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This paper aims to offer an extensive empirical case study analysis by investigating housing affordability in Turkey as a whole, and in Istanbul, Ankara and Izmir over the period of 2006 and 2017 and its sub-periods.

This paper develops a theoretically informed model to assess affordability using complementary methodologies in quantitative analysis. This study seeks to help outline the nature of the problem in aggregate level and in the cities; it also seeks to offer lessons about how to address measurement and modelling challenges in emergent market contexts by constructing aggregate-/city-level housing cost-to-income (HCI) ratio, adjusted HCI (AHCI) ratio, housing affordability index (HAI) and effective HAI sensitive to multiple calculation methodologies and alternative data set involving income distribution and poverty tranches.

HCI, AHCI, HAI and EHAI models generally suggest the parallel results: housing is not affordable in Turkey and in Istanbul, Ankara and Izmir except for the highest income groups. The evidence implies that besides macroeconomic instabilities, distorted interest rates and short average mortgage maturity, poverty and unequal income/wealth distributions are the main reasons of the Turkish housing affordability crisis specifically heightened in metropolitan areas such as in Istanbul.

The evidence provides an insight on housing affordability problems in Turkey. However, small sample size and short observation period create a limit for generalisation of the findings. Further analysis would be required to illustrate how housing affordability changes in different cities of Turkey in a longer period.

By using empirical approaches, this paper helps to understand how serious housing affordability problems of Turkey in aggregate and urban levels. This evidence helps to explain declining ownership ratio in low-income groups and in urban areas. Reliable explanations on existing housing crisis of Turkey also help to develop affordable housing policies.

Declining housing affordability and homeownership ratio may translate as the rising housing inequality and insecurity among Turkish households. Moreover, better affordability values of higher income groups suggest that existing inequality, economic/social segmentation, and hence social tension between high and low income groups, may further increase. In this respect, the authors suggest socially important policies such as reducing income/wealth inequalities and increasing affordable housing supply.

This study offers a detailed empirical case study analysis that can be used as an exemplar of how to overcome data constraints in other evolving housing market contexts. This study sets out an approach overcoming the challenges of measurement. This study also combines existing methodological approaches with the modified variables to provide a more realistic aggregate-/urban-level housing affordability picture. The authors calculated some parts of housing affordability ratio and index series using discretionary income, minimum wage and effective minimum wage to show the variations of different measurement approaches. Some constructed series are also sensitive to income distribution and poverty thresholds. Collectively, this empirical approach, developed by using emerging market data, provides a contribution to the literature.

Looks at the role of the minimum in wage setting and how it differs among countries and over time. Discusses the differing attributes of minimum wages and their pluses and minuses.

Agricultural risks will tend to increase in the future, but risk management instruments and techniques at the disposal of wine companies are relatively limited. This paper aims to present an original risk protection mechanism implemented by the federation of Côte du Rhône (Inter‐Rhône) wine producers to build up a wine stock, or “reserve”, so as to protect their incomes against fluctuation in prices and production.

Using the VaR (value‐at‐risk) methodology, the stock level that will protect producers against a fall in their incomes is determined. More specifically, the probability that a given producer's current income falls lower than a target minimum income must be inferior or equal to a given (small) wine stock level. An agricultural income depends on price and production, so the reserve amount is expressed according to price and production quantity risk (measured by standard deviation), and the correlation between the two. The wine stock reserve is compared with a reserve invested in financial assets.

A static comparative analysis is made using simulations of the two types of reserves (wine stock and financial assets) according to the various explanatory variables. Empirical study makes it possible to calculate reserve amounts for each category of wine managed by Inter‐Rhône. The study reveals a strong disparity in the amount of reserves of each wine.

The reserve system is considered by some to give to the producer federation the power to control supply below the equilibrium level in order to receive monopoly rents. To avoid this occurring the constitution of a mutual fund is recommended. This solution allows producers to profit from diversification gains and greater managerial flexibility.

Poverty dynamics and the ability of the Italian welfare system to reduce poverty are investigated by using the 1991‐1995 panel of the Bank of Italy’s Survey of Household Income and Wealth. Households most exposed to poverty live in the South, have a larger size, a young or female head, with a low educational level or a discontinuous work profile. The dynamic and static effectiveness (in terms of poverty reduction) of social transfers is analysed, as well as the factors affecting exclusion from the safety net. A closer look is taken at the effects of a minimum income guarantee in the experimental phase in Italy.

The purpose of this paper is to calculate the subjective equivalence scale and poverty rates for Poland and compare them to equivalence scales in Eastern and Western Europe.

The analysis is based on European Union Statistics on Income and Living Conditions data for 2005-2012. In particular, the authors capture the minimum needs income question and, knowing the minimum needs income of each individual’s observation, apply OLS regression controlling for income and household structure to estimate the poverty threshold, equivalence scales and poverty.

The subjective equivalence scales for the Euro Zone are constant for the period 2004-2012 and less stable for the CEE countries. The child cost in relation to the cost brought by an additional adult is higher in the CEE countries than in the Euro Zone countries. The subjective poverty rates are lower than the OECD rates. The only exceptions are Latvia, Estonia and Bulgaria.

The authors extend the analysis made by Bishop et al. (2014) by adding data for the years after 2007 and countries outside the Euro Zone.

The purpose of this paper is to compare relative levels of rental affordability across the English housing association sector.

A total of two methods, rent‐to‐income ratio and residual income standards (poverty‐line and budget standard), are used to maximise their strengths and complement their weaknesses in measuring rental affordability.

The rent‐to‐income ratio analysis identified that housing association rents were generally affordable. However, the residual income analyses using two different minimum acceptable standards suggested some scepticism in this regard. In particular, both analyses confirmed the affordability problem in London where nearly half of existing housing association tenants had disposable household incomes that were well below the poverty‐line as well as the largest rent‐to‐income ratio. Both analyses also confirmed that lone parents were more likely than average households to have an affordability problem.

The main limitations of this study are the small sample size of existing housing association tenants and different definitions of incomes, and subsequently different residual income measures for existing and new tenants. However, this study demonstrates that when examining the affordability of housing for the poorest households, multiple overlapping measures of affordability are likely to be more reliable than any single measure.

The paper is an empirical attempt to use a combination of two affordability measures to examine the affordability problem of social tenants in the English housing association sector. It is also unusual in the scientific literature to use different data sources to obtain household incomes for different types of housing association tenants.

The paper seeks to analyse the impact of different public policies on inequality, unemployment, growth and the tax burden.

A dynamic general equilibrium model is built, in which growth is driven by endogenous technical progress, to analyse the impacts of several policies (minimum wage, redistribution and R&D subsidies financed by an income tax).

All policies except pure redistribution are better than non‐intervention in terms of growth. The authors distinguish three major policy patterns. The Anglo‐Saxon model is characterised by high growth, high inequality, low unemployment and a low tax burden. The Nordic model combines high growth, low inequality and low unemployment, and a high tax burden. The Continental European model puts together medium inequality and a medium tax burden, and higher long‐term growth is paid for by high unemployment.

The model could be extended by the introduction of educational policy.

The paper distinguishes three configurations that capture the main features of the developments in Anglo‐Saxon countries, Scandinavian countries, and Continental European countries in the 1990s. It thereby provides a general framework to analyse and compare these experiences.

The purpose of this paper is to investigate the role played by the geographic distance between the poor and non‐poor in the local demand for income redistribution and, in particular, to provide an empirical test of the geographically limited altruism model proposed by Pauly, incorporating the possibility of participation costs associated with the provision of transfers.

First, the authors motivate the discussion by allowing for an “iceberg cost” as participation for the poor individuals in Pauly's original model. Next, using data from the 2000 Brazilian Census and a panel based on the National Household Sample Survey (PNAD) from 2001 to 2007, the authors estimate the effect of the proximity between poor and non‐poor on the demand for redistribution.

All of the authors' distance‐related explanatory variables indicate that an increased proximity between poor and non‐poor is associated with better targeting of the programs (demand for redistribution). For instance, a one‐hour increase in the time spent commuting by the poor reduces the targeting by 3.158 percentage points. This result is similar to that of Ashworth et al., but is definitely not due to the program leakages. To empirically disentangle participation costs and spatially restricted altruism effects, an additional test is conducted using unique panel data based on the 2004 and 2006 PNAD, which assess the number of benefits and the average benefit value received by beneficiaries. The estimates suggest that both cost and altruism play important roles in the demand for redistribution and might reduce targeting in Brazil. Lastly, the results indicate that “size matters”; i.e. the budget for redistribution has a positive impact on targeting.

Our results suggest that a totally centralized supply of transfers may be more inefficient than local redistribution in terms of targeting, either due to higher participation costs or because of the eventual greater geographical distance between the national median voter and poor individuals. However, a partial role for the federal government, such as providing funds for redistribution, seems to improve targeting.

In particular, the paper provides an empirical test for the geographically limited altruism model proposed by Pauly, incorporating the possibility of participation costs associated with the provision of transfers. The authors motivate this discussion by adding the possibility of distance‐related “iceberg costs” of delivering benefits to poor individuals and show that these two effects of distance may act to lower the demand for transfers, making it difficult to distinguish between the two effects. These two effects of distance act by lowering the demand for transfers, making it difficult to disentangle the effect of altruism from the effect of cost. The authors' empirical strategy seems to allow to identify each of them and to provide a suggestion on whether it is advantageous to carry out redistribution at the local level.

The trust in participation banks depends largely on authentic dependence on Sharia, legal financial instruments and fair yet transparent distribution among account owners and banks. Taking into account the economic Islamic principles and those of mudarabah agreement, this study aims to identify problematic areas pertaining to profit sharing in addition to revealing opportunities leading to the improvement of the profit distribution system while developing a new profit distribution system proposal.

This study proposes two hypotheses (H). H1: There are partial deviations between the profit considered to be legal according to the economic principles of Islam and the practice of participation banking. H2: There are partial deviations or loss of right in practice between the mudarabah contract concluded among owners of participation account and participation banks. In-depth interview technique and review of the literature including legislation were used to determine the parameters affecting the distributed profit. The collected data was tested through comparison with the theoretical framework of the mudarabah contract.

There are two separate fund pools used in participation banks, including equity and participation accounts. Managers’ selection of pools set according to their personal goals related to balance sheet profit management may cause profit to pass between participation accounts and equity. Many issues negatively affect the distributed profits. For example, incomes from funding commissions, reserve requirements and idle funds, although they originate from participation accounts, are recorded in the bank’s income. In addition, the bank does not return the profit initially recorded in its own account to participation pools, whether or not profit.

The interviewed officials were cautious to avoid a negative perception of the sector. This made it difficult to determine the real situation of applications decided with initiative in profit distribution. Although the authorization documents have partially been published, it is still difficult to access most licensed documents. There is no independent audit report made considering the interest-free banking principles regarding the profit distribution system of participation banking. The scarcity of the literature on the subject is another limitation. The research does not cause any harm to the reputation of participation banks.

Adopting a single-pool system in line with the global practices will end the shift of right between pools while ensuring a fair and transparent system. In this system, the bank equities, other shareholders’ funds and participation accounts are collected and operated in a single pool. The pool profit and loss are distributed as per the shares in the pool. The profit per each participation account is distributed based on the share of each participation account in the pool and profit-sharing ratio.

Participation banking is expected to support the real economy by means of production, leasing, merchandising based on certain religious, ethical and contractual principles. Bringing funds of conservatives, that does not go to conventional banks for avoiding of interest, in the economy is expected to provide new sources to reduce the foreign dependency for the economy and to supply a financial alternative for the conservatives who stay away from interest-based economic activities. However, if this will represent an alternative to debt-based systems, then products, contracts, business processes and legislations driven according to interest-free banking principles should be developed.

This study introduces and analyzes a new proposal of the profit distribution system of participation banking. A similar methodology is used in interest-free banking on a global scale, especially in Malaysia, and is compatible with the profit distribution decisions in AAOIFI’s depositor accounts. However, this methodology is considered to be new as far as participation banking is concerned. The implementation of this new methodology will eliminate several problems identified in the profit distribution system of participation banks. This research provides an academic contribution to the participation banking profit distribution system and represents a reference material on the subject.

The credit card market is very large and segmented by targeting different types of consumers. One type of credit card is one that specifically targets people in the education sector, for instance, students, teachers and other staff members. This study aims to compare the features of education and other credit cards in Malaysia.

The study analyzes data concerning 234 credit cards by using descriptive statistics and a one-way analysis of variance test.

Out of 234 credit cards, this study found only two credit cards especially target education sector customers. The study evaluated 13 features of these credit cards and found that only 2 features are statistically significantly different from other conventional credit cards in Malaysia. These features are interest rate and cash withdrawal charge fees.

This is an original study based on the compilation of data from secondary sources. The findings will provide valuable insights to financial regulatory policymakers, academics and business managers.