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      The role of macroeconomic instability in public and private capital accumulation and growth: the case of Turkey 1963-1999

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      Author(s)
      Ismihan, M.
      Ozcan, K. M.
      Tansel, A.
      Date
      2005
      Source Title
      Applied Economics
      Print ISSN
      0003-6846
      Electronic ISSN
      1466-4283
      Publisher
      Routledge
      Volume
      37
      Issue
      2
      Pages
      239 - 251
      Language
      English
      Type
      Article
      Item Usage Stats
      612
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      274
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      Abstract
      This study investigates the empirical relationship(s) between macroeconomic instability, public and private capital accumulation and growth in Turkey over the period 1963-1999. Time series econometric techniques, such as cointegration and impulse response analysis, are used. The results of this paper suggest that the chronic and increasing macroeconomic instability of the Turkish economy has seriously affected her capital formation and growth. Furthermore, the Turkish experience indicates that chronic macroeconomic instability seems to be a serious impediment to public investment, especially to its infrastructural component, and shatters, or even reverses, the complementarity between public and private investment in the long run. © 2005 Taylor & Francis Group Ltd.
      Keywords
      Capital formation
      Economic growth
      Economic instability
      Macroeconomics
      Eastern Hemisphere
      Eurasia
      Turkey
      World
      Permalink
      http://hdl.handle.net/11693/24108
      Published Version (Please cite this version)
      http://dx.doi.org/10.1080/0003684042000286115
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      • Department of Economics 697
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