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The Empirical Analysis of Budget Revenues and Expenditures in Turkey

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  • Sevda AKAR

Abstract

This study aims to investigate the relationship between budget revenues and expenditures in Turkey. The annualy data used in the study covers the period from 1950 to 2012. First, the stationarity of the variables is tested with standart unit root tests and unit root tests allowing structural breaks by following Payne et al. (2008) and Paleologou (2013). After that, the analysis continues with Gregory and Hansen (1996)’s cointegration test and Enders and Siklos (2001)’s TAR and MTAR models. The empirical results of the study show that budget deficit is weakly sustainable in investigated period. Furthermore, it is determined that budget revenues and expenditures are significantly related in the long run and convergence process to wards long run equilibrium is symmetric. Empirical results also points bi-directional causality between the variables in the short run

Suggested Citation

  • Sevda AKAR, 2014. "The Empirical Analysis of Budget Revenues and Expenditures in Turkey," Journal of BRSA Banking and Financial Markets, Banking Regulation and Supervision Agency, vol. 8(1), pages 141-159.
    • Handle: RePEc:bdd:journl:v:8:y:2014:i:1:p:141-159
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    Keywords

    Budget Deficit; Sustainability; Cointegration; TAR; MTAR;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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