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THE EFFECT OF STRUCTURAL FISCAL REFORMS ON GROWTH IN TURKEY

Year 2018, Volume: 5 Issue: 3, 849 - 866, 27.12.2018
https://doi.org/10.30798/makuiibf.423302

Abstract

The
structural reforms that can be expressed as the restructuring of the existing
system for an effective, productive and strong socio-economic structure are one
of the most controversial issues today. Structural reforms that vary from
country to country according to different reasons have political, social and
financial dimensions, in particular economic, and are determinants of macroeconomic
variables.  In this study, the effect of
structural fiscal reform efforts on economic growth in Turkey has been analyzed
based on the financial instruments that are subject to reform. The effect of
the fiscal variables on growth is analyzed by regression analysis. The dataset
covers January 2006 and December 2017 period. The study results show that
structural reforms which refer to revenue can accelerate to grow rather than
the structural reforms of the expenditures.

References

  • ACEMOĞLU, D. ve UCER, M. (2015), The Ups and Downs of Turkish Growth, 2002-2015: Political Dynamics, the European Union and the Institutional Side, NBER Working Paper, No.21608, 1-34.
  • ACOSTA-ORMAECHEA, S. KOMATSUZAKI, T. ve CORREA-CARO, C. (2017), Fiscal Reforms, Long-term Growth and Income Inequality, IMF Working Paper, WP/17/145.
  • AGNELLO, L. CASTRO, V. JALLES, T.J. ve SOUSA, M.R. (2015), What Determines The Likelihood Of Structural Reforms?, European Journal of Political Economy, Vol. 37, 129–145.
  • AGNELLO, L. CASTRO, V. JALLES, T.J. ve SOUSA, M.R. (2015b), Fiscal Consolidation And Financial Reforms, Applied Economics, 47 (34-35), 3740-3755.
  • ANDERSON, D. HUNT, B. ve SNUDDENI S. (2014), Fiscal Consolidation In The Euro Area: How Much Paincan Structural Reforms Ease?, Journal of Policy Modeling, Vol. 36, 785–799.
  • ANDRES, J. ARCE, O. ve THOMAS, C. (2017), Structural Reforms In A Debt Overhang, Journal of Monetary Economics, Vol. 88, 15–34.
  • ARGHYROU, M.G. (2017), Structural Reforms In The Euro Area: A Greek View, European View, Vol. 16, 45–56.
  • BABECKY, J. ve CAMPOS, F.N. (2011), Does Reform Work? An Econometric Survey Of The Reform–Growth Puzzle, Journal of Comparative Economics, Vol. 39, 140–158.
  • BABECKY, J. ve HAVRANEK, T. (2013), Structural Reforms and Growth in Transition: A Meta-Analysis, IES Working Paper, No.14/2013, 1-35.
  • BERKMEN, S.P. (2011), The Impact of Fiscal Consolidation and Structural Reforms on Growth in Japan, IMF Working Paper, WP/11/13.
  • BORDON, A. R. EBEKE, C. ve SHIRONO, K. (2016), When Do Structural Reforms Work? On the Role of the Business Cycle and Macroeconomic Policies, IMF Working Paper, WP/16/62, 1-28.
  • BOUIS, R. ve DUVAL, R. (2011), Raising Potential Growth After the Crisis: A Quantitative Assessment of the Potential Gains from Various Structural Reforms in the OECD Area and Beyond, OECD Economics Department Working Papers, No. 835, OECD Publishing, Paris.
  • BUSSIERE, M. FERRARA, L. JUILLARD, M. ve SIENA, D. (2017), Can Fiscal Budget-Neutral Reforms Stimulate Growth? Model-Based Results, Direction Générale Des Études Et Des Relations Internationales, Banque De France Eurosysteme, Working Papaer, No: 625, 1-35.
  • BWIRE, T. LLOYD, T. ve MORRISSEY, O. (2017), Fiscal Reforms and the Fiscal Effects of Aid in Uganda, The Journal of Development Studies, Vol. 53(7), 1019–1036.
  • CANTON, E. GRILO, I. MONTEAGUDO, J. PIERINI, F. ve TURRINI, A. (2014), The Role of Structural Reform for Adjustment and Growth, ECFIN Economic Brief, Issue 34, 1-7.
  • CATALANO, M. ve PEZZOLLA, E. (2015), The Interaction Between The Labour Tax Wedge And Structural Reforms In Italy, Revue de l'OFCE, 2015/5 (N° 141), 185-223.
  • ÇAKMUR YILDIRTAN, D., (2010), E-Views Uygulamalı Temel Ekonometri: Makro Ekonomik Verilerle, Türkmen Kitapevi, ISBN: 978–605–4259–18–2.
  • DABLA-NORRIS, E. HO, G. ve KYOBE, A. (2016), Structural Reforms and Productivity Growth in Emerging Market and Developing Economies, IMF Working Paper, WP/16/15, 1-35.
  • DJANKOV, S. GEORGIEVA, D. ve RAMALHO, R. (2017), Determinants of Regulatory Reform, Erişim linki: http://www.lse.ac.uk/fmg/news/newsPDFs/DjankovDeterminantsOfRegulatoryReform.pdf, Erişim Tarihi: 29.01.2018
  • EGERT, B. ve GAL, P. (2017), The Quantification of Structural Reforms in OECD Countries: A New Framework, Cesifo Working Paper, No. 6420, 1-40.
  • EGGERTSSON, G. FERRERO, A. ve RAFFO, A. (2014), Can Structural Reforms Help Europe?, Journal of Monetary Economics, Vol. 61, 2–22.
  • EĞİLMEZ, M. (2015), Güncellenmiş Yapısal Reformlar Rehberi, Erişim Tarihi: 19 Ekim 2015, Erişim Linki: http://www.mahfiegilmez.com/2015/10/guncellenmis-yapsal-reformlar-rehberi.html, Erişim Tarihi: 22.12.2017
  • EĞİLMEZ, M. (2016), Türkiye Ekonomisi’nin Yapısal Sorunları, Erişim Tarihi: 28.09.2016, Erişim Linki: http://www.mahfiegilmez.com/2016/09/turkiye-ekonomisinin-yapsal-sorunlar.html , Erişim Tarihi: 22.12.2017
  • FELD, L.P. SCHMIDT, M.C. SCHNABEL, I. ve WIELAND, V. (2016), Maastricht 2.0: Safeguarding The Future Of The Eurozone, Richard BALDWIN ve Francesco GIAVAZZİ (Eds.) içinde, How To Fix Europe’s Monetary Union Views Of Leading Economists, CEPR Press, Centre for Economic Policy Research, London.
  • GREENIDGE, K. MCINTYRE, M.A. ve YUN, H. (2016), Structural Reform and Growth: What Really Matters? Evidence from the Caribbean, IMF Working Paper, WP/16/82, 1-32.
  • IMF, International Monetary Fund (2015), Fıscal Polıcy And Long-Term Growth, IMF Polıcy Paper, Washington, D.C. 1-256.
  • KIM, S. H. ve KOSE, M.A. (2014), Welfare Implications Of Trade Liberalization And Fiscal Reform: A Quantitative Experiment, Journal of International Economics, Vol. 92, s. 198–209.
  • KREBS, T. ve SCHEFFEL, M. (2016), Structural Reform In Germany, IMF Working Paper, WP/16/96, 1-59.
  • KUMKOF, M. LAXTON, D. MUIR, D. ve MURSULA, S. (2010), The Global Integrated Monetary and Fiscal Model (GIMF) – Theoretical Structure, International Monetary Fund, WP/10/34, 1-74.
  • KUTLAR, A., (2000), Ekonometrik Zaman Serileri Teori ve Uygulama, Gazi Kitapevi, ISBN: 975–7313–56–4.
  • KWIATKOWSKI, D., PHILLIPS C.P.P., SCHMIDT, P., SHIN Y., (1999), Testing The Null Hypothesis of Stationarity Against The Alternative Of A Unit Root: How Sure Are We That Economic Time Series Have A Unit Root?, Journal of Econometrics, Vol. 54, 159–178.
  • LAM, R.W. ve WINGENDER, P. (2015), China: How Can Revenue Reforms Contribute to Inclusive and Sustainable Growth?, IMF Working Paper, WP/15/66, 1-31.
  • MIYAZAKI, T. (2014), Fiscal Reform And Fiscal Sustainability: Evidence From Australia And Sweden, International Review of Economics and Finance, Vol. 33, 141–151.
  • ÖZEL, I. (2015), Reverting Structural Reforms in Turkey: Twords an Illiberal Economic Governance, Global Turkey in Europe Policy Brief, No: 22.
  • PRATI, A. ONORATO, G.M. ve PAPAGEORGIOU, C. (2013), Which Reforms Work and under What Institutional Environment? Evidence from a New Data Set on Structural Reforms, Review of Economics and Statistics, Volume 95(3), 946-968.
  • STAEHR, K. (2005), Reforms and Economic Growth in Transition Economies: Complementarity, Sequencing and Speed, The European Journal of Comparative Economics, Vol. 2 (2), 177-202.
  • TARI, R., (2010), Ekonometri, Umuttepe Kitapevi, ISBN: 978–605–5936–33–4.
  • TÜRKİYE CUMHURİYET MERKEZ BANKASI (2016), Yapısal Reformlar ve Büyüme Üzerindeki Etkileri, ISBN (elektronik): 978-605-4911-49-3.
  • ÜNAY, S. (2017), Ekonomide Yapısal Reformların Tam Zamanı, Kriter Dergisi, Erişim Linki: http://kriterdergi.com/ekonomide-yapisal-reformlarin-tam-zamani/ Erişim Tarihi: 22.10.2017
  • VASHNEYA, U. ve GUPTA, S. (2017), Economic Reforms Concept and Strategy, Journal of Management Science, Operations & Strategies, Vol. 1(01), 1-4.
  • WAELTI, S. (2015), Financial Crisis Begets Financial Reform? The Origin Of The Crisis Matters, European Journal of Political Economy, Vol. 40, 1–15.
  • WILSON, R. (2016), Does Governance Cause Growth? Evidence from China, World Development Vol. 79, 138–151.
  • YANG, W. FIDRMUC, J. ve GHOSH, S. (2015), Macroeconomic Effects Of Fiscal Adjustment: A Tale Of Two Approaches, Journal of International Money and Finance, Vol. 57, 31–60.
  • YENİGÜN DİLEK, P. (2017), Yapısal Reformlar ve Ekonominin Dönüşümü, Longview Turkey, Erişim Linki: http://longviewturkey.com/yapisal-reformlar-ve-ekonominin-donusumu/ Erişim Tarihi: 12.10.2017

TÜRKİYE’DE YAPISAL MALİ REFORMLARIN BÜYÜME ÜZERİNE ETKİSİ

Year 2018, Volume: 5 Issue: 3, 849 - 866, 27.12.2018
https://doi.org/10.30798/makuiibf.423302

Abstract

Etkin,
verimli ve güçlü bir sosyo-ekonomik yapı için mevcut sistemin yeniden
yapılandırılması olarak ifade edilebilecek yapısal reformlar günümüzde en çok
tartışılan konulardan biridir. Ülkeden ülkeye farklı nedenlere göre çeşitlilik
arz eden yapısal reformların başta ekonomik olmak üzere siyasi, sosyal ve mali
boyutları bulunmakta ve makroekonomik değişkenler üzerinde belirleyici
olmaktadır. Bu çalışmada, Türkiye’de yapısal mali reform çabalarının ekonomik
büyüme üzerinde bir etki yaratıp yaratmadığı, reforma konu olan mali araçlar
baz alınarak analiz edilmiştir. Belirlenen mali değişkenlerin büyüme üzerindeki
etkisi regresyon analizi ile test edilmiştir. Veri seti 2006 Ocak ve 2017
Aralık dönemini kapsamaktadır. Analiz sonuçları, Türkiye’de giderlere yönelik
yapılacak reformların aksine gelirlere yönelik yapılacak reformların büyümeyi
hızlandıracağını göstermektedir.

References

  • ACEMOĞLU, D. ve UCER, M. (2015), The Ups and Downs of Turkish Growth, 2002-2015: Political Dynamics, the European Union and the Institutional Side, NBER Working Paper, No.21608, 1-34.
  • ACOSTA-ORMAECHEA, S. KOMATSUZAKI, T. ve CORREA-CARO, C. (2017), Fiscal Reforms, Long-term Growth and Income Inequality, IMF Working Paper, WP/17/145.
  • AGNELLO, L. CASTRO, V. JALLES, T.J. ve SOUSA, M.R. (2015), What Determines The Likelihood Of Structural Reforms?, European Journal of Political Economy, Vol. 37, 129–145.
  • AGNELLO, L. CASTRO, V. JALLES, T.J. ve SOUSA, M.R. (2015b), Fiscal Consolidation And Financial Reforms, Applied Economics, 47 (34-35), 3740-3755.
  • ANDERSON, D. HUNT, B. ve SNUDDENI S. (2014), Fiscal Consolidation In The Euro Area: How Much Paincan Structural Reforms Ease?, Journal of Policy Modeling, Vol. 36, 785–799.
  • ANDRES, J. ARCE, O. ve THOMAS, C. (2017), Structural Reforms In A Debt Overhang, Journal of Monetary Economics, Vol. 88, 15–34.
  • ARGHYROU, M.G. (2017), Structural Reforms In The Euro Area: A Greek View, European View, Vol. 16, 45–56.
  • BABECKY, J. ve CAMPOS, F.N. (2011), Does Reform Work? An Econometric Survey Of The Reform–Growth Puzzle, Journal of Comparative Economics, Vol. 39, 140–158.
  • BABECKY, J. ve HAVRANEK, T. (2013), Structural Reforms and Growth in Transition: A Meta-Analysis, IES Working Paper, No.14/2013, 1-35.
  • BERKMEN, S.P. (2011), The Impact of Fiscal Consolidation and Structural Reforms on Growth in Japan, IMF Working Paper, WP/11/13.
  • BORDON, A. R. EBEKE, C. ve SHIRONO, K. (2016), When Do Structural Reforms Work? On the Role of the Business Cycle and Macroeconomic Policies, IMF Working Paper, WP/16/62, 1-28.
  • BOUIS, R. ve DUVAL, R. (2011), Raising Potential Growth After the Crisis: A Quantitative Assessment of the Potential Gains from Various Structural Reforms in the OECD Area and Beyond, OECD Economics Department Working Papers, No. 835, OECD Publishing, Paris.
  • BUSSIERE, M. FERRARA, L. JUILLARD, M. ve SIENA, D. (2017), Can Fiscal Budget-Neutral Reforms Stimulate Growth? Model-Based Results, Direction Générale Des Études Et Des Relations Internationales, Banque De France Eurosysteme, Working Papaer, No: 625, 1-35.
  • BWIRE, T. LLOYD, T. ve MORRISSEY, O. (2017), Fiscal Reforms and the Fiscal Effects of Aid in Uganda, The Journal of Development Studies, Vol. 53(7), 1019–1036.
  • CANTON, E. GRILO, I. MONTEAGUDO, J. PIERINI, F. ve TURRINI, A. (2014), The Role of Structural Reform for Adjustment and Growth, ECFIN Economic Brief, Issue 34, 1-7.
  • CATALANO, M. ve PEZZOLLA, E. (2015), The Interaction Between The Labour Tax Wedge And Structural Reforms In Italy, Revue de l'OFCE, 2015/5 (N° 141), 185-223.
  • ÇAKMUR YILDIRTAN, D., (2010), E-Views Uygulamalı Temel Ekonometri: Makro Ekonomik Verilerle, Türkmen Kitapevi, ISBN: 978–605–4259–18–2.
  • DABLA-NORRIS, E. HO, G. ve KYOBE, A. (2016), Structural Reforms and Productivity Growth in Emerging Market and Developing Economies, IMF Working Paper, WP/16/15, 1-35.
  • DJANKOV, S. GEORGIEVA, D. ve RAMALHO, R. (2017), Determinants of Regulatory Reform, Erişim linki: http://www.lse.ac.uk/fmg/news/newsPDFs/DjankovDeterminantsOfRegulatoryReform.pdf, Erişim Tarihi: 29.01.2018
  • EGERT, B. ve GAL, P. (2017), The Quantification of Structural Reforms in OECD Countries: A New Framework, Cesifo Working Paper, No. 6420, 1-40.
  • EGGERTSSON, G. FERRERO, A. ve RAFFO, A. (2014), Can Structural Reforms Help Europe?, Journal of Monetary Economics, Vol. 61, 2–22.
  • EĞİLMEZ, M. (2015), Güncellenmiş Yapısal Reformlar Rehberi, Erişim Tarihi: 19 Ekim 2015, Erişim Linki: http://www.mahfiegilmez.com/2015/10/guncellenmis-yapsal-reformlar-rehberi.html, Erişim Tarihi: 22.12.2017
  • EĞİLMEZ, M. (2016), Türkiye Ekonomisi’nin Yapısal Sorunları, Erişim Tarihi: 28.09.2016, Erişim Linki: http://www.mahfiegilmez.com/2016/09/turkiye-ekonomisinin-yapsal-sorunlar.html , Erişim Tarihi: 22.12.2017
  • FELD, L.P. SCHMIDT, M.C. SCHNABEL, I. ve WIELAND, V. (2016), Maastricht 2.0: Safeguarding The Future Of The Eurozone, Richard BALDWIN ve Francesco GIAVAZZİ (Eds.) içinde, How To Fix Europe’s Monetary Union Views Of Leading Economists, CEPR Press, Centre for Economic Policy Research, London.
  • GREENIDGE, K. MCINTYRE, M.A. ve YUN, H. (2016), Structural Reform and Growth: What Really Matters? Evidence from the Caribbean, IMF Working Paper, WP/16/82, 1-32.
  • IMF, International Monetary Fund (2015), Fıscal Polıcy And Long-Term Growth, IMF Polıcy Paper, Washington, D.C. 1-256.
  • KIM, S. H. ve KOSE, M.A. (2014), Welfare Implications Of Trade Liberalization And Fiscal Reform: A Quantitative Experiment, Journal of International Economics, Vol. 92, s. 198–209.
  • KREBS, T. ve SCHEFFEL, M. (2016), Structural Reform In Germany, IMF Working Paper, WP/16/96, 1-59.
  • KUMKOF, M. LAXTON, D. MUIR, D. ve MURSULA, S. (2010), The Global Integrated Monetary and Fiscal Model (GIMF) – Theoretical Structure, International Monetary Fund, WP/10/34, 1-74.
  • KUTLAR, A., (2000), Ekonometrik Zaman Serileri Teori ve Uygulama, Gazi Kitapevi, ISBN: 975–7313–56–4.
  • KWIATKOWSKI, D., PHILLIPS C.P.P., SCHMIDT, P., SHIN Y., (1999), Testing The Null Hypothesis of Stationarity Against The Alternative Of A Unit Root: How Sure Are We That Economic Time Series Have A Unit Root?, Journal of Econometrics, Vol. 54, 159–178.
  • LAM, R.W. ve WINGENDER, P. (2015), China: How Can Revenue Reforms Contribute to Inclusive and Sustainable Growth?, IMF Working Paper, WP/15/66, 1-31.
  • MIYAZAKI, T. (2014), Fiscal Reform And Fiscal Sustainability: Evidence From Australia And Sweden, International Review of Economics and Finance, Vol. 33, 141–151.
  • ÖZEL, I. (2015), Reverting Structural Reforms in Turkey: Twords an Illiberal Economic Governance, Global Turkey in Europe Policy Brief, No: 22.
  • PRATI, A. ONORATO, G.M. ve PAPAGEORGIOU, C. (2013), Which Reforms Work and under What Institutional Environment? Evidence from a New Data Set on Structural Reforms, Review of Economics and Statistics, Volume 95(3), 946-968.
  • STAEHR, K. (2005), Reforms and Economic Growth in Transition Economies: Complementarity, Sequencing and Speed, The European Journal of Comparative Economics, Vol. 2 (2), 177-202.
  • TARI, R., (2010), Ekonometri, Umuttepe Kitapevi, ISBN: 978–605–5936–33–4.
  • TÜRKİYE CUMHURİYET MERKEZ BANKASI (2016), Yapısal Reformlar ve Büyüme Üzerindeki Etkileri, ISBN (elektronik): 978-605-4911-49-3.
  • ÜNAY, S. (2017), Ekonomide Yapısal Reformların Tam Zamanı, Kriter Dergisi, Erişim Linki: http://kriterdergi.com/ekonomide-yapisal-reformlarin-tam-zamani/ Erişim Tarihi: 22.10.2017
  • VASHNEYA, U. ve GUPTA, S. (2017), Economic Reforms Concept and Strategy, Journal of Management Science, Operations & Strategies, Vol. 1(01), 1-4.
  • WAELTI, S. (2015), Financial Crisis Begets Financial Reform? The Origin Of The Crisis Matters, European Journal of Political Economy, Vol. 40, 1–15.
  • WILSON, R. (2016), Does Governance Cause Growth? Evidence from China, World Development Vol. 79, 138–151.
  • YANG, W. FIDRMUC, J. ve GHOSH, S. (2015), Macroeconomic Effects Of Fiscal Adjustment: A Tale Of Two Approaches, Journal of International Money and Finance, Vol. 57, 31–60.
  • YENİGÜN DİLEK, P. (2017), Yapısal Reformlar ve Ekonominin Dönüşümü, Longview Turkey, Erişim Linki: http://longviewturkey.com/yapisal-reformlar-ve-ekonominin-donusumu/ Erişim Tarihi: 12.10.2017
There are 44 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section Research Articles
Authors

Özge Uysal Şahin 0000-0002-1422-4123

Sevda Akar 0000-0003-1208-0258

Publication Date December 27, 2018
Submission Date May 14, 2018
Published in Issue Year 2018 Volume: 5 Issue: 3

Cite

APA Uysal Şahin, Ö., & Akar, S. (2018). TÜRKİYE’DE YAPISAL MALİ REFORMLARIN BÜYÜME ÜZERİNE ETKİSİ. Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 5(3), 849-866. https://doi.org/10.30798/makuiibf.423302