Macroeconomic Determinants of Total Factor Productivity: An Analysis on the Example of OECD Countries

Year 2022, Volume: 72 Issue: 1, 293 - 328, 30.06.2022

Nadide Yiğiteli , Fahriye Öztürk

https://doi.org/10.26650/ISTJECON2022-1086903

Abstract

This study examines the macroeconomic determinants of total factor productivity (TFP), a critical factor for sustainable economic growth, within the scope of the dataset, including the 1990–2017 period and 27 OECD countries. The primary goal is to provide an up-to-date perspective on the literature within the scope of the analyzed period and country and provide an infrastructure for policy sets that will contribute to long-term economic growth. We use a two-stage empirical application in this context. First, the economic stability index, innovation index, technology diffusion index, education index, and economic freedom index are computed. Subsequently, the effect of these variables on TFP is investigated using panel regression methods. Results reveal that the technology diffusion index, which depicts the mechanisms of technology transfer from country to country, is the most important factor determining TFP. This variable is followed by the education and innovation indices. Another important finding of the study is that the economic stability and freedom indices have a significant impact on TFP. However, the magnitude of these effects is smaller than that of other variables.

Keywords

Productivity, Technology, Growth

Toplam Faktör Verimliliğinin Makroekonomik Belirleyenleri: OECD Ülkeleri Örneğinde Bir Analiz

Abstract

Çalışmada, 1990-2017 dönemini ve 27 OECD ülkesini içeren veri seti kapsamında sürdürülebilir ekonomik büyüme için temel bir etken olan toplam faktör verimliliğinin (TFV) makroekonomik belirleyicileri analiz edilmektedir. Çalışmanın amacı, analiz edilen dönem ve ülke kapsamında literatüre güncel bir bakış açısı sunmak ve sürdürülebilir ekonomik büyümeye katkı sağlayacak politika setlerine yönelik altyapı sağlamaktır. Bu kapsamda, çalışma iki aşamalı bir ampirik uygulama içermektedir. İlk olarak, ekonomik istikrar endeksi, yenilik endeksi, teknoloji yayılım endeksi, eğitim endeksi ve ekonomik özgürlük endeksi hesaplanmakta olup sonraki aşamada ise panel regresyon yöntemleri kullanılarak bu değişkenlerin TFV üzerindeki etkisi araştırılmaktadır. Bulgular, TFV’yi belirleyen en önemli faktörün teknolojinin ülkeden ülkeye transfer mekanizmalarını gösteren teknoloji yayılım endeksi olduğunu göstermektedir. Bu değişkeni, eğitim ve yenilik endeksleri ve takip etmektedir. Ekonomik istikrar endeksi ile ekonomik özgürlük endeksinin de TFV üzerinde anlamlı bir etkisinin bulunduğu ancak bu etkilerin büyüklüğünün diğer değişkenlere göre daha sınırlı olduğu çalışmanın diğer önemli bulgularıdır.

Keywords

Verimlilik, Teknoloji, Büyüme

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