Research Article
BibTex RIS Cite

Para Politikasının Büyüme Üzerindeki Etkisinde Kurumsal Yapının Rolü: Farklı Gelir Düzeyindeki Ülkeler Üzerine Bir Uygulama

Year 2023, , 61 - 80, 26.10.2023

Murat Eren , Selim Başar

https://doi.org/10.17233/sosyoekonomi.2023.04.03

Abstract

Bu çalışmada, para politikasının büyüme üzerindeki etkisi, farklı gelir düzeyindeki ülkeler için kurumsal çerçevede araştırılmıştır. GMM tahmincisinden elde edilen bulgular, daraltıcı para politikasının büyüme üzerindeki etkisinin tüm ülkelerde negatif olduğunu göstermiştir. Öte yandan, yüksek ve üst orta gelirli ülkelerde tüm kurumsal göstergelerin etkilerinin olumlu olduğu ve kurumsal kalitedeki artışın daraltıcı para politikasının büyüme üzerindeki olumsuz etkisini azalttığı sonucuna varılmıştır. Alt-orta gelirli ülkeler açısından ise bazı kurumsal değişkenlerin etkilerinin istatistiksel olarak anlamsız olduğu sonucuna ulaşılmıştır.

Keywords

Kurumsal İktisat Para Politikası Ekonomik Büyüme Sistem GMM

Supporting Institution

Bulunmamaktadır

Project Number

Bulunmamaktadır

References

  • Abrams, B. & K. Lewis (1995), “Cultural and Institutional Determinants of Economic Growth: A Cross-Section Analysis”, Public Choice, 83(3), 273-289.
  • Acemoglu, D. & J.A. Robinson. (2012), Why Nations Fail: The Origins of Power, Prosperity and Poverty, London: Profile Books.
  • Acemoglu, D.S. et al. (2008), “When Does Policy Reform Work? The Case of Central Bank Independence”, National Bureau of Economic Research Working Paper.
  • Akçay, S. (2011), “Yolsuzluk, Ekonomik Özgürlükler ve Demokrasi”, Muğla Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 1(1), 1-15.
  • Arellano, M. & S. Bond (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”, The Review of Economic Studies, 58(2), 277-297.
  • Artan, S. & P. Hayaloğlu (2013), “Ülkelerarası Büyüme Farklılıklarının Açıklanmasında Kurumsal Yapının Rolü: Panel Veri Analizi”, Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 8(3), 31-54.
  • Asteriou, D. & S. Price (2001), “Political Instability and Economic Growth: UK Time Series Evidence”, Scottish Journal of Political Economy, 48(4), 383-399.
  • Aysun, U. et al. (2013), “Financial Frictions and The Strength of Monetary Transmission”, Journal of International Money and Finance, 32, 1097-1119.
  • Baltagi, B.H. (2005), Econometric Analysis of Panel Data, England: John Wiley & Sons Ltd.
  • Barro, R.J. (1996), “Democracy and Growth”, Journal of Economic Growth, 1(1), 1-27.
  • Berry, W. et al. (2012), “Improving Tests of Theories Positing Interaction”, The Journal of Politics, 74(3), 653-671.
  • Breusch, T.S. & A.R. Pagan (1980), “The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics”, The Review of Economic Studies, 47(1), 239-253.
  • Canh, N.P. (2018), “The Effectiveness of Fiscal Policy: Contributions from Institutions and External Debts”, Journal of Asian Business and Economic Studies, 25(1), 50-66.
  • Cecchetti, S.G. (1999), “Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism”, New York: National Bureau of Economic Research Working Paper.
  • Claessens, S. & L. Laeven (2003), “Financial Development, Property Rights, and Growth”, The Journal of Finance, 58(6), 2401-2436.
  • Dawson, J.W. (2003), “Causality in the Freedom-Growth Relationship”, European Journal of Political Economy, 19(3), 479-495.
  • Devereux, M.B. & J.-F. Wen (1998), “Political Instability, Capital Taxation, and Growth”, European Economic Review, 42(9), 1635-1651.
  • Duncan, R. (2014), “Institutional Quality, the Cyclicality of Monetary Policy and Macroeconomic Volatility”, Journal of Macroeconomics, 39, 113-155.
  • Eijffinger, S.C. & P. Stadhouders (2003), “Monetary Policy and the Rule of Law”, Paper presented at the The Centre for Economic Policy Research.
  • Gollwitzer, S. & M. Quintyn (2010), The Effectiveness of Macroeconomic Commitment in Weak (er), Institutional Environments, Internationa Monetary Found 193.
  • Hansen, L.P. (1982), “Large Sample Properties of Generalized Method of Moments Estimators”, Econometrica, 50(4), 1029-1054.
  • Hardt, L. (2011), Conceptualizing Interdependences between Regulatory and Monetary Policies: Some Preliminary Considerations, Warsaw: National Bank of Poland.
  • Hasan, I. et al. (2009), “Institutional Development, Financial Deepening and Economic Growth: Evidence from China”, Journal of Banking & Finance, 33(1), 157-170.
  • Jung, H. & H.U. Kwon (2007), An Alternative System GMM Estimation in Dynamic Panel Models, Tokyo: Hitotsubashi University.
  • Karagöz, K. & M. Karagöz (2010), “Yolsuzluk, Ekonomik Büyüme ve Kamu Harcamaları: Türkiye için Ampirik bir Analiz”, Sayıştay Dergisi, 76(1-3), 5-22.
  • Kaufmann, D. et al. (2009), Governance Matters VIII: Aggregate and Individual Governance Indicators 1996-2008, The World Bank.
  • Kaufmann, D. et al. (2011), “The Worldwide Governance Indicators: Methodology and Analytical Issues”, Hague Journal on the Rule of Law, 3(2), 220-246.
  • Keefer, P. & S. Knack (1997), “Why Don't Poor Countries Catch Up? A Cross‐National Test of an Institutional Explanation”, Economic Inquiry, 35(3), 590-602.
  • Mauro, P. (1995), “Corruption and Growth”, The Quarterly Journal of Economics, 110(3), 681-712.
  • Mishra, P.P. et al. (2010), Monetary Transmission in Low Income Countries, International Monetary Fund.
  • Nawaz, M.M. et al. (2018), “Institutional Quality and Cyclicality of Monetary and Fiscal Policies in SAARC Countries”, Transylvanian Review of Administrative Sciences, 14(55), 32-44.
  • Nawaz, S. (2015), “Growth Effects of Institutions: A Disaggregated Analysis”, Economic Modelling, 45, 118-126.
  • Nickell, S. (1981), “Biases in dynamic models with fixed effects”, Econometrica, 46(6), 1417-1426.
  • North, D.C. (1990), Institutions, Institutional Change and Economic Performance, Cambridge: Cambridge University Press.
  • Pesaran, M. et al. (2008), “A Bias‐Adjusted LM Test of Error Cross‐Section Independence”, The Econometrics Journal, 11(1), 105-127.
  • Pesaran, M.H. (2004), “General Diagnostic Tests for Cross Section Dependence in Panels”, CESifo Working Paper.
  • 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.
  • Redek, T. & A. Sušjan (2005), “The Impact of Institutions on Economic Growth: The Case of Transition Economies”, Journal of Economic Issues, 39(4), 995-1027.
  • Rodrik, D. & A. Subramanian (2009), “Why Did Financial Globalization Disappoint?”, IMF Staff Papers, 56(1), 112-138.
  • Roodman, D. (2009), “How To Do XTABOND2: An Introduction to Difference and System Gmm in Stata”, The Stata Journal, 9(1), 86-136.
  • Sarafidis, V. (2008), “GMM Estimation of Short Dynamic Panel Data Models with Error Cross Section Dependence”, Muenchen: MPRA.
  • Sargan, J.D. (1958), “The Estimation of Economic Relationships Using Instrumental Variables”, Econometrica, 26, 393-415.
  • Scully, G.W. (1988), “The Institutional Framework and Economic Development”, Journal of Political Economy, 96(3), 652-662.
  • Scully, G.W. (2002), “Economic Freedom, Government Policy and the Trade-Off Between Equity and Economic Growth”, Public Choice, 113(1), 77-96.
  • Tatoğlu, F.Y. (2017), Panel Zaman Serileri Analizi: Stata Uygulamalı, İstanbul: Beta.
  • Tavares, J. & R. Wacziarg (2001), “How Democracy Affects Growth”, European Economic Review, 45(8), 1341-1378.
  • Williamson, O.E. (1979), “Transaction Cost Economics: The Governance of Contractual Relations”, The Journal of Law and Economics, 22(2), 233-261.
  • Yapraklı, S. (2008), “Kurumsal Yapının Ekonomik Büyümeye Etkisi: Üst Orta Gelir Duzeyindeki Ülkeler Üzerine Bir Uygulama”, Ege Academic Review, 8(1), 301-317.

The Role of Institutional Structure in the Effect of Monetary Policy on Growth: An Application on Countries at Different Income Levels

Year 2023, , 61 - 80, 26.10.2023

Murat Eren , Selim Başar

https://doi.org/10.17233/sosyoekonomi.2023.04.03

Abstract

In this study, the impact of monetary policy on growth is discussed within the institutional framework for countries with different income levels. The findings from the GMM estimator showed that the effect of contractionary monetary policy on growth is negative in all countries. On the other hand, it is concluded that the impact of all institutional indicators is positive in high and upper-middle-income countries and that the increase in institutional quality reduces the adverse effects of contractionary monetary policy on growth. In terms of lower-middle-income countries, the effects of some institutional variables are found to be statistically insignificant.

Keywords

Institutional Economics Monetary Policy Economic Growth System GMM

Project Number

Bulunmamaktadır

References

  • Abrams, B. & K. Lewis (1995), “Cultural and Institutional Determinants of Economic Growth: A Cross-Section Analysis”, Public Choice, 83(3), 273-289.
  • Acemoglu, D. & J.A. Robinson. (2012), Why Nations Fail: The Origins of Power, Prosperity and Poverty, London: Profile Books.
  • Acemoglu, D.S. et al. (2008), “When Does Policy Reform Work? The Case of Central Bank Independence”, National Bureau of Economic Research Working Paper.
  • Akçay, S. (2011), “Yolsuzluk, Ekonomik Özgürlükler ve Demokrasi”, Muğla Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 1(1), 1-15.
  • Arellano, M. & S. Bond (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”, The Review of Economic Studies, 58(2), 277-297.
  • Artan, S. & P. Hayaloğlu (2013), “Ülkelerarası Büyüme Farklılıklarının Açıklanmasında Kurumsal Yapının Rolü: Panel Veri Analizi”, Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 8(3), 31-54.
  • Asteriou, D. & S. Price (2001), “Political Instability and Economic Growth: UK Time Series Evidence”, Scottish Journal of Political Economy, 48(4), 383-399.
  • Aysun, U. et al. (2013), “Financial Frictions and The Strength of Monetary Transmission”, Journal of International Money and Finance, 32, 1097-1119.
  • Baltagi, B.H. (2005), Econometric Analysis of Panel Data, England: John Wiley & Sons Ltd.
  • Barro, R.J. (1996), “Democracy and Growth”, Journal of Economic Growth, 1(1), 1-27.
  • Berry, W. et al. (2012), “Improving Tests of Theories Positing Interaction”, The Journal of Politics, 74(3), 653-671.
  • Breusch, T.S. & A.R. Pagan (1980), “The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics”, The Review of Economic Studies, 47(1), 239-253.
  • Canh, N.P. (2018), “The Effectiveness of Fiscal Policy: Contributions from Institutions and External Debts”, Journal of Asian Business and Economic Studies, 25(1), 50-66.
  • Cecchetti, S.G. (1999), “Legal Structure, Financial Structure, and the Monetary Policy Transmission Mechanism”, New York: National Bureau of Economic Research Working Paper.
  • Claessens, S. & L. Laeven (2003), “Financial Development, Property Rights, and Growth”, The Journal of Finance, 58(6), 2401-2436.
  • Dawson, J.W. (2003), “Causality in the Freedom-Growth Relationship”, European Journal of Political Economy, 19(3), 479-495.
  • Devereux, M.B. & J.-F. Wen (1998), “Political Instability, Capital Taxation, and Growth”, European Economic Review, 42(9), 1635-1651.
  • Duncan, R. (2014), “Institutional Quality, the Cyclicality of Monetary Policy and Macroeconomic Volatility”, Journal of Macroeconomics, 39, 113-155.
  • Eijffinger, S.C. & P. Stadhouders (2003), “Monetary Policy and the Rule of Law”, Paper presented at the The Centre for Economic Policy Research.
  • Gollwitzer, S. & M. Quintyn (2010), The Effectiveness of Macroeconomic Commitment in Weak (er), Institutional Environments, Internationa Monetary Found 193.
  • Hansen, L.P. (1982), “Large Sample Properties of Generalized Method of Moments Estimators”, Econometrica, 50(4), 1029-1054.
  • Hardt, L. (2011), Conceptualizing Interdependences between Regulatory and Monetary Policies: Some Preliminary Considerations, Warsaw: National Bank of Poland.
  • Hasan, I. et al. (2009), “Institutional Development, Financial Deepening and Economic Growth: Evidence from China”, Journal of Banking & Finance, 33(1), 157-170.
  • Jung, H. & H.U. Kwon (2007), An Alternative System GMM Estimation in Dynamic Panel Models, Tokyo: Hitotsubashi University.
  • Karagöz, K. & M. Karagöz (2010), “Yolsuzluk, Ekonomik Büyüme ve Kamu Harcamaları: Türkiye için Ampirik bir Analiz”, Sayıştay Dergisi, 76(1-3), 5-22.
  • Kaufmann, D. et al. (2009), Governance Matters VIII: Aggregate and Individual Governance Indicators 1996-2008, The World Bank.
  • Kaufmann, D. et al. (2011), “The Worldwide Governance Indicators: Methodology and Analytical Issues”, Hague Journal on the Rule of Law, 3(2), 220-246.
  • Keefer, P. & S. Knack (1997), “Why Don't Poor Countries Catch Up? A Cross‐National Test of an Institutional Explanation”, Economic Inquiry, 35(3), 590-602.
  • Mauro, P. (1995), “Corruption and Growth”, The Quarterly Journal of Economics, 110(3), 681-712.
  • Mishra, P.P. et al. (2010), Monetary Transmission in Low Income Countries, International Monetary Fund.
  • Nawaz, M.M. et al. (2018), “Institutional Quality and Cyclicality of Monetary and Fiscal Policies in SAARC Countries”, Transylvanian Review of Administrative Sciences, 14(55), 32-44.
  • Nawaz, S. (2015), “Growth Effects of Institutions: A Disaggregated Analysis”, Economic Modelling, 45, 118-126.
  • Nickell, S. (1981), “Biases in dynamic models with fixed effects”, Econometrica, 46(6), 1417-1426.
  • North, D.C. (1990), Institutions, Institutional Change and Economic Performance, Cambridge: Cambridge University Press.
  • Pesaran, M. et al. (2008), “A Bias‐Adjusted LM Test of Error Cross‐Section Independence”, The Econometrics Journal, 11(1), 105-127.
  • Pesaran, M.H. (2004), “General Diagnostic Tests for Cross Section Dependence in Panels”, CESifo Working Paper.
  • 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.
  • Redek, T. & A. Sušjan (2005), “The Impact of Institutions on Economic Growth: The Case of Transition Economies”, Journal of Economic Issues, 39(4), 995-1027.
  • Rodrik, D. & A. Subramanian (2009), “Why Did Financial Globalization Disappoint?”, IMF Staff Papers, 56(1), 112-138.
  • Roodman, D. (2009), “How To Do XTABOND2: An Introduction to Difference and System Gmm in Stata”, The Stata Journal, 9(1), 86-136.
  • Sarafidis, V. (2008), “GMM Estimation of Short Dynamic Panel Data Models with Error Cross Section Dependence”, Muenchen: MPRA.
  • Sargan, J.D. (1958), “The Estimation of Economic Relationships Using Instrumental Variables”, Econometrica, 26, 393-415.
  • Scully, G.W. (1988), “The Institutional Framework and Economic Development”, Journal of Political Economy, 96(3), 652-662.
  • Scully, G.W. (2002), “Economic Freedom, Government Policy and the Trade-Off Between Equity and Economic Growth”, Public Choice, 113(1), 77-96.
  • Tatoğlu, F.Y. (2017), Panel Zaman Serileri Analizi: Stata Uygulamalı, İstanbul: Beta.
  • Tavares, J. & R. Wacziarg (2001), “How Democracy Affects Growth”, European Economic Review, 45(8), 1341-1378.
  • Williamson, O.E. (1979), “Transaction Cost Economics: The Governance of Contractual Relations”, The Journal of Law and Economics, 22(2), 233-261.
  • Yapraklı, S. (2008), “Kurumsal Yapının Ekonomik Büyümeye Etkisi: Üst Orta Gelir Duzeyindeki Ülkeler Üzerine Bir Uygulama”, Ege Academic Review, 8(1), 301-317.
There are 48 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Articles
Authors

Murat Eren 0000-0002-3855-5429

Selim Başar 0000-0002-7055-8240

Project Number Bulunmamaktadır
Publication Date October 26, 2023
Submission Date May 29, 2022
Published in Issue Year 2023

Cite

APA Eren, M., & Başar, S. (2023). The Role of Institutional Structure in the Effect of Monetary Policy on Growth: An Application on Countries at Different Income Levels. Sosyoekonomi, 31(58), 61-80. https://doi.org/10.17233/sosyoekonomi.2023.04.03
AMA Eren M, Başar S. The Role of Institutional Structure in the Effect of Monetary Policy on Growth: An Application on Countries at Different Income Levels. Sosyoekonomi. October 2023;31(58):61-80. doi:10.17233/sosyoekonomi.2023.04.03
Chicago Eren, Murat, and Selim Başar. “The Role of Institutional Structure in the Effect of Monetary Policy on Growth: An Application on Countries at Different Income Levels”. Sosyoekonomi 31, no. 58 (October 2023): 61-80. https://doi.org/10.17233/sosyoekonomi.2023.04.03.
EndNote Eren M, Başar S (October 1, 2023) The Role of Institutional Structure in the Effect of Monetary Policy on Growth: An Application on Countries at Different Income Levels. Sosyoekonomi 31 58 61–80.
IEEE M. Eren and S. Başar, “The Role of Institutional Structure in the Effect of Monetary Policy on Growth: An Application on Countries at Different Income Levels”, Sosyoekonomi, vol. 31, no. 58, pp. 61–80, 2023, doi: 10.17233/sosyoekonomi.2023.04.03.
ISNAD Eren, Murat - Başar, Selim. “The Role of Institutional Structure in the Effect of Monetary Policy on Growth: An Application on Countries at Different Income Levels”. Sosyoekonomi 31/58 (October 2023), 61-80. https://doi.org/10.17233/sosyoekonomi.2023.04.03.
JAMA Eren M, Başar S. The Role of Institutional Structure in the Effect of Monetary Policy on Growth: An Application on Countries at Different Income Levels. Sosyoekonomi. 2023;31:61–80.
MLA Eren, Murat and Selim Başar. “The Role of Institutional Structure in the Effect of Monetary Policy on Growth: An Application on Countries at Different Income Levels”. Sosyoekonomi, vol. 31, no. 58, 2023, pp. 61-80, doi:10.17233/sosyoekonomi.2023.04.03.
Vancouver Eren M, Başar S. The Role of Institutional Structure in the Effect of Monetary Policy on Growth: An Application on Countries at Different Income Levels. Sosyoekonomi. 2023;31(58):61-80.