Research Article
BibTex RIS Cite

ALTYAPI YATIRIMLARI VE KURUMSALLIK: GELİŞMEKTE OLAN ÜLKELER İÇİN UYGULAMA ÖRNEĞİ

Year 2024, Issue: 63, 35 - 48, 22.07.2024
https://doi.org/10.30794/pausbed.1445534

Abstract

Gelişmekte olan ülkelerde altyapı ihtiyacı, gelişmiş ülkelere kıyasla çok daha fazladır. Öte yandan, yatırımlara harcanan kaynakların üçte birinden fazlası verimsiz yürütülen süreçler nedeniyle kaybedilmektedir. Finansal yetersizliklerin yanında kurumsal zayıflıklar da söz konusu olduğunda altyapı yatırımı için yalnızca kaynak bulmak, sorunu çözmede yetersiz kalmaktadır. Bu nedenle, nitelikli ve verimli altyapı yatırımları yapabilmek oldukça önemlidir. Altyapı yatırımları gerçekleştirilirken yalnızca sonuca değil sürece de odaklanılması gerektiği düşüncesi son yıllarda altyapı yönetişimi başlığı altında karşılık bulmaktadır. Bu çalışma, gelişmekte olan ülkelerdeki kurumsal gelişmişliğin altyapı yatırımları üzerindeki etkisini sabit etkili panel veri yöntemi ile analiz etmektedir. Yönetişim düzeyi, hukukun üstünlüğü ve yolsuzluğun kontrolü üç farklı kurumsal gösterge olarak analize dâhil edilmiştir. Elde edilen bulgulara göre, yönetişim düzeyi, yolsuzluğun kontrolü ve hukukun üstünlüğünde meydana gelen artış altyapı yatırımlarını olumlu etkilemektedir. Buradan hareketle, altyapı yönetişimi doğrultusunda alınan yatırım kararlarının kamusal israfın önüne geçeceği, verimli ve nitelikli bir altyapı hizmeti sağlayacağı sonucuna varılmaktadır.

References

  • Aschauer, D. A. (1989), “Is Public Expenditure Productive?”, Journal of Monetary Economics, Vol. 23, No. 2: 177–200.
  • Bach, G. L. (1975). “The economic effects of inflation”, Proceedings of the Academy of Political Science, 31(4), 20-33.
  • Baltagi, B. H. (2005). Econometric Analysis of Panel Data, 3. Baskı, West Sussex: John Wiley & Sons.
  • Canning, D., ve Pedroni, P. (2004), “The Effect of Infrastructure on Long Run Economic Growth”, Harvard University, Vol. 99, No.9: 1-30.
  • Chang, H. (2011). “Institutions and Economic Development: Theory, Policy and History”, Journal of Institutional Economics, 7(4), 473-498.
  • Chotia V. ve Rao N.V.M. (2017), “Infrastructure Financing and Economic Growth in India: An Empirical Investigation”, Journal of Financial Management of Property and Construction, Vol. 23, No.3: 258-273.
  • Dfid, G. B. (2008). Growth: building jobs and prosperity in developing countries. Department for International Development, London
  • Driscoll, J., ve Kraay A.C (1998), “Consistent Covariance Matrix Estimation with Spatially Dependent Data”, Review of Economics and Statistics, No.80: 549-560.
  • Esfahani, H. S., ve Ramı́rez, M. T. (2003), “Institutions, Infrastructure, and Economic Growth”, Journal of Development Economics, Vol.70, No.2: 443-477.
  • Fazekas, M., & Tóth, B. (2017). “Infrastructure for whom?: Corruption risks in infrastructure provision across Europe.” The Governance of Infrastructure, (Ed: Wegrich, K., Kostka, G., Hammerschmid, G.), 177-202.
  • Flyvbjerg, B. (2014), “What You Should Know About Megaprojects and Why: An Overview”, Project Management Journal, 45(2), 6-19.
  • Fosu, P. ve Twumasi, M. A. (2022), “Infrastructure and Economic Growth: Evidence from the United States”, Journal of Infrastructure, Policy and Development, Vol. 6, No.1.
  • Global Infrastructure Hub (2021), Infrastructure Monitor 2021, https://cdn.gihub.org/umbraco/media/4306/gihub_infrastructuremonitor2021.pdf.
  • Gupta, A. ve Sharma A. K. (2023), “The Role of Institutional and Governance Factors in Public–Private Partnerships Infrastructure Investments in Emerging Economies”, Journal of Public Affairs, Vol.23, No.3.
  • Haber, M. (2016). “Governance Indicators”, The Governance Report 2016, 149-173.
  • Hammami M., Ruhashyankiko J., ve Yehoue B. E. (2006), “Determinants of Public-Private Partnerships in Infrastructure Prepared”, IMF Working Paper.
  • Hammerschmid, G., & Wegrich, K. (2016). “Infrastructure governance and government decision-making”, The Governance Report 2016, 31-54.
  • Hasio, C. (2003). Analysis of panel data (2. Baskı). Cambridge University Press, United Kingdom.
  • Henisz, W. J. (2002), “The Institutional Environment for Infrastructure Investment”, Industrial and Corporate Cchange, Vol. 11, No.2: 355-389.
  • Hausman, J. A. (1978). “Specification tests in econometrics”, Econometrica: Journal of the econometric society, 1251-1271.
  • Hoechle, D. (2007), “Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence”, The Stata Journal, Vol.7, No.3: 281-312.
  • https://infrastructuregovern.imf.org/content/PIMA/Home/IMFs-Role.html (Erişim: 21.12.2023).
  • https://infrastructure-toolkit.oecd.org (Erişim: 18.12.2023)
  • Irshad, R., Nisa, M. ve Ghafoor, N. (2022), “Infrastructure and Economic Growth: Evidence from Lower Middle‐Income Countries”, Journal of the Knowledge Economy.
  • Jordana, J. (2017), “Accountability Challenges in the Governance of Infrastructure”, The Governance of Infrastructure, (Ed: K, Wegrich, G, Kostka ve G. Hammerschmid), Oxford University Press: 43-62.
  • Levin, A., Lin, C. F., & Chu, C. S. J. (2002). “Unit root tests in panel data: asymptotic and finite-sample properties”. Journal of econometrics, 108(1), 1-24.
  • Malik, S. ve Kaur, S. (2022), “Determinants of Public–Private Partnerships: An Empirical Analysis of Asia”, Transforming Government: People, Process and Policy, Vol. 16 No. 3: 261-276.
  • Mauro, P. (1995), “Corruption and Growth”, The Quarterly Journal of Economics, Vol.110, No.3: 681-712.
  • Miyamoto H., Baum A., Gueorguiev N., Honda J. ve Walker S. (2020), “Growth Impact of Public Investment and the Role of Infrastructure Governance”, Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment, (Ed: G. Schwartz, M. Fouad, H. Torben ve G. Verdier), Washington DC: International Monetary Fund: 15-29.
  • Munnell, A. H. (1990), “How Does Public Infrastructure Affect Regional Economic Performance?”, New England Economic Review, 2-22.
  • North, D. C. (1990), Institutions, Institutional Change and Economic Performance, Cambridge University Press. OECD (2020), Recommendation on the Governance of Infrastructure, https://www.oecd.org/gov/infrastructure-governance/recommendation/ (Erişim: 10.12.2023).
  • Pattanayak, S., & Verdugo-Yepes, C. (2020). “Protecting public infrastructure from vulnerabilities to corruption: a risk-based approach”, Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment, (Ed: G. Schwartz, M. Fouad, H. Torben ve G. Verdier), Washington DC: International Monetary Fund: 175-200.
  • Pesaran, M. H. (2007). “A simple panel unit root test in the presence of cross‐section dependence”, Journal of applied econometrics, 22(2), 265-312.
  • Rajaram, A., Kai K., Tuan M. L., Jay-Hyung K. ve Jonas F. (2014), “The Power of Public Investment Management: Transforming Resources into Assets for Growth”, World Bank, Washington, DC.
  • Ramey, V. A. (2020). The macroeconomic consequences of infrastructure investment (No. w27625), MA: National Bureau of Economic Research, Cambridge.
  • Rose‐Ackerman, S. (1996), “Democracy and ‘Grand’ Corruption”, International Social Science Journal, Vol. 48, No. 149; 365-380.
  • Rose-Ackerman, S. (1999), “Political Corruption and Democracy”, Connecticut Journal of International Law, Vol. 14, No.2: 363-378.
  • Rosell J. ve Saz-Carranza A. (2020), “Determinants of Public–Private Partnership Policies”, Public Management Review, Vol.22, No.8: 1171-1190,
  • Sanchez-Robles, B. (1998), “Infrastructure Investment and Growth: Some Empirical Evidences”, Contemporary Economics, 109: 599–617.
  • Schwartz, G., Fouad, M., Hansen, T. ve Verdier, G. (2020), “Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment”, Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment, (Ed. G. Schwartz, M. Fouad, H. Torben ve G. Verdier), Washington DC: International Monetary Fund: 1-12.
  • United Nations Sustainable Development Goals. https://sdgs.un.org/goals. (Erişim: 21.12.2023).
  • Wegrich, K., Hammerschmid, G., & Kostka, G. (2017). “The challenges of infrastructure”, The Governance of Infrastructure, (Ed: K, Wegrich, G, Kostka ve G. Hammerschmid), Oxford University Press: 1-20.
  • Wegrich, K. ve Hammerschmid, G. (2017), “Infrastructure Governance as Political Choice”, The Governance of Infrastructure, (Ed. K, Wegrich, G, Kostka ve G. Hammerschmid), Oxford University Press: 21-42.
  • Wooldridge, J. M. (1996). Introductory Econometrics: A Modern Approach, Cengage, USA.
  • Zergawu, Y. Z., Walle, Y. M., ve Giménez-Gómez, J. M. (2020), “The Joint Impact of Infrastructure and Institutions on Economic Growth”, Journal of Institutional Economics, Vol.16, no.4: 481-502.
  • Zouhaier, H., ve Karim, K. M. (2012), “Institutions, Investment and Economic Growth”, International Journal of Economics and Finance, Vol.4, No.2: 152-162.

INFRASTRUCTURE INVESTMENT AND INSTITUTIONALISM: AN AMPIRIC STUDY FOR DEVELOPING COUNTRIES

Year 2024, Issue: 63, 35 - 48, 22.07.2024
https://doi.org/10.30794/pausbed.1445534

Abstract

The need for infrastructure in developing countries is much higher than in developed countries. On the other hand, more than one third of the resources spent on investments are lost due to inefficient processes. When there are institutional weaknesses in addition to financial inadequacies, simply finding resources for infrastructure investment is insufficient to solve the problem. Therefore, it is crucial to be able to make qualified and efficient infrastructure investments. In recent years, the idea that infrastructure investments should focus not only on the outcome but also on the process has been reflected in infrastructure governance. This study analyzes the impact of institutional development on infrastructure investments in developing countries using fixed effect panel data method. The level of governance, rule of law and control of corruption are included in the analysis as three different institutional indicators. According to the findings, an increase in the level of governance, control of corruption and rule of law positively affects infrastructure investments. Therefore, it is concluded that investment decisions taken in line with infrastructure governance will prevent public waste and provide efficient and quality infrastructure services.

References

  • Aschauer, D. A. (1989), “Is Public Expenditure Productive?”, Journal of Monetary Economics, Vol. 23, No. 2: 177–200.
  • Bach, G. L. (1975). “The economic effects of inflation”, Proceedings of the Academy of Political Science, 31(4), 20-33.
  • Baltagi, B. H. (2005). Econometric Analysis of Panel Data, 3. Baskı, West Sussex: John Wiley & Sons.
  • Canning, D., ve Pedroni, P. (2004), “The Effect of Infrastructure on Long Run Economic Growth”, Harvard University, Vol. 99, No.9: 1-30.
  • Chang, H. (2011). “Institutions and Economic Development: Theory, Policy and History”, Journal of Institutional Economics, 7(4), 473-498.
  • Chotia V. ve Rao N.V.M. (2017), “Infrastructure Financing and Economic Growth in India: An Empirical Investigation”, Journal of Financial Management of Property and Construction, Vol. 23, No.3: 258-273.
  • Dfid, G. B. (2008). Growth: building jobs and prosperity in developing countries. Department for International Development, London
  • Driscoll, J., ve Kraay A.C (1998), “Consistent Covariance Matrix Estimation with Spatially Dependent Data”, Review of Economics and Statistics, No.80: 549-560.
  • Esfahani, H. S., ve Ramı́rez, M. T. (2003), “Institutions, Infrastructure, and Economic Growth”, Journal of Development Economics, Vol.70, No.2: 443-477.
  • Fazekas, M., & Tóth, B. (2017). “Infrastructure for whom?: Corruption risks in infrastructure provision across Europe.” The Governance of Infrastructure, (Ed: Wegrich, K., Kostka, G., Hammerschmid, G.), 177-202.
  • Flyvbjerg, B. (2014), “What You Should Know About Megaprojects and Why: An Overview”, Project Management Journal, 45(2), 6-19.
  • Fosu, P. ve Twumasi, M. A. (2022), “Infrastructure and Economic Growth: Evidence from the United States”, Journal of Infrastructure, Policy and Development, Vol. 6, No.1.
  • Global Infrastructure Hub (2021), Infrastructure Monitor 2021, https://cdn.gihub.org/umbraco/media/4306/gihub_infrastructuremonitor2021.pdf.
  • Gupta, A. ve Sharma A. K. (2023), “The Role of Institutional and Governance Factors in Public–Private Partnerships Infrastructure Investments in Emerging Economies”, Journal of Public Affairs, Vol.23, No.3.
  • Haber, M. (2016). “Governance Indicators”, The Governance Report 2016, 149-173.
  • Hammami M., Ruhashyankiko J., ve Yehoue B. E. (2006), “Determinants of Public-Private Partnerships in Infrastructure Prepared”, IMF Working Paper.
  • Hammerschmid, G., & Wegrich, K. (2016). “Infrastructure governance and government decision-making”, The Governance Report 2016, 31-54.
  • Hasio, C. (2003). Analysis of panel data (2. Baskı). Cambridge University Press, United Kingdom.
  • Henisz, W. J. (2002), “The Institutional Environment for Infrastructure Investment”, Industrial and Corporate Cchange, Vol. 11, No.2: 355-389.
  • Hausman, J. A. (1978). “Specification tests in econometrics”, Econometrica: Journal of the econometric society, 1251-1271.
  • Hoechle, D. (2007), “Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence”, The Stata Journal, Vol.7, No.3: 281-312.
  • https://infrastructuregovern.imf.org/content/PIMA/Home/IMFs-Role.html (Erişim: 21.12.2023).
  • https://infrastructure-toolkit.oecd.org (Erişim: 18.12.2023)
  • Irshad, R., Nisa, M. ve Ghafoor, N. (2022), “Infrastructure and Economic Growth: Evidence from Lower Middle‐Income Countries”, Journal of the Knowledge Economy.
  • Jordana, J. (2017), “Accountability Challenges in the Governance of Infrastructure”, The Governance of Infrastructure, (Ed: K, Wegrich, G, Kostka ve G. Hammerschmid), Oxford University Press: 43-62.
  • Levin, A., Lin, C. F., & Chu, C. S. J. (2002). “Unit root tests in panel data: asymptotic and finite-sample properties”. Journal of econometrics, 108(1), 1-24.
  • Malik, S. ve Kaur, S. (2022), “Determinants of Public–Private Partnerships: An Empirical Analysis of Asia”, Transforming Government: People, Process and Policy, Vol. 16 No. 3: 261-276.
  • Mauro, P. (1995), “Corruption and Growth”, The Quarterly Journal of Economics, Vol.110, No.3: 681-712.
  • Miyamoto H., Baum A., Gueorguiev N., Honda J. ve Walker S. (2020), “Growth Impact of Public Investment and the Role of Infrastructure Governance”, Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment, (Ed: G. Schwartz, M. Fouad, H. Torben ve G. Verdier), Washington DC: International Monetary Fund: 15-29.
  • Munnell, A. H. (1990), “How Does Public Infrastructure Affect Regional Economic Performance?”, New England Economic Review, 2-22.
  • North, D. C. (1990), Institutions, Institutional Change and Economic Performance, Cambridge University Press. OECD (2020), Recommendation on the Governance of Infrastructure, https://www.oecd.org/gov/infrastructure-governance/recommendation/ (Erişim: 10.12.2023).
  • Pattanayak, S., & Verdugo-Yepes, C. (2020). “Protecting public infrastructure from vulnerabilities to corruption: a risk-based approach”, Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment, (Ed: G. Schwartz, M. Fouad, H. Torben ve G. Verdier), Washington DC: International Monetary Fund: 175-200.
  • Pesaran, M. H. (2007). “A simple panel unit root test in the presence of cross‐section dependence”, Journal of applied econometrics, 22(2), 265-312.
  • Rajaram, A., Kai K., Tuan M. L., Jay-Hyung K. ve Jonas F. (2014), “The Power of Public Investment Management: Transforming Resources into Assets for Growth”, World Bank, Washington, DC.
  • Ramey, V. A. (2020). The macroeconomic consequences of infrastructure investment (No. w27625), MA: National Bureau of Economic Research, Cambridge.
  • Rose‐Ackerman, S. (1996), “Democracy and ‘Grand’ Corruption”, International Social Science Journal, Vol. 48, No. 149; 365-380.
  • Rose-Ackerman, S. (1999), “Political Corruption and Democracy”, Connecticut Journal of International Law, Vol. 14, No.2: 363-378.
  • Rosell J. ve Saz-Carranza A. (2020), “Determinants of Public–Private Partnership Policies”, Public Management Review, Vol.22, No.8: 1171-1190,
  • Sanchez-Robles, B. (1998), “Infrastructure Investment and Growth: Some Empirical Evidences”, Contemporary Economics, 109: 599–617.
  • Schwartz, G., Fouad, M., Hansen, T. ve Verdier, G. (2020), “Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment”, Well Spent: How Strong Infrastructure Governance Can End Waste in Public Investment, (Ed. G. Schwartz, M. Fouad, H. Torben ve G. Verdier), Washington DC: International Monetary Fund: 1-12.
  • United Nations Sustainable Development Goals. https://sdgs.un.org/goals. (Erişim: 21.12.2023).
  • Wegrich, K., Hammerschmid, G., & Kostka, G. (2017). “The challenges of infrastructure”, The Governance of Infrastructure, (Ed: K, Wegrich, G, Kostka ve G. Hammerschmid), Oxford University Press: 1-20.
  • Wegrich, K. ve Hammerschmid, G. (2017), “Infrastructure Governance as Political Choice”, The Governance of Infrastructure, (Ed. K, Wegrich, G, Kostka ve G. Hammerschmid), Oxford University Press: 21-42.
  • Wooldridge, J. M. (1996). Introductory Econometrics: A Modern Approach, Cengage, USA.
  • Zergawu, Y. Z., Walle, Y. M., ve Giménez-Gómez, J. M. (2020), “The Joint Impact of Infrastructure and Institutions on Economic Growth”, Journal of Institutional Economics, Vol.16, no.4: 481-502.
  • Zouhaier, H., ve Karim, K. M. (2012), “Institutions, Investment and Economic Growth”, International Journal of Economics and Finance, Vol.4, No.2: 152-162.
There are 46 citations in total.

Details

Primary Language Turkish
Subjects Panel Data Analysis, Development Economics - Macro
Journal Section Research Article
Authors

Eda Ünalan Karakuş 0000-0003-1447-1391

Early Pub Date July 22, 2024
Publication Date July 22, 2024
Submission Date March 1, 2024
Acceptance Date May 29, 2024
Published in Issue Year 2024 Issue: 63

Cite

APA Ünalan Karakuş, E. (2024). ALTYAPI YATIRIMLARI VE KURUMSALLIK: GELİŞMEKTE OLAN ÜLKELER İÇİN UYGULAMA ÖRNEĞİ. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi(63), 35-48. https://doi.org/10.30794/pausbed.1445534
AMA Ünalan Karakuş E. ALTYAPI YATIRIMLARI VE KURUMSALLIK: GELİŞMEKTE OLAN ÜLKELER İÇİN UYGULAMA ÖRNEĞİ. PAUSBED. July 2024;(63):35-48. doi:10.30794/pausbed.1445534
Chicago Ünalan Karakuş, Eda. “ALTYAPI YATIRIMLARI VE KURUMSALLIK: GELİŞMEKTE OLAN ÜLKELER İÇİN UYGULAMA ÖRNEĞİ”. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, no. 63 (July 2024): 35-48. https://doi.org/10.30794/pausbed.1445534.
EndNote Ünalan Karakuş E (July 1, 2024) ALTYAPI YATIRIMLARI VE KURUMSALLIK: GELİŞMEKTE OLAN ÜLKELER İÇİN UYGULAMA ÖRNEĞİ. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 63 35–48.
IEEE E. Ünalan Karakuş, “ALTYAPI YATIRIMLARI VE KURUMSALLIK: GELİŞMEKTE OLAN ÜLKELER İÇİN UYGULAMA ÖRNEĞİ”, PAUSBED, no. 63, pp. 35–48, July 2024, doi: 10.30794/pausbed.1445534.
ISNAD Ünalan Karakuş, Eda. “ALTYAPI YATIRIMLARI VE KURUMSALLIK: GELİŞMEKTE OLAN ÜLKELER İÇİN UYGULAMA ÖRNEĞİ”. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 63 (July 2024), 35-48. https://doi.org/10.30794/pausbed.1445534.
JAMA Ünalan Karakuş E. ALTYAPI YATIRIMLARI VE KURUMSALLIK: GELİŞMEKTE OLAN ÜLKELER İÇİN UYGULAMA ÖRNEĞİ. PAUSBED. 2024;:35–48.
MLA Ünalan Karakuş, Eda. “ALTYAPI YATIRIMLARI VE KURUMSALLIK: GELİŞMEKTE OLAN ÜLKELER İÇİN UYGULAMA ÖRNEĞİ”. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, no. 63, 2024, pp. 35-48, doi:10.30794/pausbed.1445534.
Vancouver Ünalan Karakuş E. ALTYAPI YATIRIMLARI VE KURUMSALLIK: GELİŞMEKTE OLAN ÜLKELER İÇİN UYGULAMA ÖRNEĞİ. PAUSBED. 2024(63):35-48.