Araştırma Makalesi
BibTex RIS Kaynak Göster
Yıl 2020, Cilt: 15 Sayı: 60, 692 - 707, 31.10.2020
https://doi.org/10.19168/jyasar.761132

Öz

Kaynakça

  • Akinlo, A. Enisan. 2004. “Foreign direct investment and growth in Nigeria: An empirical investigation.” Journal of Policy Modeling, 26(5) 627-639.
  • Aizenman, Joshua, Kenneth, Kletzer ve Brian, Pinto. 2007. “Economic growth with constraints on tax revenues and public debt: implications for fiscal policy and cross-country differences.” National Bureau of Economic Research, No. 12750.
  • Arellano, Manuel ve Bond, Stephen. 1991. “Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations.” The Review of Economic Studies, 58(2), 277-297.
  • Arellano, Manuel ve Bover, Olympia. 1995. “Another look at the instrumental variable estimation of error-components models.” Journal of Econometrics, 68(1), 29-51.
  • Aschauer, David Alan. 2000. “Public capital and economic growth: issues of quantity, finance, and efficiency.” Economic Development and Cultural Change, 48(2), 391-406.
  • Kumar, Mr Manmohan S. ve Baldacci, Emanuele. 2010. “Fiscal deficits, public debt, and sovereign bond yields.” International Monetary Fund, No. 10-184.
  • Barro, Robert J. 1990. “Government spending in a simple model of endogenous growth.” Journal of Political Economy, 98, S103–S125.
  • Barro, Robert J. 2003. “Determinants of economic growth in a panel of countries.” Annals of Economics and Finance, 4, 231–274.
  • Barro, Robert J. ve Sala-i-Martin, Xavier. 1995. “Economic growth.” Cambridge MA: The MIT Press.
  • Barro, Robert J. ve Sala-i-Martin, Xavier. 2004. “Economic growth (2nd ed.).” Cambridge MA: The MIT Press.
  • Baum, Anja, Cristina, Checherita-Westphal ve Rother, Philipp. 2013. “Debt and growth: New evidence for the euro area.” Journal of International Money and Finance, 32, 809-821.
  • Blundell, Richard ve Bond, Stephen. 1998. “Initial conditions and moment restrictions in dynamic panel data models.” Journal of Econometrics, 87(1), 115-143.
  • Bohn, H. 1998. “The behavior of US public debt and deficits.” The Quarterly Journal of Economics, 113(3), 949-963.
  • Cecchetti, S., Mohanty, M., Zampolli, F. 2011. “The real effects of debt.” Bank for International Settlements, No. 352.
  • Checherita-Westphal, C., Rother, P. 2012. “The impact of high government debt on economic growth and its channels: An empirical investigation for the euro area.” European Economic Review, 56(7), 1392-1405.
  • Chudik, A., Mohaddes, K., Pesaran, M. H., Raissi, M. 2017. “Is there a debt-threshold effect on output growth?.” Review of Economics and Statistics, 99(1), 135-150.
  • Cochrane, John H. 2011. “Understanding policy in the great recession: Some unpleasant fiscal arithmetic.” European Economic Review, 55(1), 2-30.
  • Codogno, Lorenzo, Favero, Carlo ve Missale, Alessandro. 2003. “Yield spreads on EMU government bonds.” Economic Policy, 18(37), 503-532.
  • Cunningham, Rosemary T. 1993. “The effects of debt burden on economic growth in heavily indebted developing nations.” Journal of Economic Development, 18(1), 115-126.
  • DeLong, J. Bradford ve Summers, Lawrence. 2012. "Fiscal Policy in a Depressed Economy." Brookings Papers on Economic Activity, 233-297.
  • Deshpande, Ashwini. 1997. “The debt overhang and the disincentive to invest.” Journal of Development Economics, 52(1), 169-187.
  • Diamond, Peter A. 1965. “National debt in a neoclassical growth model.” The American Economic Review, 55(5), 1126-1150.
  • Eberhardt, Markus ve Bond, Stephen. 2009. “Cross-section dependence in nonstationary panel models: a novel estimator.” University Library of Munich, No. 17692, Germany.
  • Eberhardt, Markus ve Presbitero, Andrea F. 2015. “Public debt and growth: Heterogeneity and non-linearity.” Journal of International Economics, 97(1), 45-58.
  • Eberhardt, Markus ve Teal, Francis. 2010. “Productivity analysis in global manufacturing production.” University of Oxford Economics Series Working Papers, 515.
  • Eberhardt, Markus. 2012. “Estimating panel time-series models with heterogeneous slopes.” The Stata Journal, 12(1), 61-71.
  • Edwards, Sebastian. 1998. “Openness, productivity and growth.” Economic Journal, 108, 383–398.
  • Égert, Balázs. 2015. “Public debt, economic growth and nonlinear effects: Myth or reality?.” Journal of Macroeconomics, 43, 226-238.
  • Frankel, Marvin. 1962. “The production function in allocation and growth: A synthesis.” American Economic Review, 52, 996–1022.
  • Elmendorf, Douglas W. ve Mankiw, Gregory N. 1999. “Government debt.” In: Taylor, J.B., Woodford, M. (Eds.), Handbook of Macroeconomics. Elsevier, pp. 1615–1669.
  • Frankel, Jeffrey A. ve Romer, David H. 1999. “Does trade cause growth?.” American Economic Review, 89(3), 379-399.
  • Gale, William G. ve Orszag, Peter R. 2003. “The economic effects of long-term fiscal discipline.” Urban-Brookings Tax Policy Center Discussion Paper no. 8.
  • Geiger, Linwood T. 1990. “Debt and economic development in Latin America.” The Journal of Developing Areas, 24(2), 181-194.
  • Kapetanios, George, Pesaran, Hashem M. ve Yamagata, Takashi. 2011. “Panels with non-stationary multifactor error structures.” Journal of Econometrics, 160(2), 326-348.
  • King, Robert G. Ve Rebelo, Sergio. 1990. “Public policy and economic growth: developing neoclassical implications.” Journal of Political Economy, 98(5, Part 2), S126-S150.
  • Krugman, Paul. 1988. “Financing vs. forgiving a debt overhang.” Journal of Development Economics, 29(3), 253-268.
  • Im, Kyung So, Pesaran, Hashem M. ve Shin, Yongcheol. 2003. “Testing for unit roots in heterogeneous panels.” Journal of Econometrics, 115(1), 53-74.
  • IMF. 2020. “World Economic Outlook Update: A Crisis Like No Other, An Uncertain Recovery.” International Monetary Fund, June 2020.
  • Laubach, Thomas. 2009. “New evidence on the interest rate effects of budget deficits and debt.” Journal of the European Economic Association, 7(4), 858-885.
  • Levine, Ross ve Renelt, David. 1992. “A sensitivity analysis of cross-country growth regressions.” American Economic Review, 82, 942–963.
  • Lo, Stephanie ve Rogoff, Kenneth. 2015. “Secular stagnation, debt overhang and other rationales for sluggish growth, six years on.” BIS Working Papers, 482.
  • Maddala, Gangadharrao S. ve Wu, Shaowen. 1999. “A comparative study of unit root tests with panel data and a new simple test.” Oxford Bulletin of Economics and Statistics, 61(S1), 631-652.
  • Mankiw, Gregory N., Romer, David ve Weil, David N. 1992. “A contribution to the empirics of economic growth.” Quarterly Journal of Economics, 107, 407–437.
  • Mitze, Timo ve Matz, Florian. 2015. “Public debt and growth in German federal states: What can Europe learn?.” Journal of Policy Modeling, 37(2), 208-228.
  • Modigliani, Franco. 1961. “Long-run implications of alternative fiscal policies and the burden of the national debt.” Economic Journal, 730–755.
  • Panizza, Ugo ve Presbitero, Andrea F. 2013. “Public debt and economic growth in advanced economies: A survey.” Swiss Journal of Economics and Statistics, 149(2), 175-204.
  • Pattillo, Catherine A., Poirson, Helene ve Ricci, Luca A. 2002. “External debt and growth.” International Monetary Fund, No. 02/69.
  • Pedroni, Peter. 2000. “Fully modified OLS for heterogeneous cointegrated panels.” Advances in Econometrics, 15, 93-130.
  • Pesaran, Hashem M. 2004. “General Diagnostic Tests for Cross Section Dependence in Panels.” Institute for the Study of Labor (IZA), No. 1240.
  • Pesaran, Hashem M. 2006. “Estimation and inference in large heterogeneous panels with a multifactor error structure.” Econometrica, 74(4), 967-1012.
  • Pesaran, Hashem M. 2007. “A simple panel unit root test in the presence of cross‐section dependence.” Journal of Applied Econometrics, 22(2), 265-312.
  • Pesaran, Hashem M., Shin, Yongcheol ve Smith, Ron P. 1999. “Pooled mean group estimation of dynamic heterogeneous panels”. Journal of the American Statistical Association, 94(446), 621-634.
  • Pesaran, Hashem M. ve Smith, Ron. 1995. “Estimating long-run relationships from dynamic heterogeneous panels.” Journal of Econometrics, 68(1), 79-113.
  • Reinhart, Carmen M., Rogoff, Kenneth S. ve Savastano, Miguel A. 2003. “Debt Intolerance.” Brookings Papers on Economic Activity, (1), 1.
  • Reinhart, Carmen M. ve Rogoff, Kenneth S. 2010. “Growth in a Time of Debt.” American Economic Review, 100(2), 573-78.
  • Romer, Paul M. 1992. “Two strategies for economic development: Using ideas and producing ideas.” World Bank Economic Review, 6(Sup 1), 63–91.
  • Sachs, Jeffrey D. ve Warner, Andrew M. 1997. “Fundamental sources of long-run growth.” American Economic Review, 87, 184–188.
  • Xavier, Sala-i-Martin. 1997. “I Just Ran Two Million Regressions.” The American Economic Review, 178-183.
  • Sargent, Thomas J. ve Wallace, Neil. 1981. “Some Unpleasant Monetarist Arithmetic.” Federal Reserve Bank of Minneapolis Quarterly Review, 5(3), 1-17.
  • Schclarek, Alfredo. 2004. “Debt and Economic Growth in Developing and Industrial Countries.” Lund University, No. 2005: 34. Seghezza, Elena ve Baldwin, Richard E. 2008. “Testing for trade-induced investment-led growth.” Economia Internazionale/International Economics, 61, 507–537.
  • Solow, Robert M.1956. “A contribution to the theory of economic growth.” Quarterly Journal of Economics, 70, 65–94.
  • Teles, Vladimir K. ve Mussolini, Caio Cesar. 2014. “Public debt and the limits of fiscal policy to increase economic growth.” European Economic Review, 66, 1-15.

Kamu Borcu ve Büyüme İlişkisi: Heterojen Panel Veri Analizi

Yıl 2020, Cilt: 15 Sayı: 60, 692 - 707, 31.10.2020
https://doi.org/10.19168/jyasar.761132

Öz

Çalışmanın amacı kamu borcuyla ekonomik büyüme arasındaki ilişkiyi analiz etmektir. Bu amaçla, gelişmiş ve gelişmekte olan 43 ülkeyi içeren panel veri setiyle, yatay kesit bağımlılığı ve eğim katsayısının heterojenliğini dikkate alan ortak ilişkili etkiler (CCE) ve genişletilmiş ortalama grup (AMG) tahmin edicileri kullanılmıştır. Model sonuçlarına göre, tüm örneklem için kamu borcuyla ekonomik büyüme arasında anlamlı bir ilişki bulunmazken, gelişmekte olan ülkelerdeki kamu borç artışı büyümeyi olumsuz yönde etkilemektedir.

Kaynakça

  • Akinlo, A. Enisan. 2004. “Foreign direct investment and growth in Nigeria: An empirical investigation.” Journal of Policy Modeling, 26(5) 627-639.
  • Aizenman, Joshua, Kenneth, Kletzer ve Brian, Pinto. 2007. “Economic growth with constraints on tax revenues and public debt: implications for fiscal policy and cross-country differences.” National Bureau of Economic Research, No. 12750.
  • Arellano, Manuel ve Bond, Stephen. 1991. “Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations.” The Review of Economic Studies, 58(2), 277-297.
  • Arellano, Manuel ve Bover, Olympia. 1995. “Another look at the instrumental variable estimation of error-components models.” Journal of Econometrics, 68(1), 29-51.
  • Aschauer, David Alan. 2000. “Public capital and economic growth: issues of quantity, finance, and efficiency.” Economic Development and Cultural Change, 48(2), 391-406.
  • Kumar, Mr Manmohan S. ve Baldacci, Emanuele. 2010. “Fiscal deficits, public debt, and sovereign bond yields.” International Monetary Fund, No. 10-184.
  • Barro, Robert J. 1990. “Government spending in a simple model of endogenous growth.” Journal of Political Economy, 98, S103–S125.
  • Barro, Robert J. 2003. “Determinants of economic growth in a panel of countries.” Annals of Economics and Finance, 4, 231–274.
  • Barro, Robert J. ve Sala-i-Martin, Xavier. 1995. “Economic growth.” Cambridge MA: The MIT Press.
  • Barro, Robert J. ve Sala-i-Martin, Xavier. 2004. “Economic growth (2nd ed.).” Cambridge MA: The MIT Press.
  • Baum, Anja, Cristina, Checherita-Westphal ve Rother, Philipp. 2013. “Debt and growth: New evidence for the euro area.” Journal of International Money and Finance, 32, 809-821.
  • Blundell, Richard ve Bond, Stephen. 1998. “Initial conditions and moment restrictions in dynamic panel data models.” Journal of Econometrics, 87(1), 115-143.
  • Bohn, H. 1998. “The behavior of US public debt and deficits.” The Quarterly Journal of Economics, 113(3), 949-963.
  • Cecchetti, S., Mohanty, M., Zampolli, F. 2011. “The real effects of debt.” Bank for International Settlements, No. 352.
  • Checherita-Westphal, C., Rother, P. 2012. “The impact of high government debt on economic growth and its channels: An empirical investigation for the euro area.” European Economic Review, 56(7), 1392-1405.
  • Chudik, A., Mohaddes, K., Pesaran, M. H., Raissi, M. 2017. “Is there a debt-threshold effect on output growth?.” Review of Economics and Statistics, 99(1), 135-150.
  • Cochrane, John H. 2011. “Understanding policy in the great recession: Some unpleasant fiscal arithmetic.” European Economic Review, 55(1), 2-30.
  • Codogno, Lorenzo, Favero, Carlo ve Missale, Alessandro. 2003. “Yield spreads on EMU government bonds.” Economic Policy, 18(37), 503-532.
  • Cunningham, Rosemary T. 1993. “The effects of debt burden on economic growth in heavily indebted developing nations.” Journal of Economic Development, 18(1), 115-126.
  • DeLong, J. Bradford ve Summers, Lawrence. 2012. "Fiscal Policy in a Depressed Economy." Brookings Papers on Economic Activity, 233-297.
  • Deshpande, Ashwini. 1997. “The debt overhang and the disincentive to invest.” Journal of Development Economics, 52(1), 169-187.
  • Diamond, Peter A. 1965. “National debt in a neoclassical growth model.” The American Economic Review, 55(5), 1126-1150.
  • Eberhardt, Markus ve Bond, Stephen. 2009. “Cross-section dependence in nonstationary panel models: a novel estimator.” University Library of Munich, No. 17692, Germany.
  • Eberhardt, Markus ve Presbitero, Andrea F. 2015. “Public debt and growth: Heterogeneity and non-linearity.” Journal of International Economics, 97(1), 45-58.
  • Eberhardt, Markus ve Teal, Francis. 2010. “Productivity analysis in global manufacturing production.” University of Oxford Economics Series Working Papers, 515.
  • Eberhardt, Markus. 2012. “Estimating panel time-series models with heterogeneous slopes.” The Stata Journal, 12(1), 61-71.
  • Edwards, Sebastian. 1998. “Openness, productivity and growth.” Economic Journal, 108, 383–398.
  • Égert, Balázs. 2015. “Public debt, economic growth and nonlinear effects: Myth or reality?.” Journal of Macroeconomics, 43, 226-238.
  • Frankel, Marvin. 1962. “The production function in allocation and growth: A synthesis.” American Economic Review, 52, 996–1022.
  • Elmendorf, Douglas W. ve Mankiw, Gregory N. 1999. “Government debt.” In: Taylor, J.B., Woodford, M. (Eds.), Handbook of Macroeconomics. Elsevier, pp. 1615–1669.
  • Frankel, Jeffrey A. ve Romer, David H. 1999. “Does trade cause growth?.” American Economic Review, 89(3), 379-399.
  • Gale, William G. ve Orszag, Peter R. 2003. “The economic effects of long-term fiscal discipline.” Urban-Brookings Tax Policy Center Discussion Paper no. 8.
  • Geiger, Linwood T. 1990. “Debt and economic development in Latin America.” The Journal of Developing Areas, 24(2), 181-194.
  • Kapetanios, George, Pesaran, Hashem M. ve Yamagata, Takashi. 2011. “Panels with non-stationary multifactor error structures.” Journal of Econometrics, 160(2), 326-348.
  • King, Robert G. Ve Rebelo, Sergio. 1990. “Public policy and economic growth: developing neoclassical implications.” Journal of Political Economy, 98(5, Part 2), S126-S150.
  • Krugman, Paul. 1988. “Financing vs. forgiving a debt overhang.” Journal of Development Economics, 29(3), 253-268.
  • Im, Kyung So, Pesaran, Hashem M. ve Shin, Yongcheol. 2003. “Testing for unit roots in heterogeneous panels.” Journal of Econometrics, 115(1), 53-74.
  • IMF. 2020. “World Economic Outlook Update: A Crisis Like No Other, An Uncertain Recovery.” International Monetary Fund, June 2020.
  • Laubach, Thomas. 2009. “New evidence on the interest rate effects of budget deficits and debt.” Journal of the European Economic Association, 7(4), 858-885.
  • Levine, Ross ve Renelt, David. 1992. “A sensitivity analysis of cross-country growth regressions.” American Economic Review, 82, 942–963.
  • Lo, Stephanie ve Rogoff, Kenneth. 2015. “Secular stagnation, debt overhang and other rationales for sluggish growth, six years on.” BIS Working Papers, 482.
  • Maddala, Gangadharrao S. ve Wu, Shaowen. 1999. “A comparative study of unit root tests with panel data and a new simple test.” Oxford Bulletin of Economics and Statistics, 61(S1), 631-652.
  • Mankiw, Gregory N., Romer, David ve Weil, David N. 1992. “A contribution to the empirics of economic growth.” Quarterly Journal of Economics, 107, 407–437.
  • Mitze, Timo ve Matz, Florian. 2015. “Public debt and growth in German federal states: What can Europe learn?.” Journal of Policy Modeling, 37(2), 208-228.
  • Modigliani, Franco. 1961. “Long-run implications of alternative fiscal policies and the burden of the national debt.” Economic Journal, 730–755.
  • Panizza, Ugo ve Presbitero, Andrea F. 2013. “Public debt and economic growth in advanced economies: A survey.” Swiss Journal of Economics and Statistics, 149(2), 175-204.
  • Pattillo, Catherine A., Poirson, Helene ve Ricci, Luca A. 2002. “External debt and growth.” International Monetary Fund, No. 02/69.
  • Pedroni, Peter. 2000. “Fully modified OLS for heterogeneous cointegrated panels.” Advances in Econometrics, 15, 93-130.
  • Pesaran, Hashem M. 2004. “General Diagnostic Tests for Cross Section Dependence in Panels.” Institute for the Study of Labor (IZA), No. 1240.
  • Pesaran, Hashem M. 2006. “Estimation and inference in large heterogeneous panels with a multifactor error structure.” Econometrica, 74(4), 967-1012.
  • Pesaran, Hashem M. 2007. “A simple panel unit root test in the presence of cross‐section dependence.” Journal of Applied Econometrics, 22(2), 265-312.
  • Pesaran, Hashem M., Shin, Yongcheol ve Smith, Ron P. 1999. “Pooled mean group estimation of dynamic heterogeneous panels”. Journal of the American Statistical Association, 94(446), 621-634.
  • Pesaran, Hashem M. ve Smith, Ron. 1995. “Estimating long-run relationships from dynamic heterogeneous panels.” Journal of Econometrics, 68(1), 79-113.
  • Reinhart, Carmen M., Rogoff, Kenneth S. ve Savastano, Miguel A. 2003. “Debt Intolerance.” Brookings Papers on Economic Activity, (1), 1.
  • Reinhart, Carmen M. ve Rogoff, Kenneth S. 2010. “Growth in a Time of Debt.” American Economic Review, 100(2), 573-78.
  • Romer, Paul M. 1992. “Two strategies for economic development: Using ideas and producing ideas.” World Bank Economic Review, 6(Sup 1), 63–91.
  • Sachs, Jeffrey D. ve Warner, Andrew M. 1997. “Fundamental sources of long-run growth.” American Economic Review, 87, 184–188.
  • Xavier, Sala-i-Martin. 1997. “I Just Ran Two Million Regressions.” The American Economic Review, 178-183.
  • Sargent, Thomas J. ve Wallace, Neil. 1981. “Some Unpleasant Monetarist Arithmetic.” Federal Reserve Bank of Minneapolis Quarterly Review, 5(3), 1-17.
  • Schclarek, Alfredo. 2004. “Debt and Economic Growth in Developing and Industrial Countries.” Lund University, No. 2005: 34. Seghezza, Elena ve Baldwin, Richard E. 2008. “Testing for trade-induced investment-led growth.” Economia Internazionale/International Economics, 61, 507–537.
  • Solow, Robert M.1956. “A contribution to the theory of economic growth.” Quarterly Journal of Economics, 70, 65–94.
  • Teles, Vladimir K. ve Mussolini, Caio Cesar. 2014. “Public debt and the limits of fiscal policy to increase economic growth.” European Economic Review, 66, 1-15.
Toplam 62 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Mesut Türkay 0000-0002-3364-385X

Yayımlanma Tarihi 31 Ekim 2020
Yayımlandığı Sayı Yıl 2020 Cilt: 15 Sayı: 60

Kaynak Göster

APA Türkay, M. (2020). Kamu Borcu ve Büyüme İlişkisi: Heterojen Panel Veri Analizi. Yaşar Üniversitesi E-Dergisi, 15(60), 692-707. https://doi.org/10.19168/jyasar.761132
AMA Türkay M. Kamu Borcu ve Büyüme İlişkisi: Heterojen Panel Veri Analizi. Yaşar Üniversitesi E-Dergisi. Ekim 2020;15(60):692-707. doi:10.19168/jyasar.761132
Chicago Türkay, Mesut. “Kamu Borcu Ve Büyüme İlişkisi: Heterojen Panel Veri Analizi”. Yaşar Üniversitesi E-Dergisi 15, sy. 60 (Ekim 2020): 692-707. https://doi.org/10.19168/jyasar.761132.
EndNote Türkay M (01 Ekim 2020) Kamu Borcu ve Büyüme İlişkisi: Heterojen Panel Veri Analizi. Yaşar Üniversitesi E-Dergisi 15 60 692–707.
IEEE M. Türkay, “Kamu Borcu ve Büyüme İlişkisi: Heterojen Panel Veri Analizi”, Yaşar Üniversitesi E-Dergisi, c. 15, sy. 60, ss. 692–707, 2020, doi: 10.19168/jyasar.761132.
ISNAD Türkay, Mesut. “Kamu Borcu Ve Büyüme İlişkisi: Heterojen Panel Veri Analizi”. Yaşar Üniversitesi E-Dergisi 15/60 (Ekim 2020), 692-707. https://doi.org/10.19168/jyasar.761132.
JAMA Türkay M. Kamu Borcu ve Büyüme İlişkisi: Heterojen Panel Veri Analizi. Yaşar Üniversitesi E-Dergisi. 2020;15:692–707.
MLA Türkay, Mesut. “Kamu Borcu Ve Büyüme İlişkisi: Heterojen Panel Veri Analizi”. Yaşar Üniversitesi E-Dergisi, c. 15, sy. 60, 2020, ss. 692-07, doi:10.19168/jyasar.761132.
Vancouver Türkay M. Kamu Borcu ve Büyüme İlişkisi: Heterojen Panel Veri Analizi. Yaşar Üniversitesi E-Dergisi. 2020;15(60):692-707.