ENFLASYON-BÜYÜME SÜRECİNDE SABİT SERMAYE YATIRIMLARI
Yıl 2006,
Cilt: 20 Sayı: 1, 1 - 18, 27.11.2010
Harun Terzi
Sabiha Oltulular
Öz
Bu çalışmada enflasyon-büyüme-sabit sermaye yatırımları
arasındaki ilişki korelasyon, zaman serileri analizleri ve eşanlı denklem sistemiyle
analiz edilmiştir. Enflasyon-büyüme ilişkisi toplam, kamu ve özel sabit sermaye
yatırımları ile üç ayrı model kurularak incelenmiştir. Modeller sabit sermaye
yatırımları-büyüme ilişkisinin pozitif, ancak enflasyon-büyüme ve enflasyon-sabit
sermaye yatırımları ilişkisinin negatif olduğunu göstermektedir. Mundell-Tobin
etkisinin aksine neoklasik iktisadi görüşü destekleyen bu sonuçlar, Türkiye
ekonomisinde enflasyon-büyüme ve enflasyon-sabit sermaye yatırımları
ilişkisinin negatif olduğunu ortaya koymaktadır.
Kaynakça
- Andrés, J. ve Hernando, I. (1997), “Does Inflation Harm Economic Growth? Evidence from the OECD”, NBER Working Paper, No: 6062.
- Barro, R. J. (1995), “Inflation and Economic Growth”, Bank of England Quarterly Bulletin, 35, 166-76.
- ___________ (1997), Determinants of Economic Growth: A Cross-Country Empirical Study, MIT Press, Cambridge, Massachusetts.
- Braun, M. ve Tella, D. R. (2004), “Inflation, Inflation Variability, and Corruption”, Economics & Politics, 16, 77-100.
- Bruno, M. ve Easterly, W. (1998), “Inflation Crises and Long-Run Growth”, Journal of Monetary Economics, 41, 3-26.
- Cameron, N., Derek, H. ve Wayne, S. (1996), “Stylized Facts and Stylized Illusions: Inflation and Productivity Revisited”, Canadian Journal of Economics, 29, 152-62.
- Chang, G. H. ve Black, D. C. (2002), “Nonlinearity of the Inflation-Growth Relationship and the Optimal Inflation Rate”, http://www.utoledo.edu/~gchang/publication/groinf11all.pdf
- Clark, P. K. (1982), “Inflation and the Productivity Decline”, American Economic Review, 72, 149-54.
- Cozier, B. ve Selody, J. (1992), “Inflation and Macroeconomic Performance: Some Cross-Country Evidence”, Bank of Canada Working Paper, 92- 96.
- De Gregorio, J. (1992), “The Effects of Inflation on Economic Growth: Lessons from Latin America”, European Economic Review, 36, 417-25.
- _____________(1993), “Inflation, Taxation, and Long-Run Growth”, Journal of Monetary Economics, 31, 271-98.
- Dickey, D. A. ve Fuller, W. A. (1979), “Distribution of the Estimators for an Autoregressive Time Series with Unit Root”, Journal of American Statistical Association, 74, 251-76.
- ____________ (1981), “Likelihood Ratio Statistics for an Autoregressive Time Series with a Unit Root”, Econometrica, 49, 1057-72.
- Estrella, A. (2003), “Productivity, Monetary Policy, and Financial Indicators”, Presented at the BIS Economists’ Meeting, Basel, Switzerland, October 9-10.
- Fischer, S. (1993), “The Role of Macroeconomic Factors in Growth”, Journal of Monetary Economics, 32, 485-512.
- _________(1994), The Costs and Benefits of Disinflation, in J. Wijnholds, S. Eijffinger and L. Hoogduin (eds), A Framework for Monetary Stability, Boston: Kluwer, 31-41.
- Ghosh, A. R. ve Phillips, S. (1998), “Warning: Inflation may be Harmful to your Growth”, IMF Staff Papers 45, No: 4, 672-710.
- Jarrett, J. P. ve Selody, G. J. (1982), “The Productivity-Inflation Nexus in Canada 1963-1979”, Review of Economics and Statistics, 64, 361-67.
- Jones, L. E. ve Manuelli, R. E. (1993), “Growth and Effects of Inflation”, NBER Working Paper, No: 4523.
- Kalkan, M. (1999), Uzun Dönemde Enflasyonun Büyüme Maliyeti, Ankara Üniversitesi Sosyal Bilimler Enstitüsü Yüksek Lisans Tezi.
- Khan, M. S. (2002), “Financial Markets and Economic Development”, IMF Paper Presented at: Conference on Macroeconomic Stability, Mexico City, November 12-13.
- Khan, M. S. ve Senhadji, A. (2001), “Threshold Effects in the Relationship Between Inflation and Growth”, IMF Staff Papers, 48, No: 1, 1-21.
- Kirmanoğlu, H. (2001), “Is There Inflation-Growth Trade off in The Turkish Economy”, Paper Presented at: CEA 35th. Annual Meetings, McGill University, Montreal, May 31-June 3.
- Krugman, P. (1998), “Japan’s Trap”, in the website www.mit.edu/krugman/www.
- Ma, H. (1998), “Inflation, Uncertainty, and Growth in Colombia”, IMF Working Paper, WP/98/161.
- Mackinnon, J. G. (1991), “Critical Values for Cointegration Tests”, Chapter 13 in Long-run Economic Relationships: Readings in Cointegration, edited by R.F. Engle and C.W.J. Granger, Oxford University Press.
- Mundell, R. (1965), “Growth, Stability and Inflationary Finance”, Journal of Political Economy, 73, 97-109.
- Phillips, P. C. B. ve Perron, P. (1988), “Testing for a Unit Root in Time Series Regression”, Biometrika, 75, 335-46.
- Ram, R. (1984), “Causal Ordering Across Inflation and Productivity Growth in The Post-War United States”, Review of Economics and Statistics, 66, 472-77.
- Sidrauski, M. (1967), “Rational Choice and Patterns of Growth in a Monetary Economy”, American Economic Papers and Proceedings, 534-44.
- Stockman, A. C. (1981), “Anticipated Inflation and the Capital Stock in a Cash- in-Advance Economy”, Journal of Monetary Economics, 8, 387-93.
- Tobin, J. (1965), “Money and Economic Growth”, Econometrica, 33, 671-84. Presented at: CEA 35th. Annual Meetings, McGill University, Montreal, May 31-June 3.
- TÜSİAD (2002), “Enflasyon ve Büyüme Dinamikleri: Gelişmekte Olan Ülke Deneyimleri Işığında Türkiye Analizi”, Yayın No: TÜSİAD-T/2002- 12/341, İstanbul.
Yıl 2006,
Cilt: 20 Sayı: 1, 1 - 18, 27.11.2010
Harun Terzi
Sabiha Oltulular
Kaynakça
- Andrés, J. ve Hernando, I. (1997), “Does Inflation Harm Economic Growth? Evidence from the OECD”, NBER Working Paper, No: 6062.
- Barro, R. J. (1995), “Inflation and Economic Growth”, Bank of England Quarterly Bulletin, 35, 166-76.
- ___________ (1997), Determinants of Economic Growth: A Cross-Country Empirical Study, MIT Press, Cambridge, Massachusetts.
- Braun, M. ve Tella, D. R. (2004), “Inflation, Inflation Variability, and Corruption”, Economics & Politics, 16, 77-100.
- Bruno, M. ve Easterly, W. (1998), “Inflation Crises and Long-Run Growth”, Journal of Monetary Economics, 41, 3-26.
- Cameron, N., Derek, H. ve Wayne, S. (1996), “Stylized Facts and Stylized Illusions: Inflation and Productivity Revisited”, Canadian Journal of Economics, 29, 152-62.
- Chang, G. H. ve Black, D. C. (2002), “Nonlinearity of the Inflation-Growth Relationship and the Optimal Inflation Rate”, http://www.utoledo.edu/~gchang/publication/groinf11all.pdf
- Clark, P. K. (1982), “Inflation and the Productivity Decline”, American Economic Review, 72, 149-54.
- Cozier, B. ve Selody, J. (1992), “Inflation and Macroeconomic Performance: Some Cross-Country Evidence”, Bank of Canada Working Paper, 92- 96.
- De Gregorio, J. (1992), “The Effects of Inflation on Economic Growth: Lessons from Latin America”, European Economic Review, 36, 417-25.
- _____________(1993), “Inflation, Taxation, and Long-Run Growth”, Journal of Monetary Economics, 31, 271-98.
- Dickey, D. A. ve Fuller, W. A. (1979), “Distribution of the Estimators for an Autoregressive Time Series with Unit Root”, Journal of American Statistical Association, 74, 251-76.
- ____________ (1981), “Likelihood Ratio Statistics for an Autoregressive Time Series with a Unit Root”, Econometrica, 49, 1057-72.
- Estrella, A. (2003), “Productivity, Monetary Policy, and Financial Indicators”, Presented at the BIS Economists’ Meeting, Basel, Switzerland, October 9-10.
- Fischer, S. (1993), “The Role of Macroeconomic Factors in Growth”, Journal of Monetary Economics, 32, 485-512.
- _________(1994), The Costs and Benefits of Disinflation, in J. Wijnholds, S. Eijffinger and L. Hoogduin (eds), A Framework for Monetary Stability, Boston: Kluwer, 31-41.
- Ghosh, A. R. ve Phillips, S. (1998), “Warning: Inflation may be Harmful to your Growth”, IMF Staff Papers 45, No: 4, 672-710.
- Jarrett, J. P. ve Selody, G. J. (1982), “The Productivity-Inflation Nexus in Canada 1963-1979”, Review of Economics and Statistics, 64, 361-67.
- Jones, L. E. ve Manuelli, R. E. (1993), “Growth and Effects of Inflation”, NBER Working Paper, No: 4523.
- Kalkan, M. (1999), Uzun Dönemde Enflasyonun Büyüme Maliyeti, Ankara Üniversitesi Sosyal Bilimler Enstitüsü Yüksek Lisans Tezi.
- Khan, M. S. (2002), “Financial Markets and Economic Development”, IMF Paper Presented at: Conference on Macroeconomic Stability, Mexico City, November 12-13.
- Khan, M. S. ve Senhadji, A. (2001), “Threshold Effects in the Relationship Between Inflation and Growth”, IMF Staff Papers, 48, No: 1, 1-21.
- Kirmanoğlu, H. (2001), “Is There Inflation-Growth Trade off in The Turkish Economy”, Paper Presented at: CEA 35th. Annual Meetings, McGill University, Montreal, May 31-June 3.
- Krugman, P. (1998), “Japan’s Trap”, in the website www.mit.edu/krugman/www.
- Ma, H. (1998), “Inflation, Uncertainty, and Growth in Colombia”, IMF Working Paper, WP/98/161.
- Mackinnon, J. G. (1991), “Critical Values for Cointegration Tests”, Chapter 13 in Long-run Economic Relationships: Readings in Cointegration, edited by R.F. Engle and C.W.J. Granger, Oxford University Press.
- Mundell, R. (1965), “Growth, Stability and Inflationary Finance”, Journal of Political Economy, 73, 97-109.
- Phillips, P. C. B. ve Perron, P. (1988), “Testing for a Unit Root in Time Series Regression”, Biometrika, 75, 335-46.
- Ram, R. (1984), “Causal Ordering Across Inflation and Productivity Growth in The Post-War United States”, Review of Economics and Statistics, 66, 472-77.
- Sidrauski, M. (1967), “Rational Choice and Patterns of Growth in a Monetary Economy”, American Economic Papers and Proceedings, 534-44.
- Stockman, A. C. (1981), “Anticipated Inflation and the Capital Stock in a Cash- in-Advance Economy”, Journal of Monetary Economics, 8, 387-93.
- Tobin, J. (1965), “Money and Economic Growth”, Econometrica, 33, 671-84. Presented at: CEA 35th. Annual Meetings, McGill University, Montreal, May 31-June 3.
- TÜSİAD (2002), “Enflasyon ve Büyüme Dinamikleri: Gelişmekte Olan Ülke Deneyimleri Işığında Türkiye Analizi”, Yayın No: TÜSİAD-T/2002- 12/341, İstanbul.