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In this letter, we revisit a study we published in 2017, following comment in a paper by Marchesini et al. published in this volume. We provide some further analyses that help us to reinforce the original conclusions of our earlier paper, and to address the points raised by Marchesini et al. We conclude that the concerns raised in their review do not alter the inference we presented earlier, and we identify issues with analyses presented by Marchesini et al. that limit their utility. The key points of inference remain that this species in Europe shows remarkably low levels of diversity within populations and strong structure among populations which can be explained by a combination of natural and anthropogenic processes.

The aim of this study was to examine Turkish course exam questions in terms of originality, page layout, item types, item writing criteria and cognitive level. The research was conducted with the document analysis method, and to determine the data source, the maximum variation sampling method, one of the purposive sampling methods, was used. The data source of the research consisted of exam questions prepared by Turkish teachers employed in secondary schools in a medium-sized city in the Black Sea region. Exam questions from each of the school levels determined on the basis of High School Entrance Exam achievements, from each district within the provincial borders, and from each type of school at the secondary school level were included in the research. Within the scope of the research, 747 questions in 51 exam papers were analysed. Descriptive analysis was carried out for the research data, and the obtained findings were summarised using frequencies and percentages. When the research findings were examined, it was concluded that the exam papers had similarity rates ranging from 11% to 91%, and that several exam papers and questions were taken from different internet sources as they were without making any changes. Other obtained findings were that more than half of the Turkish course exam papers did not have the page layout features that should be found in an exam paper, that the most frequently used item type in the exam papers was the multiple-choice item type, and that teachers did not pay attention to the item writing criteria. Another striking finding of the study was that about four-fifths of the questions examined were prepared for the understand level and one-fifth for the remember and apply level, and that while very few questions were prepared for the analyze and create levels, no questions were prepared for the evaluate level. Moreover, it was concluded that the majority of the questions examined were prepared for the middle cognitive level, while higher-order questions were included only at a rate of eight per thousand. The obtained results are discussed within the scope of the literature and a number of recommendations have been made., Bu araştırmada Türkçe dersi sınav sorularının özgünlük, biçimsel düzen, madde türleri, madde yazma ölçütleri ve bilişsel düzey açısından incelenmesi amaçlanmıştır. Araştırma doküman incelemesi yöntemiyle yürütülmüş, veri kaynağının belirlenmesinde maksimum çeşitlilik örnekleme yöntemi kullanılmıştır. Araştırmanın veri kaynağını Karadeniz bölgesinde yer alan orta büyüklükte bir ildeki ortaokullarda görev yapan Türkçe öğretmenlerinin hazırladıkları sınav soruları oluşturmuştur. Araştırmaya Liselere Geçiş Sistemi (LGS) başarıları temelinde belirlenen okul düzeylerinin her birinden, il sınırlarındaki her ilçeden ve ortaokul kademesindeki her okul türünden sınav soruları dâhil edilmiştir. Araştırma kapsamında 51 sınav kâğıdı içerisinde yer alan 747 soru analiz edilmiştir. Araştırma verileri için betimsel analiz gerçekleştirilmiş, elde edilen bulgular frekans ve yüzdelerden yararlanılarak özetlenmiştir. Araştırma bulguları incelendiğinde, sınav kâğıtlarının %11 ile %91 arasında değişen benzerlik oranlarına sahip olduğu, bazı sınav kâğıtları ve sorularının farklı internet kaynaklarından hiç değiştirilmeden olduğu gibi alındığı sonucuna ulaşılmıştır. Türkçe dersi sınav kâğıtlarının yarıdan fazlasının bir sınav kâğıdında bulunması gereken biçimsel özelliklere sahip olmadığı, sınav kâğıtlarında en fazla kullanılan madde türünün çoktan seçmeli madde türü olduğu ve öğretmenlerin madde yazma ölçütlerine dikkat etmediği görülmüştür. Bu durum incelenen sınav kâğıtlarının çoğunluğunda geçerlik problemi olduğuna işaret etmektedir. Araştırmada dikkat çeken sonuçlardan bir diğeri soruların yaklaşık beşte dördünün anlama basamağında, beşte birinin hatırlama ve uygulama basamağında olmasıdır. Ayrıca çözümleme ve yaratma basamaklarına yönelik çok az sayıda soru bulunduğu, değerlendirme basamağında ise hiç soru olmadığı görülmüştür. Bununla birlikte incelenen soruların büyük çoğunluğunun orta bilişsel düzeye yönelik olduğu ve üst düzey sorulara yalnızca binde sekiz oranında yer verildiği sonucuna ulaşılmıştır. Elde edilen bu sonuçlar alanyazın kapsamında tartışılmış ve birtakım önerilerde bulunulmuştur.

The European Union (EU) has thus far developed a standard approach towards the negotiation processes and the content of readmission agreements with third countries. This approach encompasses offering a visa facilitation agreement and visa liberalization to third countries as an incentive for the conclusion of a readmission agreement. The approach has, however, changed in the case of the EU-Turkey Readmission Agreement. This Agreement was signed simultaneously with the initiation of a Visa Liberalization Dialogue, by-passing the conclusion of a visa facilitation agreement. The content of the Agreement has also distinguishing features compared to EU readmission agreements. This article seeks to explain why the EU has changed its standard approach in the case of Turkey through analysing both the negotiation process and the content of the EU-Turkey Readmission Agreement. In this way, this article strives to demonstrate that this shift is mainly due to EU’s concerns about effective return of irregular migrants who have been ordered to leave the EU, as well as the unique characteristics of the multidimensional relationship between the EU and Turkey.

The main purpose of this study is to compare the test forms to the midi anchor test and the mini anchor test performance based on item response theory. The research was conducted with using simulated data which were generated based on Rasch model. In order to equate two test forms the anchor item nonequivalent groups (internal anchor test) was used in this research. The data were generated and analyzed using the R software. 100 replications were done for each different condition. The results obtained from this simulation study were evaluated according to the equating error (RMSE) and bias (BIAS) criterions. In the study, midi anchor generally produced better equating results than the mini anchor test with a few exceptions for most conditions.

Bu araştırmada, Konya Koyunoğlu Müzesi Arşiv fotoğraflarından 1950-1970 yılları arası kadın giyimlerinin incelenmesi konu olarak seçilmiştir. Konya Koyunoğlu Müzesi arşivinden alınan 100 adet kadın giyimleri fotoğrafları incelenmiştir. 1950-1970 yılları arası kadın giyimlerinin model kesim ve süsleme özellikleri açısından incelenmesiyle araştırmaya yön verilmiştir. İncelenen 100 adet kadın giyimleri fotoğrafları için gözlem fişleri oluşturulmuştur. Gözlem fişlerinden elde edilen bilgiler tablolara aktarılmıştır. Araştırmanın birinci bölümünde araştırmanın konusu, amaç, alt amaçlar, araştırmanın önemi sayıltılar ve sınırlılıklara yer verilmiştir. İkinci bölümünde giyimin tanımı, kadın giyiminin tanımı, önemi, tarihçesi, sınıflandırılması, modanın tanımı, önemi, tarihçesi, moda tasarımının tanımından bahsedilmiştir. Araştırmanın üçüncü bölümünde araştırmanın yöntemi modeli evren ve örneklem verilerin toplanması ve veri analizi açıklanmıştır. Araştırmanın dördüncü bölümünde bulgulara yer verilmiştir. Konya Koyunoğlu Müzesi arşivinden alınan 100 adet 1950-1970 yılları arası kadın giyimleri fotoğrafları incelenmiştir. Fotoğraflar için gözlem fişleri doldurulmuştur. Kadın giyimlerinin model kesim süsleme özellikleri belirlenmiştir. Gözlem fişlerinden elde edilen bilgiler doğrultusunda tablolar oluşturulmuştur. Tablolar yorumlanmıştır. Araştırmanın son bölümünde, bulgular doğrultusunda tablolardan elde edilen verilerle sonuca ulaşılmaya çalışılmıştır. Konu ile ilgili bazı önerilerde bulunulmuştur., In this study, it has been selected as topic the examination of the women's clothing 1950-1970 from the photos of Konya Koyunoğlu Museum. 100 photos taken from the archive of Konya Koyunoğlu have been examined. The study has been directed by examining women's clothing between 1950 and 1970 in terms of pattern cutting and adornment characteristics. Observation slips have been created for 100 women's clothing photos examined. The data obtained from the observation slips have been tabularized. In the first part of the study, the research object, objective, sub-objectives, importance of study, premises and limitations are included. In the second part, the women's clothing's definition, importance, history, classification, and the fashion's definition, importance, history, and also definition of fashion design are discussed. In the third part of the study, research method, model, target population and collection of sample data and data analysis are explained. In the fourth part of the study, findings are included. 100 photos taken from the archive of Konya Koyunoğlu Museum have been examined. Observation slips have been completed for the photos. Tables have been created in the direction of information obtained from observation slips. Tables have been interpreted. And in the last part of the study, it is tried to reach a result with the data obtained in the direction of findings. Some suggestions were made about the subject.

Bilgin, C Can/0000-0001-9284-307X, WOS: 000486728800007, Vulture populations worldwide have suffered precipitous declines in recent decades. the Cinereous Vulture Aegypius monachus, a highly philopatric scavenger distributed across southern Europe and the central Asian plateau, is threatened in many parts of its range. Turkey holds the second largest population of this species in the Western Palaearctic, but there has been no research on its genetic structure and the possible implications of this structure for the future of the species. Here we report nuclear diversity and relatedness determined by short tandem repeat genotyping of 81 individuals from the four largest colonies. Our results demonstrated no significant genetic structuring, suggesting a single panmictic metapopulation connected by frequent dispersal. Furthermore, we show that the study population has retained moderate levels of genetic diversity, despite passing through a recent demographic bottleneck. We estimated the effective population size to be 112 individuals (95% confidence interval 74-201). Our results imply that the observed lack of increase in population size since the 1990s has not been caused by lowered fitness due to genetic inbreeding but rather by increased mortality via demographic processes. in the short term, we suggest that conservation efforts should treat the Turkish subpopulations as a single management unit and aim to increase population size through effective protection, especially during the breeding season.

The genetic diversity and phylogeography of maternal lineages in Ursus arctos Linnaeus, 1758 (the brown bear) have been studied extensively over the last two decades; however, sampling has largely been limited to the northern Holarctic, and was possibly biased towards lineages that recolonized the vast expanses of the north as the Last Glacial Maximum (LGM) ended. Here we report the genetic diversity and phylogeography of U. arctos from Turkey based on 35 non-invasive samples, including five from captive individuals. Bayesian phylogenetic analyses based on a 269-bp fragment of the mitochondrial DNA control region revealed 14 novel haplotypes belonging to three major lineages. The most widespread lineage was found to be the Eastern clade 3a, whereas geographically more restricted Western and Middle Eastern lineages were reported for the first time in Turkey. A specimen from the Taurus mountain range carried a haplotype closely related to the presumably extinct bears in Lebanon. Moreover, we identify a unique new lineage that appears to have split early within the Middle Eastern clade. Despite limited sampling, our study reveals a high level of mitochondrial diversity in Turkish U. arctos, shows that the ranges of both European and Middle Eastern clades extend into Turkey, and identifies a new divergent lineage of possibly wider historical occurrence. Obtaining these results with 35 samples also demonstrates the value of proper sampling from regions that have not been significantly affected by the LGM. © 2015 The Linnean Society of London

We found in two water frogs captured in Cyprus, the distribution area of P. cypriensis, nuclear alleles and mitochondrial haplotypes that are characteristic of Anatolian water frogs, Pelophylax cf. bedriagae. Mitochondrial and nuclear DNA data strongly indicate that the ancestors of these two frogs did not arrive on Cyprus via a land bridge or overseas dispersal but were unintentionally introduced by humans, most probably together with carp fingerlings. Both individuals exhibited recombined nuclear genomes characteristic of backcross hybrids. Further investigations are needed to estimate the amount of introgression of allochthonous alleles into the gene pool of P. cypriensis.

Because many bird species are monomorphic or only sexually dimorphic in adult stages, it is difficult to determine their sexes, which may cause significant problems in population and conservation studies. DNA-based sexing relies on the chromodomain helicase DNA binding ( CHD) gene located on the W chromosome and its homolog on the Z chromosome, giving distinct banding patterns on agarose gel as a result of length differences in intronic regions within this gene. We used 3 specific primer sets, CHD1F/CHD1R, 2550F/2718R, and P2/P8, for sex determination of 230 samples from 77 avian species. We report here the records for 70 of those species analyzed using the CHD1F/CHD1R primer set, and 49 species using 2550F/2718R, and 46 species using P2/P8. CHD1F/CHD1R PCR products on agarose gel generally showed an apparent single band in males and 2 bands in females, but the products of 2550F/2718R (61%) and P2/P8 (42%) showed distinct banding patterns for separate bird orders. However, when PCR products of these last 2 primer pairs labeled with fluorescent dye were run in a capillary gel and detected using a DNA analyzer, P2/P8 gave 2 distinguishable peaks in females, whereas 2550F/2718R results remained the same. DNA sexing with any of those 3 primer sets can be used for all sexually monomorphic avian taxa although the primer sets should be compared before choosing the most efficient one for molecular sexing of the studied species.

Water frogs inhabiting Cyprus represent a distinct evolutionary species of Messinian origin that is formally described in this paper. The systematic status of Cypriot frogs is evidenced by specific characters in their mitochondrial (mt) and nuclear (nu) DNA sequences, and the fact that they form a well supported monophyletic clade in both mtDNA and nuDNA phylogenies. While genetic data revealed clear and reproducible differences between this new taxon and all other western Palearctic water frog species including Pelophylax bedriagae in the Levant and two Anatolian water frogs lineages (P. cf. bedriagae -1 and P. cf. bedriagae -2), there is no diagnostic morphological or morphometric character that allows a clear discrimination between Cyprus frogs and frogs from the adjacent mainland. If several morphometric indices are combined as predictor variables in a discriminant analysis, however, both females and males of Cypriot water frogs are correctly distinguished from the other eastern Mediterranean lineages. While phylogenies based on concatenated sequences of two mitochondrial genes (ND2 + ND3) suggest a sister group relationship of Cypriot and Anatolian water frog lineages, our nuclear data hypothesize a sister group relationship between Cypriot frogs (sp. n.) and Crete frogs (P. cretensis), thus speaking for the same isolation time of both island populations (© 2012 WILEY-VCH Verlag GmbH & Co. KGaA, Weinheim)

AIM: Our aims were to assess the phylogeographic patterns of genetic diversity in eastern Mediterranean water frogs and to estimate divergence times using different geological scenarios. We related divergence times to past geological events and discuss the relevance of our data for the systematics of eastern Mediterranean water frogs. LOCATION: The eastern Mediterranean region. METHODS: Genetic diversity and divergence were calculated using sequences of two protein-coding mitochondrial (mt) genes: ND2 (1038 bp, 119 sequences) and ND3 (340 bp, 612 sequences). Divergence times were estimated in a Bayesian framework under four geological scenarios representing alternative possible geological histories for the eastern Mediterranean. We then compared the different scenarios using Bayes factors and additional geological data. RESULTS: Extensive genetic diversity in mtDNA divides eastern Mediterranean water frogs into six main haplogroups (MHG). Three MHGs were identified on the Anatolian mainland; the most widespread MHG with the highest diversity is distributed from western Anatolia to the northern shore of the Caspian Sea, including the type locality of Pelophylax ridibundus. The other two Anatolian MHGs are restricted to south-eastern Turkey, occupying localities west and east of the Amanos mountain range. One of the remaining three MHGs is restricted to Cyprus; a second to the Levant; the third was found in the distribution area of European lake frogs (P. ridibundus group), including the Balkans. MAIN CONCLUSIONS: Based on geological evidence and estimates of genetic divergence we hypothesize that the water frogs of Cyprus have been isolated from the Anatolian mainland populations since the end of the Messinian salinity crisis (MSC), i.e. since c. 5.5-5.3 Ma, while our divergence time estimates indicate that the isolation of Crete from the mainland populations (Peloponnese, Anatolia) most likely pre-dates the MSC. The observed rates of divergence imply a time window of c. 1.6-1.1 million years for diversification of the largest Anatolian MHG; divergence between the two other Anatolian MHGs may have begun about 3.0 Ma, apparently as a result of uplift of the Amanos Mountains. Our mtDNA data suggest that the Anatolian water frogs and frogs from Cyprus represent several undescribed species.

This paper examines the changing nature of growth spillovers between developed economies, the North, and developing countries, the South, driven by the process of globalization—the phenomenon of rising international trade and financial flows. We use a comprehensive database of macroeconomic and sectoral variables for 106 countries over the period 1960–2005. We consider the South to be composed of two groups of countries, the Emerging South and the Developing South, based on the extent of their integration into the global economy. Using a panel regression framework, we find that the impact of the Northern economic activity on the Emerging South has declined during the globalization period (1986–2005). In contrast, the growth linkages between the North and Developing South have been rather stable over time. Our findings also suggest that the North and Emerging South economies have started to exhibit more intensive intra-group growth spillovers.

Cilingir, F. Gozde/0000-0002-4575-1487; Beerli, Peter/0000-0003-0947-5451; Bilgin, C Can/0000-0001-9284-307X; Ambarli, Huseyin/0000-0003-4336-9417 WOS: 000368930100008 The genetic diversity and phylogeography of maternal lineages in Ursus arctos Linnaeus, 1758 (the brown bear) have been studied extensively over the last two decades; however, sampling has largely been limited to the northern Holarctic, and was possibly biased towards lineages that recolonized the vast expanses of the north as the Last Glacial Maximum (LGM) ended. Here we report the genetic diversity and phylogeography of U.arctos from Turkey based on 35 non-invasive samples, including five from captive individuals. Bayesian phylogenetic analyses based on a 269-bp fragment of the mitochondrial DNA control region revealed 14 novel haplotypes belonging to three major lineages. The most widespread lineage was found to be the Eastern clade3a, whereas geographically more restricted Western and Middle Eastern lineages were reported for the first time in Turkey. A specimen from the Taurus mountain range carried a haplotype closely related to the presumably extinct bears in Lebanon. Moreover, we identify a unique new lineage that appears to have split early within the Middle Eastern clade. Despite limited sampling, our study reveals a high level of mitochondrial diversity in Turkish U.arctos, shows that the ranges of both European and Middle Eastern clades extend into Turkey, and identifies a new divergent lineage of possibly wider historical occurrence. Obtaining these results with 35 samples also demonstrates the value of proper sampling from regions that have not been significantly affected by the LGM.(c) 2015 The Linnean Society of London XII. Regional and Artvin Provincial Directorate of Ministry of Forestry and Water Affairs; Middle East Technical University Research Funds [BAP-07-02-2011-101, BAP-07-02-2012-101] We are grateful to the following people who helped obtain samples: Yasar Kusdili, Yuksel Ekinci, Ozgur Kollu, Deniz Mengulluoglu, Cumhur Karakas, Birol Civan, and Umut Dogruoz, and the directors and veterinarians of Antalya, Bursa, and Konya zoos. We also thank XII. Regional and Artvin Provincial Directorate of Ministry of Forestry and Water Affairs for their support. Ettore Randi, Jorg Plotner, and David P. Bickford provided helpful comments on this article, and Lexo Gavashelishvili, Issam Hajjar, and D. van Bendegem, of the Alertis Foundation, made available unpublished information on bears from Georgia, Syria, and European zoos, respectively. Kackar Mountains Sustainable Forest Use and Conservation Project and Nature Conservation Center (DKM) provided field support. This project was funded by Middle East Technical University Research Funds BAP-07-02-2011-101 and BAP-07-02-2012-101.

Bu calismada PISA 2012 kapsaminda uygulanan ogrenci anketinde yeralan Matematik Ogrenme bolumu altindaki matematik calisma etigi tutum maddelerinin cinsiyete gore degisen madde fonksiyonu gosterip gostermedigi incelenmistir. DMF analizleri Madde Tepki Kurami-Olabilirlik Orani (MTK-OO), Ordinal Lojistik regresyon (OLR) ve PolySIBTEST yontemleriyle gerceklestirilmistir. Calismanin orneklemini, matematik calisma etigi tutum maddelerine yanit veren 3217 bireyden SPSS programi araciligiyla random olarak secilen 1000 (500 kadin, 500 erkek) birey olusturmaktadir. Verilerle ilgili madde analizleri MTK ile yapilmistir. Cinsiyete gore DMF analizlerinde Poly-SIBTEST yontemine gore 3. Maddenin yuksek duzeyde erkekler lehine, MTK-OO yontemine gore 3. Maddenin orta duzeyde ve OLR yontemine gore 3. Maddenin yuksek duzeyde tek bicimli olmayan DMF gosterdigi gorulmustur

This paper investigates the effects of stock market, housing and financial wealth on durables and non-durables consumption in Turkey with a vector error correction model for the 1987-2006 period. The paper uses an originally constructed housing wealth series in addition to the stock market capitalization and banking deposits as proxies for the stock market and financial wealth respectively. Consistent with the life-cycle and permanent-income hypotheses, net private disposable income, bank credit to the private sector, and the real exchange rate fluctuations are also controlled in the estimation. The main finding is that in the long-run, an increase in housing wealth raises the consumption of non-durables, but has no effect on consumption of durables. On the other hand, durables consumption is significantly affected by the stock market wealth in contrast to the lack of effect on non-durables consumption. Short-run coefficients indicate positive wealth effects from stock market capitalization and financial savings on consumption of both non-durables and durables. However increases in housing wealth lower the consumption of non-durables in the short-run.

Water frogs [genus Pelophylax (Rana)] that occur around the eastern Mediterranean Sea provide an opportunity to study early stages of speciation. The geography of the eastern Mediterranean region has changed dramatically since the Middle Miocene as a result of motions of adjoining lithospheric plates and regional-scale vertical crustal motions (uplift and subsidence). For several hundred thousand years between 6 and 5 million years ago (Mya), the Mediterranean basin was isolated from the Atlantic Ocean, and became desiccated (the Messinian Salinity Crisis; MSC). Geological data suggest that the endemic water frog lineage on Cyprus was isolated by the flooding of the Mediterranean basin by salt water at the end of the MSC, circa 5.5–5.3 Mya. This suggests a rate of uncorrected genetic divergence of approximately 1.1% per million years (My). Divergence time estimates based on this rate are in good agreement with the chronology of events in the history of crustal deformation and landscape development in the eastern Mediterranean region.

Home ownership is one of the most preferred forms of wealth accumulation for households in Turkey. Given the important functions performed by the housing asset, this paper provides a comprehensive look at the housing market characteristics during 1987-2006 period in Turkey. On the basis of these characteristics, the paper develops an estimation of quarterly housing wealth series using primary sources on housing stock, residential construction and average floor area prices obtained from building census, construction and occupancy permit statistics. Unlike the previous literature using the total number of households in the population, the housing wealth is estimated using urban dwellings with occupancy permits in order to capture the collateral channel, through which home owners can borrow from the financial institutions using their legally documented homes as collateral. Since there is a substantial undocumented and unauthorized dwelling stock in Turkey, using this methodology to measure the housing wealth will avoid the potential problems associated with identifying the extent of illegal housing. The movements of the estimated housing wealth series are consistent with the developments in the construction sector, and therefore it can be successfully used in econometric models analyzing the relationship between the housing wealth and consumption behaviour of households in Turkey.

This paper analyzes the financial wealth allocation and the characteristics of the financial system in Turkey during the 1987-2011 period. The main finding of the paper is that the lack of attractive investment opportunities in capital markets, limited development of non-bank financial institutions, and the crowding-out effect of the excessive government borrowing contributed to the mobilization of formal savings mainly towards the bank deposits with a significant degree of dollarization, and sovereign debt securities in Turkey. The mutual funds and private pension plans play limited roles in the financial system. The domestic investors have low preference for equity investments and foreign institutional investors have a predominant share in the stock market capitalization in Turkey.

This paper examines the changing nature of growth spillovers between developed economies, the North, and developing countries, the South, driven by the process of globalization?the phenomenon of rising international trade and financial flows. We use a comprehensive database of macroeconomic and sectoral variables for 106 countries over the period 1960- 2005. We consider the South to be composed of two groups of countries, the Emerging South and the Developing South, based on the extent of their integration into the global economy. Using a panel regression framework, we find that the impact of the Northern economic activity on the Emerging South has declined during the globalization period (1986-2005). In contrast, the growth linkages between the North and Developing South have been rather stable over time. Our findings also suggest that the Northern and Emerging Southern economies have started to exhibit more intensive intra-group growth spillovers.

This study looks at the major economic linkages explaining real GDP correlations for 51 countries including 27 emerging markets for the 1970-2008 period. The GMM-IV and 3SLS simultaneous equation models show that trade integration, especially in the form of intra-industry trade, and similarity in economic structures are the most important determinants of output correlations. On average, global financial integration has no significant effect on output synchronization. However, for developed country pairs and developed and emerging market pairs, financial integration lowers business cycle synchronization, whereas for emerging markets, financial integration increases synchronization. There are strong indirect effects from financial openness to trade integration and structural convergence. In addition, FTA membership, trade partner diversification, differences in fiscal spending, and stability of bilateral exchange rates increase output correlations. Similar oil import dependencies increase synchronization primarily among developed country pairs.

The intensification of competition in financial markets increases the likelihood of failure and fragility in the banking systems. These failures create serious concerns because of the consequent asset market contractions, insolvency of major institutions and government bailouts mounting up to substantial portions of GDP. Developing the ability to manage the increased risks in the financial system, and overcome their adverse implications on the banking sector require effective implementation of regulatory and supervisory framework, which can promptly detect the sources of fragility, and a mechanism to facilitate the resolution of problems with the least cost to the economy. Japan, the United States and Sweden were among the countries that experienced banking failures in the 1990s. This study attempts to analyze the origins of the banking crises and the resolution processes in these countries in a comparative perspective. The findings of the research showed that the competitive pressures after the deregulation and internationalization of financial systems were responsible for the excessive risk-taking behavior, which was not adequately monitored by the supervisory bodies. Unlike the United States and Sweden, the delayed resolution of banking crisis and the lack of institutionalization of transparent regulatory regime resulted in a mounting bad debt problem in Japan. In addition, the deterioration of the macroeconomic conditions further aggravated the problems in the Japanese banking system.