K. Ali Akkemik

Measuring energy intensity in Japan: A new method

Energy intensity and energy conservation have been important pillars of energy policies in Japan. Recently, the government has introduced new initiatives to enhance energy efficiency and reduce energy intensity. We analyze the energy intensity in Japan for the period 1973–2006 by proposing a new method which takes into account all other inputs used in production and corrects for the bias in the traditional energy intensity measure. We show that the traditional energy intensity measure has serious flaws. The traditional measure overestimates actual energy intensity before the mid-1980s and largely underestimates afterwards. It is found that aggregate energy intensity has risen remarkably from 1991 to 2001. The main cause of this rise is the rapid rise in energy intensity in manufacturing and energy sectors.

Recent Industrial Policies in Japan

Traditional Japanese industrial policies have, since the 1990s, evolved towards knowledge-based industrial policies. In this chapter, we first explain the salient features of both the traditional and knowledge-based industrial policies and compare them from the perspective of the role of the government. Knowledge-based industrial policies emphasize the role of the government as a facilitator and coordinator rather than a guide. Accordingly, the policy instruments differ as well. The changing global economic environment in the era of the knowledge economy and the emergence of new regional rivals, Korea and China, also led to significant changes in policy design and corporate governance styles as well. On the other hand, we argue that there is still an influence of the developmental state practices in policy-making. To present a full account of the recent industrial policies in Japan, we present the recent changes in the policy-making process as well as the economic mindset with reference to the official documents on industrial policies.

Dependence on Imported Inputs and Implications for Technology Transfer in Turkey

Trade and macroeconomic policies in Turkey evolved from import substitution to export promotion and liberalization of commodity and capital markets after 1980. During the 1980s and 1990s, Turkey’s exports and imports and their shares in GDP demonstrated an increasing trend. The share of exports in GDP increased from 4.2% in 1980 to 20.3% in 2005 and that of imports rose from 11.4 to 32.2%. Import liberalization was accomplished during the second half of the 1990s and at around the same time direct price support for exports was abolished.

General equilibrium evaluation of deregulation in energy sectors in China

The central government in China has implemented ambitious energy policy reforms since 1978. An important pillar of these reforms is the deregulation in the energy markets which manifests itself in the formation of energy prices. This study examines the macroeconomic impacts of deregulation in China using an applied CGE model and counterfactual policy simulations. The results point to substantial welfare improvement. Sectoral results point to a reallocation of resources and diversion of economic activities more toward domestic services.

Portfolio Risk Choices of Finance Sector Professionals in Turkey

Asset markets in emerging markets exhibit high volatility and low liquidity. Under such circumstances, individual portfolio and trading choices become difficult. Among emerging markets, Turkey in particular has high turnover, even when compared to developed markets, and this makes it an appealing case to study the risk choices of finance sector professionals. This paper analyzes the determinants of risk choices and preferences of employees of a brokerage company and portfolio managers in this market for their own investments. We use a unique data set from a survey of 206 finance sector professionals in 2012. Specifically, we found that financial literacy, work experience, education, and confidence are positively related with wealth, and trading frequency, education, and low age tend to increase the allocation of equities in portfolio.