1 This paper is one of the products of my one-year research stay under supervision of Prof. J. Backhaus in University of Erfurt which is supported by the Scientific and Technological Research Council of Turkey (TUBITAK) and presented at the EconWorld Congress in Prague on 3-5 September 2014. I especially thank my colleagues Taner Akpınar for his comments and Fuat Özdinç for sharing his library when needed.