Abstract
The aim of this study is to investigate how different components of government expenditure affect economic variables. The interaction between Central Government Tax Revenues, Central Government Budget Expenditures, Capital Expenditures, Industrial Production Index, Consumer Price Index, and Interbank Interest Rate variables has been estimated for the period from 2006:01 to 2023:04. Expenditures on Capital Goods Purchases and Other Capital Expenditures have a greater impact on the Industrial Production Index compared to the reference model, leading to increased growth. The impact of Health and Defense-Security Expenditures on the Industrial Production Index shows a slightly higher increase compared to other components. Personnel Expenditures, Real Estate Purchases and Expropriation, and Other Capital Expenditures have similar effects on the Consumer Price Index, resulting in a less stimulating effect, while Health Expenditures have a stronger influence on consumer prices. Regarding the effects on the Interbank Interest Rate, it has been observed that Health Expenditures have a greater impact, while Real Estate Purchases and Expropriation have a lesser effect on the interest rate.
References
- Auerbach, A. J. & Gorodnichenko, Y. (2012). Measuring the Output Responses to Fiscal Policy. American Economic Journal: Economic Policy, 4(2), 1-27.
- Barro, R. J. (1989). The Ricardian Approach to Budget Deficits. Journal of Economic Perspectives, 3(2), 37-54.
- Berument, H. (1999), Interest Rates, Expected Inflation and Inflation Risk, Scottish Journal of Political Economy, 46(2), 207-218.
- Berument, H. (2003), Public Sector Pricing Behavior and Inflation Risk Premium in Turkey, Eastern European Economics, 41(1), 68-78.
- Blanchard, O. & Perotti, R. (2002). An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output. The Quarterly Journal of Economics, 117(4), 1329-1368.
- Blanchard, O. (2023). Fiscal Policy Under Low Interest Rates. MIT press.
- Ilzetzki, E., Mendoza, E. G. & Végh, C. A. (2013). How Big (Small?) are Fiscal Multipliers?. Journal of Monetary Economics, 60(2), 239-254.
- Geli, J. F. ve Moura, A. (2023). Getting into the Nitty-Gritty of Fiscal Multipliers: Small Details, Big Impacts.
- Jordà, Ò. (2005). Estimation and Inference of Impulse Responses by Local Projections. American Economic Review, 95(1), 161-182.
- Strongin, S. (1995). The Identification of Monetary Policy Disturbances Explaining the Liquidity Puzzle. Journal of Monetary Economics, 35(3), 463-497.
Abstract
Bu çalışmanın amacı devlet harcamalarının farklı kalemlerinin ekonomik değişkenleri nasıl etkilediği araştırmaktır. 2006:01-2023:04 dönemi için Merkezi Yönetim Vergi Gelirleri, Merkezi Yönetim Bütçe Giderleri, Sermaye Giderleri, Sanayi Üretim Endeksi, Tüketici Fiyat Endeksi ve Bankalararası Faiz Oranı değişkenlerinin nasıl etkileşime girdiği tahmin edilmiştir. Sanayi Üretim Endeksi üzerinde Sermaye Malı Alımlarına ve Diğer Sermaye Giderlerine yapılan harcamalar referans modele göre daha fazla artış yaratmaktadır. Sağlık ve Savunma-Güvenlik Giderlerinin Sanayi Üretim Endeksi üzerindeki etkisi, diğer kalemlere göre az daha artış yaratmaktadır. Personel Giderleri, Gayrimenkul Alımları ve Kamulaştırması ile Diğer Sermaye Giderlerinin Tüketici Fiyat Endeksi üzerinde etkisi birbirine benzer şekilde, daha az artırıcı olurken Sağlık Giderleri tüketici fiyatlarını daha fazla artırmaktadır. Bankalararası Faiz Oranı üzerindeki etkilerde ise Sağlık Giderlerinin Bankalararası Faiz Oranını daha fazla etkilediği, gayrimenkul alımları ve kamulaştırmasının ise faiz oranını daha az artırdığı gözlemlenmiştir.
References
- Auerbach, A. J. & Gorodnichenko, Y. (2012). Measuring the Output Responses to Fiscal Policy. American Economic Journal: Economic Policy, 4(2), 1-27.
- Barro, R. J. (1989). The Ricardian Approach to Budget Deficits. Journal of Economic Perspectives, 3(2), 37-54.
- Berument, H. (1999), Interest Rates, Expected Inflation and Inflation Risk, Scottish Journal of Political Economy, 46(2), 207-218.
- Berument, H. (2003), Public Sector Pricing Behavior and Inflation Risk Premium in Turkey, Eastern European Economics, 41(1), 68-78.
- Blanchard, O. & Perotti, R. (2002). An Empirical Characterization of the Dynamic Effects of Changes in Government Spending and Taxes on Output. The Quarterly Journal of Economics, 117(4), 1329-1368.
- Blanchard, O. (2023). Fiscal Policy Under Low Interest Rates. MIT press.
- Ilzetzki, E., Mendoza, E. G. & Végh, C. A. (2013). How Big (Small?) are Fiscal Multipliers?. Journal of Monetary Economics, 60(2), 239-254.
- Geli, J. F. ve Moura, A. (2023). Getting into the Nitty-Gritty of Fiscal Multipliers: Small Details, Big Impacts.
- Jordà, Ò. (2005). Estimation and Inference of Impulse Responses by Local Projections. American Economic Review, 95(1), 161-182.
- Strongin, S. (1995). The Identification of Monetary Policy Disturbances Explaining the Liquidity Puzzle. Journal of Monetary Economics, 35(3), 463-497.
Details
| Primary Language | Turkish |
|---|---|
| Subjects | Microeconomics (Other) |
| Journal Section | Articles |
| Authors | |
| Publication Date | July 31, 2023 |
| Submission Date | June 19, 2023 |
| Acceptance Date | July 9, 2023 |
| Published in Issue | Year 2023 Volume: 16 Issue: 3 |
Ömer Halisdemir Universitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi (OHUIIBF) is licensed under the Creative Commons Attribution-Noncommercial-Pseudonymity License 4.0 international license.