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Public policy and private investment in Turkey

  • Chhibber, Ajay
  • van Wijnbergen, Sweder

Developing countries trying to emerge from recessionary spirals must recognize the importance of public/private interactions in designing growth oriented adjustment programs. They must appreciate the complex impact of fiscal policy on the economy. Turkey is an interesting country for studying how public policy can stimulate private investment. The reason, is that unlike other high debt countries, Turkey has managed to increase the rate of investment in recent years despite external constraints and high real interest rates. Turkey's strategy nevertheless has limits. The surges in public investment in 1986 and 1987 have since hurt macro stability. Private investment has tilted toward such non-tradables as housing - partly as a result of special credit schemes directed at mass housing and partly because housing investment is an attractive investment against inflation. Unless corrected, this shift could hurt future export prospects.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 120.

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Date of creation: 31 Oct 1988
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Handle: RePEc:wbk:wbrwps:120
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  1. van Wijnbergen, Sweder, 1989. "External Debt, Inflation, and the Public Sector: Toward Fiscal Policy for Sustainable Growth," World Bank Economic Review, World Bank Group, vol. 3(3), pages 297-320, September.
  2. Elliott, J W, 1973. "Theories of Corporate Investment Behavior Revisited," American Economic Review, American Economic Association, vol. 63(1), pages 195-207, March.
  3. Eisner, Robert, 1972. "Components of Capital Expenditures: Replacement and Modernization Versus Expansion," The Review of Economics and Statistics, MIT Press, vol. 54(3), pages 297-305, August.
  4. Eisner, Robert, 1970. "Tax Policy and Investment Behavior: Further Comment," American Economic Review, American Economic Association, vol. 60(4), pages 746-52, September.
  5. Chhibber, Ajay & Khalilzadeh-Shirazi, Javad, 1988. "Public finance in adjustment programs," Policy Research Working Paper Series 128, The World Bank.
  6. Jorgenson, Dale W, 1971. "Econometric Studies of Investment Behavior: A Survey," Journal of Economic Literature, American Economic Association, vol. 9(4), pages 1111-47, December.
  7. van Wijnbergen, S., 1982. "Stagflationary effects of monetary stabilization policies : A quantitative analysis of South Korea," Journal of Development Economics, Elsevier, vol. 10(2), pages 133-169, April.
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