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ЭМПИРИЧЕСКИЙ АНАЛИЗ ВЛИЯНИЯ ИНВЕСТИЦИЙ НА ЭКОНОМИКУ КЫРГЫЗСТАНА

Year 2016, Issue: 70, 22 - 29, 01.05.2016

Abstract

Как и во многих развивающихся странах, инвестиции в Кыргызстане являются
основным элементом, определяющим экономический рост. В этом исследовании
анализируется соотношение между инвестициями (INV), денежной массой (М2) и
экономическим ростом (ВВП) Кыргызстана. Эмпирический анализ с использованием
квартальных данных, охватывающих период 2000-2014 гг., с подходом ARDL показал, что
инвестиции и денежная масса (М2) влияют на ВВП положительно и статистически
значимо как в краткосрочном, так и в долгосрочном периоде.

References

  • Acar, Y. (2008), İktisadi Büyüme ve Büyüme Modelleri, 5.baskı, Bursa, s. 129.
  • Blomstrom, M., Lipsey R. E. & Zejan, M. (1996) “Is Fixed Investment the Key to Economic Growth?” Quarterly Journal of Economics, 111, p. 269-276.
  • Bouton, L. & Sumlinski, M. (2000), Trends in Private Investment in Developing Countries: Statistics for 1970-1998, IFC Discussion Paper, No.41, p.1-46.
  • Belloc, M. & Vertova, P.(2004), How Does Public Investment Affect Economic Growth in HIPC”, QUADERNI, No.416, (2004), p.1-20.
  • Campos, N.F. & Kinoshita, Y. (2002) ,“Foreign Direct Investment as Technology Transferred: Some Panel Evidence from the Transition Countries”, The Manchester School, Vol. 70, No. 3, p. 398-419.
  • Carroll, C. D. & Weil, D. N. (1994 ), Savings and growth: a reinterpretation, CarnegieRochester Conference Series on Public Policy, 40, p. 133-192.
  • De Long J. B. & Summers, L. (1991) "Equipment Investment and Economic Growth" Quarterly Journal of Economics", 106 (2), p. 445-502.
  • Duasa, J. (2007) Determinants of Malaysian Trade Balance: An ARDL Bound Testing Approach, Global Economic Review: Perspectives on East Asian Economies and Industries, 36:1, p. 89-102.
  • King, R. G. & Levine, R. (1994) “Capital Fundamentalism, Economic Development and Economic Growth” Policy Research Working Paper, no: 1285, World Bank.
  • Le, M.V. & Suruga, T. (2005), “ Foreign direct investment, public expenditure and economic growth: the empirical evidence for the period 1970–2001”, Applied Economics Letters, 12:1, p. 45-49.
  • Narayan, P. K.(2005) 'The saving and investment nexus for China: evidence from cointegration tests', Applied Economics, 37: 17, p. 1979 -1990.
  • Parasız, İ.(2008), Ekonomik Büyüme Teorileri, 3.baskı, Ezgi Kitabevi Yayınları, Bursa, s.131.
  • Pesaran, H. M. and Shin, Y. (1995) Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis, DAE Working Paper Series No. 9514 (Cambridge: Department of Applied Economics, University of Cambridge).
  • Pesaran, H. M. and Shin, Y. (1999) Autoregressive distributed lag modelling approach to cointegration analysis, in: S. Storm (Ed.) Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium, chapter 11 (Cambridge: Cambridge University Press).
  • Sala-i-Martin, X. (1997), “I just ran four million regressions”,American Economic Review, 87, p. 178–183.
  • Şahbaz, A. (2014), “Sabit Sermaye Yatırımları ve Ekonomik Büyüme İlişkisi: Panel Nedensellik Analizi”, Niğde Üniversitesi İİBF Dergisi, Cilt: 7, Sayı: 1, s.1-12.
  • Taban, S. (2013), İktisadi Büyüme, T.C. Anadolu Üniversitesi Yayını No: 2898, Açık öğretim Fakultesi Yayını No: 1855, s. 137-140.
  • Tarı, R. (2012). Ekonometri, Gözden geçirilmiş sekizinci baskı. s. 374-389.
  • Бюллетень НБКР за 2000-2007 гг., Бюллетень НБКР за 2008-2014 гг. www.nbkr.kg.
  • Основные макроэкономические показатели по Кыргызстану по месяцам за 2000-2015 гг. (нарастающим итогом). – Режим доступа: www.cisstat.com

AN EMPIRICAL ANALYSIS OF INVESTMENTS’ IMPACT ON THE ECONOMY OF KYRGYZSTAN

Year 2016, Issue: 70, 22 - 29, 01.05.2016

Abstract

Like in many developing countries, investments are the main factor of economic growth in
Kyrgyzstan. In this paper we analyzed the relationship between investments (INV), money
supply (M2) and economic growth (GDP) in Kyrgyzstan. Empirical analysis using the ARDL
Bounds Testing Approach showed that both investments and money supply (M2) have
statistically significant positive effect on GDP in the short and long run.

References

  • Acar, Y. (2008), İktisadi Büyüme ve Büyüme Modelleri, 5.baskı, Bursa, s. 129.
  • Blomstrom, M., Lipsey R. E. & Zejan, M. (1996) “Is Fixed Investment the Key to Economic Growth?” Quarterly Journal of Economics, 111, p. 269-276.
  • Bouton, L. & Sumlinski, M. (2000), Trends in Private Investment in Developing Countries: Statistics for 1970-1998, IFC Discussion Paper, No.41, p.1-46.
  • Belloc, M. & Vertova, P.(2004), How Does Public Investment Affect Economic Growth in HIPC”, QUADERNI, No.416, (2004), p.1-20.
  • Campos, N.F. & Kinoshita, Y. (2002) ,“Foreign Direct Investment as Technology Transferred: Some Panel Evidence from the Transition Countries”, The Manchester School, Vol. 70, No. 3, p. 398-419.
  • Carroll, C. D. & Weil, D. N. (1994 ), Savings and growth: a reinterpretation, CarnegieRochester Conference Series on Public Policy, 40, p. 133-192.
  • De Long J. B. & Summers, L. (1991) "Equipment Investment and Economic Growth" Quarterly Journal of Economics", 106 (2), p. 445-502.
  • Duasa, J. (2007) Determinants of Malaysian Trade Balance: An ARDL Bound Testing Approach, Global Economic Review: Perspectives on East Asian Economies and Industries, 36:1, p. 89-102.
  • King, R. G. & Levine, R. (1994) “Capital Fundamentalism, Economic Development and Economic Growth” Policy Research Working Paper, no: 1285, World Bank.
  • Le, M.V. & Suruga, T. (2005), “ Foreign direct investment, public expenditure and economic growth: the empirical evidence for the period 1970–2001”, Applied Economics Letters, 12:1, p. 45-49.
  • Narayan, P. K.(2005) 'The saving and investment nexus for China: evidence from cointegration tests', Applied Economics, 37: 17, p. 1979 -1990.
  • Parasız, İ.(2008), Ekonomik Büyüme Teorileri, 3.baskı, Ezgi Kitabevi Yayınları, Bursa, s.131.
  • Pesaran, H. M. and Shin, Y. (1995) Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis, DAE Working Paper Series No. 9514 (Cambridge: Department of Applied Economics, University of Cambridge).
  • Pesaran, H. M. and Shin, Y. (1999) Autoregressive distributed lag modelling approach to cointegration analysis, in: S. Storm (Ed.) Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium, chapter 11 (Cambridge: Cambridge University Press).
  • Sala-i-Martin, X. (1997), “I just ran four million regressions”,American Economic Review, 87, p. 178–183.
  • Şahbaz, A. (2014), “Sabit Sermaye Yatırımları ve Ekonomik Büyüme İlişkisi: Panel Nedensellik Analizi”, Niğde Üniversitesi İİBF Dergisi, Cilt: 7, Sayı: 1, s.1-12.
  • Taban, S. (2013), İktisadi Büyüme, T.C. Anadolu Üniversitesi Yayını No: 2898, Açık öğretim Fakultesi Yayını No: 1855, s. 137-140.
  • Tarı, R. (2012). Ekonometri, Gözden geçirilmiş sekizinci baskı. s. 374-389.
  • Бюллетень НБКР за 2000-2007 гг., Бюллетень НБКР за 2008-2014 гг. www.nbkr.kg.
  • Основные макроэкономические показатели по Кыргызстану по месяцам за 2000-2015 гг. (нарастающим итогом). – Режим доступа: www.cisstat.com

AN EMPIRICAL ANALYSIS OF INVESTMENTS’ IMPACTON THE ECONOMY OF KYRGYZSTAN

Year 2016, Issue: 70, 22 - 29, 01.05.2016

Abstract

Like in many developing countries, investments are the main factor of economic growth in Kyrgyzstan. In this paper we analyzed the relationship between investments (INV), money supply (M2) and economic growth (GDP) in Kyrgyzstan. Empirical analysis using the ARDL Bounds Testing Approach showed that both investments and money supply (M2) have statistically significant positive effect on GDP in the short and long run

References

  • Acar, Y. (2008), İktisadi Büyüme ve Büyüme Modelleri, 5.baskı, Bursa, s. 129.
  • Blomstrom, M., Lipsey R. E. & Zejan, M. (1996) “Is Fixed Investment the Key to Economic Growth?” Quarterly Journal of Economics, 111, p. 269-276.
  • Bouton, L. & Sumlinski, M. (2000), Trends in Private Investment in Developing Countries: Statistics for 1970-1998, IFC Discussion Paper, No.41, p.1-46.
  • Belloc, M. & Vertova, P.(2004), How Does Public Investment Affect Economic Growth in HIPC”, QUADERNI, No.416, (2004), p.1-20.
  • Campos, N.F. & Kinoshita, Y. (2002) ,“Foreign Direct Investment as Technology Transferred: Some Panel Evidence from the Transition Countries”, The Manchester School, Vol. 70, No. 3, p. 398-419.
  • Carroll, C. D. & Weil, D. N. (1994 ), Savings and growth: a reinterpretation, CarnegieRochester Conference Series on Public Policy, 40, p. 133-192.
  • De Long J. B. & Summers, L. (1991) "Equipment Investment and Economic Growth" Quarterly Journal of Economics", 106 (2), p. 445-502.
  • Duasa, J. (2007) Determinants of Malaysian Trade Balance: An ARDL Bound Testing Approach, Global Economic Review: Perspectives on East Asian Economies and Industries, 36:1, p. 89-102.
  • King, R. G. & Levine, R. (1994) “Capital Fundamentalism, Economic Development and Economic Growth” Policy Research Working Paper, no: 1285, World Bank.
  • Le, M.V. & Suruga, T. (2005), “ Foreign direct investment, public expenditure and economic growth: the empirical evidence for the period 1970–2001”, Applied Economics Letters, 12:1, p. 45-49.
  • Narayan, P. K.(2005) 'The saving and investment nexus for China: evidence from cointegration tests', Applied Economics, 37: 17, p. 1979 -1990.
  • Parasız, İ.(2008), Ekonomik Büyüme Teorileri, 3.baskı, Ezgi Kitabevi Yayınları, Bursa, s.131.
  • Pesaran, H. M. and Shin, Y. (1995) Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis, DAE Working Paper Series No. 9514 (Cambridge: Department of Applied Economics, University of Cambridge).
  • Pesaran, H. M. and Shin, Y. (1999) Autoregressive distributed lag modelling approach to cointegration analysis, in: S. Storm (Ed.) Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium, chapter 11 (Cambridge: Cambridge University Press).
  • Sala-i-Martin, X. (1997), “I just ran four million regressions”,American Economic Review, 87, p. 178–183.
  • Şahbaz, A. (2014), “Sabit Sermaye Yatırımları ve Ekonomik Büyüme İlişkisi: Panel Nedensellik Analizi”, Niğde Üniversitesi İİBF Dergisi, Cilt: 7, Sayı: 1, s.1-12.
  • Taban, S. (2013), İktisadi Büyüme, T.C. Anadolu Üniversitesi Yayını No: 2898, Açık öğretim Fakultesi Yayını No: 1855, s. 137-140.
  • Tarı, R. (2012). Ekonometri, Gözden geçirilmiş sekizinci baskı. s. 374-389.
  • Бюллетень НБКР за 2000-2007 гг., Бюллетень НБКР за 2008-2014 гг. www.nbkr.kg.
  • Основные макроэкономические показатели по Кыргызстану по месяцам за 2000-2015 гг. (нарастающим итогом). – Режим доступа: www.cisstat.com
There are 20 citations in total.

Details

Primary Language Russian
Other ID JA59TY62VH
Journal Section Research Article
Authors

Askar Atamkulov This is me

Junus Ganiev

Publication Date May 1, 2016
Submission Date May 1, 2016
Published in Issue Year 2016 Issue: 70

Cite

APA Atamkulov, A., & Ganiev, J. (2016). ЭМПИРИЧЕСКИЙ АНАЛИЗ ВЛИЯНИЯ ИНВЕСТИЦИЙ НА ЭКОНОМИКУ КЫРГЫЗСТАНА. Reforma, 2(70), 22-29.