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A TIME SERIES ANALYSIS OF THE NEXUS BETWEEN ECONOMIC FREEDOM AND DEMOCRACY AND ECONOMIC PERFORMANCE: THE TURKISH CASE

Year 2009, Volume: 5 Issue: 10, 47 - 76, 01.12.2009

Abstract

Economic freedom and democracy, by determining institutional structure, affect economic performance. According to predominant view in the economic literature, economic freedom contributes positively to economic performance. However, the nexus between democracy and economic performance is disputed. In this study, by using the time series data of 1970-2005 for Turkey, we found positive relationship between economic freedom and economic performance, while we could not reach a definite verdict in regarding to impacts of democracy on economic performance since we found both negative and positive relation depending on the model used

References

  • Acuna-Alfaro, Jairo (2005), “Economic Development And Democracy: Can Modernization Theory Be Upheld In Central America?”, Revista de Ciencias Economicas, Vol. 20, No. 1-2, ss. 1-15.
  • Aron, Janine (2000), “Growth And Institutions: A Review Of The Evidence”, The World Bank Research Observer, Vol. 15, No. 1, ss. 99-135.
  • Artan, Seyfettin ve Metin Berber (2004), “Kamu Kesimi Büyüklüğü Ve Ekonomik Büyüme Ilişkisi:Çoklu Ko-Entegrasyon Analizi”, Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi, Vol. 5, No. 2, ss. 13-29.
  • Barro, Robert J. (1994), Democracy and growth. NBER Working Paper, No. 4909, NBER.
  • Barro, Robert J. (1996), “Determinants Of Economic Growth: A Cross-Country Empirical Study”, NBER Working Paper, No. 5698, ss. 1-79.
  • Berber, Metin ve Seyfettin Artan (2004), “Enflasyon Ve Ekonomik Büyüme İlişkisi : Türkiye Örneği”, Türkiye Ekonomi Kurumu Tartışma Metinleri 2004/21, Ekim, ss. 1–14.
  • Berggren, Niclas (2003), “The Benefits Of Economic Freedom, A Survey”, The Independent Review, Vol. 8, No. 2, ss. 193-211.
  • Chheng, Kimlong (2008), “How Do Economic Freedom And Investment Affect Economic Growth?”, http://129.3.20.41/eps/mac/papers/0509/0509021.pdf, (Erişim Tarihi: 23.11.2008).
  • Cochrane, D. ve Orcutt, G.H. (1949), “Application of Least-squares Regression to
  • Relationships Containing Autocorrelated Error Terms”, Journal of the
  • American Statistical Association, Vol.. 44, ss. 32-61.
  • De Melo, Martha, Cevdet Denizer ve Alan Gelb (1997), “From Plan to Market: Patterns of Transition”, Macroeconomic Stabilization in Transition Economies, (Der.: Mario I. Blejer ve Marko Skreb), Cambridge University Press, Cambridge.
  • Engle, Robert F. ve C. W. J. Granger (1987), “Co-Integration and Error Correction: Representation, Estimation, and Testing”, Econometrica, Vol. 55, No. 2, ss. 251- 276.
  • Esposto, Alfredo. G., ve Peter. A. Zaleski (1999), “Economic Freedom and the Quality of Life: An Empirical Analysis”, Constitutional Political Economy, Vol. 10, ss.185–97.
  • Fidrmuc, Jan (2003), “Economic Reform, Democracy And Growth During Post- Communist Transition”, European Journal of Political Economy, Vol. 19, ss. 583-604.
  • Giffin, Lindsey (2008), “Economic Freedom And Its Impact On Standard Of Living”, http://www.uga.edu/juro/2005/Giffin%20edited.pdf, (Erişim Tarihi: 23.11.2008).
  • Gounder, Rukmani (2002), “Political and Economic Freedom, Fiscal Policy, And Growth Nexus: Some Empirical Results for Fiji”, Contemporary Economic Policy, Vol. 20, No. 3, ss. 234-245.
  • Gounder, Rukmani ve Vilaphonh Xayavong (2005), “Conditional Distribution Of Growth In Sub-Saharan Africa: A Quantile Regression Approach”, Massey University, Department of Applied and International Economics Discussion Paper, No.05.09, http://econ.massey.ac.nz/publications/discuss/dp05.09.pdf, (Erişim Tarihi: 23.11.2008).
  • ICG-The International Crisis Group (2007), Turkey And Europe: The Way Ahead, Europe Report No: 184, Brüksel.
  • Jensen, Peter Sandholt ve Martin Paldam (2006), “The Pattern Of Democracy In The 20th Century A Study Of The Polity Index”, The Annual Meeting of the European Public Choice Society, 20–23 Nisan, Turku-Finlandiya, ss. 1-20.
  • Karaca, Orhan (2003), “Türkiye’de Enflasyon-Büyüme İlişkisi: Zaman Serisi Analizi”, Doğuş Üniversitesi Dergisi, Vol. 4, No. 2, ss. 247-255.
  • Karagöl, Erdal, Erman Erbaykal ve H. Murat Ertuğrul (2007), “Türkiye’de Ekonomik Büyüme İle Elektrik Tüketimi İlişkisi: Sınır Testi Yaklaşımı”, Doğuş Üniversitesi Dergisi, Vol. 8, No. 1, ss. 72-80.
  • Kurzman, Charles, Regina Werum ve Ross E. Burkhart (2002), “Democracy’s Effect On Economic Growth: A Pooled Time-Series Analysis, 1951-1980”, Studies in Comparative International Development, Vol. 37, No. 1, ss. 3-33.
  • Madan, Anisha (2002), “The Relationship Between Economic Freedom And Socio- Economic Development”, The Park Place Economist, Vol. 10, No. 1, ss. 84–93.
  • Manan, Ömer (2009), “Kurumsal Yapı Olarak Demokrasi ve Ekonomik Özgürlüklerin Ekonomik Performansa Etkisi: Türkiye Örneği”, Yayınlanmamış Yüksek Lisans Tezi, Zonguldak Karaelmas Üniversitesi Sosyal Bilimler Enstitüsü, Zonguldak.
  • Persson, Torsten ve Guido Tabellini (2006), “Democratic Capital: The Nexus Of Political And Economic Change”, NBER Working Paper, No. 12175, ss. 1-48.
  • Shen, Jian-Guang (2002), “Democracy And Growth: An Alternative Empirical Approach”, BOFIT Discussion Papers, Vol. 13, ss. 1–28.
  • Tarı, Recep (2005), Ekonometri, 3. Baskı, Avcı Ofset, İstanbul.
  • Tavares, Jose ve Romain Wacziarg (2001), “How Democracy Affects Growth?”, European Economic Review, Vol. 45, No. 8, ss. 1341-1378.
  • Vega-Gordillo, Manuel ve Jose L. Alvarez-Arce (2003), “Economic Growth and Freedom: A Causality Study”, Cato Journal, Vol. 23, No. 2, ss. 199-215.
  • Yılmaz, Ferimah ve Nuray Tezcan (2007), “Vergi Hasılatı ve Sabit Sermaye Yatırımlarının Ekonomik Büyümeye Olan Etkisi: Ekonometrik Bir İnceleme”, 8. Türkiye Ekonometri ve İstatistik Kongresi, 24-25 Mayıs, Malatya, ss. 1–14.

EKONOMİK ÖZGÜRLÜKLER VE DEMOKRASİ İLE EKONOMİK PERFORMANS ARASINDAKİ İLİŞKİNİN ZAMAN SERİLERİ İLE ANALİZİ: TÜRKİYE ÖRNEĞİ

Year 2009, Volume: 5 Issue: 10, 47 - 76, 01.12.2009

Abstract

Ekonomik özgürlükler ve demokrasi kurumsal yapıyı belirleyerek ekonomik performansı etkilemektedir. Literatürde baskın olan görüşe göre ekonomik özgürlükler ekonomiye olumlu katkıda bulunmaktadır. Demokrasi ile ekonomik performans arasındaki ilişki ise tartışmalıdır. Türkiye için 1970-2005 arası zaman serilerini kullanarak yaptığımız bu çalışmada ekonomik özgürlüklerle ekonomik performans arasında pozitif bir ilişki bulunurken; demokrasinin ekonomik performansa etkisi üzerine kesin bir yargıya varılamamıştır. Çünkü kullanılan modellerin bazısında pozitif, bazısında negatif ilişki bulunmuştur.

References

  • Acuna-Alfaro, Jairo (2005), “Economic Development And Democracy: Can Modernization Theory Be Upheld In Central America?”, Revista de Ciencias Economicas, Vol. 20, No. 1-2, ss. 1-15.
  • Aron, Janine (2000), “Growth And Institutions: A Review Of The Evidence”, The World Bank Research Observer, Vol. 15, No. 1, ss. 99-135.
  • Artan, Seyfettin ve Metin Berber (2004), “Kamu Kesimi Büyüklüğü Ve Ekonomik Büyüme Ilişkisi:Çoklu Ko-Entegrasyon Analizi”, Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi, Vol. 5, No. 2, ss. 13-29.
  • Barro, Robert J. (1994), Democracy and growth. NBER Working Paper, No. 4909, NBER.
  • Barro, Robert J. (1996), “Determinants Of Economic Growth: A Cross-Country Empirical Study”, NBER Working Paper, No. 5698, ss. 1-79.
  • Berber, Metin ve Seyfettin Artan (2004), “Enflasyon Ve Ekonomik Büyüme İlişkisi : Türkiye Örneği”, Türkiye Ekonomi Kurumu Tartışma Metinleri 2004/21, Ekim, ss. 1–14.
  • Berggren, Niclas (2003), “The Benefits Of Economic Freedom, A Survey”, The Independent Review, Vol. 8, No. 2, ss. 193-211.
  • Chheng, Kimlong (2008), “How Do Economic Freedom And Investment Affect Economic Growth?”, http://129.3.20.41/eps/mac/papers/0509/0509021.pdf, (Erişim Tarihi: 23.11.2008).
  • Cochrane, D. ve Orcutt, G.H. (1949), “Application of Least-squares Regression to
  • Relationships Containing Autocorrelated Error Terms”, Journal of the
  • American Statistical Association, Vol.. 44, ss. 32-61.
  • De Melo, Martha, Cevdet Denizer ve Alan Gelb (1997), “From Plan to Market: Patterns of Transition”, Macroeconomic Stabilization in Transition Economies, (Der.: Mario I. Blejer ve Marko Skreb), Cambridge University Press, Cambridge.
  • Engle, Robert F. ve C. W. J. Granger (1987), “Co-Integration and Error Correction: Representation, Estimation, and Testing”, Econometrica, Vol. 55, No. 2, ss. 251- 276.
  • Esposto, Alfredo. G., ve Peter. A. Zaleski (1999), “Economic Freedom and the Quality of Life: An Empirical Analysis”, Constitutional Political Economy, Vol. 10, ss.185–97.
  • Fidrmuc, Jan (2003), “Economic Reform, Democracy And Growth During Post- Communist Transition”, European Journal of Political Economy, Vol. 19, ss. 583-604.
  • Giffin, Lindsey (2008), “Economic Freedom And Its Impact On Standard Of Living”, http://www.uga.edu/juro/2005/Giffin%20edited.pdf, (Erişim Tarihi: 23.11.2008).
  • Gounder, Rukmani (2002), “Political and Economic Freedom, Fiscal Policy, And Growth Nexus: Some Empirical Results for Fiji”, Contemporary Economic Policy, Vol. 20, No. 3, ss. 234-245.
  • Gounder, Rukmani ve Vilaphonh Xayavong (2005), “Conditional Distribution Of Growth In Sub-Saharan Africa: A Quantile Regression Approach”, Massey University, Department of Applied and International Economics Discussion Paper, No.05.09, http://econ.massey.ac.nz/publications/discuss/dp05.09.pdf, (Erişim Tarihi: 23.11.2008).
  • ICG-The International Crisis Group (2007), Turkey And Europe: The Way Ahead, Europe Report No: 184, Brüksel.
  • Jensen, Peter Sandholt ve Martin Paldam (2006), “The Pattern Of Democracy In The 20th Century A Study Of The Polity Index”, The Annual Meeting of the European Public Choice Society, 20–23 Nisan, Turku-Finlandiya, ss. 1-20.
  • Karaca, Orhan (2003), “Türkiye’de Enflasyon-Büyüme İlişkisi: Zaman Serisi Analizi”, Doğuş Üniversitesi Dergisi, Vol. 4, No. 2, ss. 247-255.
  • Karagöl, Erdal, Erman Erbaykal ve H. Murat Ertuğrul (2007), “Türkiye’de Ekonomik Büyüme İle Elektrik Tüketimi İlişkisi: Sınır Testi Yaklaşımı”, Doğuş Üniversitesi Dergisi, Vol. 8, No. 1, ss. 72-80.
  • Kurzman, Charles, Regina Werum ve Ross E. Burkhart (2002), “Democracy’s Effect On Economic Growth: A Pooled Time-Series Analysis, 1951-1980”, Studies in Comparative International Development, Vol. 37, No. 1, ss. 3-33.
  • Madan, Anisha (2002), “The Relationship Between Economic Freedom And Socio- Economic Development”, The Park Place Economist, Vol. 10, No. 1, ss. 84–93.
  • Manan, Ömer (2009), “Kurumsal Yapı Olarak Demokrasi ve Ekonomik Özgürlüklerin Ekonomik Performansa Etkisi: Türkiye Örneği”, Yayınlanmamış Yüksek Lisans Tezi, Zonguldak Karaelmas Üniversitesi Sosyal Bilimler Enstitüsü, Zonguldak.
  • Persson, Torsten ve Guido Tabellini (2006), “Democratic Capital: The Nexus Of Political And Economic Change”, NBER Working Paper, No. 12175, ss. 1-48.
  • Shen, Jian-Guang (2002), “Democracy And Growth: An Alternative Empirical Approach”, BOFIT Discussion Papers, Vol. 13, ss. 1–28.
  • Tarı, Recep (2005), Ekonometri, 3. Baskı, Avcı Ofset, İstanbul.
  • Tavares, Jose ve Romain Wacziarg (2001), “How Democracy Affects Growth?”, European Economic Review, Vol. 45, No. 8, ss. 1341-1378.
  • Vega-Gordillo, Manuel ve Jose L. Alvarez-Arce (2003), “Economic Growth and Freedom: A Causality Study”, Cato Journal, Vol. 23, No. 2, ss. 199-215.
  • Yılmaz, Ferimah ve Nuray Tezcan (2007), “Vergi Hasılatı ve Sabit Sermaye Yatırımlarının Ekonomik Büyümeye Olan Etkisi: Ekonometrik Bir İnceleme”, 8. Türkiye Ekonometri ve İstatistik Kongresi, 24-25 Mayıs, Malatya, ss. 1–14.
There are 31 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Ahmet Beşkaya This is me

Ömer Manan This is me

Publication Date December 1, 2009
Published in Issue Year 2009 Volume: 5 Issue: 10

Cite

APA Beşkaya, A., & Manan, Ö. (2009). EKONOMİK ÖZGÜRLÜKLER VE DEMOKRASİ İLE EKONOMİK PERFORMANS ARASINDAKİ İLİŞKİNİN ZAMAN SERİLERİ İLE ANALİZİ: TÜRKİYE ÖRNEĞİ. Uluslararası Yönetim İktisat Ve İşletme Dergisi, 5(10), 47-76.