OECD ÜLKELERİNDE HÜKÜMET HARCAMALARI, EKONOMİK BÜYÜME VE ENFLASYON ARASINDAKİ İLİŞKİ "THE RELATIONSHIP BETWEEN GOVERNMENT EXPENDITURES, ECONOMIC GROWTH AND INFLATION IN OECD COUNTRIES"

Yıl 2021, , 490 - 498, 30.09.2021

Suna Korkmaz , Hüseyin Güvenoğlu

https://doi.org/10.29106/fesa.982512

Cited By: 1

Öz

Hükümetler, ekonomik koşulları doğrultusunda en yüksek önceliğe sahip hedeflerine ulaşmak isteyeceklerdir. Bu hedeflere ulaşmak isteyen hükümetler birçok araç kullanmaktadır. Ekonomik büyüme ve fiyat istikrarı hükümetlerin görev alanına giren temel hedefler arasında yer almaktadır. Hükümetlerin bu hedeflere ulaşmak için kullanacağı en önemli araçlardan biri maliye politikası aracı olan kamu harcamalarıdır. Bu çalışmada rassal olarak seçilen 9 OECD ülkesinde (Fransa, Almanya, İtalya, Birleşik Krallık, Portekiz, Macaristan, İspanya, Finlandiya ve Polonya) hükümet harcamaları, ekonomik büyüme ve enflasyon arasındaki ilişki 2010-2019 dönemine ait yıllık veriler kullanılarak panel nedensellik yöntemi ile analiz edilmiştir. Analiz sonucunda incelenen dönemde ekonomik büyüme ile enflasyon arasında çift yönlü bir nedensellik ilişkisi bulunmuştur. Ayrıca enflasyondan hükümet harcamasına doğru ve hükümet harcamasından da ekonomik büyümeye doğru tek yönlü bir nedensellik ilişkisi olduğu tespit edilmiştir.

Governments will want to achieve their highest priority goal according to their economic circumstances. Governments use many tools to achieve these goals. Economic growth and price stability are among the main objectives which fall within the scope of governments. One of the most important tools that governments will deploy to achieve these goals government expenditures, which is a fiscal policy tool. In this study, the relationship between government expenditures, economic growth and inflation in 9 randomly selected OECD countries (France, Germany, Italy, UK, Portugal, Hungary, Spain, Finland and Poland) was analyzed by panel causality method using annual data for the period 2010-2019. As a result of the analysis, a bidirectional causality relationship was found between economic growth and inflation in the period analyzed. It was also found that there was a unidirectional causality relationship from inflation to government expenditures and from government expenditures to economic growth

Anahtar Kelimeler

Hükümet Harcamaları, Enflasyon, Ekonomik Büyüme, Panel Nedensellik Testi, Government Expenditure, Inflation, Economic Growth, Panel Causality Test

THE RELATIONSHIP BETWEEN GOVERNMENT EXPENDITURES, ECONOMIC GROWTH AND INFLATION IN OECD COUNTRIES

Öz

Governments will want to achieve their highest priority goal according to their economic circumstances. Governments use many tools to achieve these goals. Economic growth and price stability are among the main objectives which fall within the scope of governments. One of the most important tools that governments will deploy to achieve these goals government expenditures, which is a fiscal policy tool. In this study, the relationship between government expenditures, economic growth and inflation in 9 randomly selected OECD countries (France, Germany, Italy, UK, Portugal, Hungary, Spain, Finland and Poland) was analyzed by panel causality method using annual data for the period 2010-2019. As a result of the analysis, a bidirectional causality relationship was found between economic growth and inflation in the period analyzed. It was also found that there was a unidirectional causality relationship from inflation to government expenditures and from government expenditures to economic growth.

Anahtar Kelimeler

Government Expenditure, Inflation, Economic Growth, Panel Causality Test

Kaynakça

• AJAYI, M. A. and ALUKO, O. A. (2016). The Causality between Government Expenditure and Economic Growth in Nigeria: A Toda-Yamamoto Approach. Journal of Economics and Business Research, 22(2), 77-90.
• ALEXIOU, C. (2009). Government expenditure and Economic Growth: Econometric Evidence from the South Eastern Europe (SEE). Journal of Economic and Social Research, 11(1), 1-16.
• ALQADI, M. and ISMAIL, S. (2019). Government expenditure and Economic Growth: Contemporary Literature Review. Journal of Global economics, 7(4), 1-4.
• ATTARI, M. I. J. and JAVED, A. Y. (2013). Inflation, Economic Growth and Government Expenditure of Pakistan: 1980-2010. Procedia Economics and Finance, 5, 58 – 67.
• BALTAGI, B. H. and KAO, C. (2000). Nonstationary Panels, Cointegration in Panels and Dynamic Panels: A Survey. Center for Policy Research Working Papers, 16.
• BASHIR, F., NAWAZ, S., YASIN, K., KHURSHEED, U., KHAN, J. and QURESHI, M. J. (2011). Determinants of Inflation in Pakistan: An Econometric Analysis Using Johansen Co-Integration Approach. Australian Journal of Business and Management Research, 1(5), 71-82.
• CHENG, B. S. and LAI, T. W. (1997). Government Expenditures and Economic Growth in South Korea: A VAR Approach. Journal of Economic Development, 22(1), 11-24.
• CHOI, I. (2001). Unit Root Tests for Panel Data. Journal of International Money and Finance, 20(2), 249-272.
• DUDZEVICIUTE, G., ŠIMELYTE, A. and LIUCVAITIENE, A. (2018). Government Expenditure and Economic Growth in the European Union Countries, International Journal of Social Economics, 45(2), 372-386.
• FRANK, A., JOSEPH, O. M. and ACKAH, I. (2014). Government Expenditures and Economic Growth Dynamics in Ghana. International Journal of Economics and Empirical Research, 2(5), 180- 190.
• HARRIS, R. D. F. and TZAVALIS, E. (1999). Inference for Unit Roots in Dynamic Panels Where the Time Dimension is Fixed. Journal of Econometrics, 91(2), 201-226.
• HARRIS, R. and SOLLIS, R. (2003). Applied the Time Series Modelling and Forecasting. England: Wiley.
• HUANG, C. J. (2006). Government Expenditures in China and Taiwan: Do They Follow Wagner's Law? Journal of Economic Development, 31(2), 139-148.
• IM, K. S., PESARAN, M. H. and SHIN, Y. (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115(1), 53-74.
• JIRANYAKUL, K. and BRAHMASRENE, T. (2007). The Relationship Between Government Expenditures and Economic Growth in Thailand. Journal of Economics and Economic Education Research, 8(2), 1-9.
• KOLLURI, B. R., PANIK, M. J. and WAHAB, M. S. (2000). Government Expenditure and Economic Growth: Evidence from G7 Countries. Applied Economics, 32(8), 1059-1068.
• LAHIRUSHAN, K. P. K. S. and GUNASEKARA, W. G. V. (2015). The Impact of Government Expenditure on Economic Growth: A Study of Asian Countries. International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering, 9(9), 3152-3160.
• LEVIN, A., LIN, C. F. and CHU, C. S. J. (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties. Journal of Econometrics, 108(1), 1-24.
• LOIZIDES, J. and VAMVOUKAS, G. (2005). Government Expenditure and Economic Growth: Evidence from Trivariate Causality Testing. Journal of Applied Economics, 8(1), 125-152.
• MADDALA, G. S. and WU, S. (1999). A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test. Oxford Bulletin of Economics and Statistics, 61(1), 631- 652.
• MANDALA, R. A. M. (2020). Inflation, Government Expenditure and Economic Growth in Indonesia. Jambura Equilibrium Journal (JEJ), 2(2), 109-118.
• MEHRARA, M. and SUJOUDI, A. (2015). The Relationship between Money, Government expenditure and Inflation in the Iranian Economy. International Letters of Social and Humanistic Sciences, 51, 89-94.
• MOHAMMAD, S. D., WASTI, S. K. A., LAL, I. and HUSSAIN, A. (2009). An Empirical Investigation between Money Supply, Government Expenditure, Output & Prices: The Pakistan Evidence. European Journal of Economics, Finance and Administrative Sciences, 17, 60-68.
• ODHIAMBO, N. M. (2015). Government Expenditure and Economic Growth in South Africa: An Empirical Investigation. Atlantic Economic Journal, 43(3), 393-406.
• OLAYUNGBO, D. O. (2013). Government expenditure and Inflation in Nigeria: An Asymmetry Causality Test. International Journal of Humanities and Management Sciences, 1(4), 238-242.
• ONO, H. (2014). The Government Expenditure–Economic Growth Relation in Japan: An Analysis by Using the ADL Test for Threshold Cointegration. Applied Economics, 46(28), 3523-3531.
• QUAH, D. (1994). Exploiting Cross Section Variation for Unit Root Inference in Dynamic Data. Economics Letters, 44(1-2), 9-19.
• ROSOIU, I. (2015). The Impact of the Government Revenues and Expenditures on the Economic Growth. Procedia Economics and Finance, 32, 526-533.
• SÁEZ, M. P. and ÁLVAREZ-GARCIA, S. (2006). Government expenditure and Economic Growth in the European Union Countries: An Empirical Approach. SSRN Electronic Journal, 1-11.
• SÁEZ, M. P., ÁLVAREZ-GARCIA, S. and RODRIGUEZ, D. C. (2017). Governmen Expenditure and Economic Growth in the European Union Countries: New evidence. Bulletin of Geography Socio-Economic Series, 36, 127-133.
• SRIYALATHA, M. A. K. and TORII, H. (2019). Impact of Fiscal Policy on Economic Growth: A Comparison between Singapore and Sri Lanka. Kelaniya Journal of Management, 8(1), 37-56.
• ŞEN, H., KAYA, A. and ALPASLAN, B. (2018). Education, Health, and Economic Growth Nexus: A Bootstrap Panel Granger Causality Analysis for Developing Countries. Sosyoekonomi, 26(36), 125-144.
• TABAN, S. (2010). An Examination of the Government expenditure and Economic Growth Nexus for Turkey Using the Bound Test Approach. International Research Journal of Finance and Economics, 48, 187-196.
• THABANE, K. and LEBINA, S. (2016). Economic Growth and Government expenditure Nexus: Empirical Evidence from Lesotho. African Journal of Economic Review, 4(1), 86-100.