@article{kandilov_leblebicioglu_manghnani_2021, title={Trade Liberalization and Investment in Foreign Capital Goods: A Look at the Intensive Margin}, volume={57}, ISSN={["1558-0938"]}, DOI={10.1080/1540496X.2019.1694896}, abstractNote={ABSTRACT We evaluate the impact of trade liberalization on the intensive margin of the firm’s investment in foreign capital goods. To do so, we use Indian firm-level panel data from a period of a large-scale trade liberalization (1989–1997) to estimate an investment equation using the system-GMM estimator. Importantly, we control separately for the tariffs on capital goods, intermediate inputs and final goods, which allows us to estimate the price elasticity of investment in foreign capital goods. Consistent with theory, we find that reductions in the tariffs on capital goods, and intermediate inputs led to higher investment in foreign capital goods, whereas reduction in the output tariff resulted in lower investment. The impact of the capital goods tariffs is the largest.}, number={12}, journal={EMERGING MARKETS FINANCE AND TRADE}, author={Kandilov, Ivan T. and Leblebicioglu, Asli and Manghnani, Ruchita}, year={2021}, month={Sep}, pages={3387–3410} }
 @article{hernandez_leblebicioglu_2012, title={A regime-switching analysis of pass-through}, volume={148}, number={3}, journal={Review of World Economics}, author={Hernandez, K. and Leblebicioglu, A.}, year={2012}, pages={523–552} }
 @article{kandilov_leblebicioglu_2012, title={Trade Liberalization and Investment: Firm-level Evidence from Mexico}, volume={26}, ISSN={["0258-6770"]}, DOI={10.1093/wber/lhr048}, abstractNote={Plant-level panel data from Mexico's Annual Industrial Survey is employed to evaluate the impact of reductions in tariffs and import license coverage on final goods, as well as intermediates, on firms'investment decisions. Using data from 1984 to 1990, a period during which a large scale trade liberalization occurred, a dynamic investment equation is estimated using the system-GMM estimator developed by Arellano and Bover (1995) and Blundell and Bond (1998). Consistent with theory, the empirical analyses show that a reduction in import protection on final goods leads to lower plant-level investment, whereas reductions in tariffs and import license coverage on intermediate inputs result in higher investment. Also, firms with larger import costs experience a larger increase in investment following a reduction in import protection. On the other hand, higher markup firms lower investment more aggressively following reductions in tariffs and import license coverage on final goods. Copyright 2012, Oxford University Press.}, number={2}, journal={WORLD BANK ECONOMIC REVIEW}, author={Kandilov, Ivan T. and Leblebicioglu, Ash}, year={2012}, pages={320–349} }
 @article{guerron_grennes_leblebicioglu_2011, title={Economic development and heterogeneity in the great moderation among the states}, volume={11}, DOI={10.2202/1935-1690.2184}, abstractNote={Using state level personal income, we document the substantial heterogeneity in the magnitude and timing of the Great Moderation. Low income states experienced remarkable moderation, but some richer states experienced significant increases in volatility. We evaluate the findings from a development perspective, and discuss how differences in income per capita and the structure of production can determine the heterogeneity in income volatility across states.}, number={1}, journal={B.E. Journal of Macroeconomics}, author={Guerron, P. A. and Grennes, T. J. and Leblebicioglu, A.}, year={2011} }
 @article{kandilov_leblebicioglu_2011, title={The impact of exchange rate volatility on plant-level investment: Evidence from Colombia}, volume={94}, ISSN={["1872-6089"]}, DOI={10.1016/j.jdeveco.2010.01.013}, abstractNote={We estimate the impact of exchange rate volatility on firms' investment decisions in a developing country setting. Employing plant-level panel data from the Colombian Manufacturing Census, we estimate a dynamic investment equation using the system-GMM estimator developed by Arellano and Bover (1995) and Blundell and Bond (1998). We find a robust negative impact of exchange rate volatility, constructed either using a GARCH model or a simple standard deviation measure, on plant investment. Consistent with theory, we also document that the negative effect is mitigated for establishments with higher mark-up or exports, and exacerbated for lower mark-up plants with larger volume of imported intermediates.}, number={2}, journal={JOURNAL OF DEVELOPMENT ECONOMICS}, author={Kandilov, Ivan T. and Leblebicioglu, Asli}, year={2011}, month={Mar}, pages={220–230} }
 @article{bond_leblebiocioglu_schiantarelli_2010, title={Capital accumulation and growth: A new look at the empirical evidence}, volume={25}, number={7}, journal={Journal of Applied Econometrics}, author={Bond, S. and Leblebiocioglu, A. and Schiantarelli, F.}, year={2010}, pages={1073–1099} }
 @article{leblebicioglu_2009, title={Financial integration, credit market imperfections and consumption smoothing}, volume={33}, ISSN={["1879-1743"]}, DOI={10.1016/j.jedc.2008.06.006}, abstractNote={Contrary to standard theoretical reasoning, recent empirical research shows that financial integration is associated with higher consumption volatility in developing countries. This paper illustrates how domestic credit market imperfections can alter the standard predictions about the consumption smoothing possibilities under financial autarky and international financial integration. I use a two-country international real business cycle model where the non-traded sector in the small country faces borrowing constraints due to contract enforceability problems. If the international risk-sharing opportunities are non-existent, households can secure themselves against the shocks in the non-traded sector only by adjusting their labor effort, which leads to changes in sectorial output and terms of trade. The deterioration of the terms of trade acts as a dampening effect on consumption, causing it to be less volatile under financial autarky relative to financial integration. Under financial integration, international financial assets provide the insurance against domestic productivity shocks without affecting the relative prices, hence allowing the consumption to react more.}, number={2}, journal={JOURNAL OF ECONOMIC DYNAMICS & CONTROL}, author={Leblebicioglu, Asli}, year={2009}, month={Feb}, pages={377–393} }