Browsing by Subject "Total factor productivity"

Now showing 1 - 6 of 6

Open Access
Determinants of economic growth in Turkey
(Palgrave Macmillan, London, 1998) Togan, Sübidey; Shafik, N.
Rapid, sustained economic growth is one of the main objectives of Turkish policymakers. Because total factor productivity plays a big role in growth, policies that increase education levels, achieve more equitable distribution of income, and secure high rates of investment are essential. In addition, prudent macroeconomic policies are needed to avoid balance of payments crises, eliminate industrial incentives that inhibit competition, and further lower nominal and effective rates of protection.
Open Access
Effects of growth volatility on economic performance-empirical evidence from Turkey
(Elsevier BV, 2012) Berument, Hakan; Dincer, N. N.; Mustafaoglu, Z.
This paper examines the relationship between growth and growth volatility for a small open economy with high growth volatility: Turkey. Quarterly data for the period from 1987Q1 to 2007Q3 suggests that growth volatility reduces growth and that this result is robust under different specifications. This paper contributes to the literature by focusing on how growth volatility affects a set of variables that are crucial for growth. Empirical evidence from Turkey suggests that higher growth volatility reduces total factor productivity, investment, and the foreign currency value of local currency (depreciation). Moreover, it increases employment, though the evidence for this is not statistically significant. © 2011 Elsevier B.V. All rights reserved.
Open Access
FDI, productivity and financial development
(Wiley-Blackwell Publishing Ltd., 2009) Alfaro, L.; Ozcan, S. K.; Sayek, S.
This paper examines the effect of foreign direct investment (FDI) on growth by focusing on the complementarities between FDI inflows and financial markets. In our earlier work, we found that FDI is beneficial for growth only if the host country has well-developed financial institutions. In this paper, we investigate whether this effect operates through factor accumulation and/or improvements in total factor productivity (TFP). Factor accumulation - physical and human capital - does not seem to be the main channel through which countries benefit from FDI. Instead, we find that countries with well-developed financial markets gain significantly from FDI via TFP improvements. These results are consistent with the recent findings in the growth literature that shows the important role of TFP over factors in explaining cross-country income differences. © 2009 The Authors Journal compilation © 2009 Blackwell Publishing Ltd.
Open Access
Green credit policy and corporate productivity: Evidence from a quasi-natural experiment in China
(Elsevier Inc., 2022-02-01) Cui, X.; Wang, P.; Şensoy, Ahmet; Nguyen, D. K.; Pan, Y.
Taking the implementation of the “Green Credit Guidelines” in China in 2012 as an exogenous shock, we adopt the difference-in-differences (DIDs) method to explore the influence of the green credit policy on total factor productivity (TFP). We show evidence of a significant and positive correlation between green credit and corporate total factor productivity, and this result is robust to a series of robustness tests. In addition, the improvement is particularly evident for non-SOEs, small-scale firms, firms with weak external supervision, and firms in developed areas of eastern China. Moreover, the green credit policy mainly affects corporate total factor productivity through promoting technological innovation and enhancing resource allocation efficiency. Overall, green credit promotes the win-win development of the environment and the economy.
Open Access
Productivity and growth in an unstable emerging market economy: the case of Turkey, 1960-2004
(Routledge, 2009) Ismihan, M.; Ozcan, K. M.
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.
Open Access
Total factor productivity and macroeconomic instability
(Routledge, 2011) Berument, Hakan; Dincer, N. N.; Mustafaoglu, Z.
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. © 2011 Taylor & Francis.