You are here

Home » Content

Sabit Sermaye Yatırımları ve Ekonomik Büyüme: Ampirik Bir Analiz

Fixed Capital Investmens and Economic Growth: An Empirical Analysis

Journal Name:

  • Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi

Publication Year:

  • 2012

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
It has been discussed for a long time that fixed capital investments are one of the main dynam-ics of economic growth. In this study, short and long-run relationships between fixed capital investments and economic growth are analyzed for eight countries having upper-middle income level. With this aim, annual data including the period between years 1980 and 2009 is tested empirically by using Johansen-Juselius cointegra-tion and Engle-Granger (vector) error correction models. The results of cointegration test indicate that there is a cointegration relationship in only Malaysian economy. The consequences of (vec-tor) error correction model show that there is no evidence for short-run causality relationship in Malaysian economy.
Bookmark/Search this post with
Abstract (Original Language): 
Sermaye birikiminin ekonomik büyümenin temel dinamiklerinden birisi olduğu konusu uzun bir süredir tartışılmaktadır. Bu çalışmada yüksek-orta gelir düzeyine sahip sekiz ülke için sabit sermaye yatırımları ile ekonomik büyüme arasındaki kısa ve uzun dönemli ilişkiler analiz edilmektedir. Johansen-Juselius eşbütünleşme ve Engle-Granger (vektör) hata düzeltme model-lerinin kullanıldığı bu makalede, 1980-2009 dönemi yıllık verileri incelenmiştir. Eşbütünleşme test sonuçları, sadece Malezya ekonomisinde değişkenler arasında eşbütünleşme ilişkisinin olduğunu göstermektedir. (Vektör) hata düzelt-me modeli sonuçlarına göre, Malezya ekonomis-inde herhangi bir nedensellik ilişkisi tespit edilememiştir.
FULL TEXT (PDF): 
PDF icon arastrmx_14926_7_pp_.pdf
  • 1
  • Turkish

REFERENCES

References: 

Anwer, M. S. ve Sampath, R. K. (1999), “Investment and Economic Growth”, Presented at Western Agricultural Economics Association Annual Meeting, July 11-14, Fargo, ND.
Barro, R. J. (1991), “Economic Growth in a Cross Section of Countries,” Quarterly Journal of Economics, 106, 407-444.
Bayraktutan, Y. ve Arslan, İ. (2008), “Türkiye’de Sabit Sermaye Yatırımlarının Ekonomik Büyüme Üzerindeki Etkisi: Ko-Entegrasyon Analizi (1980-2006)”, KMU İİBF Dergisi, 14, 1-12.
Blomström, M., Lipsey, R. ve Zejan, M. (1993), “Is Fixed Investment the Key to Economic Growth”, NBER Working Paper No: 4436, 1-23.
Carroll, C. D. ve Weil, D. N. (1994), “Savings and Growth: A Reinterpretation”, Carnegie-Rochester Conference Series on Public Policy, 40, 133-192.
Chow, G. (1993), “Capital Formation and Economic Growth in China”, Quarterly Journal of Economics, 108, 809-842.
De Long, B. ve Summers, L. (1991), “Equipment Investment and Economic Growth”, Quarterly Journal of Economics, 106 (2), 445-502
Dickey, D. A. ve Fuller, W. A. (1981), “Likelihood Ratio Statistics for an Autoregressive Time Series with a Unit Root”, Econometrica, 49, 1057-1072.
Enders, W. (2003), Applied Econometric Time Series, Second Edition, N.Y.: John Wiley & Sons, Inc.
Engle, R. ve Granger, C. W. J. (1987), “Cointegration and Error-correction: Representation, Estimation, and Testing”, Econometrica, 55, 251-276.
Feasel, A., Kim, Y. ve Smith, S. C. (1998), “Investment, Exports and Output in South Korea:
A VAR Approach to Growth Empirics”, http://www.cid.harvard.edu/archive/events/cidneudc/papers/allpaper.pdf
ESKİŞEHİR OSMANGAZİ ÜNİVERSİTESİ 228 İİBF DERGİSİ
Harvie, C. ve Pahlavani, M. (2006), “Sources of Economic Growth in South Korea: An Application of the ARDL Analysis in the Presence of Structural Breaks (1980-2005)”, University of Wollongong, Economics Working Paper Series, 17, 1-20.
Johansen, S. ve Juselius, K. (1990), “Maximum Likelihood Estimation and Inference on Cointegration-with Application to the Demand for Money”, Oxford Bulletin of Economics and Statistics, 52, 169-210.
Qin, D. ve He, X.H. (2005), “How Much Does Investment Drive Economic Growth in the PRC?”, International Conference on Policy Modeling (EcoMod 2005), Istanbul, June 29-July 2.
Kaldor, N. (1957), “A Model of Economic Growth”, Economic Journal, 67, 596-624.
Kaldor, N. ve Mirrlees, J. A. (1962), “A New Model of Economic Growth”, Review of Economic Studies”, 29, 174-192.
Ghali, K. H. ve Al-Mutawa, A. (1999), “The Intertemporal Causal Dynamics Between Fixed Capital Formation and Economic Growth in The Group-Of-Seven Countries”, International Economic Journal, 13 (2), 31-37.
Khan, S. ve Reinhart, C. (1990), “Private Investment and Economic Growth in Developing Countries”, World Development, 18, 19-27.
King, R. G. ve Levine, R. (1994), “Capital Fundamentalism, Economic Development and Economic Growth”, Policy Research Working Paper, No: 1285.
Kormendi, R. C. ve Meguire, P. G. (1985), “Macroeconomic Determinants of Growth: Cross-Country Evidence,” Journal of Monetary Economics, 16, 141-163.
Kurz, H. D. (2009), “Technical Progress, Capital Accumulation and Income Distribution in Classical Economics: Adam Smith, David Ricardo and Karl Marx”, Paper given at the ESHET 2009 Conference in Thessaloniki, 1-37.
Kwan, A. C. C., Wu, Y. ve Zhang, J. (1999), “Fixed Investment and Economic Growth in China”, Economics of Planning, 32, 67-79.
NİSAN 2012 229
Kwiatkowski, D., Phillips, P.C.B., Schmidt, P. ve Shin, Y. (1992), “Testing The Null Hypothesis of Stationarity Against the Alternative of a Unit Root: How Sure Are We That The Economic Time Series Have a Unit Root?”, Journal of Econometrics, 54, 159 178.
Lavezzi, A. M. (2001), “Division of Labor and Economic Growth: from Adam Smith to Paul Romer and Beyond”, Paper prepared for the Conference: Old and New Growth Theories: an Assessment.,Pisa, October 5-7, 2001.
Lee, J. W. ve Yu, B. G. (2005), “An Endogenous Growth Model Approach to the Korean Economic Growth Factors”, http://faculty.washington.edu/karyiu/confer/sea05/papers/lee_yu.pdf
Levine, R. ve Renelt, D. (1992), “A Sensitivity Analysis of Cross-Country Regressions,” The American Economic Review, 82(4), 942-963.
Lucas, R. E. (1988), “On the Mechanics of Economic Development,” Journal of Monetary Economics, 22, 3-42.
Perron, P. ve Ng. S. (1996), “Useful Modifications to Some Unit Root Tests with Dependent Errors and their Local Asymptotic Properties,” Review of Economic Studies, 63, 435-463.
Pesaran, M.H., Shin, Y. ve Smith, R.J. (2001), “Bounds Testing Approaches to the Analysis of Level Relationships”, Journal of Applied Econometrics, 16(3), 289-326.
Phillips, P. C. B. ve Perron, P. (1988), “Testing for a Unit Root in Time Series Regression, Biometrika, 75(2), 335-346.
Podrecca, E. ve Caemeci, G. (2001), “Fixed Investment and Economic Growth: New Results on Causality”, Applied Economics, 33, 177-182.
Rebelo, S. (1991), “Long-run Policy Analysis and Long-run Growth”, Journal of Political Economy, 99, 500-521.
Sinha, D. (1999), “Export Instability, Investment and Economic Growth in Asian Countries: A Time Series Analysis”, Economic Growth Centre, Discussion Paper, No:799, Yale University, 1-23.
ESKİŞEHİR OSMANGAZİ ÜNİVERSİTESİ 230 İİBF DERGİSİ
United Nations Statistics, National Accounts Main Aggregates Database http://unstats.un.org/unsd/snaama/selbasicFast.asp, (Erişim Tarihi: 13 Nisan 2011).
Uzawa, H. (1965), “Optimum Technical Change in An Aggregative Model of Economic Growth,” International Economic Review, 6, 18-31.
Wen, Y. (2001), “Residential Investment and Economic Growth”, Annals of Economics and Finance, 2, 437-444.

Thank you for copying data from http://www.arastirmax.com