Araştırma Makalesi
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Kamu Borç ve Yatırımları Türkiye’de Dışlama Etkisi Yaratır mı? ARDL Yaklaşımından Kanıtlar

Yıl 2023, , 151 - 172, 31.01.2023

Şeref Can Serin , Murat Demir

https://doi.org/10.17233/sosyoekonomi.2023.01.08
Cited By: 3

Öz

Kamu kesimi borç kompozisyonunun, özel sektör üzerindeki etkisi bir merak konusudur. Bu makale, 1975-2020 dönemi için ARDL yöntemiyle kamu yatırımı ve kamu borcunun Türkiye'deki özel yatırımlar üzerindeki dışlama etkisini araştırmaktadır. Analizden elde edilen bulgular kamu yatırımı, kamu iç borç stoku ve kamu dış borç servisinin, özel sektör yatırımları üzerinde dışlama etkisi yarattığını göstermektedir. Kamu dış borç stoku ise özel sektör yatırımları üzerinde çekme etkisi yaratmaktadır. Bu çalışma, literatürde daha önce özel sektör yatırımları ile doğrudan ilişkisi araştırılmamış olan kamu borcunun dışlama etkisi incelenmeye çalışılmaktadır.

Anahtar Kelimeler

ARDL Kamu Borcu Kamu Yatırımları Dışlama Etkisi

Kaynakça

  • Afonso, A. & M. St. Aubyn (2019), “Economic growth, public, and private investment returns in 17 OECD economies”, Portuguese Economic Journal, 18(1), 47-65.
  • Ahmed, H. & S.M. Miller (2000), “Crowding‐out and crowding‐in effects of the components of government expenditure”, Contemporary Economic Policy, 18(1), 124-133.
  • Akomolafe, K.J. et al. (2015), “Public debt and private investment in Nigeria”, American Journal of Economics, 5(5), 501-507.
  • Altunc, Ö.F. & B. Senturk (2010), “An Empirical Analysis of the Relationship Between Private Investment and Public Investment in Turkey: Bound Test Approach”, Maliye Dergisi, 158(2010), 531-546.
  • Andrade, J.S. & A.P. Duarte (2016), “Crowding-in and crowding-out effects of public investments in the Portuguese economy”, International Review of Applied Economics, 30(4), 488-506.
  • Argimon, I. et al. (1997), “Evidence of public spending crowding-out from a panel of OECD countries”, Applied Economics, 29(8), 1001-1010.
  • Aschauer, D.A. (1989), “Does public capital crowd out private capital?”, Journal of Monetary Economics, 24(2), 171-188.
  • Atabaev, N. et al. (2018), “Crowding-out (or-in) effect in transition economies: Kyrgyzstan case”, International Journal of Development Issues, 17(1), 102-113.
  • Bahal, G. et al. (2018), “Crowding-out or crowding-in? Public and private investment in India”, World Development, 109, 323-333.
  • Barro, R.J. (1974), “Are government bonds net wealth?”, Journal of Political Economy, 82(6), 1095-1117.
  • Basar, S. & M.S. Temurlenk (2007), “Investigating crowding-out effect of government spending for Turkey: A structural VAR approach”, Ataturk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 21(2), 95-104.
  • Basar, S. et al. (2011), “Crowding out effect of government spending on private investments in Turkey: A cointegration analysis”, Journal of the Institute of Social Science, 8, 11-20.
  • Bilgili, F. (2003), “Dynamic implications of fiscal policy: Crowding-out or crowding-in?”, University Library of Munich, Germany.
  • Caskurlu, E. (2020), “Fiscal Crowding Out: ARDL Bound Test 1975-2016 Period for Turkey”, Third Sector Social Economic Review, 55(2), 956-971.
  • Cil-Yavuz, N. (2001), “Turkiye'de Kamu Yatırım Harcamalarının Özel Sektor Yatırım Harcamalarını Dıslama Etkisi Uzerine Ekonometrik Bir Analiz (1990-I/2000-IV)”, Kamu-İş Dergisi, 6(2), 55-65.
  • Cural, M. et al. (2012), “The Effect of Public Investments on Private Sector Investments in Turkey:1970-2009”, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 12(1), 73-87.
  • Demir, F. (2017), “Investigation of Crowding Out Effect in Turkey: An Application for The Period 1983-2013”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, (52), 75-87.
  • Dickey, D.A. & W.A. Fuller (1979), “Distribution of the estimators for autoregressive time series with a unit root”, Journal of the American Statistical Association, 74(366a), 427-431.
  • Ebghaei, F. (2021) “Investigating Crowding-Out Effect of Government Expenditures: Evidence From Turkey”, İzmir İktisat Dergisi, 36(4), 867-879.
  • Ela, M. & U.K. Pata (2020), “An Empirical Investigation of Crowding Out and Debt Overhang Hypotheses for Turkey”, Akademik İncelemeler Dergisi, 15(1), 29-56.
  • Enders, W. & J. Lee (2012), “A unit root test using a Fourier series to approximate smooth Breaks”, Oxford Bulletin of Economics and Statistics, 74(4), 574-599.
  • Funashima, Y. & Y. Ohtsuka (2019), “Spatial crowding-out and crowding-in effects of government spending on the private sector in Japan”, Regional Science and Urban Economics, 75, 35-48.
  • Furceri, D. & R.M. Sousa (2011), “The impact of government spending on the private sector: Crowding‐out versus crowding‐in effects”, Kyklos, 64(4), 516-533.
  • Gultekin-Tarla, E. & M. Temiz (2020), “Analysis of Crowding Out Effect in Turkey, in Terms of Public Expenditures and Private Investment Relationship”, Akademik Yaklaşımlar Dergisi, 11(2), 110-126.
  • Gunaydın, I. (2006), “Turkiye’de kamu ve ozel yatirimlar arasindaki iliski: ampirik bir analiz”, Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 20(1), 177-195.
  • Hatano, T. (2010), “Crowding-in effect of public investment on private investment”, Public Policy Review, 6(1), 105-120.
  • Hyder, K. & A. Qayyum (2001), “Crowding-out hypothesis in a vector error correction framework: a case study of Pakistan”, The Pakistan Development Review, 40(4), 633-650.
  • IMF (2021), Data, <https://www.imf.org/en/Data>, 20.02.2022.
  • Ismihan, M. et al. (2005), “The role of macroeconomic instability in public and private capital accumulation and growth: the case of Turkey 1963-1999”, Applied Economics, 37, 239-251.
  • Kesbic, C.Y. et al. (2016), “Crowding Out Effect of Public Investments on Private Sector Investments: The Turkey Example”, DEÜ İİBF Dergisi, 31(2), 59-94.
  • Khan, R. & A.R. Gill (2009), “Crowding Out Effect of Public Borrowing: A Case of Pakistan”, University Library of Munich, Germany.
  • King’wara, R. (2014), “The impact of domestic public debt on private investment in Kenya”, Developing Country Studies, 4(22), 88-96.
  • Kulu, E. et al. (2021), “Government domestic debt arrears and private investment in Sub-Saharan Africa”, African Journal of Economic and Management Studies, Advance online publication.
  • Kurul, Z. (2020), “Outward Foreign Direct Investment and Domestic Investment Nexus in Turkey: Crowding out or Crowding in?”, Ankara Hacı Bayram Veli Universitesi İİBF Dergisi, 22(3), 913-936.
  • Kustepeli, Y. (2005), “Effectiveness of Fiscal Spending: Crowding out and/or Crowding in”, Yonetim ve Ekonomi, 2(1), 185-92.
  • Lächler, U. & D.A. Aschauer (1998), “Public investment and economic growth in Mexico”, Policy Research Working Papers, 1964, The World Bank, Mexico.
  • Lebe, F. & S. Basar (2008), “CrowdCrowding-outct of Foreign Direct Investments: An Application for Turkey”, TİSK Academy, 3(6), 182-199.
  • Levaggi, R. (1999), “Does government expenditure crowd out private consumption in Italy? Evidence from a microeconomic model”, International Review of Applied Economics, 13(2), 241-251.
  • Mabula, S. & F. Mutasa (2019), “The effect of public debt on private investment in Tanzania”, African Journal of Economic Review, 7(1), 109-135.
  • Mahmoudzadeh, M. et al. (2013), “Fiscal spending and crowding out effect: A comparison between developed and developing countries”, Institutions and Economies, 5(1), 31-40.
  • Narayan, P.K. (2005), “The saving and investment nexus for China: evidence from co-integration Tests”, Applied Economics, 37(17), 1979-1990.
  • Nautet, M. & L. Van Meensel (2011), “Economic impact of the public debt”, Economic Review, 2, 7-19.
  • Pata, U.K. & M. Aydin, (2020), “Testing the EKC hypothesis for the top six hydropower energy-consuming countries: Evidence from Fourier Bootstrap ARDL procedure”, Journal of Cleaner Production, 264, 1-10.
  • Penzin, D.J. & O.S. Oladipo (2021), “Domestic Debt and Private Investment: The Case of a Small Open Economy”, The Journal of Developing Areas, 55(4), 249-267.
  • Pesaran, M. et al. (2001), “Bounds testing approaches to the analysis of level relationships”, Journal of Applied Econometrics, 16(3), 289-326.
  • Phillips, P.C. & B.E. Hansen (1990), “Statistical inference in instrumental variables regression with I(1) processes”, The Review of Economic Studies, 57(1), 99-125.
  • Saidjada, K.M. & S.I. Jahan (2018), “Public and private investment nexus in Bangladesh: crowding-in or out?”, The Journal of Developing Areas, 52(4), 115-127.
  • Sargent, T.J. & N. Wallace (1981). Some unpleasant monetarist arithmetic. Federal Reserve Bank of Minneapolis Quarterly Review, 5(3), 1-17.
  • Sen, H. & A. Kaya (2014), “Crowding-out or crowding-in? Analyzing the effects of government spending on private investment in Turkey”, Panoeconomicus, 61(6), 631-651.
  • Shabbir, S. (2013), “Does external debt affect economic growth: evidence from developing Countries”, State Bank of Pakistan Research Department, 63, Pakistan.
  • Simsek, M. (2003), “Effects of Public Expenditures on Private Investments: 1970-2001”, Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi, 4(2), 1-20.
  • Stock, J.H. & M.W. Watson (1993), “A simple estimator of cointegrating vectors in higher order integrated systems”, Econometrica, 61, 783-820.
  • Taban, S. & A. Kara (2006), “Turkiye’de Kamu Kesimi İç Borçlanmasının Özel Yatırım Harcamaları Üzerindeki Etkisi”, Eskisehir Osmangazi Üniversitesi İİBF Dergisi, 1(2), 11-26.
  • TR Ministry of Treasury and Finance (2022), Data, <https://en.hmb.gov.tr/public-finance>, 12.02.2022.
  • Unsal, M. (2020), “Crowding-Out Effect: Evidence from OECD Countries”, İstanbul İktisat Dergisi, 70(1), 1-16.
  • Uysal, D. & M. Mucuk, (2004), “Crowding-Out (Dislama) Etkisi: Turkiye Örnegi (1975-2000)”, Sosyal Ekonomik Araştırmalar Dergisi, 3(5), 158-171.
  • Vanlaer, W. et al. (2021), “Debt and private investment: Does the EU suffer from a debt overhang?”, Open Economies Review, 32(4), 789-820.
  • Were, M. (2001), “The Impact of External Debt on Economic Growth in Kenya: An Empirical Assessment”, World Institute for Development Economic Research, 116.
  • Xu, X. & Y. Yan (2014), “Does government investment crowd out private investment in China?”, Journal of Economic Policy Reform, 17(1), 1-12.
  • Yarasır-Tulumce, S. & S. Buyrukoglu (2013), “Empirical Analysis of The Relationship Between Public and Private Investments in Turkey: Crowding Out (1980-2010)”, Mali Çözüm Dergisi, 119, 59-78.
  • Yılancı, V. & M. Aydın (2016), “Testing of the crowding out effect for Turkey”, New Trends and Issues Proceedings on Humanities and Social Sciences, 2(2), 216-220.
  • Yurdadoğ, V. et al. (2021), “Analysis of Turkey's Internal and External Debt Structure in the Period After 2000”, ÇÜ SBE Dergisi, 30(3), 88-101.

Does Public Debt and Investments Create Crowding-out Effect in Turkey? Evidence from ARDL Approach

Yıl 2023, , 151 - 172, 31.01.2023

Şeref Can Serin , Murat Demir

https://doi.org/10.17233/sosyoekonomi.2023.01.08
Cited By: 3

Öz

The impact of public sector debt composition on the private sector is a matter of curiosity. This article explores the crowding-out effect of public debt and public investment on private investment in Turkey from 1975 to 2020, utilising the ARDL method. The findings reveal that public investment, public domestic debt stock, and external debt service create a crowding-out effect; on the other hand, the public external debt stock has a crowding-in effect on private sector investments. In this study, the crowding-out effect of public debt, which has not been directly related to private sector investments in the literature, is tried to be examined.

Anahtar Kelimeler

Public Debt Public Investment Crowding-Out Effect ARDL

Kaynakça

  • Afonso, A. & M. St. Aubyn (2019), “Economic growth, public, and private investment returns in 17 OECD economies”, Portuguese Economic Journal, 18(1), 47-65.
  • Ahmed, H. & S.M. Miller (2000), “Crowding‐out and crowding‐in effects of the components of government expenditure”, Contemporary Economic Policy, 18(1), 124-133.
  • Akomolafe, K.J. et al. (2015), “Public debt and private investment in Nigeria”, American Journal of Economics, 5(5), 501-507.
  • Altunc, Ö.F. & B. Senturk (2010), “An Empirical Analysis of the Relationship Between Private Investment and Public Investment in Turkey: Bound Test Approach”, Maliye Dergisi, 158(2010), 531-546.
  • Andrade, J.S. & A.P. Duarte (2016), “Crowding-in and crowding-out effects of public investments in the Portuguese economy”, International Review of Applied Economics, 30(4), 488-506.
  • Argimon, I. et al. (1997), “Evidence of public spending crowding-out from a panel of OECD countries”, Applied Economics, 29(8), 1001-1010.
  • Aschauer, D.A. (1989), “Does public capital crowd out private capital?”, Journal of Monetary Economics, 24(2), 171-188.
  • Atabaev, N. et al. (2018), “Crowding-out (or-in) effect in transition economies: Kyrgyzstan case”, International Journal of Development Issues, 17(1), 102-113.
  • Bahal, G. et al. (2018), “Crowding-out or crowding-in? Public and private investment in India”, World Development, 109, 323-333.
  • Barro, R.J. (1974), “Are government bonds net wealth?”, Journal of Political Economy, 82(6), 1095-1117.
  • Basar, S. & M.S. Temurlenk (2007), “Investigating crowding-out effect of government spending for Turkey: A structural VAR approach”, Ataturk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 21(2), 95-104.
  • Basar, S. et al. (2011), “Crowding out effect of government spending on private investments in Turkey: A cointegration analysis”, Journal of the Institute of Social Science, 8, 11-20.
  • Bilgili, F. (2003), “Dynamic implications of fiscal policy: Crowding-out or crowding-in?”, University Library of Munich, Germany.
  • Caskurlu, E. (2020), “Fiscal Crowding Out: ARDL Bound Test 1975-2016 Period for Turkey”, Third Sector Social Economic Review, 55(2), 956-971.
  • Cil-Yavuz, N. (2001), “Turkiye'de Kamu Yatırım Harcamalarının Özel Sektor Yatırım Harcamalarını Dıslama Etkisi Uzerine Ekonometrik Bir Analiz (1990-I/2000-IV)”, Kamu-İş Dergisi, 6(2), 55-65.
  • Cural, M. et al. (2012), “The Effect of Public Investments on Private Sector Investments in Turkey:1970-2009”, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 12(1), 73-87.
  • Demir, F. (2017), “Investigation of Crowding Out Effect in Turkey: An Application for The Period 1983-2013”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, (52), 75-87.
  • Dickey, D.A. & W.A. Fuller (1979), “Distribution of the estimators for autoregressive time series with a unit root”, Journal of the American Statistical Association, 74(366a), 427-431.
  • Ebghaei, F. (2021) “Investigating Crowding-Out Effect of Government Expenditures: Evidence From Turkey”, İzmir İktisat Dergisi, 36(4), 867-879.
  • Ela, M. & U.K. Pata (2020), “An Empirical Investigation of Crowding Out and Debt Overhang Hypotheses for Turkey”, Akademik İncelemeler Dergisi, 15(1), 29-56.
  • Enders, W. & J. Lee (2012), “A unit root test using a Fourier series to approximate smooth Breaks”, Oxford Bulletin of Economics and Statistics, 74(4), 574-599.
  • Funashima, Y. & Y. Ohtsuka (2019), “Spatial crowding-out and crowding-in effects of government spending on the private sector in Japan”, Regional Science and Urban Economics, 75, 35-48.
  • Furceri, D. & R.M. Sousa (2011), “The impact of government spending on the private sector: Crowding‐out versus crowding‐in effects”, Kyklos, 64(4), 516-533.
  • Gultekin-Tarla, E. & M. Temiz (2020), “Analysis of Crowding Out Effect in Turkey, in Terms of Public Expenditures and Private Investment Relationship”, Akademik Yaklaşımlar Dergisi, 11(2), 110-126.
  • Gunaydın, I. (2006), “Turkiye’de kamu ve ozel yatirimlar arasindaki iliski: ampirik bir analiz”, Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 20(1), 177-195.
  • Hatano, T. (2010), “Crowding-in effect of public investment on private investment”, Public Policy Review, 6(1), 105-120.
  • Hyder, K. & A. Qayyum (2001), “Crowding-out hypothesis in a vector error correction framework: a case study of Pakistan”, The Pakistan Development Review, 40(4), 633-650.
  • IMF (2021), Data, <https://www.imf.org/en/Data>, 20.02.2022.
  • Ismihan, M. et al. (2005), “The role of macroeconomic instability in public and private capital accumulation and growth: the case of Turkey 1963-1999”, Applied Economics, 37, 239-251.
  • Kesbic, C.Y. et al. (2016), “Crowding Out Effect of Public Investments on Private Sector Investments: The Turkey Example”, DEÜ İİBF Dergisi, 31(2), 59-94.
  • Khan, R. & A.R. Gill (2009), “Crowding Out Effect of Public Borrowing: A Case of Pakistan”, University Library of Munich, Germany.
  • King’wara, R. (2014), “The impact of domestic public debt on private investment in Kenya”, Developing Country Studies, 4(22), 88-96.
  • Kulu, E. et al. (2021), “Government domestic debt arrears and private investment in Sub-Saharan Africa”, African Journal of Economic and Management Studies, Advance online publication.
  • Kurul, Z. (2020), “Outward Foreign Direct Investment and Domestic Investment Nexus in Turkey: Crowding out or Crowding in?”, Ankara Hacı Bayram Veli Universitesi İİBF Dergisi, 22(3), 913-936.
  • Kustepeli, Y. (2005), “Effectiveness of Fiscal Spending: Crowding out and/or Crowding in”, Yonetim ve Ekonomi, 2(1), 185-92.
  • Lächler, U. & D.A. Aschauer (1998), “Public investment and economic growth in Mexico”, Policy Research Working Papers, 1964, The World Bank, Mexico.
  • Lebe, F. & S. Basar (2008), “CrowdCrowding-outct of Foreign Direct Investments: An Application for Turkey”, TİSK Academy, 3(6), 182-199.
  • Levaggi, R. (1999), “Does government expenditure crowd out private consumption in Italy? Evidence from a microeconomic model”, International Review of Applied Economics, 13(2), 241-251.
  • Mabula, S. & F. Mutasa (2019), “The effect of public debt on private investment in Tanzania”, African Journal of Economic Review, 7(1), 109-135.
  • Mahmoudzadeh, M. et al. (2013), “Fiscal spending and crowding out effect: A comparison between developed and developing countries”, Institutions and Economies, 5(1), 31-40.
  • Narayan, P.K. (2005), “The saving and investment nexus for China: evidence from co-integration Tests”, Applied Economics, 37(17), 1979-1990.
  • Nautet, M. & L. Van Meensel (2011), “Economic impact of the public debt”, Economic Review, 2, 7-19.
  • Pata, U.K. & M. Aydin, (2020), “Testing the EKC hypothesis for the top six hydropower energy-consuming countries: Evidence from Fourier Bootstrap ARDL procedure”, Journal of Cleaner Production, 264, 1-10.
  • Penzin, D.J. & O.S. Oladipo (2021), “Domestic Debt and Private Investment: The Case of a Small Open Economy”, The Journal of Developing Areas, 55(4), 249-267.
  • Pesaran, M. et al. (2001), “Bounds testing approaches to the analysis of level relationships”, Journal of Applied Econometrics, 16(3), 289-326.
  • Phillips, P.C. & B.E. Hansen (1990), “Statistical inference in instrumental variables regression with I(1) processes”, The Review of Economic Studies, 57(1), 99-125.
  • Saidjada, K.M. & S.I. Jahan (2018), “Public and private investment nexus in Bangladesh: crowding-in or out?”, The Journal of Developing Areas, 52(4), 115-127.
  • Sargent, T.J. & N. Wallace (1981). Some unpleasant monetarist arithmetic. Federal Reserve Bank of Minneapolis Quarterly Review, 5(3), 1-17.
  • Sen, H. & A. Kaya (2014), “Crowding-out or crowding-in? Analyzing the effects of government spending on private investment in Turkey”, Panoeconomicus, 61(6), 631-651.
  • Shabbir, S. (2013), “Does external debt affect economic growth: evidence from developing Countries”, State Bank of Pakistan Research Department, 63, Pakistan.
  • Simsek, M. (2003), “Effects of Public Expenditures on Private Investments: 1970-2001”, Cumhuriyet Üniversitesi İktisadi ve İdari Bilimler Dergisi, 4(2), 1-20.
  • Stock, J.H. & M.W. Watson (1993), “A simple estimator of cointegrating vectors in higher order integrated systems”, Econometrica, 61, 783-820.
  • Taban, S. & A. Kara (2006), “Turkiye’de Kamu Kesimi İç Borçlanmasının Özel Yatırım Harcamaları Üzerindeki Etkisi”, Eskisehir Osmangazi Üniversitesi İİBF Dergisi, 1(2), 11-26.
  • TR Ministry of Treasury and Finance (2022), Data, <https://en.hmb.gov.tr/public-finance>, 12.02.2022.
  • Unsal, M. (2020), “Crowding-Out Effect: Evidence from OECD Countries”, İstanbul İktisat Dergisi, 70(1), 1-16.
  • Uysal, D. & M. Mucuk, (2004), “Crowding-Out (Dislama) Etkisi: Turkiye Örnegi (1975-2000)”, Sosyal Ekonomik Araştırmalar Dergisi, 3(5), 158-171.
  • Vanlaer, W. et al. (2021), “Debt and private investment: Does the EU suffer from a debt overhang?”, Open Economies Review, 32(4), 789-820.
  • Were, M. (2001), “The Impact of External Debt on Economic Growth in Kenya: An Empirical Assessment”, World Institute for Development Economic Research, 116.
  • Xu, X. & Y. Yan (2014), “Does government investment crowd out private investment in China?”, Journal of Economic Policy Reform, 17(1), 1-12.
  • Yarasır-Tulumce, S. & S. Buyrukoglu (2013), “Empirical Analysis of The Relationship Between Public and Private Investments in Turkey: Crowding Out (1980-2010)”, Mali Çözüm Dergisi, 119, 59-78.
  • Yılancı, V. & M. Aydın (2016), “Testing of the crowding out effect for Turkey”, New Trends and Issues Proceedings on Humanities and Social Sciences, 2(2), 216-220.
  • Yurdadoğ, V. et al. (2021), “Analysis of Turkey's Internal and External Debt Structure in the Period After 2000”, ÇÜ SBE Dergisi, 30(3), 88-101.
Toplam 62 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Ekonomi
Bölüm Makaleler
Yazarlar

Şeref Can Serin 0000-0001-8575-9128

Murat Demir 0000-0002-1466-1104

Yayımlanma Tarihi 31 Ocak 2023
Gönderilme Tarihi 12 Nisan 2022
Yayımlandığı Sayı Yıl 2023

Kaynak Göster

APA Serin, Ş. C., & Demir, M. (2023). Does Public Debt and Investments Create Crowding-out Effect in Turkey? Evidence from ARDL Approach. Sosyoekonomi, 31(55), 151-172. https://doi.org/10.17233/sosyoekonomi.2023.01.08
AMA Serin ŞC, Demir M. Does Public Debt and Investments Create Crowding-out Effect in Turkey? Evidence from ARDL Approach. Sosyoekonomi. Ocak 2023;31(55):151-172. doi:10.17233/sosyoekonomi.2023.01.08
Chicago Serin, Şeref Can, ve Murat Demir. “Does Public Debt and Investments Create Crowding-Out Effect in Turkey? Evidence from ARDL Approach”. Sosyoekonomi 31, sy. 55 (Ocak 2023): 151-72. https://doi.org/10.17233/sosyoekonomi.2023.01.08.
EndNote Serin ŞC, Demir M (01 Ocak 2023) Does Public Debt and Investments Create Crowding-out Effect in Turkey? Evidence from ARDL Approach. Sosyoekonomi 31 55 151–172.
IEEE Ş. C. Serin ve M. Demir, “Does Public Debt and Investments Create Crowding-out Effect in Turkey? Evidence from ARDL Approach”, Sosyoekonomi, c. 31, sy. 55, ss. 151–172, 2023, doi: 10.17233/sosyoekonomi.2023.01.08.
ISNAD Serin, Şeref Can - Demir, Murat. “Does Public Debt and Investments Create Crowding-Out Effect in Turkey? Evidence from ARDL Approach”. Sosyoekonomi 31/55 (Ocak 2023), 151-172. https://doi.org/10.17233/sosyoekonomi.2023.01.08.
JAMA Serin ŞC, Demir M. Does Public Debt and Investments Create Crowding-out Effect in Turkey? Evidence from ARDL Approach. Sosyoekonomi. 2023;31:151–172.
MLA Serin, Şeref Can ve Murat Demir. “Does Public Debt and Investments Create Crowding-Out Effect in Turkey? Evidence from ARDL Approach”. Sosyoekonomi, c. 31, sy. 55, 2023, ss. 151-72, doi:10.17233/sosyoekonomi.2023.01.08.
Vancouver Serin ŞC, Demir M. Does Public Debt and Investments Create Crowding-out Effect in Turkey? Evidence from ARDL Approach. Sosyoekonomi. 2023;31(55):151-72.

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