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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
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Undergraduate
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Erciyes University (Turkey), Faculty of Economics and Administrative Sciences, Department of Management, 2002.
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Master’s Degree
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Erciyes University (Turkey), Institute of Social Sciences, Master’s degree in Economic Policy, 2006.
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PhD
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Erciyes University (Turkey), Institute of Social Sciences, PhD in Economic Policy, 2010.
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Research Assistant
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Erciyes University-Institute of Social Sciences, 2005-2010.
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Research Associate
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Pamukkale University-Department of Econometrics, 2010-2011.
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Assistant Professor
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Pamukkale University-Department of Econometrics, 2011-2012.
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Associate Professor
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Pamukkale University-Department of Econometrics, 2012-2018.
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Professor
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Pamukkale University-Department of International Trade and Finance, 2018-
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Chair
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Pamukkale University-Department of Econometrics, 2011-2014.
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Chair
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Pamukkale University-Department of Econometrics, 2016-2018.
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Coordinator
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Pamukkale University-Scientific Research Projects Unit, 2016-2018.
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International Association for Applied Econometrics (IAAE), International Trade and Finance Association, Society for the Study of Emerging Markets, International Economic Society.
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Download My GAUSS TSPD Library
My GAUSS library for Time Series and Panel Data Methods covering several unit root, co-integration & causality tests are publicly available at
https://github.com/aptech/tspdlib
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.
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., Lee, J. (2020). "Response Surface Estimates of the LM Unit Toot Tests". Economics Letters 192, Article 109136. [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., 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]
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]
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]
Nazlioglu, S., Lee, J., Tieslau, M., Karul, C., Yu, Y. (Forthcoming) “Smooth Structural Changes and Common Factors in Nonstationary Panel Data: An Analysis of Healthcare Expenditures”. Econometric Reviews. [Codes and Data]
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.
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.
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., 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.
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, 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., 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.
Erdem, E., Nazlioglu, S., Erdem, C. (2010) “Exchange Rate Uncertainty and Agricultural Trade: Panel Cointegration Analysis for Turkey”. Agricultural Economics 41(6): 537-543.
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.
Nazlioglu, S., Soytas, U. (2011) “World Oil Prices and Agricultural Commodity Prices: Evidence from an Emerging Market”. Energy Economics 33(3): 488-496.
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., (2011) “World Oil and Agricultural Commodity Prices: Evidence from Nonlinear Causality”. Energy Policy 39(5): 2935-2943.
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, 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.
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, S., Erdem, C., Soytas, U. (2013) “Volatility Spillover between Oil and Agricultural Commodity Markets”. Energy Economics36(1): 658-665.
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. (2013) “Exchange Rate Volatility and Turkish Industry-level Export: Panel Cointegration Analysis”. Journal of International Trade & Economic Development 22(7): 1088-1107.
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.
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.
Gozbasi, O., Kucukkaplan, I., Nazlioglu, Y. (2014) “Re-examining the Turkish Stock Market Efficiency: Evidence from Nonlinear Unit Root Tests”. Economic Modelling 38: 381-384.
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.
Nazlioglu, S. (2014) “Trends in International Commodity Prices: Panel Unit Root Analysis”.North American Journal of Economics and Finance 49: 441-451.
Nazlioglu, S., Soytas, U., Gupta, R., (2015) “Oil Prices and Financial Stress: A Volatility Spillover Analysis”. Energy Policy 82: 278-288.
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.
Kayhan, S., Bayat, T., Nazlioglu, S., (2015) “Exchange Rate and Oil Price Interactions in Transition Economies: Czech Republic, Hungary and Poland”. Panoeconomicus62(3): 267-285.
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.
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]
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.
Gormus, A., Nazlioglu, S., Soytas, U. (2018) “High-Yield Bond and Energy Markets”. Energy Economics 69: 101-110.
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.
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.
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.
Durusu-Ciftci, D., Nazlioglu, S. (2019). "Does Income Convergence in Turkey? An Empirical Assessment. Ege Academic Reviews". 19(1): 15-32.
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, Article Article 104729.
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., Lee, J. (2020). "Response Surface Estimates of the LM Unit Toot Tests". Economics Letters. 192, Article 109136.
Akyuz, M., Karul, C., Nazlioglu, S. (2020). "Dynamics of Suicide in Turkey: An empirical Analysis". Eastern Mediterranean Health Journal 26(10): 1184-1192.
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.
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: 105498. [Codes and Data]
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., 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]
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]
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]
Misra, B. S., Nazlioglu, S., Kucukkkaplan, I. (2022). "Sources of Divergence in Income in Indian States, 2001-2015". Development Policy Review 40(4), e12594.
Nazlioglu, S., Kassouri, Y., Kucukkaplan, I., Soytas, U. (2022) “Convergence of Oil Consumption: A Historical Perspective with New Concepts”. Energy Policy 168, Article 113150.
Coronado, S., Gupta, R., Nazlioglu, S., Rojas, O. (Forthcoming). "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.
Nazlioglu, S., Gurel, S. P., Gunes, S., Kilic, E. (Forthcoming). "Asymmetric Fisher Effect in Inflation Targeting Emerging Markets: Evidence from Quantile Co-integration". Applied Economics Letters.
Nazlioglu, S., Altuntas, M., Kilic, E., Kucukkkaplan, I. (Forthcoming). "Purchasing Power Parity in GIIPS Countries: Evidence from Unit Root Tests with Breaks and Non-linearity". Applied Economic Analysis.
Misra, B. S., Kar, M., Nazlioglu, S., Karul, C., (Forthcoming). "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.
Payne, J.E., Nazlioglu, S., Mervar, A., (Forthcoming). “Economic Policy Uncertainty and International Tourist Arrivals: A Disaggregated Analysis of the Croatian Adriatic Coast”. Tourism Economics.
Payne, J.E., Nazlioglu, S., (Forthcoming). “The Permanent or Transitory Nature of Shocks to Tourism Expenditures and Receipts: Evidence from New Panel Stationarity Tests with Breaks and Factors”. Tourism Economics.
Nazlioglu, S.,
Lee, J., Tieslau, M., Karul, C., Yu, Y. (Forthcoming) “Smooth Structural
Changes and Common Factors in Nonstationary Panel Data: An Analysis of Healthcare
Expenditures”. Econometric Reviews. [Codes and Data]
Nazlioglu, S., Kucukkaplan, I., Kilic, E., Altuntas, M. (Forthcoming). Financial Market Integration of Emerging Markets: Heavy tails, Structural shifts, Nonlinearity and Asymmetric Persistence”. Research in International Business and Finance.
Nazlioglu, S. (2011) “Tarımsal Fiyatlarda Hedefi Aşma Hipotezi: Gelişmiş ve Gelişmekte Olan Ülkeler için Panel ARDL Analizi”. Ekonomik Yorumlar 48(556): 67–80.
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.
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.
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.
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.
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. (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.
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., 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.
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., 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.
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.
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., Yildirim, S. (2012) “Causality between Oil Prices and Exchange Rate: New Evidence via Wavelet Transformation”. 3thInternational Conference on Economics (ICE-TEA), November 1 – 3, 2012, İzmir-Turkey.
Nazlioglu, S. (2013) “Trends in International Commodity Prices: Panel Unit Root Analysis”. 7th International Finance Conference, March 7 – 9, 2013, 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., 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.
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) “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., 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., Yetkiner, H. (2015) “The h-ratio: Theory and Evidence”. IV. Anadolu International Conference on Economics, June 10 – 12, 2015, Eskişehir-Turkey.
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.
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).
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).
Nazlioglu, S., Yetkiner, H. (2015) “The h-ratio: theory and evidence”. Global İşletme Araştırmaları Konferansı, 24-26 Mayıs, 2016, İstanbul-Türkiye.