POLİTİK İSTİKRARSIZLIK, BELİRSİZLİK VE MAKROEKONOMİ: TÜRKİYE ÖRNEĞİ (1970-2006)

Öz

Bu çalışma; GARCH ve EGARCH modellerini kullanarak 1970-2006 yılları arasında Türkiye’de politik istikrarsızlık, belirsizlik ve makroekonomik göstergelerin (ekonomik büyüme, enflasyon, döviz kuru) oynaklığı arasındaki ilişkiyi incelemektir. Politik istikrarsızlık göstergeleri olarak altı farklı istikrarsızlık değişkenine (genel seçimler, yerel seçimler, askeri darbe dönemleri, referandumlar, koalisyonlar, grev) ait temel bileşenler kullanılmıştır. GARCH ve EGARCH modellerinden elde edilen bulgulara göre, politik istikrarsızlığın ekonomik büyüme üzerinde negatif ve enflasyon üzerinde pozitif etkisi olduğu, buna karşın döviz kurları üzerinde etkisinin çok güçlü olmadığı sonucuna ulaşılmıştır. 

Anahtar Kelimeler

• Makroekonomik performans
• Politik istikrarsızlık
• GARCH ve EGARCH modelleri

POLITICAL INSTABILITY, UNCERTAINTY AND MACROECONOMICS: THE CASE OF TURKEY (1970-2006)

Öz

This study investigates relationship between political instability, uncertainty and volatility of macroeconomic outcomes in the context of economic growth, inflation and exchange rates in Turkey for the period 1970 through 2006 using GARCH and EGARCH models. Political instability indicators has been defined as principal compenents of six different instability variables (genereal elections, local elections, coup d'états, referendums, coalition periods and number   strikes per year). According to results, estimated by GARCH and EGARCH models, political instability have negative impacts on economic growth and positive affect on ınflation rate, whereas it’s affect on exchange rates is not strong enough.

Anahtar Kelimeler

• Macreconomic performance
• Political instability
• GARCH and EGARCH models

Kaynakça

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