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Recalculation of Manufacturing Industry Production Function with Trade Openness and Human Capital: Multi-Dimensional Panel Data Application

Author

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  • Ergün Aktürk

    (Atatürk Üniversitesi)

  • Yusuf Akan

    (Atatürk Üniversitesi)

  • Sena Gültekin

    (Atatürk Üniversitesi)

Abstract

The manufacturing industry plays a key role in ensuring long-term and sustainable economic development. Although the impact of the service and information technology sectors on economic growth has increased recently, reindustrialization trends have appeared especially in developing and underdeveloped countries. Studies on the manufacturing industry have started to gain importance again within the scope of reindustrialization. In this context, the production functions of the manufacturing industry started to be recalculated and the factors affecting the manufacturing industry became the field of study again. In particular, global trade has become one of the dominant issues in terms of the manufacturing industry. This study aims to calculate the manufacturing industry production function of 40 countries for the period of 2000-2014. While making this calculation, it is aimed to see the effect of trade openness and human capital on manufacturing industry production. For this purpose, multidimensional panel data analysis was used and the Cobb-Douglas production function was calculated. As a result of the analysis, it has been found that labor, exchange rate, trade openness, and human capital have a positive effect on manufacturing industry production.

Suggested Citation

  • Ergün Aktürk & Yusuf Akan & Sena Gültekin, 2023. "Recalculation of Manufacturing Industry Production Function with Trade Openness and Human Capital: Multi-Dimensional Panel Data Application," Istanbul Business Research, Istanbul University Business School, vol. 52(2), pages 437-459, August.
    • Handle: RePEc:ist:ibsibr:v:52:y:2023:i:2:p:437-459
    DOI: 10.26650/ibr.2023.52.1120652
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    1. Richard E. Baldwin & Philippe Martin & Gianmarco I. P. Ottaviano, 2021. "Global Income Divergence, Trade, and Industrialization: The Geography of Growth Take-Offs," World Scientific Book Chapters, in: Firms and Workers in a Globalized World Larger Markets, Tougher Competition, chapter 2, pages 25-57, World Scientific Publishing Co. Pte. Ltd..
    2. Yixiao Zhou, 2018. "Human capital, institutional quality and industrial upgrading: global insights from industrial data," Economic Change and Restructuring, Springer, vol. 51(1), pages 1-27, February.
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