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      Productivity and growth in an unstable emerging market economy: the case of Turkey, 1960-2004

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      Author(s)
      Ismihan, M.
      Ozcan, K. M.
      Date
      2009
      Source Title
      Emerging Markets Finance and Trade
      Print ISSN
      1540-496X
      Electronic ISSN
      1558-0938
      Publisher
      Routledge
      Volume
      45
      Issue
      5
      Pages
      4 - 18
      Language
      English
      Type
      Article
      Item Usage Stats
      635
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      239
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      Abstract
      This paper explores sources of growth in the Turkish economy by performing growth accounting exercises over the 1960-2004 period and relevant subperiods. It also analyzes the role of a number of important policy-related factors, such as infrastructure investment, macroeconomic instability, and imports, on total factor productivity (TFP) by performing cointegration and impulse response analyses. The results suggest that both TFP and capital accumulation were crucial sources of growth during the sample period. Nevertheless, TFP growth displayed enormous variation from 1960 to 2004. The descriptive and empirical evidence suggests that TFP is positively affected by imports and public infrastructure investment and negatively affected by macroeconomic instability. Copyright © 2009 M.E. Sharpe, Inc. All rights reserved.
      Keywords
      Capital accumulation
      Cointegration
      Economic growth
      Growth accounting
      Impulse response analysis
      Macroeconomic instability
      Total factor productivity
      Permalink
      http://hdl.handle.net/11693/22637
      Published Version (Please cite this version)
      https://doi.org/10.2753/REE1540-496X450501
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      • Department of Economics 697
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