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Türkiye’de Sabit Sermaye Yatırımları, Kurumsal Kalite ve Ekonomik Büyüme İlişkisi Analizi

Year 2018, Volume: 6 Issue: 1, 179 - 196, 01.01.2018

Erdoğan Teyyare Kübra Sayaner

Abstract

Sabit sermaye yatırımları, ülkelerin sermaye birikimine, dolayısıyla da üretim kapasitesi ve istihdam artışına yol açarak ekonomik büyümeye katkı sağlayabilmektedir. Ekonomik büyümenin temel unsurlarından biri olan yatırım düzeyi, ülkelerin kurumsal yapılarıyla çok yakın bir ilişki içerisindedir. Kurumsal yapının meydana getirdiği teşvikler, yatırımların ve sermaye birikiminin belirleyicilerinden biri olabilmektedir. Çalışmada Türkiye’de 1984-2014 yılları arasındaki sabit sermaye yatırımları, kamu borçlanması ve kurumsal değişkenlerin ekonomik büyüme düzeyi üzerine etkileri En Küçük Kareler Yöntemi EKK ile analiz edilmiştir. Sonuç olarak sabit sermaye yatırımları ve kurumsal kalite düzeyinde meydana gelen artışların, ekonomik büyümeyi pozitif yönde etkilediği, kamu borçlanma düzeyinde meydana gelen artışların ise ekonomik büyümeyi negatif yönde etkilediği sonucuna ulaşılmıştır

Keywords

Sabit Sermaye Yatırımları Kurumsal Kalite Ekonomik Büyüme EKK Kamu Borçları

References

  • Acemoglu, D. (2009). Introduction to modern economic growth. New Jersey: Princeton University Press.
  • Acemoglu, D., Simon, J., James, R. & Yunyong, T. (2003). Institutional causes, macroeconomic symptoms: Volatility, crises and growth. Journal of Monetary Economics, 50(1), 49-123.
  • Alesina, A. & Perotti, R. (1996). Income distribution, political stability and investment. European Economic Review, 40(6), 1203-1228.
  • Alesina, A. & Weder, B. (1999). Do corrupt governments receive less foreign aid?. NBER Working Paper. Sayı 7108. http://www.nber.org/papers/w7108.pdf adresinden erişildi. (Erişim tarihi: 03.02.2018)
  • Arslan, Ü. (2007). Kurumların iktisadi büyüme üzerindeki etkisi. Yayınlanmamış Doktora Tezi.
  • Ankara Üniversitesi Sosyal Bilimler Enstitüsü, Ankara.
  • Asteriou, D. & Price, S. (2001). Political instability and economic growth: UK time series evidence. Scottish Journal of Political Economy, 48(4), 383–399.
  • Barro, R. J. (1996). Determinants of economic growth: A cross-country empirical study. NBER Working Papers. Sayı 5698. http:// www.nber.org/papers/w5698 adresinden erişildi. (Erişim tarihi: 03.02.2018)
  • Barro, R.J. & Sala-i Martin, X. (1995). Economic growth. Columbus: McGraw- Hill International.
  • Barro, R. J. (1991). Economic growth in a cross-section of countries. Quarterly Journal of Economics, 106(2), 407-443.
  • Berber, M., Sivri, U. & Artan, S. (2001). Türkiye'de yatırım harcamaları-ekonomik büyüme ilişkisi, AK modeli testi, 1968-1998. İstanbul Üniversitesi Siyasal Bilgiler Fakültesi Dergisi, Ekim Sayısı, 61-70.
  • Blomstrom, M., Lipsey, R. E. & Zejan, M. (1996). Is fixed investment the key to economic growth?. Quarterly Journal of Economics, 111, 269-276.
  • Boskin, M. J. & Lau, L. J. (1992). Capital, technology and economic growth. (Der.; Rosenberg ve diğerleri), technology and the wealth of nations içinde (ss. 17-55). Stanford: Stanford University Press.
  • Butkiewicz, J. L. & Yanıkkaya, H. (2006). Institutional quality and economic growth: Maintenance of the rule of law or democratic institutions, or both?. Economic Modelling, 23(4), 648-661.
  • Chong, A. & Calderon C. (2000). Causality and feedback between institutional measures and economic growth. Economics & Politics, 12(1), 69-81.
  • Çetin, M. (2012). Sabit sermaye yatırımları ve ekonomik büyüme: Ampirik bir analiz. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 7(1), 211-230.
  • De Haan, J. & Sturm, J. (2003). Does more democracy lead to greater economic freedom? New evidence for developing countries. European Journal of Political Economy, 19(3), 547-563.
  • De Long, J. B. & Summers, L. (1991). Equipment investment and economic growth. Quarterly Journal of Economics, 106(2): 445-502.
  • Dikmen, N. (2012). Ekonometri temel kavramlar ve uygulamalar. 2. Baskı. Bursa: Dora Yayıncılık.
  • Dollar, D. & Kraay, A. (2003). Institutions, trade and growth. Journal of Monetary Economics, 50(1), 133-162.
  • Easterly, W. & Levine, R. (1997). Africa’s growth tragedy: Policies and ethnic divisions. The Quarterly Journal of Economics, 112(4), 1203-1250.
  • Esposto, A. G. & Zaleski, P. A. (1999). Economic freedom and the quality of life: An empirical analysis. Constitutional Political Economy, 10(2), 185-197.
  • Glaeser, E. L., Florencio Lopez-de-Silanes, R. P. & Shleifer, A. (2004). Do institutions cause growth?. Journal of Economic Growth, 9(3), 271-303.
  • Grigorian, D. A. & Martinez, A., (2000), Industrial growth and the quality of institutions. Policy Research Working Paper Series, Sayı 2475, http://wwwds.worldbank.org/servlet/WDSContentServer/WDSP/IB/2000 adresinden erişildi. (Erişim Tarihi: 22.02.2018).
  • Gupta, D. K. (1990). The Economics of political violence: The effect of political instability on economic growth. New York: Praeger Publishers.
  • Güriş, S. ve Çağlayan, E. (2013). Ekonometri temel kavramlar. İstanbul: Der Yayınları.
  • Hall, R. E., & Jones, C. I. (1999). Why do some countries produce so much more output per worker than others?. The Quarterly Journal of Economics, 114(1), 83-116.
  • Hibbs, D. A. (1973). Mass political violence: A cross-national causal analysis. New York: Wiley Publishing.
  • Jorgenson, D. W., F. M. Gollop & Fraumeni, B. M. (1987). Productivity and U.S. economic growth. Amsterdam: Elsevier Science Publishers B.V.
  • Karabıyık, L. (1997). Menkul kıymetler borsası ve diğer yatırım alternatifleri. 1. Baskı. Bursa: Marmara Kitapevi.
  • Karakayalı, H. & Yanıkkaya, H. (2006). Kurumsal faktörlerin ekonomik büyümeye etkileri. Kurumsal iktisat. (Der: Coşkun Can Aktan). SPK KurumsalAraştırmalar Serisi, 2(194), 135-157.
  • Kendrick, J. (1993). How much does capital explain. (Der.: A. Szirmai, B. Van Ark ve D. Pilat). Explaining economic growth içinde (ss. 129-145). Amsterdam.
  • King, R. G. & Levine, R. (1994). Capital fundamentalism, economic development and economic growth. Policy Research Working Paper, Sayı: 1285.
  • Knack, S. & Keefer, P. (1995). Institutions and economic performance: Cross-country tests using alternative institutional measures. Economics and Politics, 7(3), 207-227.
  • Knack, S. & Keefer, P. (1997). Does social capital have an economic payoff? A cross-country investigation. Quarterly Journal of Economics, 112(4), 1251-1288.
  • Konuralp, G. (2005). Sermaye piyasaları analizler, kuramlar ve portföy yönetimi. 2. Basım. İstanbul: Alfa Yayıncılık.
  • Kormendi, R. C. & Meguire, P. G. (1985). Macroeconomic determinants of growth: Crosscountry evidence. Journal of Monetary Economics, 16(2), 141-163.
  • Lensink, R., Hermes, N. & Murinde, V. (2000). Capital flight and political risk. Journal of International Money and Finance, 19(1), 73–92.
  • Levine, R. & Renelt, D. (1992). A sensitivity analysis of cross-country growth regressions. American Economic Review, 82 (4), 943-963.
  • Mauro, P. (1995). Corruption and growth. The Quarterly Journal of Economics, 110(3), 681-712.
  • North, D. C. & Weingast, B. R., (1989). Constitutions and commitment: The evolution of institutions governing public choice in seventeenth-century England. The Journal of Economic History, 49(4), 803-832.
  • North, D. C. (1994).Economic performance trough time. The American Economic Review, 84(3), 359-368.
  • North, D. C. (2010). Kurumlar, kurumsal değişim ve ekonomik performans. (G. Ç. Güven, Çev.). İstanbul: Sabancı Üniversitesi Yayınları.
  • Olson, M. (1996).Distinguished lecture on economics in government: Big bills left on the sidewalk: Why some nations are rich and others poor. Journal of Economic Perspectives, 10(2), 3-24.
  • Rodrik, D. (1997). TFPG controversies, institutions and economic performance in East Asia. NBER Working Paper. Sayı 5914, http://www. nber.org/papers/w5914 adresinden erişildi. (Erişim tarihi: 11.02.2018)
  • Rodrik, D. (1999). Where did all the growth go? External shocks, social conflict and growth collapses. Journal of Economic Growth, 4(4), 385-412.
  • Sala-i-Martin, X. X. (1997). I just ran four million regressions. NBER Working Papers, Sayı 6252, http://www.nber.org/papers/w6252 adresinden erişildi. (Erişim tarihi: 11.02.2018)
  • Saygılı, Ş. (1999). Technical change efficiency, growth and exports: The case of Turkish economy. Yayınlanmamış Doktora Tezi. University of Kent at Caterburry, İngiltere.
  • Shleifer, A. & Vishny, R. W. (1993). Corruption. The Quarterly Journal of Economics, 108(3), 599- 617.
  • Şahbaz, A. (2014). Sabit sermaye yatırımları ve ekonomik büyüme ilişkisi: Panel nedensellik analizi. Niğde Üniversitesi İİBF Dergisi, 7(1), 1-12.
  • T.C. Kalkınma Bakanlığı (2018). http://www.kalkinma.gov.tr/Pages/TemelEkonomikGostergeler.aspx adresinden erişildi. (Erişim tarihi: 11.02.2018)
  • Tanzi, V. & Davoodi, H. (1997). Corruption, public investment and growth. IMF Working Paper, Sayı 139, http://www.imf.org/external/pubs/ft/wp/wp97139.pdf adresinden erişildi. (Erişim tarihi: 11.02.2018)
  • Tarı, R. (2012). Ekonometri. 8. Baskı. Kocaeli: Umuttepe Yayınları.
  • Tornell, A. (1997). Economic growth and decline with endogenous rights. Journal of Economic Growth, 2(3), 219-250.
  • Van Den Berg, H. (2001). Economic growth and development. Columbus: McGraw- Hill International.
  • Wei, S. (2000). How taxing is corruption on international investors?. The Review of Economics and Statistics, 82(1), 1-11.
  • Zablotsky, E. E. (1996). Political stability and economic growth: A two way relation, http://www.ucema.edu.ar/u/eez/Publicaciones/SerieDocumentosdeTrabajo/doc109.pdf adresinden erişildi. (Erişim Tarihi:24.02.2018)

The Analysis of the Relationship between Gross Fixed Investments, Institutional Quality and Economic Growth in Turkey

Year 2018, Volume: 6 Issue: 1, 179 - 196, 01.01.2018

Erdoğan Teyyare Kübra Sayaner

Abstract

Gross fixed investments may contribute to economic growth by increasing capital formation, and consequently the production capacity and employment. As one of the basic elements of economic growth, investment level is in close relationship with the institutional structures of a country. Incentives provided by the institutional structure can be one of the indicators of investments and capital formation. This study examines the gross fixed investments, public borrowing and institutional quality variables in Turkey during the period between 1984 and 2014 and analyzes the effect of these variables on the economic growth level using the Ordinary Least Squares method. The findings showed that increases in the levels of gross fixed investments and institutional quality affect economic growth positively, while increases in the level of public borrowing affect economic growth negatively.

Keywords

Gross Fixed Investment Institutional Quality Economic Growth OLS Public Debts

References

  • Acemoglu, D. (2009). Introduction to modern economic growth. New Jersey: Princeton University Press.
  • Acemoglu, D., Simon, J., James, R. & Yunyong, T. (2003). Institutional causes, macroeconomic symptoms: Volatility, crises and growth. Journal of Monetary Economics, 50(1), 49-123.
  • Alesina, A. & Perotti, R. (1996). Income distribution, political stability and investment. European Economic Review, 40(6), 1203-1228.
  • Alesina, A. & Weder, B. (1999). Do corrupt governments receive less foreign aid?. NBER Working Paper. Sayı 7108. http://www.nber.org/papers/w7108.pdf adresinden erişildi. (Erişim tarihi: 03.02.2018)
  • Arslan, Ü. (2007). Kurumların iktisadi büyüme üzerindeki etkisi. Yayınlanmamış Doktora Tezi.
  • Ankara Üniversitesi Sosyal Bilimler Enstitüsü, Ankara.
  • Asteriou, D. & Price, S. (2001). Political instability and economic growth: UK time series evidence. Scottish Journal of Political Economy, 48(4), 383–399.
  • Barro, R. J. (1996). Determinants of economic growth: A cross-country empirical study. NBER Working Papers. Sayı 5698. http:// www.nber.org/papers/w5698 adresinden erişildi. (Erişim tarihi: 03.02.2018)
  • Barro, R.J. & Sala-i Martin, X. (1995). Economic growth. Columbus: McGraw- Hill International.
  • Barro, R. J. (1991). Economic growth in a cross-section of countries. Quarterly Journal of Economics, 106(2), 407-443.
  • Berber, M., Sivri, U. & Artan, S. (2001). Türkiye'de yatırım harcamaları-ekonomik büyüme ilişkisi, AK modeli testi, 1968-1998. İstanbul Üniversitesi Siyasal Bilgiler Fakültesi Dergisi, Ekim Sayısı, 61-70.
  • Blomstrom, M., Lipsey, R. E. & Zejan, M. (1996). Is fixed investment the key to economic growth?. Quarterly Journal of Economics, 111, 269-276.
  • Boskin, M. J. & Lau, L. J. (1992). Capital, technology and economic growth. (Der.; Rosenberg ve diğerleri), technology and the wealth of nations içinde (ss. 17-55). Stanford: Stanford University Press.
  • Butkiewicz, J. L. & Yanıkkaya, H. (2006). Institutional quality and economic growth: Maintenance of the rule of law or democratic institutions, or both?. Economic Modelling, 23(4), 648-661.
  • Chong, A. & Calderon C. (2000). Causality and feedback between institutional measures and economic growth. Economics & Politics, 12(1), 69-81.
  • Çetin, M. (2012). Sabit sermaye yatırımları ve ekonomik büyüme: Ampirik bir analiz. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 7(1), 211-230.
  • De Haan, J. & Sturm, J. (2003). Does more democracy lead to greater economic freedom? New evidence for developing countries. European Journal of Political Economy, 19(3), 547-563.
  • De Long, J. B. & Summers, L. (1991). Equipment investment and economic growth. Quarterly Journal of Economics, 106(2): 445-502.
  • Dikmen, N. (2012). Ekonometri temel kavramlar ve uygulamalar. 2. Baskı. Bursa: Dora Yayıncılık.
  • Dollar, D. & Kraay, A. (2003). Institutions, trade and growth. Journal of Monetary Economics, 50(1), 133-162.
  • Easterly, W. & Levine, R. (1997). Africa’s growth tragedy: Policies and ethnic divisions. The Quarterly Journal of Economics, 112(4), 1203-1250.
  • Esposto, A. G. & Zaleski, P. A. (1999). Economic freedom and the quality of life: An empirical analysis. Constitutional Political Economy, 10(2), 185-197.
  • Glaeser, E. L., Florencio Lopez-de-Silanes, R. P. & Shleifer, A. (2004). Do institutions cause growth?. Journal of Economic Growth, 9(3), 271-303.
  • Grigorian, D. A. & Martinez, A., (2000), Industrial growth and the quality of institutions. Policy Research Working Paper Series, Sayı 2475, http://wwwds.worldbank.org/servlet/WDSContentServer/WDSP/IB/2000 adresinden erişildi. (Erişim Tarihi: 22.02.2018).
  • Gupta, D. K. (1990). The Economics of political violence: The effect of political instability on economic growth. New York: Praeger Publishers.
  • Güriş, S. ve Çağlayan, E. (2013). Ekonometri temel kavramlar. İstanbul: Der Yayınları.
  • Hall, R. E., & Jones, C. I. (1999). Why do some countries produce so much more output per worker than others?. The Quarterly Journal of Economics, 114(1), 83-116.
  • Hibbs, D. A. (1973). Mass political violence: A cross-national causal analysis. New York: Wiley Publishing.
  • Jorgenson, D. W., F. M. Gollop & Fraumeni, B. M. (1987). Productivity and U.S. economic growth. Amsterdam: Elsevier Science Publishers B.V.
  • Karabıyık, L. (1997). Menkul kıymetler borsası ve diğer yatırım alternatifleri. 1. Baskı. Bursa: Marmara Kitapevi.
  • Karakayalı, H. & Yanıkkaya, H. (2006). Kurumsal faktörlerin ekonomik büyümeye etkileri. Kurumsal iktisat. (Der: Coşkun Can Aktan). SPK KurumsalAraştırmalar Serisi, 2(194), 135-157.
  • Kendrick, J. (1993). How much does capital explain. (Der.: A. Szirmai, B. Van Ark ve D. Pilat). Explaining economic growth içinde (ss. 129-145). Amsterdam.
  • King, R. G. & Levine, R. (1994). Capital fundamentalism, economic development and economic growth. Policy Research Working Paper, Sayı: 1285.
  • Knack, S. & Keefer, P. (1995). Institutions and economic performance: Cross-country tests using alternative institutional measures. Economics and Politics, 7(3), 207-227.
  • Knack, S. & Keefer, P. (1997). Does social capital have an economic payoff? A cross-country investigation. Quarterly Journal of Economics, 112(4), 1251-1288.
  • Konuralp, G. (2005). Sermaye piyasaları analizler, kuramlar ve portföy yönetimi. 2. Basım. İstanbul: Alfa Yayıncılık.
  • Kormendi, R. C. & Meguire, P. G. (1985). Macroeconomic determinants of growth: Crosscountry evidence. Journal of Monetary Economics, 16(2), 141-163.
  • Lensink, R., Hermes, N. & Murinde, V. (2000). Capital flight and political risk. Journal of International Money and Finance, 19(1), 73–92.
  • Levine, R. & Renelt, D. (1992). A sensitivity analysis of cross-country growth regressions. American Economic Review, 82 (4), 943-963.
  • Mauro, P. (1995). Corruption and growth. The Quarterly Journal of Economics, 110(3), 681-712.
  • North, D. C. & Weingast, B. R., (1989). Constitutions and commitment: The evolution of institutions governing public choice in seventeenth-century England. The Journal of Economic History, 49(4), 803-832.
  • North, D. C. (1994).Economic performance trough time. The American Economic Review, 84(3), 359-368.
  • North, D. C. (2010). Kurumlar, kurumsal değişim ve ekonomik performans. (G. Ç. Güven, Çev.). İstanbul: Sabancı Üniversitesi Yayınları.
  • Olson, M. (1996).Distinguished lecture on economics in government: Big bills left on the sidewalk: Why some nations are rich and others poor. Journal of Economic Perspectives, 10(2), 3-24.
  • Rodrik, D. (1997). TFPG controversies, institutions and economic performance in East Asia. NBER Working Paper. Sayı 5914, http://www. nber.org/papers/w5914 adresinden erişildi. (Erişim tarihi: 11.02.2018)
  • Rodrik, D. (1999). Where did all the growth go? External shocks, social conflict and growth collapses. Journal of Economic Growth, 4(4), 385-412.
  • Sala-i-Martin, X. X. (1997). I just ran four million regressions. NBER Working Papers, Sayı 6252, http://www.nber.org/papers/w6252 adresinden erişildi. (Erişim tarihi: 11.02.2018)
  • Saygılı, Ş. (1999). Technical change efficiency, growth and exports: The case of Turkish economy. Yayınlanmamış Doktora Tezi. University of Kent at Caterburry, İngiltere.
  • Shleifer, A. & Vishny, R. W. (1993). Corruption. The Quarterly Journal of Economics, 108(3), 599- 617.
  • Şahbaz, A. (2014). Sabit sermaye yatırımları ve ekonomik büyüme ilişkisi: Panel nedensellik analizi. Niğde Üniversitesi İİBF Dergisi, 7(1), 1-12.
  • T.C. Kalkınma Bakanlığı (2018). http://www.kalkinma.gov.tr/Pages/TemelEkonomikGostergeler.aspx adresinden erişildi. (Erişim tarihi: 11.02.2018)
  • Tanzi, V. & Davoodi, H. (1997). Corruption, public investment and growth. IMF Working Paper, Sayı 139, http://www.imf.org/external/pubs/ft/wp/wp97139.pdf adresinden erişildi. (Erişim tarihi: 11.02.2018)
  • Tarı, R. (2012). Ekonometri. 8. Baskı. Kocaeli: Umuttepe Yayınları.
  • Tornell, A. (1997). Economic growth and decline with endogenous rights. Journal of Economic Growth, 2(3), 219-250.
  • Van Den Berg, H. (2001). Economic growth and development. Columbus: McGraw- Hill International.
  • Wei, S. (2000). How taxing is corruption on international investors?. The Review of Economics and Statistics, 82(1), 1-11.
  • Zablotsky, E. E. (1996). Political stability and economic growth: A two way relation, http://www.ucema.edu.ar/u/eez/Publicaciones/SerieDocumentosdeTrabajo/doc109.pdf adresinden erişildi. (Erişim Tarihi:24.02.2018)
There are 57 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Erdoğan Teyyare This is me

Kübra Sayaner This is me

Publication Date January 1, 2018
Published in Issue Year 2018 Volume: 6 Issue: 1

Cite

IEEE E. Teyyare and K. Sayaner, “Türkiye’de Sabit Sermaye Yatırımları, Kurumsal Kalite ve Ekonomik Büyüme İlişkisi Analizi”, Researcher, vol. 6, no. 1, pp. 179–196, 2018.

The journal "Researcher: Social Sciences Studies" (RSSS), which started its publication life in 2013, continues its activities under the name of "Researcher" as of August 2020, under Ankara Bilim University.
It is an internationally indexed, nationally refereed, scientific and electronic journal that publishes original research articles aiming to contribute to the fields of Engineering and Science in 2021 and beyond.
The journal is published twice a year, except for special issues.
Candidate articles submitted for publication in the journal can be written in Turkish and English. Articles submitted to the journal must not have been previously published in another journal or sent to another journal for publication.