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OECD Ülkeleri Örnekleminde Kamu Harcamaları ve Makroekonomik Performans İlişkisi

Year 2021, Volume: 6 Issue: 3, 660 - 680, 30.12.2021
https://doi.org/10.30784/epfad.977604

Abstract

İktisat yazınında maliye politikalarının etkinliği çokça tartışılan bir konudur. Klasik teori kamu kesiminin özel sektörü dışlayacağını savunurken, Keynesyen teori talep yetersizliği sorununun çözümü için kamu harcamalarının artırılmasını önermektedir. Literatürde kamu harcamalarının işsizlik ve büyüme gibi ekonominin makroekonomik performansının göstergesi kabul edilen büyüklüklerle ilişkisini inceleyen çok sayıda çalışma vardır. Ancak bu göstergelerin tek başına bir ekonominin performansının göstergesi olmadığı da sıklıkla dile getirilmektedir. Bu nedenle makroekonomik performansın ölçülmesi adına yeni göstergeler geliştirilmektedir. Bu çalışmada 2002-2019 döneminde 28 OECD ülkesi için kamu harcamaları ve makroekonomik performans arasındaki ilişki panel veri analizi ile incelenmiştir. Analizde makroekonomik performans göstergesi olarak Barro Endeksi kullanılmıştır. Panel veri analizinde uygun modelin seçiminde F testi, LM testi ve Hausman testi uygulanmıştır. Söz konusu testler sonucunda sabit etkiler modeli uygun model olarak belirlenmiştir. Daha sonra temel varsayımların sınanmasında uygulanan testler sonucunda regresyon analizi için uygun olan Driscoll-Kraay standart hata tahmincisi testi kullanılmıştır. Analiz sonuçlarına göre kamu harcamalarındaki artış ülkelerin makroekonomik performansını olumlu etkilemektedir.

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The Relationship of Public Expenditure and Macroeconomic Performance in the Sample of OECD Countries

Year 2021, Volume: 6 Issue: 3, 660 - 680, 30.12.2021
https://doi.org/10.30784/epfad.977604

Abstract

The effectiveness of fiscal policies is a widely debated issue in the economics literature. While the classical theory argues that government expenditures crowd out the private sector, the Keynesian theory proposes to increase government expenditures to solve the problem of demand insufficiency. Many previous studies examine the relationship between government expenditures and macroeconomic performance indicators, such as unemployment and growth. However, it is frequently stated that these indicators are not alone an indicator of the performance of an economy. Therefore, new indicators are being developed to measure macroeconomic performance behalf. This study investigates the relationship between expenditures and macroeconomic performance over the period 2002-2019 by applying panel data analysis in 28 OECD countries. The Barro Index is used as a macroeconomic performance indicator. F test, LM test, and Hausman test were applied to select the model. As a result of these tests, the fixed effects model was determined as the model. After testing the basic assumptions, the Driscoll-Kraay standard error estimator was used as a method. According to the results, an increase in government expenditures positively affects the macroeconomic performance of countries.

References

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  • Ağır, H. ve Şahbaz, A. (2016, Ekim). D-8 ülkelerinin makroekonomik performansı ve Türkiye’nin dış ticareti. International Congress on Politic, Economic and Social Studies kongresinde sunulan bildiri. Istanbul, Turkey. Erişim adresi http://www.registericpess.org/index.php/ ICPESS/issue/view/6
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  • Baltagi, B. H. and Wu, P. X. (1999). Unequally spaced panel data regressions with AR(1) disturbances. Econometric Theory, 15(6) 814-823. https://doi.org/10.1017/S0266466699156020
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  • Battaglini, M. and Coate, S. (2016). A political economy theory of fiscal policy and unemployment. Journal of the European Economic Association, 14(2), 303-337. https://doi.org/10.1111/jeea.12136
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  • Dritsakis, N. and Adamopoulos, A. (2004). A causal relationship between government spending and economic development: An empirical examination of the Greek economy. Applied Economics, 36(5), 457-464. https://doi.org/10.1080/00036840410001682151
  • Dunne, P. and Smith, R. (1990). Military expenditure and unemployment in the OECD. Defence and Peace Economics, 1(1), 57-73. https://doi.org/10.1080/10430719008404650
  • Ekren, N., Aykaç Alp, E. and Yağmur, M. H. (2017). Macroeconomic performance index: A new approach to calculation of economic wellbeing. Applied Economics, 49(53), 5462-5476. https://doi.org/10.1080/00036846.2017.1310996
  • Ergin Ünal, A. (2020). Doğrudan yabancı yatırımların Barro sefalet endeksine etkisi: Türkiye İçin SVAR analizi. Akademik Araştırmalar ve Çalışmalar Dergisi, 12(22), 45-55. https://doi.org/10.20990/kilisiibfakademik.615108
  • Ezirim, C., Muoghalu, M. and Elike, U. (2008). Inflation versus public expenditure growth in the US: An empirical investigation. North American Journal of Finance and Banking Research, 2(2). Retrieved from http://globip.com/
  • Feldmann, H. (2006). Government size and unemployment: Evidence from industrial countries. Public Choice, 127(3-4), 443-459. doi:10.1007/s11127-005-9003-y
  • Feltenstein, A. and Iwata, S. (2005). Decentralization and macroeconomic performance in China: Regional autonomy has its costs. Journal of Development Economics, 76(2), 481-501. https://doi.org/10.1016/j.jdeveco.2004.01.004
  • Forssell, O. (1975). Effects of public expenditure on production, incomes and employment in Finland. Review of Income and Wealth, 21(1), 81-93. https://doi.org/10.1111/j.1475-4991.1975.tb00706.x
  • Ghura, D. and Grennes, T. J. (1993). The real exchange rate and macroeconomic performance in Sub-Saharan Africa. Journal of Development Economics, 42(1), 155-174. http://doi.org/10.1016/0304-3878(93)90077-Z
  • Greene, W. (2000). Econometric analysis (Fourth edition). Englewood Cliffs: Prentice Hall.
  • Gujarati, D. N. and Porter, D. (2009). Basic econometrics (International Edition). New York: Mc Graw-Hill.
  • Günsoy, B. (2006). Demokrasi ve makroekonomik başarı: Türkiye ekonomisi üzerine bazı gözlemler. İstanbul Üniversitesi İktisat Fakültesi Mecmuası, 56(1), 63-81. Erişim adresi: https://dergipark.org.tr/tr/pub/istjecon
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  • Haveman, R. and Schwabish, J. (2000). Has macroeconomic performance regained its antipoverty bite? Contemporary Economic Policy, 18(4), 415-427. https://doi.org/10.1111/j.1465-7287.2000.tb00038.x
  • Işık, M. ve Öztürk Çetenak, Ö. (2018). İktisadi hoşnutsuzluk endeksi makroekonomik performansın ölçülmesinde başarılı bir gösterge midir? Türkiye ve BRICS ülkeleri üzerine bir değerlendirme. Uluslararası Ekonomik Araştırmalar Dergisi, 4(4), 37-50. Erişim adresi: https://dergipark.org.tr/tr/pub/ead
  • Kanca, O. C. ve Bayrak, M. (2016). Kamu harcamalarının Türkiye'de bazı makro ekonomik değişkenler üzerine etkisi. Maliye Finans Yazıları, 30(106). https://doi.org/10.33203/mfy.341769
  • Karras, G. (1993). Employment and output effects of government spending: Is government size important? Economic Inquiry, 31(3), 354-369. https://doi.org/10.1111/j.1465-7295.1993.tb01298.x
  • Kenworthy, L. (2006). Institutional coherence and macroeconomic performance. Socio-Economic Review, 4(1), 69-91. https://doi.org/10.1093/SER/mwj032
  • Landau, D. (1983). Government expenditure and economic growth: A cross-country study. Southern Economic Journal, 49(3), 783-792. https://doi.org/10.2307/1058716
  • Lechman, E. (2009). Okun’s and Barro’s misery index as an alternative poverty assessment tool. Recent estimations for European countries (MPRA Paper No. 37493). Retrieved from https://mpra.ub.uni-muenchen.de/id/eprint/37493
  • Levin, A., Lin, C. F. and Chu, C.S.J. (2002). Unit root test in panel data: Asymptotic and finite sample properties. Journal of Econometrics, 108, 1-24. https://doi.org/10.1016/S0304-4076(01)00098-7
  • Lovell, C. K. (1995). Measuring the macroeconomic performance of the Taiwanese economy. International Journal of Production Economics, 39(1-2), 165-178. https://doi.org/10.1016/0925-5273(94)00067-K
  • Mitchell, D. J. (2005). The impact of government spending on economic growth. The Heritage Foundation, 1813, 1-18. Retrieved from https://www.heritage.org/
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There are 63 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Makaleler
Authors

Can Türgüt 0000-0002-6212-8443

Özlem Öztürk Çetenak 0000-0003-2014-0740

Publication Date December 30, 2021
Acceptance Date November 17, 2021
Published in Issue Year 2021 Volume: 6 Issue: 3

Cite

APA Türgüt, C., & Öztürk Çetenak, Ö. (2021). OECD Ülkeleri Örnekleminde Kamu Harcamaları ve Makroekonomik Performans İlişkisi. Ekonomi Politika Ve Finans Araştırmaları Dergisi, 6(3), 660-680. https://doi.org/10.30784/epfad.977604