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Financial determinants of private investment in Turkey An Euler Equation Approach to Time Series

Author

Listed:
  • Oner Guncavdi

    () (Istanbul. Technical University)

  • Michael Bleaney

    (University of Nottingham)

  • Andrew McKay

    (University of Bath)

Abstract

Este trabajo emplea un modelo dinamico de inversion derivado de maximizar el valor presente del flujo de efectivo intertemporal de una empresa representativa sujeta a imperfecciones de mercado, restricciones de prestamos de capital, y ajustes de costos de capital. El modelo es usado para probar el rol de las imperfecciones del mercado de capital antes y despues de la liberalizacion financiera llevada a cabo en Turquia. Los resultados demuestran el importante rol de restricciones crediticias en la determinacion del gasto en inversion privada y muestran que las reformas financieras de principios de la decada de 1980 no han relajado estas restricciones de manera significativa.

Suggested Citation

  • Oner Guncavdi & Michael Bleaney & Andrew McKay, 2006. "Financial determinants of private investment in Turkey An Euler Equation Approach to Time Series," EconoQuantum, Revista de Economia y Negocios, Universidad de Guadalajara, Centro Universitario de Ciencias Economico Administrativas, Departamento de Metodos Cuantitativos y Maestria en Economia., vol. 2(2), pages 71-88, Enero-Jun.
  • Handle: RePEc:qua:journl:v:2:y:2006:i:2:p:71-88
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    File URL: http://econoquantum.cucea.udg.mx/volumen_2_num_2/vol_2_no_2_art_4.pdf
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    References listed on IDEAS

    as
    1. Mustafa Ismihan & Kivilcim Metin-Ozcan & Aysit Tansel, 2005. "The role of macroeconomic instability in public and private capital accumulation and growth: the case of Turkey 1963-1999," Applied Economics, Taylor & Francis Journals, vol. 37(2), pages 239-251.
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    Cited by:

    1. Misati, Roseline Nyakerario & Nyamongo, Esman Morekwa, 2011. "Financial development and private investment in Sub-Saharan Africa," Journal of Economics and Business, Elsevier, vol. 63(2), pages 139-151, March.

    More about this item

    Keywords

    Euler Equation; Financial Liberalisation; Capital Markets; Investment; Turkey;

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F22 - International Economics - - International Factor Movements and International Business - - - International Migration
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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