Dynamics of macroeconomic adjustment in a globalized developing economy: Growth, accumulation and distribution, Turkey 1969-1999

Download

index.pdf

Date

2001-01-01

Author

Metin-Ozcan, K
Voyvoda, E
Voyvoda, Ebru

Metadata

Show full item record

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Item Usage Stats

193
views

0
downloads

Our purpose in this paper is to establish stylized facts of the Turkish macroeconomic adjustments using data from 1969 to 1999 We adopt a traditional a priori definition of business cycles as cyclical co-movements of economic variables such as public, private and construction investments, trade balance, labour productivity, wages and fiscal accounts with the cyclical component of real GDP. We also incorporate in our analysis an investigation of the cyclical components of exchange rates, interest rates, price inflation, and the monetary aggregates. Our quantitative findings reveal a robust and significant positive relationship between public and private investments and real GDP growth, suggesting the presence of "crowding in" effects of public investment. Trend growth of manufacturing wages and average labour productivity are loosely associated over the whole period, and the rapid gains in productivity in the post-1980 reform era are not observed to be materialized as gains in remunerations of wage labour We also find a significant negative correlation of manufacturing wages with merchandise exports and the exchange rate; and document further evidence of the strong negative correlation between variations in consumer prices and production.

Subject Keywords

Business cycles, Transitory components, Stylized facts, Time-series, Liberalization, Permanent

URI

https://hdl.handle.net/11511/33284

Journal

REVUE CANADIENNE D ETUDES DU DEVELOPPEMENT-CANADIAN JOURNAL OF DEVELOPMENT STUDIES

DOI

https://doi.org/10.1080/02255189.2001.9668808

Collections

Department of Economics, Article

Suggestions

OpenMETU
Core

The Relationship between unemployment rate and growth: time series approach for Turkey Akpiliç, Ferdi; Yozgatlıgil, Ceylan; Department of Statistics (2016) This study analyzes the relationship of economic growth and unemployment by using quarterly data for the period 2005:Q1-2016:Q1 for Turkish Economy. Three different versions of Okun’s law which are difference, gap and dynamic versions are investigated in the study. According to results, it is found that Okun’s Law is valid for Turkey. In addition, productivity variable is added to dynamic models to test effect of productivity on unemployment rate and models results reveal positive relationship between produ...
Role of investment shocks in explaining business cycles in Turkey Yüksel, Canan; Voyvoda, Ebru; Department of Economics (2012) This thesis aims to understand the sources of business cycles observed in Turkish economy. In particular the thesis investigates the role of investment shocks in explaining fluctuations in output. For this purpose a small open economy DSGE model is estimated on Turkish data for 2002-2011 period by Bayesian methods. Variance decomposition analysis shows that permanent technology shock is the key driving force of business cycles in Turkish economy and the role of investment shock is less spelled.
Mechanisms of uneven and combined development: a critical realist approach to the socio-political transformation in Syria and Libya Mengüaslan, Hikmet; Yalvaç, Faruk; Department of International Relations (2020) This thesis discusses the phenomenon of development in the context of the mechanisms of Uneven and Combined Development (U&CD) entailed in the development of world economy. It employs the concept of U&CD instead of development, and brings in the concept of “emergentist development”. It utilizes a historical materialist and Critical Realist (CR) methodology in explaining the mechanisms of U&CD. Accordingly, it scrutinizes the Eurocentric and modernist conceptualizations of development. It argues that the Eur...
Dynamics of sticky information and sticky price models in a New Keynesian DSGE framework Arslan, M. Murat (Elsevier BV, 2008-11-01) Recent literature on monetary policy analysis extensively uses the sticky price model of price adjustment in a New Keynesian Macroeconomic framework. This price setting model, however. has been criticized for producing implausible results regarding inflation and output dynamics. This paper examines and compares dynamic responses of the sticky price and sticky information models to a cost-push shock in a New Keynesian DSGE framework. It finds that the sticky information model produces more reasonable dynamic...
The dynamics of firms in a micro-to-macro model: The role of training, learning and innovation Ballot, G; Taymaz, Erol (Springer Science and Business Media LLC, 1997-12-01) We analyze the co-evolution of the performances of firms and of the economy in an evolutionary micro-to-macro model of the Swedish economy. The model emphasizes the interactions between human capital (or competences) and technological change at the firm level and their effects;on aggregate growth, taking into account the micro-macro feedbacks. The model features learning-by-doing, incremental and radical innovations, user-producer learning at the firm level, and a change in the techno-economic paradigm. We ...

Citation Formats

K. Metin-Ozcan, E. Voyvoda, and E. Voyvoda, “Dynamics of macroeconomic adjustment in a globalized developing economy: Growth, accumulation and distribution, Turkey 1969-1999,” REVUE CANADIENNE D ETUDES DU DEVELOPPEMENT-CANADIAN JOURNAL OF DEVELOPMENT STUDIES, pp. 219–253, 2001, Accessed: 00, 2020. [Online]. Available: https://hdl.handle.net/11511/33284.