The role of macroeconomic instability in public and private capital accumulation and growth: the case of Turkey 1963-1999

Download

index.pdf

Date

2005-02-10

Author

Ismihan, M
Metin-Ozcan, K
Tansel, Aysıt

Metadata

Show full item record

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

Item Usage Stats

210
views

101
downloads

This study investigates the empirical relationship(s) between macroeconomic instability, public and private capital accumulation and growth in Turkey over the period 1963-1999. Time series econometric techniques. such as cointegration and impulse response analysis, are used. The results of this paper suggest that the chronic and increasing macroeconomic instability of the Turkish economy has seriously affected her capital formation and growth. Furthermore, the Turkish experience indicates that chronic macroeconomic instability seems to be a serious impediment to public investment, especially to its infrastructural component, and shatters, or even reverses. the cornplementarity between public and private investment in the long run.

Subject Keywords

Economics and Econometrics

URI

https://hdl.handle.net/11511/62782

Journal

APPLIED ECONOMICS

DOI

https://doi.org/10.1080/0003684042000286115

Collections

Department of Economics, Article

Suggestions

OpenMETU
Core

The Granger-causality between health care expenditure and output: a panel data approach Erdil, Erkan (Informa UK Limited, 2009-01-01) This study investigates the Granger-causality relationship between real per capita GDP and real per capita health care expenditure by employing a large macro panel data set with a VAR representation. The findings verify that the dominant type of Granger-causality is bidirectional. In instances that we found one-way causality, the pattern is not homogenous: Our analyses show that one-way causality generally runs from income to health in low- and middle-income countries whereas the reverse holds for high-inco...
Testing the quantity theory of money in Greece Ozmen, E (Informa UK Limited, 2003-12-15) This paper investigates whether the Greek data actually support the monetarist hypotheses as argued by Karfakis. The results based on both ARDL and Johansen procedures consistently suggest that money and nominal income (prices) are endogenous for the parameters of the long-run evolution of velocity (real money balances). Thus, the basic postulation of monetarism, the exogeneity of money, appears not to be supported by the Greek data.
The twin deficits hypothesis : an empirical investigation Yanık, Yeliz; Özmen, Erdal; Department of Economics (2006) This study investigates the validity of the twin deficits hypothesis for the Turkish quarterly data over the 1988:1-2005:2 periods. To this end, we consider a VAR variable space containing budget deficits, current account deficits, real output, real interest rates and real exchange rates and employ cointegration, equilibrium/error correction mechanism techniques along with Granger-non-causality tests and impulse response analyses. The empirical results from decompositions of the budget and current account d...
The causal relationship between energy consumption and economic growth Çevirgen, Banu; Erdil, Erkan; Department of Economics (2008) The causal relationship between energy consumption and economic growth has been a controversial subject of the empirical literature. However, there is no common consensus neither on the existence nor on the direction of the causal relationship between energy consumption and economic growth. The purpose of this study is to investigate the causal relationship between energy consumption and economic growth using a consistent data set. Recently developed Granger causality tests in panel data models are used to ...
Revisiting the fisher effect for developed and developing countries : a bounds test approach Bacı, Duygu; Akbostancı Özkazanç, Elif; Department of Economics (2007) This study investigates the Fisher Effect for a sample of ten developed countries and ten developing countries. The study examines whether the nominal interest rate adjusts to the expected inflation rate in the long run. The distinction between the developed countries and developing countries also enables to identify special conditions under which Fisher Effect is more likely to hold. To analyze the long run relationship between the nominal interest rate and expected inflation rate, Bounds test approach of ...

Citation Formats

M. Ismihan, K. Metin-Ozcan, and A. Tansel, “The role of macroeconomic instability in public and private capital accumulation and growth: the case of Turkey 1963-1999,” APPLIED ECONOMICS, pp. 239–251, 2005, Accessed: 00, 2020. [Online]. Available: https://hdl.handle.net/11511/62782.