Journal of Economics and Business Issues

Asymmetric Mean Reversion and Dynamic Equilibrium of Global Interbank Rates: A Reassessment in the Era of Unconventional Monetary Policy

2026-02-22T14:02:51+03:00

Abstract: The quadratic mean reversion model (SWING process) is applied to monthly interbank rate data from March 2014 to December 2024. The model parameters, which define the asymmetric adjustment speeds and the bounds of the equilibrium interval, are estimated using the Generalized Method of Moments (GMM). Particular attention is given to structural breaks, notably the transition from LIBOR to SOFR in the United States and the episode of negative interest rates in the Euro area. The findings confirm the persistence of statistically significant asymmetric adjustment speeds across all the studied markets. Nonetheless, the post-2013 period has fundamentally altered the nature of dynamic equilibrium intervals. There is documented compression of the equilibrium interval into negative territory in the Euro area, substantial widening in Turkey reflecting increased volatility, and a structural shift in U.S. market dynamics following the cessation of LIBOR in mid-2023. The Moroccan market demonstrates relative stability but at historically low equilibrium levels. The results show that the structural characteristics of interbank markets, profoundly shaped by a decade of central bank interventions, constitute a primary determinant of asymmetric rate adjustments. These findings bear critical implications for the transmission of monetary policy and risk management.

Demography, Institutions, and Power: Reframing Eurasian Connectivity in an Age of Strategic Fragmentation

2026-02-26T00:27:35+03:00

Eurasian economic cooperation has evolved unevenly, raising the question of whether demographic complementarities, institutional capacity, and geopolitical pressures jointly shape cross-continental engagement. This study extends the Cross-Country Cross-Continent Economic Development Theory by integrating demographic economics with realist political economy to examine how structural asymmetries across Asia, the European Union, and Russia influence connectivity cooperation. Using a panel dataset covering 1950–2024, the analysis evaluates the relationships among demographic complementarity, connectivity potential, political friction, institutional capability, and Eurasian cooperation. Descriptive and correlational assessments are complemented by panel estimations and dynamic specifications to test direct and mediated effects. The findings indicate that demographic differences constitute a latent structural asset but do not directly translate into cooperation. Institutional capability and political friction emerge as the most consistent predictors, while cooperation demonstrates strong temporal persistence. In periods of geopolitical uncertainty, short-term increases in connectivity potential are associated with reduced cooperation. The results suggest that demography functions as an enabling condition rather than an autonomous driver, and that the economic realization of complementarities depends on institutional governance and manageable political friction. These conclusions reinforce the policy relevance of strengthening domestic demand, institutional stewardship, and systemic resilience to sustain cross-continental engagement.

The Relationship Between Energy Consumption and Human De-velopment Index: The Role of Electricity, Natural Gas and Oil Consumption

2026-02-22T14:11:56+03:00

The objective of this study is to empirically analyze the effects of electricity, natural gas, and oil consumption on the Human Development Index (HDI) in Turkey and to offer policy recommendations within the scope of sustainable development. To this end, unit root tests were applied to the time series data for electricity, natural gas, oil consumption, and HDI covering the 1990–2022 period, followed by the ARDL cointegration test to reveal the model's long- and short-run effects. According to the cointegration test results, a statistically significant relationship was observed in the short run between the one-period lagged value of oil consumption and the current period value of electricity consumption. While the one-period lagged value of oil consumption negatively affected the HDI in the short run, the current period value of electricity consumption affected it positively. In the long run, a significant relationship was found only between HDI and electricity consumption, with electricity consumption having a positive effect on the HDI. Oil consumption leaves transient effects on the HDI, and these effects are observed with a one-period lag. Electricity consumption, on the other hand, creates a stronger positive effect on the HDI in the long run rather than the short run.

The Use of Artificial Intelligence in Businesses: A Comparison of the Private and Public Sectors

2026-02-22T13:24:49+03:00

Private sector businesses operating in a changing and evolving world are struggling in a highly competitive environment. The primary goal of these businesses is to retain their existing customers and gain new customers by staying ahead of their competitors. The way for businesses to gain a competitive advantage over their rivals and ensure customer satisfaction at this point is through technology and artificial intelligence, one of its derivatives. Just as private sector businesses operate with the aim of ensuring customer satisfaction, public sector businesses also continue their activities with the aim of satisfying citizens. In today's world, where technology plays an active role in every aspect of our lives, not only private sector businesses but also public sector businesses benefit from technology in many ways. These businesses, whose primary goal is to meet the needs of citizens, actively use technology and artificial intelligence applications to meet those needs more quickly, efficiently, and effectively. It is anticipated that artificial intelligence applications will be used more actively and in more areas in both private sector businesses and public enterprises in the coming period. This study examines the areas of application of artificial intelligence in private sector and public enterprises by comparing them.