The present paper focuses on the role of the Ottomans and Dutch in the early commercial integration between the Levant and Atlantic in the seventeenth century. As an expanding trading nation in the world economy, the Dutch Republic played an important role in the commercial integration between the provinces of the Ottoman Empire and Western Europe. The growth of Ottoman-Dutch economic relations in the seventeenth century followed the growth of economic relations between the provinces of the Empire and Western Europe.Therefore, the two world economic systems, the Ottoman and Western European economy increasingly opened to each other. Le présent article examine les rôles respectifs des Ottomans et des Néerlandais dans le début de l'intégration commerciale entre le Levant et l'Océan Atlantique au XVIIème siècle. Nation commerciale en expansion dans l'économie mondiale, la République hollandaise a joué un rôle important dans l'intégration commerciale des provinces de l'Empire Ottoman à l'Europe Occidentale dans la même période. La croissance des relations économiques entre le monde ottoman et la Hollande au XVIIème siècle a suivi la progression des échanges entre l'Empire et l'Europe occidentale. En conséquence, les deux systèmes économiques du monde se sont de plus en plus ouverts l'un à l'autre.

Only unstructured single-path model selection techniques, i.e., Information Criteria, are used by Bounds test of cointegration for model selection. The aim of this paper was twofold; one was to evaluate the performance of these five routinely used information criteria {Akaike Information Criterion (AIC), Akaike Information Criterion Corrected (AICC), Schwarz/Bayesian Information Criterion (SIC/BIC), Schwarz/Bayesian Information Criterion Corrected (SICC/BICC), and Hannan and Quinn Information Criterion (HQC)} and three structured approaches (Forward Selection, Backward Elimination, and Stepwise) by assessing their size and power properties at different sample sizes based on Monte Carlo simulations, and second was the assessment of the same based on real economic data. The second aim was achieved by the evaluation of the long-run relationship between three pairs of macroeconomic variables, i.e., Energy Consumption and GDP, Oil Price and GDP, and Broad Money and GDP for BRICS (Brazil, Russia, India, China and South Africa) countries using Bounds cointegration test. It was found that information criteria and structured procedures have the same powers for a sample size of 50 or greater. However, BICC and Stepwise are better at small sample sizes. In the light of simulation and real data results, a modified Bounds test with Stepwise model selection procedure may be used as it is strongly theoretically supported and avoids noise in the model selection process.

Purpose: The purpose of this paper is to examine the factors that influence farmers' preference for the use of Islamic banks in Turkey and to investigate their knowledge level and perception about Islamic finance.Design/methodology/approach: Survey data used in this study is obtained by drawing a sample of 1902 farmers who are members of the Agricultural Credit Cooperatives Union (ACCU) from 37 provinces of Turkey. Pearson's Chi-square test is used to analyze the association between the demographic features of farmers, conventional bank usage and Islamic bank usage. Binary logistic regression model is used to estimate the factors influencing the preference for Islamic banks. Explanatory variables include knowledge on Islamic banking and finance, perception of compliance to religion, saving ability and cost concern along with the control variables of Islamic bank branch number in the region and age of respondent. Robustness check is conducted via alternative models using ordinary least squares (OLS) and logistic regression.Findings: Less than 10% of the participant farmers use Islamic banks and 59% declare they know nothing about Islamic banking. Age, education level, income level, nonagricultural income level, saving ability, duration of working in agriculture, land size and region are significantly related to farmers' preference of using Islamic banks. Knowledge level, perception of religious compliance, saving ability and cost concern are statistically significant factors that influence the probability of using Islamic banks.Research limitations/implications: This study does not include the analysis of the relationship between being religious and using Islamic banks because questions related to the assessment of religious practice were excluded due to the ACCU's sensitivity to investigate personal beliefs. Therefore, future studies can expand the scope of this research by investigating religiousness. The sample is chosen from the ACCU members who are already benefiting from a formal source of credit; therefore, the results should not be attributed to all farmers.Practical implications: Islamic banks and microfinance institutions' further engagement in the agricultural sector and ACCU's implementation of Islamic finance instruments.Social implications: Islamic banks' further diversification in the agricultural sector and ACCU's implementation of Islamic finance instruments.Originality/value: To the best of the authors' knowledge, this paper is the first to investigate the farmers' perception and preference of Islamic banking in Turkey. The sample size of 1902 is much larger and geographically diversified compared to studies in agricultural finance. This study will be valuable for the agricultural finance empirical studies in Turkey as well as an important addition to the emerging literature on Islamic finance.

The purpose of this study is to present a new estimate on the GDP and per capita GDP levels of the Ottoman Empire between 1870 and 1913. Since the earlier estimates employ different methods, this study re-combines data series using reliable secondary sources while attempting to incorporate the distribution margins, includes industrial production excluded from the industrial census, and correcting missing information in certain agricultural productions. The inclusion of “Distribution Margins” (DMs) that adjust from producer to market prices reflects the price difference which entails diverse GDP and per capita GDP levels. The DMs are crucial, especially to incorporating costs of distributing industrial and agricultural products between the center and periphery. This research concludes that GDP and per capita GDP levels were higher than those made by earlier estimates. The method and findings of this study make contributions to the recent discussions on the economic performance of the Ottoman Empire, particularly for the period preceding the First World War. This study also suggests new research areas to further improve future studies on GDP and per capita GDP levels of the Ottoman Empire.

The prosperity, stability, and socio-economic balance observed throughout Ottoman history was largely sustained by several key institutions developed in accordance with emerging challenges of the time whilst functioning effectively. Both the Ottoman economic mindset and impact of those institutions on the socio-economic and financial development cannot be ignored. In addition to other significant economic, social and political institutions, the waqf (charitable endowments) played a crucial role in Ottoman society and contributed to the supply of primary social needs, whether related to education, finance, health, economy, infrastructure or social stability. This article seeks to explore the role of waqfs, especially cash waqfs throughout 15th-19th century Ottoman Europe. It concludes that the investment of those waqf-based charity institution in religious, educational, health, and socio-economic sectors allowed for invaluable contributions in social spheres and public welfare in addition to playing a crucial role in the economic and financial stability and sustainability of the Ottoman society over long periods of time. Keywords: Balkan, cash Waqf, development, endowment, Islamic finance, Ottoman civilization, Ottoman economy. Cite as: Bulut, M. (2020). Civilization, economy and waqf in Ottoman Europe. Journal of Nusantara Studies, 5(2), 48-67. http://dx.doi.org/10.24200/jonus.vol5iss2pp48-67