Public and Private Investment in a Vector Error Correction Model: Empirical Evidence from Turkey
Yıl: 2005 Cilt: 23 Sayı: 1 Sayfa Aralığı: 17 - 27 Metin Dili: Türkçe İndeks Tarihi: 29-07-2022
Public and Private Investment in a Vector Error Correction Model: Empirical Evidence from Turkey
Öz: Bu çalışma, Türkiye’de, kamu ve özel sektör yatırımları arasındaki dinamik ilişkiyi incelemektedir. Bu amaçla, söz konusu değişkenler arası eşbütünleşme olduğundan, özel sektör yatırımları için bir vektör hata düzeltme modeli (VECM) uygulanmıştır. Kamu ve özel sektör yatırımları arasındaki ilişkiyi analiz etmek için, varyans ayrıştırması ve etki-tepki fonksiyonları VECM’den elde edilmiştir. Ampirik bulgular, Türkiye’de, reel gayri safi milli hasılanın özel sektör yatırımları üzerindeki hızlandıran etkisini ortaya çıkarırken, reel kamu yatırımlarının ise dışlayıcı etkisi olduğunu göstermektedir.
Anahtar Kelime: Konular:
Vektör Hata Düzeltme Modeli ile Kamu ve Özel Sektör Yatırımları: Türkiye Örneği
Öz: This study investigates the dynamic interaction between public and private investment in Turkey. To this end, because the variables in question are cointegrated, a vector error correction representation of private investment is employed. Variance decomposition and impulse responses are derived from the VECM to analyze the relationship between public and private investment. The empirical findings indicate that while real GDP has an accelerator impact, real public investment has a detrimental effect on the investment activities of private sector in Turkey.
Anahtar Kelime: Konular:
Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
- Aschauer, DA. (1985) "Fiscal Policy and Aggregate Demand", American Economic Review, 75, 117-128
- Aschauer, D.A. (1988) "The Equilibrium Approach to Fiscal Policy", Journal of Money, Credit, and Banking, 20, 41-62.
- Aschauer, D.A. (1989a) "Is Public Expenditure Productive?", Journal of Monetary Economics, 23, 177-200.
- Aschauer, D.A. (1989b) "Public Investment and Productivity Growth in the Group of Seven", Economic Perspectives, 13, 17-25.
- Barro, R.J. (1981) "Output Effects of Government Purchases", Journal of Political Economy, 89, 1086-1111.
- Barro, R.J. (1990) "Government Spending in a Simple Model of Endogenous Growth", Journal of Political Economy, 98, 103-125.
- Barth, J.R. and J. Cordes (1980) "Substitutability, Complementarity, and the Impact of Government Spending on Economic Activity", Journal of Economics and Business, 32, 235-242.
- Cashin, P. (1995) "Government Spending, Taxes, Economic Growth", IMF Staff Papers, 42, 237-269.
- Easterly, W. and S. Rebelo (1993) "Fiscal Policy and Economic Growth: An Empirical Investigation", Journal of Macroeconomics, 32, 417-458.
- Erenburg, S.J. (1993) "The Real Effects of Public Investment on Private Investment", Applied Economics, 25, 831-837.0
- Erenburg, S.J. and M. Wohar (1995) "Public and Private Investment: Are There Casual Linkages", Journal of Macroeconomics, 17, 1-30.
- Deno, K.T. (1988) "The Effect of Public Capital on US Manufacturing Activity: 1970 to 1978", Southern Economic Journal, 55, 400-411.
- Ghali, K.H. (1998) "Public Investment and Private Capital Formation in a Vector Error Correction Model of Growth", Applied Economics, 30, 837-844.
- Holtz-Eakin, D. (1994) "Public-Sector Capital and Productivity Puzzle", Review of Economics and Statistics, 76, 12-21.
- Johansen, S. (1988) "Statistical Analysis of Cointegration Vectors", Journal of Economic Dynamics and Control, 12, 231-254.
- Johansen, S. (1991) "Estimation and Hypothesis Testing of Cointegration Vectors in' Gaussian Vector Autoregressive Models", Econometrica, 59, 1551-1580.
- Johansen, S. (1992) "Determination of the Cointegrating Rank in the Presence of a Linear Trend", Oxford Bulletin of Economics and Statistics, 54, 383-397.
- Johansen, S. and K. Juselius (1990) "Maximum Likelihood Estimation and Inference on Cointegration with Applications to the Demand for Money", Bulletin of Economics and Statistics, 52, 169-210.
- Khan, M. and C.M. Reinhart (1990) "Private Investment and Economic Growth in Developing Countries", World Development, 18, 19-27.
- Khan, M. and M.S. Kumar (1997) "Public and Private Investment and the Growth Process in Developing Countries", Oxford Bulletin of Economics and Statistics, 59, 69-88.
- Kormendi, R.C. (1983) "Government Debt, Government Spending and Private Sector Behavior", American Economic Review, 73, 994-1010.
- Monadjemi, M.S. and H. Huh (1998) "Private and Government Investment: A Study of Three OECD Countries", International Economic Journal, 12 (2), 93-104.
- Munnell, A. H. (1990) "Why has Productivity Growth Declined? Productivity and Public Investment", New England Economic Review, 3-22.
- Odekokun, M.O. (1997) "Relative Effects of Public versus Private Investment Spending on Economic Efficiency and Growth in Developing Countries", Applied Economics, 29, 1325-1336.
- Orden, D. and L. Fisher (1993) "Financial Deregulation and the Dynamics of Money, Prices and Output in New Zealand and Australia", Journal of Money, Credit, and Banking, 25, 273-292.
- Ram, R. (1986) "Government Size and Economic Growth: A New Framework and Some Evidence from Cross-section and Time Series Data", The American Economic Review, 76, 191-203.
- Ramirez, M. D. (1994) "Public and Private Investment in Mexico, 1950-90: An Empirical Analysis", Southern Economic Journal, 61, 1-17.
- Ramirez, M.D. (2000) "The Impact of Public Investment on Private Investment Spending in Latin America: 1980-95", Atlantic Economic Journal, 28, 210-225.
- State Planning Organization (2004) Economic and Social Indicators: 1950-2003, Ankara: Turkey.
| APA | Erden L (2005). Public and Private Investment in a Vector Error Correction Model: Empirical Evidence from Turkey. , 17 - 27. |
| Chicago | Erden Lutfi Public and Private Investment in a Vector Error Correction Model: Empirical Evidence from Turkey. (2005): 17 - 27. |
| MLA | Erden Lutfi Public and Private Investment in a Vector Error Correction Model: Empirical Evidence from Turkey. , 2005, ss.17 - 27. |
| AMA | Erden L Public and Private Investment in a Vector Error Correction Model: Empirical Evidence from Turkey. . 2005; 17 - 27. |
| Vancouver | Erden L Public and Private Investment in a Vector Error Correction Model: Empirical Evidence from Turkey. . 2005; 17 - 27. |
| IEEE | Erden L "Public and Private Investment in a Vector Error Correction Model: Empirical Evidence from Turkey." , ss.17 - 27, 2005. |
| ISNAD | Erden, Lutfi. "Public and Private Investment in a Vector Error Correction Model: Empirical Evidence from Turkey". (2005), 17-27. |
| APA | Erden L (2005). Public and Private Investment in a Vector Error Correction Model: Empirical Evidence from Turkey. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 23(1), 17 - 27. |
| Chicago | Erden Lutfi Public and Private Investment in a Vector Error Correction Model: Empirical Evidence from Turkey. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 23, no.1 (2005): 17 - 27. |
| MLA | Erden Lutfi Public and Private Investment in a Vector Error Correction Model: Empirical Evidence from Turkey. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol.23, no.1, 2005, ss.17 - 27. |
| AMA | Erden L Public and Private Investment in a Vector Error Correction Model: Empirical Evidence from Turkey. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2005; 23(1): 17 - 27. |
| Vancouver | Erden L Public and Private Investment in a Vector Error Correction Model: Empirical Evidence from Turkey. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2005; 23(1): 17 - 27. |
| IEEE | Erden L "Public and Private Investment in a Vector Error Correction Model: Empirical Evidence from Turkey." Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 23, ss.17 - 27, 2005. |
| ISNAD | Erden, Lutfi. "Public and Private Investment in a Vector Error Correction Model: Empirical Evidence from Turkey". Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 23/1 (2005), 17-27. |
