A KEYNESIAN (TOBIN'S Q) INVESTMENT FUNCTION FOR THE TURKISH PRIVATE INVESTMENT AND THE COMPLEMENTARITY OF PUBLIC AND PRIVATE CAPITALt

Öz

This paper has two main aims. First. it attempts to test a Keynesian (Tobin's q) investment function for the Turkish private sector within a dynamic stochastic model framework between the years 1963-85. Second it sets out to compare its results with those of-a previous Neoclassical work of a similar track, and concludes that it is the phenomenon of the composition of pubfic capita) rather than Its method of finance which explains private capital accumulation in the Turkish context.

Anahtar Kelimeler

• Public capital expenditure,private capital,fiscal poiicy,crowding out

Kaynakça

1. Arslan M. (1993), Public Investment and Infrastructure Modeling Approach for the Turkish Investment Sector Ph. D. Thesis, Colorado State university, fort Colins, C.O.