The role of macroeconomic instability in public and private capital accumulation and growth: the case of Turkey 1963-1999

Authors: Ismihan, Mustafa; Metin-Ozcan, Kivilcim; Tansel, Aysit

Source: Applied Economics, Volume 37, Number 2, February 2005 , pp. 239-251(13)

Publisher: Routledge, part of the Taylor & Francis Group

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This study investigates the empirical relationship(s) between macroeconomic instability, public and private capital accumulation and growth in Turkey over the period 1963-1999. Time series econometric techniques, such as cointegration and impulse response analysis, are used. The results of this paper suggest that the chronic and increasing macroeconomic instability of the Turkish economy has seriously affected her capital formation and growth. Furthermore, the Turkish experience indicates that chronic macroeconomic instability seems to be a serious impediment to public investment, especially to its infrastructural component, and shatters, or even reverses, the complementarity between public and private investment in the long run.

Document Type: Research Article


Publication date: February 1, 2005

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