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Total factor productivity and macroeconomic instability

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Listed:
  • Hakan Berument
  • N. Nergiz Dincer
  • Zafer Mustafaoglu

Abstract

Total factor productivity (TFP) is an important component of growth for most countries. This article assesses the role of macroeconomic instability on TFP growth. We consider volatility in inflation, openness of an economy and financial market deepness as measures of macroeconomic instability. Empirical evidence provided from Turkey suggests that volatility of openness and financial market deepness reduce TFP growth, whereas volatility of inflation increases TFP growth.

Suggested Citation

  • Hakan Berument & N. Nergiz Dincer & Zafer Mustafaoglu, 2011. "Total factor productivity and macroeconomic instability," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 20(5), pages 605-629, September.
  • Handle: RePEc:taf:jitecd:v:20:y:2011:i:5:p:605-629
    DOI: 10.1080/09638190903365930
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