IMF programmes, fiscal policy and growth: investigation of macroeconomic alternatives in an OLG model of growth for Turkey

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dc.citation.epage79en_US
dc.citation.issueNumber1en_US
dc.citation.spage41en_US
dc.citation.volumeNumber47en_US
dc.contributor.authorVoyvoda, E.en_US
dc.contributor.authorYeldan, E.en_US
dc.date.accessioned2019-02-11T09:07:53Z
dc.date.available2019-02-11T09:07:53Z
dc.date.issued2005en_US
dc.departmentDepartment of Economicsen_US
dc.departmentDepartment of International Relationsen_US
dc.description.abstractIn this paper, we investigate the fiscal policy alternatives on domestic debt management and public expenditures on education, cohort welfare, and growth for the Turkish economy. We utilise a growth model in the overlapping generations (OLG) tradition with intertemporally optimising agents and open capital markets, calibrated to the Turkish economy in 1990s. We examine the macroeconomic effects of the current IMF-led austerity programme driven by the objective of attaining primary fiscal surpluses and illustrate the ruinous effects of constrained human capital investments due to insufficient funds to public education, and constrained real production activities due to the current mode of financing of domestic debt. We then examine various taxation alternatives to mitigate the reductions in the availability of public funds to reproducible factors of production. Our results suggest that the current fiscal programme based on the primary surplus objective suffers from serious trade-offs on growth and fiscal targets, and that an alternative public expenditures programme with the objective of reviving public funds for education and for social infrastructure is likely to produce superior economic performance.en_US
dc.identifier.doi10.1057/palgrave.ces.8100065en_US
dc.identifier.eissn1478-3320
dc.identifier.issn0888-7233
dc.identifier.urihttp://hdl.handle.net/11693/49218
dc.language.isoEnglishen_US
dc.publisherPalgrave Macmillan Ltd.en_US
dc.relation.isversionofhttps://doi.org/10.1057/palgrave.ces.8100065en_US
dc.source.titleComparative Economic Studiesen_US
dc.subjectTurkeyen_US
dc.subjectFiscal policyen_US
dc.subjectIMF austerityen_US
dc.subjectOLG growth modelsen_US
dc.titleIMF programmes, fiscal policy and growth: investigation of macroeconomic alternatives in an OLG model of growth for Turkeyen_US
dc.typeArticleen_US

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