In this study the stationarity of monthly real exchange rate data for the "fragile five" countries which are among the emerging market economies, is analyzed for the period of 2003:01-2015:10, using traditional unit root tests and unit root tests with structural breaks. According to the results of traditional Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root test results, it has been determined that the real exchange rate series of the fragile five countries had a unit root and therefore the Purchasing Power Parity (PPP) hypothesis does not hold true in these countries. The results of a Zivot-Andrews unit root test, which allows for a single structural break, show that real exchange rate series were stationary for Brazil and India, and hence the PPP hypothesis is valid in these countries. According to the results of a Lee-Strazicich unit root test, which allows for two structural breaks, it has been concluded that the hypothesis is valid only for India. Likewise, using the Carrion-i-Silvestre (CS) unit root test, which allows for five structural breaks in the time series, it has been determined that only South Africa's and India's real exchange rate series are not stationary, and therefore the PPP hypothesis is not valid for these countries. In line with the results of the CS unit root test it can be claimed that, due to the fact that South African and Indian central banks are not under the pressure of establishing exchange rate stability, they have the possibility of implementing an independent monetary policy.

In the study, it is aimed to the analyse the relationship between unemployment and macroeconomic indicators that are proceed increase/decrease unemployment in Turkey. For this purpose, using quarterly data for the period 2000:Q1-2013:Q4, the relationships between rate of inflation, economic growth, foreign direct investments, real effective exchange rates and the unemployment ratio have been analyzed using the vector autoregressive (VAR) technique. According to the results of causality test, it is indicated that there is one-way causality relationship between only growth and unemployment rate. This result is also supported by impulse-response and variance decomposition analyses.

Johansen testi sonucunda seriler arasında bir tane eşbütünleşme ilişkisi olduğu belirlenirken, Maki testi sonucunda seriler arasında uzun dönemli ilişki olmadığı gözlenmiştir. Bu son bulgu, finansal olan (döviz/mevduat) ve finansal olmayan (altın/konut) sektörlerin hisse senedi piyasasının tamamlayıcısı/rekabetçisi olmayabileceğine ve kendine özgü dinamiklerinin/yatırımcı profilinin bulunabileceğine, ayrıca Türkiye'de hisse senedi piyasalarının geliştirilmesine yönelik politikaların ve borsanın büyümeye katkısının önemli yapısal kısıtlarının olabileceğine işaret etmektedir.

In this study, the macroeconomic and value-added production performances of Azerbaijan, Kazakhstan, Turkmenistan, Uzbekistan, and Turkey between 2008 and 2016 are analyzed with DEMATEL and COPRAS methods. The results show that Turkey and Turkmenistan displayed the best macroeconomic and worst value-added production performances, however, Kazakhstan, Uzbekistan, and Azerbaijan are ranked below Turkey and Turkmenistan in terms of macroeconomic performances although they show much better value-added production performances than these two countries. This indicates that Kazakhstan, Uzbekistan, and Azerbaijan cannot utilize their income efficiently, while Turkey and Turkmenistan better utilize their income that they generate through nonproduction fields of activity.