
Nazlioglu, S., Karul, C. (2017) “A Panel Stationarity Test with Gradual Structural Shifts: Re-investigate the International Commodity Price Shocks”. Economic Modelling 61: 181-192. [Codes and Data]
Nazlioglu, S., Gormus, A., Soytas, U. (2016) “Oil Prices and Real Estate Investment Trusts (REITs): Gradual-Shift Causality and Volatility Transmission Analysis”. Energy Economics 60(1): 168-175.
All Articles Published in International Journals
Nazlioglu, S., Kucukkaplan, I., Pazarci, S., Kar, A., Varol, O. (Forthcoming). “Dynamic Persistence of Shocks to Stock Prices of Emerging markets: Non-normal Distributions, Structural Changes, and Asymmetry”.International Journal of Finance and Economics.
Gormus, A, Nazlioglu, S. (Forthcoming). “Investigating the Impacts of Environmental, Social and Governance (ESG) Dimensions on Commodity Financialization using a Fourier Volatility Transmission Analysis”. Applied Economics.
Payne, J.E., Nazlioglu, S., Karul, C., Smyth, R. (Forthcoming). “Stochastic Convergence of Renewable Energy Intensity across U.S. States: Evidence from a Panel Unit Root Test with Asymmetries and Common Factors”. Applied Economics.
Lee, J., Islam, I., Tieslau, M., Payne, J.E., Nazlioglu, S. (2026). “Trends of Relative Commodity Prices with Comovements and Structural Changes”. Journal of International Money and Finance. 161(2): 1-19.
Gormus, A, Salvino, R., Nazlioglu, S., Soytas, U. (2025). “Energy commodities and U.S. housing: Long-run Price and Volatility Ontegration with Comparative Evidence from Non-energy Markets”. Energy Economics152(1): 1-14.
Nazlioglu, S., Gurel, S.P., Gunes, S., Akin, T., Karul, C., Kar, M. (2025). “Inflation Co-movement: New Insights from Quantile Factor Model” Empirical Economics 69(1):431-464.
Payne, J.E., Saunoris, J.W., Nazlioglu, S., Sobel, R.S. (2025). “What Factors Drive Cross-Country Economic Freedom Convergence? Public Choice 204(3-4):529-559.
Payne, J.E., Nazlioglu, S., Koncak, A., Ewing, B. T. (2025). “U.S. Climate Policy Uncertainty Shocks and the Growth in Renewable Energy Production”. Journal of Commodity Markets 39(1):1-12.
Yucel, A. G., Nazlioglu, S. (2025). “Unemployment Dynamics in the United Kingdom: A Quarter-millennium Perspective”. Economics Letters 254(1):1-4.
Nazlioglu, S., Akin, T., Gurel, S. P., Gunes, S. (2025). “Is Nature of Inflation Co-movement Time-varying? Insights from a Dynamic Factor Model”. Economics Letters 247(1):1-6.
Payne, J.E., Saunoris, J.W., Nazlioglu, S., Smyth, R. (2024). “Renewable Energy Production across U.S. States: Convergence or Divergence?”. Energy Economics 140(1): 1-22.
Nazlioglu, S., Karul, C. (2024). “Testing for Granger Causality in Heterogeneous Panels with Cross-sectional Dependence”. Empirical Economics 67(4): 1541-1579.
Nazlioglu, S., Gurel, S. P., Gunes, S., Karul, C. (2024). “Asymmetric Persistence in Turkish Interest and Inflation rates: New Evidence from Quantile Unit Root Test with Structural Shifts”. International Journal of Finance & Economics 29(4): 3831-3839.
Gormus, A., Nazlioglu, S., Gormus, E. (2024). “ESG impact on oil and natural gas financialization through price transmission”. Journal of Economics and Finance 48(3): 685-707.
Nazlioglu, S., Pazarci, S., Kar, A., Varol, O. (2024). “Efficient Market Hypothesis in Emerging Stock Markets: Gradual Shifts and Common Factors in Panel Data”. Applied Economics Letters 31(18): 1773-1779.
Nazlioglu, S., Tarakci, D., Kilic, E. (2024). “Nelson and Plosser Revisited: Macroeconomic and Financial Stability of Turkey”. Empirical Economics 66(6): 2557–2592.
Nazlioglu, S., Huseyni, I., Tunc, A., Payne, J.E. (2024). “Productivity Convergence in International Trade: The Role of Industrial-based Policies”. Journal of Policy Modeling 46(1): 1–19.
Kirimhan, D., Nazlioglu, Payne, J.E. (2024). “Are Stress-Tested Banks in the U.S. Becoming Similar? Evidence from Convergence Tests”. Journal of Financial Research 47(1): 61–88.
Misra, B. S., Kar, M., Nazlioglu, S., Karul, C. (2024). “Income Convergence of Indian States in the Post-reform Period: Evidence from Panel Stationarity Tests with Smooth Structural Breaks”. Journal of the Asia Pacific Economy 29(1): 424–441.
Payne, J.E., Nazlioglu, S. (2023). “The Permanent or Transitory Nature of Shocks to Tourism Expenditures and Receipts: Evidence from New Panel Stationarity Tests with Breaks and Factors”. Tourism Economics 29(6): 1518–1532.
Payne, J.E., Nazlioglu, S., Mervar, A. (2023). “Regional Tourism Convergence: A Disaggregated Analysis of Croatia”. Applied Economics 55(52): 6149-6169.
Bolat, C.K., Soytas, U., Akinoglu, B., Nazlioglu, S. (2023). “Is there a macroeconomic carbon rebound effect in EU ETS?”, Energy Economics (2023).
Payne, J.E., Saunoris, J., Nazlioglu, S., Karul, C. (2023). “Stochastic Convergence Analysis of U.S. State Economic Freedom Sub-Components: Evidence from Unit Root Tests for Bounded Processes”. American Journal of Economics and Sociology 82(4): 319-348.
Coronado, S., Gupta, R., Nazlioglu, S., Rojas, O. (2023). “Time-varying Causality between Bond and Oil Markets of the United States: Evidence from Over One and Half Centuries of Data”. International Journal of Finance & Economics 28(3): 2239-2247.
Payne, J.E., Nazlioglu, S., Mervar, A. (2023). “Economic Policy Uncertainty and International Tourist Arrivals: A Disaggregated Analysis of the Croatian Adriatic Coast”. Tourism Economics 29(4): 986-1004.
Gormuş, A., Nazlioglu, S., Beach, S. (2023). “ESG Impact on WTI Financialization through Energy Funds”. Journal of Risk and Financial Management 16(4): 1-17.
Payne, J.E., Saunoris, J., Nazlioglu, S., Karul, C. (2023). “The Convergence Dynamics of Economic Freedom across U.S. States”. Southern Economic Journal 89(4): 1216-1241.
Nazlioglu, S., Lee, J., Tieslau, M., Karul, C., Yu, Y. (2023). “Smooth Structural Changes and Common Factors in Nonstationary Panel Data: An Analysis of Healthcare Expenditures”. Econometric Reviews 42(1): 78-97.
Payne, J.E., Nazlioglu, S., Mervar, A., Niroomand, F. (2023). “Economic Policy Uncertainty, COVID-19, and Tourist Stays in Croatia: Evidence from a Fourier Toda-Yamamoto Modeling Approach”. International Trade Journal 37(1): 7-26.
Nazlioglu, S., Altuntas, M., Kilic, E., Kucukkkaplan, I. (2022). “Purchasing Power Parity in GIIPS Countries: Evidence from Unit Root Tests with Breaks and Non-linearity”. Applied Economic Analysis 30(9): 176-195.
Nazlioglu, S., Gurel, S. P., Gunes, S., Kilic, E. (2022). “Asymmetric Fisher Effect in Inflation Targeting Emerging Markets: Evidence from Quantile Co-integration”. Applied Economics Letters 29(21): 2007-2014.
Nazlioglu, S., Kucukkaplan, I., Kilic, E., Altuntas, M. (2022). “Financial Market Integration of Emerging Markets: Heavy tails, Structural shifts, Nonlinearity and Asymmetric Persistence”. Research in International Business and Finance 62, Article 101742.
Payne, J. E., Lee, J., Islam, M.T., Nazlioglu, S. (2022) “Stochastic Convergence of Per Capita Greenhouse Gas Emissions: New Unit Root Tests with Breaks and a Factor Structure”. Energy Economics 113, Article 106201.
Pascalau, R., Lee, J., Nazlioglu, S., Lu, Y. O. (2022) “Johansen-type Cointegration Tests with a Fourier Function”. Journal of Time Series Analysis 83(5): 828-852.
Nazlioglu, S., Kassouri, Y., Kucukkaplan, I., Soytas, U. (2022) “Convergence of Oil Consumption: A Historical Perspective with New Concepts”. Energy Policy 168, Article 113150.
Misra, B. S., Nazlioglu, S., Kucukkaplan, I. (2022) “Sources of Divergence in Income in Indian States, 2001-2015”. Development Policy Review 40(4), e12594.
Nazlioglu, S., Lee, J., Karul, C., Yu, Y. (2022) “Testing for Stationarity with Covariates: More Powerful Tests with Non-normal Errors”. Studies in Nonlinear Dynamics & Econometrics 26(2): 191-203.
Nazlioglu, S., Altuntas, M., Kilic, E. (2022) “PPP in Emerging Markets: Evidence from Fourier Non-linear Quantile Unit Root Analysis”. Applied Economics Letters 29(8): 731-737.
Nazlioglu, S., Bekun, F. V., Ozcan, C. C. (2021) “Tourism-induced Pollutant Emissions in Mediterranean Countries: Evidence from Panel Causality Analysis”. International Social Science Journal 71(241-242): 261-281.
Nazlioglu, S., Payne, J.E., Lee, J., Rayos-Velazquez, M., Karul, C. (2021) “Convergence in OPEC Carbon Dioxide Emissions: Evidence from New Panel Stationarity Tests with Factors and Breaks”. Economic Modelling 100, Article 105498.
Misra, B.S., Kar, M., Nazlioglu, S., Karul, C., (2020) “Income Convergence in Indian Districts: New Evidence from Panel Stationarity Test with Finite Time Dimension”. Journal of International Development 32(8): 1256-1272.
Akyuz, M., Karul, C., Nazlioglu, S. (2020) “Dynamics of Suicide in Turkey: An Empirical Analysis”. Eastern Mediterranean Health Journal 26(10): 1184-1192.
Nazlioglu, S., Lee, J. (2020) “Response Surface Estimates of the LM Unit Root Tests”. Economics Letters192, Article 109136.
Nazlioglu, S., Gupta, R., Bouri, E. (2020) “Movements in International Bond Markets: The Role of Oil Prices”. International Review of Economics and Finance 68: 47-58.
Nazlioglu, S., Gupta, R., Gormus, A., Soytas, U. (2020) “Price and Volatility Linkages between International REITs and Oil Markets”. Energy Economics 88 (4), Article 104779.
Durusu-Ciftci, D., Soytas, U., Nazlioglu, S. (2020) “Financial Development and Energy Consumption in Emerging Markets: Smooth Structural Shifts and Causal Linkages”. Energy Economics 87 (3), Article 104729.
Durusu-Ciftci, D., Nazlioglu, S. (2019) “Does Income Convergence in Turkey? An Empirical Assessment”. Ege Academic Reviews 19(1): 15-32.
Nazlioglu, S., Soytas, U., Gormus, A. (2019) “Oil Prices and Monetary Policy in Emerging Markets: Structural Shifts in Causal Linkages”. Emerging Markets Finance and Trade 55: 105–117.
Nazlioglu, S., Yetkiner, H. (2018) “Is There an Optimal Level of Housing Wealth in The Long-run? Theory and Evidence”, Research in International Business and Finance 46: 257–267.
Aslan, M., Nazlioglu, S. (2018) “Do International Relative Commodity Prices Support Prebisch-Singer Hypothesis? A Nonlinear Panel Unit Root Testing”. Romanian Journal of Economic Forecasting 21(1): 76-92.
Gormus, A., Nazlioglu, S., Soytas, U. (2018) “High-Yield Bond and Energy Markets”. Energy Economics 69: 101-110.
Ozcan, C. C., Aslan, M., Nazlioglu, S. (2017) “Economic Freedom, Economic Growth and International Tourism for Post-communist (transition) Countries: A Panel Causality Analysis”. Theoretical and Applied Economics 2(611): 75-98.
Nazlioglu, S., Karul, C. (2017) “A Panel Stationarity Test with Gradual Structural Shifts: Re-investigate the International Commodity Price Shocks”. Economic Modelling 61: 181-192.
Nazlioglu, S., Gormus, A., Soytas, U. (2016) “Oil Prices and Real Estate Investment Trusts (REITs): Gradual-Shift Causality and Volatility Transmission Analysis”. Energy Economics 60(1): 168-175.
Kayhan, S., Bayat, T., Nazlioglu, S., (2015) “Exchange Rate and Oil Price Interactions in Transition Economies: Czech Republic, Hungary and Poland”. Panoeconomicus 62(3): 267-285.
Nazlioglu, S., Hammoudeh, S., Gupta, R., (2015) “Volatility Transmission between Islamic and Conventional Equity Markets: Evidence from Causality-in-Variance Test, Applied Economics 47(46): 4996-5011.
Nazlioglu, S., Soytas, U., Gupta, R. (2015) “Oil Prices and Financial Stress: A Volatility Spillover Analysis”. Energy Policy 82: 278-288.
Aslan, M., Buyrukoglu, S., Oz, E., Nazlioglu, S. (2014) “Does Fiscal Policy Matter for Trade Balance in the OECD Countries? Panel Vector Error Correction Estimation”. Journal of International Trade and Global Markets 7(4): 271-284.
Nazlioglu, S. (2014) “Trends in International Commodity Prices: Panel Unit Root Analysis”. North American Journal of Economics and Finance 49: 441-451.
Adiguzel, U., Sahbaz, A., Ozcan, C.C., Nazlioglu, S. (2014) “The Behavior of Turkish Exchange Rates: A Panel Data Perspective”. Economic Modelling 42: 177-185.
Gozbasi, O., Kucukkaplan, I., Nazlioglu, S. (2014) “Re-examining the Turkish Stock Market Efficiency: Evidence from Nonlinear Unit Root Tests”. Economic Modelling 38: 381-384.
Menyah, K., Nazlioglu, S., Wolde-Rufael, Y. (2014) “Financial Development, Trade Openness and Economic Growth in African Countries: New Insights from a Panel Causality Approach”. Economic Modelling 37: 386-394.
Nazlioglu, S., Kayhan, S., Adiguzel, U., (2014) “Electricity Consumption and Economic Growth in Turkey: Cointegration, Linear and Nonlinear Granger Causality”. Energy Sources Part B: Economics, Planning, and Policy 9(4): 315-324.
Nazlioglu, S. (2013) “Exchange Rate Volatility and Turkish Industry-level Export: Panel Cointegration Analysis”. Journal of International Trade & Economic Development 22(7): 1088-1107.
Erdem, C., Nazlioglu, S. (2013) “Determinants of New Vehicle Registrations in EU Countries: A Panel Cointegration Analysis”. Transportation Planning and Technology 36(3): 287-298.
Nazlioglu, S., Erdem, C., Soytas, U. (2013) “Volatility Spillover between Oil and Agricultural Commodity Markets”. Energy Economics 36(1): 658-665.
Nazlioglu, S., Soytas, U. (2012) “Oil Price, Agricultural Commodity Prices, and the Dollar: A Panel Cointegration and Causality Analysis”. Energy Economics 34(4): 1098-1104.
Nazlioglu, Lebe, F., Kayhan, S. (2011) “Nuclear Energy Consumption and Economic Growth in OECD Countries: Cross-sectionally Dependent Heterogeneous Panel Causality Analysis”. Energy Policy 39(10): 6615-6621.
Agir, H., Kar, M., Nazlioglu, S. (2011) “Do Remittances Matter for Financial Development in the MENA Region: Panel Cointegration and Causality Analysis”. Empirical Economics Letters 10(5): 449-456.
Nazlioglu, S., (2011) “World Oil and Agricultural Commodity Prices: Evidence from Nonlinear Causality”. Energy Policy 39(5): 2935-2943.
Nazlioglu, S., Erdem, E. (2011) “Exchange Rates and Turkish Fresh Fruits and Vegetables Trade with the EU Countries: Bilateral Trade Data Analysis”. Journal of International Food & Agribusiness Marketing 23(2): 93-109.
Nazlioglu, S., Soytas, U. (2011) “World Oil Prices and Agricultural Commodity Prices: Evidence from an Emerging Market”. Energy Economics 33(3): 488-496.
Kar, M., Nazlioglu, S., Agir, H. (2011) “Financial Development and Economic Growth Nexus in the MENA Countries: Bootstrap Panel Granger Causality Analysis”. Economic Modelling 28(1-2): 685-693.
Erdem, E., Nazlioglu, S., Erdem, C. (2010) “Exchange Rate Uncertainty and Agricultural Trade: Panel Cointegration Analysis for Turkey”. Agricultural Economics 41(6): 537-543.
Erdem, E., Gozbasi, O., Ilgun, M.F., Nazlioglu, S. (2010) “Stock Market and Economic Growth Nexus in Emerging Markets: Cointegration and Causality Analysis”, International Journal of Business Forecasting and Marketing Intelligence 11(3/4): 262-274.
Nazlioglu, S., Erdem, E. (2010). “Impacts of Turkey’s Integration into the European Union on Agricultural Markets and Income Distribution”. Agricultural Economics Review 11(1): 33-43.
Erdem, E., Guloglu, B., Nazlioglu, S. (2010) “The Macroeconomy and Turkish Agricultural Trade Balance with the EU Countries: Panel ARDL Analysis”. International Journal of Economic Perspectives 4(1): 371-379.
Nazlioglu, S., Erdem, C. (2010). “Exchange Rate (Volatility) and Bilateral Agricultural Trade: Turkey versus her Major Trading Partners”. International Journal of Trade and Global Markets 3(3): 295-311.
Nazlioglu, S., Ege, I., Bayrakdaroglu, A. (2009) “Financial Development and Economic Growth: Cointegration and Causality for Turkey”. Banking and Finance Letters 1(2): 59-66.
Nazlioglu, S., Yalama, A., Aslan, M. (2009) “Financial Development and Investment: Cointegration and Causality Analysis for the case of Turkey”. International Journal of Economic Perspectives 3(2): 107-119.
Bayrakdaroğlu, A., Nazlıoğlu, Ş. (2009) “Hisse Senedi Fiyat-Hacim İlişkisi: İMKB’de İşlem Gören Bankalar için Doğrusal ve Doğrusal Olmayan Granger Nedensellik Analizi”. İktisat İşletme ve Finans 24(277): 85–109.
Articles in National Journals
İslamoğlu, B., Nazlıoğlu, Ş. (2019). Enflasyon ve Konut Fiyatları: İstanbul, Ankara ve İzmir İçin Panel Veri Analizi. Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi 7(1): 93-99.
Kar, M., Nazlioglu, S., Agir, H. (2014) “Trade Openness, Financial Development, and Economic Growth in Turkey: Linear and Nonlinear Causality Analysis”. BDDK Bankacılık ve Finansal Piyasalar Dergisi 8(1):63-86.
Adıgüzel, U., Bayat, T., Kayhan, S., Nazlıoğlu, Ş. (2013) “Oil Prices and Exchange Rates in Brazil, India and Turkey: Time and Frequency Domain Causality Analysis”. Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi 1(1):49-73.
Güloğlu, B., Nazlıoğlu, Ş. (2013) “Enflasyonun Tarımsal Fiyatlar Üzerindeki Etkileri: Panel Yumuşak Geçiş Regresyon Analizi”. Siyaset, Ekonomi ve Yönetim Araştırmaları Dergisi 1(1):1-20.
Nazlioglu, S. (2011) “Tarımsal Fiyatlarda Hedefi Aşma Hipotezi: Gelişmiş ve Gelişmekte Olan Ülkeler için Panel ARDL Analizi”. Ekonomik Yorumlar 48(556): 67–80.
International Conference Papers
Kar, M., Nazlıoğlu, Ş., Karul, C., Özaytürk, İ. (2024) “Does Economic Complexity Matter for Financial Development? Evidence from the Emerging Market Economies”. 1th Turkiye Economic Symposium. November 8-9, 2024. Bursa-Türkiye.
Nazlıoğlu, Ş., Kılıç, E., (2024) “Investigating stock market co-movement with a state-space model: Evidence from MENA countries”. 20th International Conference on Middle East Economic Association. September 13-14, 2024. Istanbul-Türkiye.
Yucel, A.G. , Nazlioglu, S. (2024) “Stochastic Convergence of C02 Emissions in US States: New Evidence from Fourier PANIC Unit Root Test”. 37th International RAIS Conference on Social Sciences and Humanities. August 8-9, 2024. Princeton, NJ-USA.
Nazlioglu, S., Yucel, A.G. (2024) “On the Club Convergence of Incomes across the World”. 37th International RAIS Conference on Social Sciences and Humanities. August 8-9, 2024. Princeton, NJ-USA.
Nazlioglu, S., Karul, C. (2023) “Testing for Granger Causality in Heterogeneous Panels with Cross-sectional Dependence: Causal Interrelationships between Export and Growth”. 15th International Congress on Eurasian Economies. September 19-20, 2023. Izmir-Turkey.
Nazlioglu, S., Karul, C., Lee, J., (2020) “Panel Stationarity Tests with Cross-section Dependence”. 20th International Symposium on Econometrics, Operations Research and Statistics. February 12-14, 2020. Ankara-Turkey.
Nazlioglu, S., Lee, J., Karul, C., Tieslau, M., You, Y. (2020) “Testing for Unit Roots in Panel Data with Smooth Structural Changes and Common Factors”. 20th International Symposium on Econometrics, Operations Research and Statistics. February 12-14, 2020. Ankara-Turkey.
Nazlioglu, S., Lee, J., Karul, C., Tieslau, M., You, Y. (2019) “Smooth Structural Changes and Common Factors in Testing for Unit Roots in Panel Data”. 27th Annual Symposium of the Society for Nonlinear Dynamics and Econometrics. March 28-29, 2019. Dallas-USA.
Nazlioglu, S., Lee, J., Karul, C., Tieslau, M., You, Y.. (2019) “Panel Unit Root Tests with Smooth Structural Changes and a Factor Structure”. 25th International Panel Data Confeerence. July 4-5, 2019. Vilnius-Lithuania.
Nazlioglu, S., Islamoglu, B. (2018) “Housing prices and inflation: an empirical application to Istanbul, Ankara and Izmir”. II. International Symposium on Economics, Finance and Econometrics (ISEFE-2018), December 6-7, 2018. Bandırma-Turkey.
Durusu-Ciftci, D., Soytas, U., Nazlioglu, S. (2018) “Financial development and energy consumption in emerging markets: structural shifts in causal linkages”. Turkish Economics Association International Conference on Economics (ICE-TEA 2018), November 1-3, 2018. Antalya-Turkey.
Nazlioglu, S., Kucukkaplan, I., Karul, C. (2018) “Shocks to commodity prices: what new methods tell us?”. International Congress on Political, Economic and Social Studies, June 28-30, 2018, Venice- Italy.
Nazlioglu, S. (2018) “Energy and agricultural markets: price linkages and structural changes”. International Congress on Political, Economic and Social Studies, June 28-30, 2018, Venice- Italy.
Nazlioglu, S. (2018) “Energy and agricultural markets: price linkages and structural changes”. International Congress on Political, Economic and Social Studies, June 28-30, 2018, Venice- Italy.
Nazlioglu, S. (2018) “Oil and agricultural commodity prices: Is there a structural change in causal linkages”. 4th International Symposium on Multidisciplinary Studies, April 27-28, 2018, Paris- France.
Nazlioglu, S., Karul, C., Kucukkaplan, I. (2017) “Behavior of commodity prices: panel data analysis with structural breaks”. International Conference on Economics and Business Management, December 18, 2017, Prague- Czech Republic.
Nazlioglu, S., Karul, C., Koncak, A., Kucukkaplan, I. (2017) “On the Purchasing Power Parity in Turkey: The Role of Structural Changes”. 8th the International Conference on Eurasian Economies, October 5–7, 2017, Bishkek- Kyrgyzstan.
Nazlioglu, S., Karul, C., Kucukkaplan, I. (2017) “Finite Sample Properties of Fourier Stationarity Test under Different Break Types”. 18th International Symposium on Econometrics, Operation Research and Statistics, October 5–7, 2017, Trabzon-Turkey.
Nazlioglu, S., Karul, C., Agir, H. (2017) “Structural Shifts and Panel Causality”. 18th International Symposium on Econometrics, Operation Research and Statistics, October 5–7, 2017, Trabzon-Turkey.
Nazlioglu, S., Karul, C., (2017) “Panel LM Unit Root Test with Smooth Breaks”. International Congress on European Union Relations, Economics, Finance and Econometrics (EUREFE-17), July 27-29, 2016. Aydın-Turkey.
Nazlioglu, S., Karul, C., Koncak, A., Kucukkaplan, I. (2017) “Validity of Purchasing Power Parity (PPP) Hypothesis in Turkey”. International Congress on European Union Relations, Economics, Finance and Econometrics (EUREFE-17), July 27-29, 2017. Aydın-Turkey.
Nazlioglu, S., Karul, C., (2017) “Panel LM Unit Root Test with Gradual Structural Shifts”. International Panel Data Conference (IPDC-2017), July 7-8, 2017. Thessaloniki-Greece.
Ozcan, C.C., Nazlioglu, S., Kucukkaplan, I. (2017) “Socio-economic Determinants of Iranian Foreign Tourism: An Empirical Analysis”. International Symposium on Continuity and Change in North Africa, Turkey & Iran, April 20–22, 2017, Ankara-Turkey.
Nazlioglu, S., Karul, C., Kucukkaplan, I. (2017) “Dynamics of International Commodity Prices: A New Look at with New Perspectives”. International Congress of Energy Economy and Security (ENSCON-2017), March 25-26, 2017, Istanbul-Turkey.
Kar, M., Nazlioglu, S., Sahbaz, A. (2017) “Energy Self-sufficiency, Current Account Deficit and Economic Growth”. International Congress of Energy Economy and Security (ENSCON)-2017, March 25-26, 2017, Istanbul-Turkey.
Ozcan, C.C., Nazlioglu, S., Agir, H. (2016) “Does Tourism Affect the Environment? Case of Turkey”. The International Conference on Environmental Science and Development, December 18-19, 2016, Warsaw-Poland.
Durusu-Ciftci, D., Nazlioglu, S., (2016) “Are Incomes Converging among Turkish Provinces? Critical Role of Modelling Structural Shifts. 5th International Conference of the Turkish Economics Association (ICE-TEA 2016), October 20-22, 2016. Bodrum-Turkey.
Nazlioglu, S., Karul, C., Koncak, A. (2016) “A Fractional Stationarity Test with Gradual Shifts and the Hysteresis Hypothesis in OECD Countries”. International Conference on Changing World and Social Research, October 14-16, 2016, Barcelona-Spain.
Kar, M., Nazlioglu, S., Karakaya, V. (2016) “Does the Size of Shadow Economy Matter for Financial Development?”. International Congress on Political, Economic and Social Studies (ICPESS), August 24-26, 2016. Istanbul-Turkey.
Nazlioglu, S., Karul, C., Koncak, A. (2016) “Testing the Hysteresis Hypothesis in OECD countries: New Insights from Stationarity Test with Smoothing Shifts”. International Congress on European Union Relations, Economics, Finance and Econometrics (EUREFE-16), July 14-16, 2016. Aydın-Turkey.
Nazlioglu, S., Kar, M. (2016) “Financial Development and Economic Growth in Emerging Markets: Insights from a Panel Data Perspective”. International Symposium on Economics and Social Sciences (ISESS-2016), July 12-14, 2016. Kyoto-Japan.
Kar, M., Nazlioglu, S., Agir, H., Sahbaz, A. (2016) “Financial Development and Economic Growth in the Emerging Markets: Further Evidence from the Gradual Shift Causality Analysis”. International Work-Conference on Time Series Analysis (ITISE-2016), June 27-29, 2016. Granada-Spain.
Nazlioglu, S., Karul, C., Koncak, A. (2016) “Smoothing Breaks and Stationarity Test with Fractional frequency: Re-examining the PPP hypothesis in Turkish Exchange Rates”. International Work-Conference on Time Series Analysis (ITISE-2016), June 27-29, 2016. Granada-Spain.
Nazlioglu, S., Karul, C. (2016) “A Panel Unit Root Test with Gradual Structural Shifts: Revisiting the Purchasing Power Parity Hypothesis in Turkey”. 17th International Symposium on Econometrics, Operation Research and Statistics, June 2 – 4, 2016, Sivas-Turkey.
Gormus, A., Nazlioglu, S., Soytas, U. (2016) “Oil Prices and Real Estate Investment Trusts (REITs): Gradual-shift Causality and Volatility Transmission Analysis”. 4th International Symposium on Energy and Finance Issues, March 24-25, 2016, Paris-France.
Oz, E., Nazlioglu, S., (2016) “Economic Crisis, Fiscal Policy and Macro Economics: An Empirical Analysis”. International Conference in Economics (EcWorld-2016), February 1 – 3, 2016, Barcelona-Spain.
Aslan, M., Nazlioglu, S., (2015) “Trends in International Commodity Prices: An Old Question with a New Perspective”. 1st International Annual Meeting of Sosyoekonomi Society, October 29–30, 2015, Munich-Germany.
Nazlioglu, S., Yetkiner, H. (2015) “The h-ratio: Theory and Evidence”. IV. Anadolu International Conference on Economics, June 10 – 12, 2015, Eskişehir-Turkey.
Nazlioglu, S., Caglar, A.E. (2015) “Small Sample Properties of Unit Root Tests with Structural Breaks”. 16th International Symposium on Econometrics, Operation Research and Statistics, May 7 – 12, 2015, Edirne-Turkey.
Nazlioglu, S., Karul, C. (2015) “Panel Unit Root Test with Flexible Fourier Form”. 16th International Symposium on Econometrics, Operation Research and Statistics, May 7 – 12, 2015, Edirne-Turkey.
Nazlioglu, S., Karul, C. (2015) “The Flexible Fourier Form and Panel Stationary Test with Gradual Shifts”. 2nd Annual Conference of International Association for Applied Econometrics, June 25 – 27, 2015, Thessaloniki-Greece.
Nazlioglu, S., Karul, C. (2015) “The Flexible Fourier Form and Panel Stationary Test with Gradual Shifts”. International Conference on New Trends in Econometrics and Finance Conference, March 23 – 28, 2015, Sharjah-Dubai.
Adiguzel, U., Sahbaz, A., Ozcan, C.C., Nazlioglu, S. (2014) “The Nature of Shocks to Turkish Exchange Rates: What Panel Approach Says?”. 2nd Economics & Finance Conference, June 3 – 6, 2014, Vienna-Austria.
Nazlioglu, S., Soytas, U., Gupta, R., (2014) “Volatility Spillover between Energy and Financial Markets”. 2nd International Symposium on Energy and Finance Issues, March 28, 2014, Paris-France.
Adiguzel, U., Ozcan, C.C., Nazlioglu, S. (2013) “Purchasing Power Parity in Turkish Real Exchange Rates revisited: sequential panel selection method”. 7th International Finance Conference, March 7 – 9, 2013, Paris-France.
Nazlioglu, S. (2013) “Trends in International Commodity Prices: Panel Unit Root Analysis”. 7th International Finance Conference, March 7 – 9, 2013, Paris-France.
Nazlioglu, S., Yildirim, S. (2012) “Causality between Oil Prices and Exchange Rate: New Evidence via Wavelet Transformation”. 3th International Conference on Economics (ICE-TEA), November 1 – 3, 2012, İzmir-Turkey.
Erdem, C., Nazlioglu, S.(2012) “Factors Affecting the New Vehicle Registration in the EU Countries”. 3th International Symposium on Sustainable Development, May 31 – June 1, 2012, Sarajevo-Bosnia & Herzegovina.
Ispir, S., Nazlioglu, S., Guloglu, B., (2012) “Yapısal Kırılma ve Kesitler Arası Bağımlılık Varsayımları Altında Türkiye’de Satınalma Gücü Paritesinin Geçerliliği”. 13th International Symposium on Econometrics Operations Research and Statistics, May 24 – 26, 2012, Fagamusta-North Cyprus.
Chu, H., Chang, T., Nazlioglu, S., Sagafi-Nejad, T. (2012) “Globalization and Economic Growth: Further Evidence Based on Bootstrap Panel Causality”. 2012 Western Hemisperic Trade Conference, April 11-12, 2012, Texas-USA.
Nazlioglu, S. (2011) “The Behavior of Commodity Prices: What Panel Unit Root Tests Say?”. 9th International Conference on Knowledge, Economy & Management, June 23 – 25, 2011, Sarajevo-Bosnia & Herzegovina.
Nazlioglu, S., Kar, M, Agir, H. (2011) “Financial Development and Trade Openness: Linear and Nonlinear Causality Analysis”. 12th International Symposium on Econometrics Operations Research and Statistics, May 26 – 29, 2011, Denizli-Turkey. http://services.bepress.com/itfa/20th/art10/.
Erdem, E., Nazlioglu, S. (2010) “Exchange Rate Sensitivity of Bilateral Agricultural Trade Flows: Turkey versus her Major Trading Partners”. 20th International Conference of the International Trade and Finance Association, May 23-26, 2010, Las Vegas-USA. International Trade and Finance Association Working Papers 2011, Working Paper 10.
Kar, M., Guloglu, B., Nazlioglu. S., Agir, H. (2010) “Financial Development and Poverty Reduction in the MENA Countries: Panel Data Analysis”. Economics of the Mediterranean and the Euro-Mediterranean Process, July 16 – 17, 2010, Barcelona-Spain.
Erdem, E., Gozbasi, O., Ilgun, M.F., Nazlioglu, S. (2009) “Stock Market and Economic Growth Nexus in Emerging Markets: Cointegration and Causality Analysis”. The Fifth International Conference on Global Research in Business & Economics, December 28-30, 2009, Kuala Lumpur-Malaysia. Best Paper Awarded.
Erdem, E., Tugcu, C.T., Nazlioglu, S (2009). “The J-curve Effect and Turkey-Germany Trade Balance: An Industry Level Data Analysis”. International Davraz Congress on Social and Economic Issues Shaping the World’s Future: New Global Dialogue, September 24-27, 2009, Isparta-Turkey.
Erdem, E., Nazlioglu, S. (2009) “Likelihood-Based Panel Cointegration Approach to Exchange Rate Sensitivity of Bilateral Agricultural Trade Flows: Turkey versus her Major Trading Partners”. 19th International Conference of the International Trade and Finance Association, May 27-30, 2009, Beijing-China. International Trade and Finance Association Working Papers 2009, Working Paper 5. http://services. bepress.com/itfa/19th/art5.
Nazlioglu, S., Kar, M, Agir, H. (2009) “Financial Development and Economic Growth in the Mena Countries”. 10th Mediterranean Social and Political Research Meeting of the Mediterranean Programme of the Robert Schuman Centre for Advanced Studies at the European University Institute, March 25 – 28, 2009, Montecatini Terme, Florence-Italy.
Erdem, E., Nazlioglu, S. (2008) “Gravity Model of Turkish Agricultural Exports to the European Union”. 18th International Conference of the International Trade and Finance Association, May 22-24, 2008, Lisbon-Portugal. International Trade and Finance Association Working Papers 2008, Working Paper 21. http://services.bepress.com/itfa/18th/art21.
National Conference Papers
Hüseyni, İ., Yalçınkaya, Ö., İnan, S., Nazlıoğlu, Ş. (2024) “Sektörel Global ve İl Bazında Ekonomik Komplekslik Veri Tabanının Tanıtılması”. 1th Turkiye Economic Symposium. November 8-9, 2024. Bursa-Türkiye.
Hüseyni, İ., Yalçınkaya, Ö., Nazlıoğlu, Ş. (2024) “İhracatın Niteliğini Ölçme Çabaları”. 1th Turkiye Economic Symposium. November 8-9, 2024. Bursa-Türkiye.
Nazlıoğlu, Ş., Kar, A., Kılıç, E., Pazarcı, Ş. (2024) “Uluslararası Verimlilik Çevrimlerinin Ayrıştırılması: Dünya, Bölge ve Ülkeye Özgü Faktörlerden Yeni Öngörüler”. 1th Turkiye Economic Symposium. November 8-9, 2024. Bursa-Türkiye.
Nazlioglu, S., Yetkiner, H. (2015) “The h-ratio: theory and evidence”. Global İşletme Araştırmaları Konferansı, 24-26 Mayıs, 2016, İstanbul-Türkiye.
Küçükkaplan, I., Gözbaşı, O., Nazlıoğlu, Ş. (2012) “Kaynak Yapısının Firma Değeri ile İlişkisinin İMKB’de 2000-2011 Yılları Arasında Panel Yumuşak Geçiş Regresyon Yöntemiyle Araştırılması”. 16. Finans Sempozyumu, 10 – 13 Ekim 2012, Erzurum-Türkiye. (Bildiriler Kitabında Basıldı: Ekim 2012, ss. 343–362).
Erdem, E., Nazlıoğlu, Ş. (2008). “Tarımsal Destekleme Politikalarının Gelir Dağılımı Üzerindeki Etkileri: Türk Tarım Sektörü Örneği”. Türkiye İstatistik Kurumu 16. İstatistik Araştırma Sempozyumu, Sosyo–Ekonomik Gelişme ve İstatistik, 10 – 11 Mayıs 2007, Ankara-Türkiye. (Bildiriler Kitabında Basıldı: Mart 2008, ss. 118–132).
Erdem, E., Çoban, S., Nazlıoğlu, Ş., Tuğcu, C.T. (2007) “Hacılar Kökenli Büyük Firmaların Büyüme Dinamikleri”. I. Hacılar Sempozyumu, 11 – 13 Mayıs 2007, Kayseri-Türkiye. (Bildiriler Kitabında Basıldı: Mart 2008, ss. 347–358).
Book/Book Chapters
Nazlioglu, S. (2019). “Oil and agricultural commodity prices” in Routledge Handbook of Energy Economics (Editors: Ugur Soytas, Ramazan Sari), Routledge: London. (pp. 385-395, Chapter 26).
Ozcan, C.C., Nazlıoğlu, Ş. (2017). “Does Tourism Increase the Economic Growth in Transition Economies?” in Political Economy in Transition Economies (Editor: Tayfur Bayat), Aurel Vlaicu University of Arad (pp. 64-72).
Ozcan, C.C., Nazlıoğlu, Ş., Kayhan, S. (2015). “Bankacılık ve Finansal Yapı (içinde Filistin Ekonomisi) (Editor: Ceyhun Can Özcan), Çizgi Kitabevi. (ss. 161-170).
Kar, M., Guloglu, B., Nazlioglu. S., Agir, H. (2012). “The Financial Sector and Poverty in the MENA Countries” in European and the Mediterranean Economy (Routledge Studies in the European Economy) (Editor: Joan Costa-Font), Routledge: London. (pp. 193-211).