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Year 2014, Volume: 1 Issue: 2, 81 - 90, 01.06.2014

Perihan Hahzal Er Can Tansel Tugcu Orhan Coban

Abstract

References

  • Ahortor, C.R.K. (2009). Inflation, Capital Accumulation and Economic Growth in Import-Dependent Developing Economies, 14th Annual Conference on Econometric Modelling for Africa, Nigeria, p.1-31.
  • Anoruo E, Ahmad Y. (2001). Casual Relationship Between Domestic Savings and Economic Growth: Evidence from African Countries, Blackwell Publisher, USA.
  • Attanasio, O. P., Picci, L., Scorcu, A. E. (2000). Savings, Growth, and Investment: A Macroeconomic Analysis Using a Panel of Countries”, The Review of Economics and Statistics, Vol. 82, Nr 2.
  • Berber, M. and Artan S. (2004), Enflasyon ve Ekonomik Büyüme İlişkisi: Türkiye Örneği, Turkey Economic Association, 2004/21
  • Brown, R. L.,Durbin, J., Evans J. M. (1975). Techniques for Testing the Constancy of Regression Relationships over Time, Journal of the Royal Statistical Society: Series B, 37(2), pp. 149-192.
  • Chaturvedi, V., Kumar, B., Dholakia R.H. (2008), Interrelationship between Economic Growth, Savings and Inflation in Asia, Research and Publications
  • Chari, V. V., Jones, L. E., Manuelli, R. E. (1996). Inflation, Growth, and Financial Intermediation, Federal Reserve Bank of St. Louis, May/June1996 Review.
  • Chimobi, O.P. (2010), Inflation and Economic Growth in Nigeria, Journal of Sustainable Development, S.10, No.2. Chopra, S. (1988).Inflation, Household Savings and Economic Growth, Ph.D. thesis, M. S. University of Baroda, India.
  • Chowdhury, A., (2002). Does Inflation Affect Economic Growth? The Relevance of the Debate for Indonesia, Journal of Asia Pacific Economy, 7(1), 20-34.
  • Deaton, A., Paxson, C.H. (1993). Saving, Growth and Aging in Taiwan, Nber Working Paper Series, No.4330.
  • Ekinci A., Gül E. (2007), Türkiye’de Yurtiçi Tasarruflar ve Ekonomik Büyüme Arasındaki İlişki: Uygulamalı Bir Analiz (1960-2004), Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, Vol.19, p. 167-184.
  • Erbaykal, E. Okuyan, H.A. (2008). “Does Inflation Depress Economic Growth? Evidence from Turkey”.International Research Journal of Finance and Economics, Issue 17, no. 1450-2887.
  • Faul, B.(2010),.The Casual Relationship Between Savings and Economic Growth: Some Evidence From MENA Countries, The 30. Meeting Atlanta, p.1-12
  • Fischer, S. (1993). The Role of Macroeconomic Factors in Growth, Nber Working Paper Series, No.4565.
  • Gutiérrez, M., Solimano, A. (2007). Savings, Investment and Growth in the Global Age: Analytical and Policy Issues, The AUP Visiting Scholar Working Paper Series, Nr 43.
  • Heer, B. and Suessmuth, B. (2006). The Savings-Inflation Puzzle. Cesifo Working Paper, No. 1645
  • Igbatayo S., Agbada A. O. (2012), Inflation, Savings and Output in Nigeria: A VAR Approach, Journal of Emerging Trends Economic and Management Sciences (JETEMS), 3(5):447-453
  • Krieckhaus J, (2002). Reconceptualizing the Developmental State: Public Savings and Economic Growth; World Development, Vol. 30 No 10, Pg 1697-1712
  • Mallik, G. and Chowdhury, A., (2001). Inflation and Economic Growth: Evidence from Four South Asian Countries, Asia-Pacific Development Journal, 8 (1) June, 123-135.
  • Misztal P. (2011). The Relationship Between Savings and Economic Growth in Countries With Different Level of Economic Development, eFinance ,Vol 7, nr 2.
  • Muritala, T. (2011). Investment, Inflation and Economic Growth: Empirical Evidence From Nigeria, Research Journal of Finance and Accounting, S.2, No.5, p.68-77.
  • Oktayer ,A. and Oktayer N., (2013). Testing Wagner’s Law For Turkey: evidence From A Trivariate Causality Analysis, Prague Economic Papers, S.2, p.284-301
  • Pesaran, M. H, Shin, Y. (1999). An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis, In: Strom, S., Holly, A., Diamond, P. (Eds.), Centennial Volume of Rangar Frisch, Cambridge University Press, Cambridge.
  • Pesaran, M.H., Shin, Y., Smith, R.J., (2001). Bounds Testing Approaches to the Analysis of Level Relationships, Journal of Applied Econometrics, 16, pp. 289-326.
  • Saaed, A. (2007). Inflation and Economic Growth in Kuwait: 1985-2005 Evidence from Cointegration and Error Correction Model, Applied Econometrics and International DevelopmentVol. 7-1.
  • Sancak, E., Demirci N. (2012), Ulusal Tasarruflar ve Türkiye’de Sürdürülebilir Büyüme İçin Tasarrufların Önemi, Ekonomik ve Sosyal Araştırmalar Dergisi, S.8, Vol.2, p. 159-198
  • Sinha, D.(2009). Savings and Economic Growth in India, MPRA, S.1-17
  • Turhan, S. E. (2007), Enflasyon ve Ekonomik Büyüme İlişkisi: Türkiye Örneği, Yüksek Lisans Tezi, Kahramanmaraş Sütçü İmam Üniversitesi, Sosyal Bilimler Enstitüsü.
  • Yapraklı, S. (2007), Enflasyon ve Ekonomik Büyüme Arasındaki İlişki: Türkiye İçin Eş-Bütünleşme ve Nedenselli kAnalizi, Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi,S.10, Vol.2, p. 287-301.

Investigating the link between savings, inflation and economic growth: an ARDL analysis for the case of Turkey

Year 2014, Volume: 1 Issue: 2, 81 - 90, 01.06.2014

Perihan Hahzal Er Can Tansel Tugcu Orhan Coban

Abstract

The aim of this study is to investigate the short and the long-run relationship between saving, inflation, and economic growth in Turkey for the period 2003:1 to 2012:2. Since the data has different integration orders (i.e. I(0) and I(1)), the approach of the Autoregressive Distributed Lag (ARDL) was utilized for the analysis. Results showed that saving, inflation and economic growth are cointegrated and either inflation or economic growth has positive impacts on the savings in the Turkish economy. However, no statistically significant relationship found between the inflation and savings in the short-run and, the interest rates and savings in the long-run. In addition, findings revealed that, among the variables and time period in consideration, economic growth is the variable having the most explanatory power on the savings in the Turkish economy.

References

  • Ahortor, C.R.K. (2009). Inflation, Capital Accumulation and Economic Growth in Import-Dependent Developing Economies, 14th Annual Conference on Econometric Modelling for Africa, Nigeria, p.1-31.
  • Anoruo E, Ahmad Y. (2001). Casual Relationship Between Domestic Savings and Economic Growth: Evidence from African Countries, Blackwell Publisher, USA.
  • Attanasio, O. P., Picci, L., Scorcu, A. E. (2000). Savings, Growth, and Investment: A Macroeconomic Analysis Using a Panel of Countries”, The Review of Economics and Statistics, Vol. 82, Nr 2.
  • Berber, M. and Artan S. (2004), Enflasyon ve Ekonomik Büyüme İlişkisi: Türkiye Örneği, Turkey Economic Association, 2004/21
  • Brown, R. L.,Durbin, J., Evans J. M. (1975). Techniques for Testing the Constancy of Regression Relationships over Time, Journal of the Royal Statistical Society: Series B, 37(2), pp. 149-192.
  • Chaturvedi, V., Kumar, B., Dholakia R.H. (2008), Interrelationship between Economic Growth, Savings and Inflation in Asia, Research and Publications
  • Chari, V. V., Jones, L. E., Manuelli, R. E. (1996). Inflation, Growth, and Financial Intermediation, Federal Reserve Bank of St. Louis, May/June1996 Review.
  • Chimobi, O.P. (2010), Inflation and Economic Growth in Nigeria, Journal of Sustainable Development, S.10, No.2. Chopra, S. (1988).Inflation, Household Savings and Economic Growth, Ph.D. thesis, M. S. University of Baroda, India.
  • Chowdhury, A., (2002). Does Inflation Affect Economic Growth? The Relevance of the Debate for Indonesia, Journal of Asia Pacific Economy, 7(1), 20-34.
  • Deaton, A., Paxson, C.H. (1993). Saving, Growth and Aging in Taiwan, Nber Working Paper Series, No.4330.
  • Ekinci A., Gül E. (2007), Türkiye’de Yurtiçi Tasarruflar ve Ekonomik Büyüme Arasındaki İlişki: Uygulamalı Bir Analiz (1960-2004), Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, Vol.19, p. 167-184.
  • Erbaykal, E. Okuyan, H.A. (2008). “Does Inflation Depress Economic Growth? Evidence from Turkey”.International Research Journal of Finance and Economics, Issue 17, no. 1450-2887.
  • Faul, B.(2010),.The Casual Relationship Between Savings and Economic Growth: Some Evidence From MENA Countries, The 30. Meeting Atlanta, p.1-12
  • Fischer, S. (1993). The Role of Macroeconomic Factors in Growth, Nber Working Paper Series, No.4565.
  • Gutiérrez, M., Solimano, A. (2007). Savings, Investment and Growth in the Global Age: Analytical and Policy Issues, The AUP Visiting Scholar Working Paper Series, Nr 43.
  • Heer, B. and Suessmuth, B. (2006). The Savings-Inflation Puzzle. Cesifo Working Paper, No. 1645
  • Igbatayo S., Agbada A. O. (2012), Inflation, Savings and Output in Nigeria: A VAR Approach, Journal of Emerging Trends Economic and Management Sciences (JETEMS), 3(5):447-453
  • Krieckhaus J, (2002). Reconceptualizing the Developmental State: Public Savings and Economic Growth; World Development, Vol. 30 No 10, Pg 1697-1712
  • Mallik, G. and Chowdhury, A., (2001). Inflation and Economic Growth: Evidence from Four South Asian Countries, Asia-Pacific Development Journal, 8 (1) June, 123-135.
  • Misztal P. (2011). The Relationship Between Savings and Economic Growth in Countries With Different Level of Economic Development, eFinance ,Vol 7, nr 2.
  • Muritala, T. (2011). Investment, Inflation and Economic Growth: Empirical Evidence From Nigeria, Research Journal of Finance and Accounting, S.2, No.5, p.68-77.
  • Oktayer ,A. and Oktayer N., (2013). Testing Wagner’s Law For Turkey: evidence From A Trivariate Causality Analysis, Prague Economic Papers, S.2, p.284-301
  • Pesaran, M. H, Shin, Y. (1999). An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis, In: Strom, S., Holly, A., Diamond, P. (Eds.), Centennial Volume of Rangar Frisch, Cambridge University Press, Cambridge.
  • Pesaran, M.H., Shin, Y., Smith, R.J., (2001). Bounds Testing Approaches to the Analysis of Level Relationships, Journal of Applied Econometrics, 16, pp. 289-326.
  • Saaed, A. (2007). Inflation and Economic Growth in Kuwait: 1985-2005 Evidence from Cointegration and Error Correction Model, Applied Econometrics and International DevelopmentVol. 7-1.
  • Sancak, E., Demirci N. (2012), Ulusal Tasarruflar ve Türkiye’de Sürdürülebilir Büyüme İçin Tasarrufların Önemi, Ekonomik ve Sosyal Araştırmalar Dergisi, S.8, Vol.2, p. 159-198
  • Sinha, D.(2009). Savings and Economic Growth in India, MPRA, S.1-17
  • Turhan, S. E. (2007), Enflasyon ve Ekonomik Büyüme İlişkisi: Türkiye Örneği, Yüksek Lisans Tezi, Kahramanmaraş Sütçü İmam Üniversitesi, Sosyal Bilimler Enstitüsü.
  • Yapraklı, S. (2007), Enflasyon ve Ekonomik Büyüme Arasındaki İlişki: Türkiye İçin Eş-Bütünleşme ve Nedenselli kAnalizi, Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi,S.10, Vol.2, p. 287-301.
There are 29 citations in total.

Details

Journal Section Articles
Authors

Perihan Hahzal Er This is me

Can Tansel Tugcu This is me

Orhan Coban This is me

Publication Date June 1, 2014
Published in Issue Year 2014 Volume: 1 Issue: 2

Cite

APA Er, P. H., Tugcu, C. T., & Coban, O. (2014). Investigating the link between savings, inflation and economic growth: an ARDL analysis for the case of Turkey. Journal of Economics Finance and Accounting, 1(2), 81-90.

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