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

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Author Info
Mustafa Ismihan
Kivilcim Metin-Ozcan
Aysit Tansel

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Abstract

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 complementarity between public and private investment in the long run.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Applied Economics.

Volume (Year): 37 (2005)
Issue (Month): 2 (February)
Pages: 239-251
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Handle: RePEc:taf:applec:v:37:y:2005:i:2:p:239-251

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Persson, Torsten & Tabellini, Guido, 1997. "Political Economics and Macroeconomic Policy," CEPR Discussion Papers 1759, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Francisco José Veiga, 2000. "Delays of Inflation Stabilizations," Economics and Politics, Blackwell Publishing, vol. 12(3), pages 275-295, November. [Downloadable!] (restricted)
  3. Easterly, William & Rebelo, Sergio, 1993. "Fiscal policy and economic growth: An empirical investigation," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 417-458, December. [Downloadable!] (restricted)
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  4. Pesaran, M Hashem & Smith, Ron P, 1998. " Structural Analysis of Cointegrating VARs," Journal of Economic Surveys, Blackwell Publishing, vol. 12(5), pages 471-505, December. [Downloadable!] (restricted)
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  5. Alberto Alesina & Roberto Perotti & José Tavares, 1998. "The Political Economy of Fiscal Adjustments," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1998-1), pages 197-266. [Downloadable!]
  6. Katarina Juselius, 2001. "Unit Roots and the Demand for Cigarettes in Turkey: Pitfalls and Possibilities," Discussion Papers 01-02, University of Copenhagen. Department of Economics. [Downloadable!]
  7. Lutkepohl, Helmut & Reimers, Hans-Eggert, 1992. "Impulse response analysis of cointegrated systems," Journal of Economic Dynamics and Control, Elsevier, vol. 16(1), pages 53-78, January. [Downloadable!] (restricted)
  8. Jakob Haan & Jan Sturm & Bernd Sikken, 1996. "Government capital formation: Explaining the decline," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 132(1), pages 55-74, March. [Downloadable!] (restricted)
  9. Katarina Juselius & David F. Hendry, 2000. "Explaining Cointegration Analysis: Part II," Discussion Papers 00-20, University of Copenhagen. Department of Economics. [Downloadable!]
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  10. Koop, Gary & Pesaran, M. Hashem & Potter, Simon M., 1996. "Impulse response analysis in nonlinear multivariate models," Journal of Econometrics, Elsevier, vol. 74(1), pages 119-147, September. [Downloadable!] (restricted)
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Cited by:
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  1. Unal Zenginobuz & Sumru Altug, 2009. "What has been the Role of Investment in Turkey's Growth Performance?," Working Papers 2009/02, Bogazici University, Department of Economics. [Downloadable!]
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