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MALİYE POLİTİKALARI, MALİ YERELLEŞME VE EKONOMİK PERFORMANS ARASINDAKİ BAĞ: KÜRESELLEŞME VE KURUMSAL KALİTE ETKİLEŞİMİ

Year 2018, Volume: 7 Issue: 2, 155 - 172, 01.04.2018

Abstract

Bu makale, küreselleşmenin ve kurumsal kalitenin sadece bireysel etkilerini değil aynı zamanda birlikte etkileşimlerinin mali yerelleşme, kamu harcamaları, vergi gelirleri ve ekonomik performans üzerindeki etkilerini de ortaya koymayı amaçlamaktadır. Kurumlar, ekonomik faaliyetin temel unsurlarındandır. Mali yerelleşmenin makroekonomik değişkenler üzerindeki etkisi incelenirken ekonomik yapının dinamiklerinin belirlenebilmesi için kurumsal kalitenin de incelenmesi gereklidir. Bu kapsamda, küreselleşmenin ve kurumsal kalitenin birlikte etkisini ele alan çalışmalar literatürde yeteri kadar bulunmamaktadır. Literatüre ek bir katkı olarak, 1996-2010 dönemleri arasında Ekonomik İşbirliği ve Kalkınma Örgütü üyesi olan 24 ülke için etkileşimin yönü ve boyutu panel VARX yöntemiyle araştırılmaktadır

References

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  • Alfaro, L., Kalemli-Ozcan, S. & Volosovych, V. (2008). Why doesn’t capital flow from rich to poor countries? An empirical investigation. The Review of Economics and Statistics, 90(2), 347–368.
  • Alesina, A. & Drazen, A. (1991). Why are Stabilizations Delayed? The American Economic Review, 81(5), 1170-1188.
  • Andrews, D.W.K. &Lu B. (2001). Consistent model and moment selection procedures for GMM estimation
  • with application to dynamic panel data models. Journal of Econometrics, 101(1), 123– 164.
  • Bahl, R. & Linn J. (1992). Urban Public Finance in Developing Countries, New York: Oxford University Press.
  • Bahl, R. (1999). “Fiscal Decentralization as Development Policy,” Public Budgeting and Finance, 19, 59–75.
  • Breton A. & Scott, A. (1978). The Economic Constitution of Federal States, Toronto: University of Toronto Press.
  • Breton, A. (1996). Competitive Governments. An Economic Theory of Politics and Public Finance, New York:
  • Cambridge University Press.
  • Bolton, P., & Roland, G. (1997). The breakup of nations: A political-economy analysis. Quarterly Journal of
  • Economics, 112, 1057–1090.
  • Canova, F., & Ciccarelli, M. (2009). Estimating multicountry VAR models, International Economic Review, 50, 929–959.
  • Canova, F., & Ciccarelli, M. (2013). Panel vector autoregressive models: A survey, Working Paper Series, 1507.
  • Chang, C. P., & Lee, C.C. (2010). Globalization and economic growth: A political economy analysis for OECD
  • countries. Global Economic Review, 39(2), 151–173.
  • Cukierman, A., Webb, S.B. & Neyapti, B. (1992). Measuring the independence of central banks and its effects
  • on policy outcomes. World Bank Economic Review, 6(3), 353–398.
  • Davoodi, H., & Zou, H.. 1998. Fiscal Decentralization and Economic Growth: A Cross-Country Study, Journal of Urban Economics (U.S), 43, 244– 257.
  • Dreher, A. (2006a). The influence of globalization on autonomous taxes and social policy: An empirical analysis for OECD countries. European Journal of Political Economy, 22, 179– 201.
  • Dreher, A., Gaston, N., & Martens, P. (2008). Measuring Globalization - Gauging its Consequence, New York: Springer.
  • Ermini, B., & Santolini, R. (2010). Fiscal decentralization and globalization: evidence from KOF index of globalization. Mimeo.
  • Evans, R.W. (2007). Is openness inflationary? Imperfect competition and monetary market power. Federal Reserve
  • Bank of Dallas Globalization and Monetary Policy Institute. Working Paper No. 1.
  • Garrett, G.,& Rodden, J. (2003). Globalization and fiscal decentralization, in Kahler, M. and Lake, D. (eds.),
  • Governance in a global economy: political authority in transition, Princeton, NJ: Princeton University Press, 87– 109.
  • Granato, J., Inglehart, R. &Leblang, D. (1996) The Effect of Cultural Values on Economic Development:
  • Theory, Hypothesis, and Some Empirical Tests. American Journal of Political Science, 40, 607-631.
  • Hanif, M.N., & Batool, I. (2006). Openness and inflation: a case study of Pakistan, MPRA Paper, No. 10214,
  • University Library of Munich, Germany. Hansen, L. (1982). Large sample properties of generalized method of moments estimators. Econometrica, 50, 1029–54.
  • Jin, J. (2000). Openness and growth: an interpretation of empirical evidence from East Asian countries. Journal of International Trade and Economic Development, 9, 5–17.
  • Keen, M., & Marchand, M. (1997). Fiscal competition and the pattern of public spending. Journal of Public Economics, 66, 33–53
  • Koop, G. & Korobilis, D. (2016). Model uncertainty in panel vector autoregressive models. European Economic Review, 81, 115–131.
  • Kunčič, A. (2014). Institutional quality dataset. Journal of Institutional Economics, 10(1), 135–161.
  • Lane, P.R., and M.M. Gian (2006). The external wealth of nations mark II: revised and extended estimates of foreign assets and liabilities, 1970–2004. IMF Working Paper, 6, 69.
  • Lin, J. Y. & Liu, Z. (2000). Fiscal Decentralization and Economic Growth in China, University of Chicago.
  • Mukhtar, T. (2010) Does trade openness reduce inflation? Empirical evidence from Pakistan. The Lahore Journal of Economics 15(2), 35–50.
  • Norris, P. (2000). Global governance and cosmopolitan citizens. In: Nye, Joseph S., Donahue, and D. John (Eds.),
  • Governance in a Globalizing World. Washington, DC: Brookings Institution Press, pp. 155–177.
  • Oates, W. E. (1972). Fiscal Federalism, New York: Harcourt Brace Jovanovich.
  • Okada, K. (2013). The interaction effects of financial openness and institutions on international capital flows.
  • Journal of Macroeconomics, 35, 131–143.
  • Obadan, M. I. (1999) International Capital Flows and the Recent Financial Crises: What have we Learned? Presidential Address of the Nigerian Economic Society, 21.
  • Okun, A.M. (1981). Prices and Quantities: A Macroeconomic Analysis. Washington, DC: The Brooking Institution.
  • Panizza, U. (1999). On the Determinants of Fiscal Centralization: Theory and Evidence, Journal of Public Economics 74, 97-139.
  • Prud’homme, R. (1995). On the Dangers of Decentralization, World Bank Research Observer, 10(2), 201–210.
  • Robalino, D.A., Picazo, O.F., & Voetberg, A.. (2001). Does Fiscal Decentralization Improve Health Outcomes? Evidence from a Cross-Country Analysis, mimeograph.
  • Rodrik, D. (1998). Why do more open economies have bigger governments? Journal of Political Economy, 106, 997–1032.
  • Schulze, G.G., & Ursprung, H.W. (1999). Globalization of the economy and the nation-state. World Economy, 22, 295–352.
  • Stegarescu, D. (2004). Public sector decentralisation: measurement concepts and recent international trends. ZEW Discussant Paper, 04–74.
  • Stegarescu, D. (2009). he effects of economic and political integration on fiscal decentralization: Evidence from OECD countries. Canadian Journal of Economics, 42, 694–718.
  • Snyder, T. J. (2012). Increasing Returns, Institutions, and Capital Flows. Eastern Economic Journal, 39, 285– 308.
  • Tanzi, V. (1995). Fiscal Federalism and Decentralization: A Review of Some Efficiency and Macroeconomic Aspects, in World Bank, Annual World Bank Conference on Development Economics, Washington DC: World Bank.
  • Urban J. (2017) Credit risk contagion and arbitrage: Evidence from sovereign bond and credit default swap markets, Dissertation.
  • Wasylenko, M. (2001). Fiscal Decentralization and Economic Development, mimeograph, The Maxwell School, Syracuse University.
  • Xie D., Zou H., & Davoodi, H. (1999). Fiscal decentralization and economic growth in the United States, Journal of Urban Economics, 45, 228–239.
  • Zakaria, M., (2010). Openness and inflation: evidence from time series data. Doğuş Üniversitesi Dergisi, 11(2), 313–322.

THE NEXUS AMONG FISCAL POLICIES, FISCAL DECENTRALIZATION, AND ECONOMIC PERFORMANCE: JOINT EFFECT OF GLOBALIZATION AND INSTITUTIONAL QUALITY

Year 2018, Volume: 7 Issue: 2, 155 - 172, 01.04.2018

Abstract

This article aims to reveal not only the individual effects of globalization and institutional quality but also their interaction effects on fiscal decentralization, government spending, tax revenues, and economic performance. The role of institutions is important as the underlying basis for economic activity. Institutional quality should include an analysis of the impact of fiscal decentralization on macroeconomic variables to determine the dynamics of economic structure. There are not enough studies that deal with the interaction effect of globalization and institutional quality within this concept. As an additional contribution, panel VARX method is applied to investigate the direction and size of the interaction for the 24 countries that are members of Organization for Economic Cooperation and Development between 1996 and 2010

References

  • Abrigo, M. R.M. and Love, I. (2015). Estimation of Panel Vector Autoregression in Stata: a Package of Programs
  • Alfaro, L., Kalemli-Ozcan, S. & Volosovych, V. (2008). Why doesn’t capital flow from rich to poor countries? An empirical investigation. The Review of Economics and Statistics, 90(2), 347–368.
  • Alesina, A. & Drazen, A. (1991). Why are Stabilizations Delayed? The American Economic Review, 81(5), 1170-1188.
  • Andrews, D.W.K. &Lu B. (2001). Consistent model and moment selection procedures for GMM estimation
  • with application to dynamic panel data models. Journal of Econometrics, 101(1), 123– 164.
  • Bahl, R. & Linn J. (1992). Urban Public Finance in Developing Countries, New York: Oxford University Press.
  • Bahl, R. (1999). “Fiscal Decentralization as Development Policy,” Public Budgeting and Finance, 19, 59–75.
  • Breton A. & Scott, A. (1978). The Economic Constitution of Federal States, Toronto: University of Toronto Press.
  • Breton, A. (1996). Competitive Governments. An Economic Theory of Politics and Public Finance, New York:
  • Cambridge University Press.
  • Bolton, P., & Roland, G. (1997). The breakup of nations: A political-economy analysis. Quarterly Journal of
  • Economics, 112, 1057–1090.
  • Canova, F., & Ciccarelli, M. (2009). Estimating multicountry VAR models, International Economic Review, 50, 929–959.
  • Canova, F., & Ciccarelli, M. (2013). Panel vector autoregressive models: A survey, Working Paper Series, 1507.
  • Chang, C. P., & Lee, C.C. (2010). Globalization and economic growth: A political economy analysis for OECD
  • countries. Global Economic Review, 39(2), 151–173.
  • Cukierman, A., Webb, S.B. & Neyapti, B. (1992). Measuring the independence of central banks and its effects
  • on policy outcomes. World Bank Economic Review, 6(3), 353–398.
  • Davoodi, H., & Zou, H.. 1998. Fiscal Decentralization and Economic Growth: A Cross-Country Study, Journal of Urban Economics (U.S), 43, 244– 257.
  • Dreher, A. (2006a). The influence of globalization on autonomous taxes and social policy: An empirical analysis for OECD countries. European Journal of Political Economy, 22, 179– 201.
  • Dreher, A., Gaston, N., & Martens, P. (2008). Measuring Globalization - Gauging its Consequence, New York: Springer.
  • Ermini, B., & Santolini, R. (2010). Fiscal decentralization and globalization: evidence from KOF index of globalization. Mimeo.
  • Evans, R.W. (2007). Is openness inflationary? Imperfect competition and monetary market power. Federal Reserve
  • Bank of Dallas Globalization and Monetary Policy Institute. Working Paper No. 1.
  • Garrett, G.,& Rodden, J. (2003). Globalization and fiscal decentralization, in Kahler, M. and Lake, D. (eds.),
  • Governance in a global economy: political authority in transition, Princeton, NJ: Princeton University Press, 87– 109.
  • Granato, J., Inglehart, R. &Leblang, D. (1996) The Effect of Cultural Values on Economic Development:
  • Theory, Hypothesis, and Some Empirical Tests. American Journal of Political Science, 40, 607-631.
  • Hanif, M.N., & Batool, I. (2006). Openness and inflation: a case study of Pakistan, MPRA Paper, No. 10214,
  • University Library of Munich, Germany. Hansen, L. (1982). Large sample properties of generalized method of moments estimators. Econometrica, 50, 1029–54.
  • Jin, J. (2000). Openness and growth: an interpretation of empirical evidence from East Asian countries. Journal of International Trade and Economic Development, 9, 5–17.
  • Keen, M., & Marchand, M. (1997). Fiscal competition and the pattern of public spending. Journal of Public Economics, 66, 33–53
  • Koop, G. & Korobilis, D. (2016). Model uncertainty in panel vector autoregressive models. European Economic Review, 81, 115–131.
  • Kunčič, A. (2014). Institutional quality dataset. Journal of Institutional Economics, 10(1), 135–161.
  • Lane, P.R., and M.M. Gian (2006). The external wealth of nations mark II: revised and extended estimates of foreign assets and liabilities, 1970–2004. IMF Working Paper, 6, 69.
  • Lin, J. Y. & Liu, Z. (2000). Fiscal Decentralization and Economic Growth in China, University of Chicago.
  • Mukhtar, T. (2010) Does trade openness reduce inflation? Empirical evidence from Pakistan. The Lahore Journal of Economics 15(2), 35–50.
  • Norris, P. (2000). Global governance and cosmopolitan citizens. In: Nye, Joseph S., Donahue, and D. John (Eds.),
  • Governance in a Globalizing World. Washington, DC: Brookings Institution Press, pp. 155–177.
  • Oates, W. E. (1972). Fiscal Federalism, New York: Harcourt Brace Jovanovich.
  • Okada, K. (2013). The interaction effects of financial openness and institutions on international capital flows.
  • Journal of Macroeconomics, 35, 131–143.
  • Obadan, M. I. (1999) International Capital Flows and the Recent Financial Crises: What have we Learned? Presidential Address of the Nigerian Economic Society, 21.
  • Okun, A.M. (1981). Prices and Quantities: A Macroeconomic Analysis. Washington, DC: The Brooking Institution.
  • Panizza, U. (1999). On the Determinants of Fiscal Centralization: Theory and Evidence, Journal of Public Economics 74, 97-139.
  • Prud’homme, R. (1995). On the Dangers of Decentralization, World Bank Research Observer, 10(2), 201–210.
  • Robalino, D.A., Picazo, O.F., & Voetberg, A.. (2001). Does Fiscal Decentralization Improve Health Outcomes? Evidence from a Cross-Country Analysis, mimeograph.
  • Rodrik, D. (1998). Why do more open economies have bigger governments? Journal of Political Economy, 106, 997–1032.
  • Schulze, G.G., & Ursprung, H.W. (1999). Globalization of the economy and the nation-state. World Economy, 22, 295–352.
  • Stegarescu, D. (2004). Public sector decentralisation: measurement concepts and recent international trends. ZEW Discussant Paper, 04–74.
  • Stegarescu, D. (2009). he effects of economic and political integration on fiscal decentralization: Evidence from OECD countries. Canadian Journal of Economics, 42, 694–718.
  • Snyder, T. J. (2012). Increasing Returns, Institutions, and Capital Flows. Eastern Economic Journal, 39, 285– 308.
  • Tanzi, V. (1995). Fiscal Federalism and Decentralization: A Review of Some Efficiency and Macroeconomic Aspects, in World Bank, Annual World Bank Conference on Development Economics, Washington DC: World Bank.
  • Urban J. (2017) Credit risk contagion and arbitrage: Evidence from sovereign bond and credit default swap markets, Dissertation.
  • Wasylenko, M. (2001). Fiscal Decentralization and Economic Development, mimeograph, The Maxwell School, Syracuse University.
  • Xie D., Zou H., & Davoodi, H. (1999). Fiscal decentralization and economic growth in the United States, Journal of Urban Economics, 45, 228–239.
  • Zakaria, M., (2010). Openness and inflation: evidence from time series data. Doğuş Üniversitesi Dergisi, 11(2), 313–322.
There are 57 citations in total.

Details

Primary Language English
Other ID JA49PD95TG
Journal Section Research Article
Authors

Mehmet Kenan Terzioğlu This is me

Publication Date April 1, 2018
Submission Date April 1, 2018
Published in Issue Year 2018 Volume: 7 Issue: 2

Cite

APA Terzioğlu, M. K. (2018). THE NEXUS AMONG FISCAL POLICIES, FISCAL DECENTRALIZATION, AND ECONOMIC PERFORMANCE: JOINT EFFECT OF GLOBALIZATION AND INSTITUTIONAL QUALITY. MANAS Sosyal Araştırmalar Dergisi, 7(2), 155-172.
AMA Terzioğlu MK. THE NEXUS AMONG FISCAL POLICIES, FISCAL DECENTRALIZATION, AND ECONOMIC PERFORMANCE: JOINT EFFECT OF GLOBALIZATION AND INSTITUTIONAL QUALITY. MJSS. April 2018;7(2):155-172.
Chicago Terzioğlu, Mehmet Kenan. “THE NEXUS AMONG FISCAL POLICIES, FISCAL DECENTRALIZATION, AND ECONOMIC PERFORMANCE: JOINT EFFECT OF GLOBALIZATION AND INSTITUTIONAL QUALITY”. MANAS Sosyal Araştırmalar Dergisi 7, no. 2 (April 2018): 155-72.
EndNote Terzioğlu MK (April 1, 2018) THE NEXUS AMONG FISCAL POLICIES, FISCAL DECENTRALIZATION, AND ECONOMIC PERFORMANCE: JOINT EFFECT OF GLOBALIZATION AND INSTITUTIONAL QUALITY. MANAS Sosyal Araştırmalar Dergisi 7 2 155–172.
IEEE M. K. Terzioğlu, “THE NEXUS AMONG FISCAL POLICIES, FISCAL DECENTRALIZATION, AND ECONOMIC PERFORMANCE: JOINT EFFECT OF GLOBALIZATION AND INSTITUTIONAL QUALITY”, MJSS, vol. 7, no. 2, pp. 155–172, 2018.
ISNAD Terzioğlu, Mehmet Kenan. “THE NEXUS AMONG FISCAL POLICIES, FISCAL DECENTRALIZATION, AND ECONOMIC PERFORMANCE: JOINT EFFECT OF GLOBALIZATION AND INSTITUTIONAL QUALITY”. MANAS Sosyal Araştırmalar Dergisi 7/2 (April 2018), 155-172.
JAMA Terzioğlu MK. THE NEXUS AMONG FISCAL POLICIES, FISCAL DECENTRALIZATION, AND ECONOMIC PERFORMANCE: JOINT EFFECT OF GLOBALIZATION AND INSTITUTIONAL QUALITY. MJSS. 2018;7:155–172.
MLA Terzioğlu, Mehmet Kenan. “THE NEXUS AMONG FISCAL POLICIES, FISCAL DECENTRALIZATION, AND ECONOMIC PERFORMANCE: JOINT EFFECT OF GLOBALIZATION AND INSTITUTIONAL QUALITY”. MANAS Sosyal Araştırmalar Dergisi, vol. 7, no. 2, 2018, pp. 155-72.
Vancouver Terzioğlu MK. THE NEXUS AMONG FISCAL POLICIES, FISCAL DECENTRALIZATION, AND ECONOMIC PERFORMANCE: JOINT EFFECT OF GLOBALIZATION AND INSTITUTIONAL QUALITY. MJSS. 2018;7(2):155-72.

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