Macroeconomic instability, capital accumulation and growth
Subtitle: the case of Turkey 1963-1999
By: Mustafa Ismihan, Kivilcim Metin-Ozcan & Aysit Tansel.
Contributors: Metin-Ozcan, Kıvılcım.; Tansel, Aysıt.
Series: Working paper ;; 0209; Working paper (Economic Research Forum for the Arab Countries, Iran, and Turkey : Online) ;; 0209.
Publisher: Economic Research Forum for the Arab Countries, Iran & Turkey
Published: 2002
Place of publication: Cairo, Egypt
Language: eng
Format: Electronic resource
Number of pages: 30
Subjects: Saving and investment -- Turkey -- Econometric models.; Turkey -- Economic conditions -- 1960- -- Econometric models.
Description: "This study investigates the empirical relationships between macroeconomic instability, capital accumulation and growth in Turkey over the period 1963-1999.  We use recent time series econometric techniques, such as cointegration and impulse response analysis, to analyze empirical relationships between the variables of interest.  The results of this paper suggest that the chronic and increasing macroeconomic instability of the Turkish economy has seriously affected the capital formation and hence growth.  Furthermore, chronic macroeconomic instability seems to become a serious impediment to the public investment, especially its infrastructural component, and shattered or, even reversed the complementarity between public and private investment in the long-run.  Therefore, Turkish experience has shown that macroeconomic instability not only hinders economic growth but it could also reverse the complementarity between public and private investment in the long-run"-- Economic Research Forum for the Arab Countries, Iran and Turkey web site.
Notes: Includes bibliographical references.
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