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

Yıl 2000, Cilt: 18 Sayı: 2, 197 - 208, 31.12.2000

Metin Arslan

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

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