https://journals.econsciences.com/index.php/TER <p>^{TER (ISSN: 2149-0414) is published as four issues per year, March, June, September and December and all publication policies and processes are conducted according to the international standards. TER is an international, double-blind peer-reviewed, quarterly, open-access journal published by the Journals. TER accepts and publishes the research articles in the fields of economics, fiscal economics, applied economics, business economics, labour economics and econometrics etc. TER, without depending on any institution or organisation, is a non-profit journal that has an International Editorial Board specialists on their fields. TER is an open Access Journal. Papers which are inappropriate to its scientific purpose, scope and fields are kindly rejected. It strictly depends on the scientific principles, rules and ethical framework that are required to this qualification.}</p> en-US Turkish Economic Review 2149-0414 <a href="http://creativecommons.org/licenses/by-nc/4.0/" rel="license"><img style="border-width: 0;" src="https://i.creativecommons.org/l/by-nc/4.0/88x31.png" alt="Creative Commons License" /></a><br />This article licensed under <a href="http://creativecommons.org/licenses/by-nc/4.0/" rel="license"> Creative Commons Attribution-NonCommercial license (4.0)</a> https://journals.econsciences.com/index.php/TER/article/view/2472 <p>This research develops and expands the concept of risk-premium to a multivariate environment, providing an operational framework for the analysis of mean-variance optimizers’ attitudes towards exogenous uncertainty. Firstly, it digresses over possible approximations to the risk premium. Secondly, importance and properties of the variance of the objective function are highlighted. Thirdly, impact of uncertainty on the objective function and on control variables of mean-variance agents is confronted with that of expected function optimizer’s. The analysis is also applied to ex-post flexible or adjustable environments with respect to the decision variables. Production theory examples are briefly sketched.Innovation in tools include matrix algebra results and representation of higher than second moments – with reference to the multinormal as a special case -, and implicit rules of first-order condition point-wise optimization of functions of expected value and of variance of other functions.</p> Ana Paula MARTINS Copyright (c) 2024 http://creativecommons.org/licenses/by-nc/4.0 2024-05-31 2024-05-31 11 1-2 1 37 https://journals.econsciences.com/index.php/TER/article/view/2473 <p>This paper assesses the outcomes of the Special COVID-19 Social Relief of Distress Grants (SRDG) program. A gratuity of R350 ($26.5) per person and per month was granted to low-income households following a national lockdown on 26 March 2020, aimed at alleviating the spread of the COVID-19 pandemic. Although, children and elderly grants are excluded from this program, the study focuses on cash transfer programs in terms of their role in increasing current consumption of poor households and enabling them to gain capitals. We assess the general equilibrium effects of the cash transfer through the usage of a static computable general equilibrium (CGE) model calibrated to South Africa's social accounting matrix (SAM) for 2015. Our simulation results indicate that the SRDG program improved the real incomes and consumption for all households. This result is consistent with the findings of Londoño-Vélez &amp; Querubín (2022) and Ashfaq &amp; Bashir (2021), who studied the impact of emergency cash assistance during the pandemic in Colombia and Pakistan. The decline in GDP (-0.1021%) is cushioned by the fact that both exports and imports were negatively affected as the lockdown restrictions obstructed all international trade activities. Despite the welfare gains, South Africa's fiscal and macroeconomic indicators suggest that the program is likely better considered as an automatic stabilizer in fiscal and social policy planning rather than as another component of social protection. The shock applied to the economy is limited to the total amount of the cash transfer allocated by the government. A static CGE model seems suitable in this study as econometric analysis is unsuitable for the simple reason that there is lack of time series data. The originality of this study lies in the use of the CGE model for assessing the outcomes of such cash transfer to low-income households in South Africa.</p> Jean Luc ERERO Copyright (c) 2024 http://creativecommons.org/licenses/by-nc/4.0 2024-05-31 2024-05-31 11 1-2 1 37 https://journals.econsciences.com/index.php/TER/article/view/2474 <p>Measures including travel restrictions, temporary suspension of service sector activities and confinement at home have brought interaction between individuals and countries to almost a halt. Due to the sudden supply and demand shocks on the economy due to the implemented measures, the economic recession process has begun in the countries. The disruptions caused by the epidemic in real and financial markets have plunged countries into a large-scale and unprecedented economic crisis. Countries that were simultaneously dragged into crisis resorted to monetary policy and fiscal policy tools to combat the crisis. Support packages have been announced in Turkey, as in the world, in order to eliminate the negative conditions of the epidemic. When looking at the macroeconomic indicators before and during the epidemic, it is possible to see the damage caused by the epidemic to the country's economies. In this study, the outlook of the country's economy during the crisis and the policies implemented towards the crisis are examined.</p> Bircan DOĞAN KARAPINAR Copyright (c) 2024 http://creativecommons.org/licenses/by-nc/4.0 2024-05-31 2024-05-31 11 1-2 57 70 https://journals.econsciences.com/index.php/TER/article/view/2475 <p>Front Matter</p> EconSciences Contact Copyright (c) 2024 http://creativecommons.org/licenses/by-nc/4.0 2024-05-31 2024-05-31 11 1-2 i iv