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The Impact of Structural Reforms on Economic Growth in Turkey: Evidence from Linear and Nonlinear ARDL Modeling

Author

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  • …mer Yal inkaya
  • Muhammet Dastan
  • Kerem Karabulut

Abstract

This paper investigates the relationship between structural reforms and economic growth in Turkey during the 1990-2019 period. Employing a novel database (the MONA database), it constructs structural reform indexes for the fiscal, financial, real, and trade sectors with two different approaches (z-score and min-max). The study uses both the linear ARDL and nonlinear ARDL (NARDL) models to provide additional robust evidence of the response of economic growth to structural reforms. The findings indicate that financial, fiscal, real, and total structural reforms have positive and statistically significant effects on economic growth in Turkey, although the growth potential of trade structural reforms seems not to have been realized.

Suggested Citation

  • …mer Yal inkaya & Muhammet Dastan & Kerem Karabulut, 2021. "The Impact of Structural Reforms on Economic Growth in Turkey: Evidence from Linear and Nonlinear ARDL Modeling," Estudios de Economia, University of Chile, Department of Economics, vol. 48(1 Year 20), pages 59-87, June.
    • Handle: RePEc:udc:esteco:v:48:y:2021:i:1:p:59-87
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    File URL: https://estudiosdeeconomia.uchile.cl/index.php/EDE/article/view/63750/67084
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    More about this item

    Keywords

    Structural Reforms; Economic Growth; ARDL Model; Turkish Economy.;
    All these keywords.

    JEL classification:

    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes

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