Yıl: 2020 Cilt: 0 Sayı: 179 Sayfa Aralığı: 1 - 32 Metin Dili: Türkçe İndeks Tarihi: 17-05-2021

Yapısal Reformların EkonomikBüyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar

Öz:
Bu çalışmada, geçiş ekonomilerinde yapısal reformların ekonomik büyüme üzerindeki etkilerinin 2002-2019 dönemi için incelenmesi amaçlanmaktadır. Bu amaç doğrultusunda çalışmada, yeni bir veri tabanı(IMF-Monitoring of Fund Arrangements (MONA)) ve Z-Skor ile döngüsel göstergeler yaklaşımları kullanılarak finansal, mali, reel, ticari ve toplam reform endeksleri türetilmekte ve yapısal reformlarla ekonomik büyüme ilişkisi Cobb-Douglas üretim fonksiyonunun genişletilmesine dayalı olarak tanımlanan modeller kapsamında incelenmektedir. Çalışma sonucunda, CSDL ve CS-ARDL yöntemleriyle tahmin edilen istisnasız tüm modellerde; finansal, mali, reel, ticari ve toplam yapısal reformların, hangi yöntemle ölçüldüklerinden bağımsız olarak ekonomik büyüme üzerinde pozitif ve istatistiki açıdan anlamlı bir etkiye sahip olduğu saptanmaktadır.
Anahtar Kelime:

Effects of Structural Reforms on Economic Growth: Evidence from the Transition Economies

Öz:
In this study, it is aimed to investigate the effects of structural reforms oneconomic growth in the transition economies over the period from 2002 to2019. For this purpose, employing Z-Scores and Cyclical Indicatorsapproaches and using a novel database (Monitoring of Fund Arrangements(MONA)), this study constructs financial, fiscal, real, trade, and totalstructural reforms and examines the relationship between the structuralreforms and economic growth within the models defined based on theextension of the Cobb-Douglas production function. As a result of the study,regardless of which approach used to construct the structural reforms, it isdetected that all structural reforms have a positive and statisticallysignificant effect on economic growth in all models estimated by using CS DL and CS-ARDL methods.
Anahtar Kelime:

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
  • Abed, G.T. ve Davoodi, H.R. (2000), “Corruption, Structural Reforms, and Economic Performance in the Transition Economies”, IMF Working Paper, WP/00/132.
  • Aksoy, T. (2019), “Structural Reforms and Growth in Developing Countries”, Journal of Economic Policy Reform, 22(4), 325-350.
  • Almeida, L.A. ve Balasundraham, V. (2018), “On the Impact of Structural Reforms on Output and Employment: Evidence from a Cross-country Firm-level Analysis”, IMF Working Paper, WP/18/73.
  • Amable, B., Ledezma, I. ve Robin, S. (2016), “Product Market Regulation, Innovation, and Productivity”, Research Policy, 45, 2087-2104.
  • Babecky, J. ve Hawranek, T. (2014), “Structural Reforms and Growth in Transition”, Economics of Transition, 22(1), 13-42.
  • Bailliu, J. ve Hajzler, C. (2016), “Structural Reforms and Economic Growth in Emerging-Market Economies”, Bank of Canada Review, 2016(Autumn), 47-60.
  • Baldacci E., Clements B., Gupta, S. ve Cui, Q. (2004), “Social Spending, Human Capital, and Growth in Developing Countries: Implications for Achieving the MDGs”, IMF Working Paper, WP/04/217.
  • Baltagi, B.H. (2008), Econometric Analysis of Panel Data, West Sussex, John Wiley & Sons.
  • Banerji, A., Crispolti, V., Norris, E.D., Duval, R., Ebeke, C., Furceri, D., Komatsuzaki, T. ve Poghosyan, T. (2017), “Labor and Product Market Reforms in Advanced Economies: Fiscal Costs, Gains, and Support”, IMF Stuff Discussion Note, SDN/17/03.
  • Barro, R.J. (1991), “Economic Growth in a Cross Section of Countries”, The Quarterly Journal of Economics, 106, 407-43.
  • Bekaert, G., Harvey, C.R. ve Lundblad, C. (2001), “Does Financial Liberalization Spur Growth”, NBER Working Paper Series, No:8245.
  • Belot, M., Booen, J. ve Ours, J.V. (2007), “Welfare-Improving Employment Protection”, Economica, 74(295), 381-396.
  • Bordon, A.R., Ebeke, C. ve Shirono, K. (2016), “When Do Structural Reforms Work? On the Role of the Business Cycle and Macroeconomic Policies”, IMF Working Paper, WP/16/62.
  • Bouis, R. ve Duval, R. (2011), “Raising Potential Growth after the Crisis: A Quantitative Assessment of the Potential Gains from Various Structural Reforms in the OECD Area and Beyond”, OECD Economics Department Working Papers, No.835.
  • Bourles, R., Cette, G., Lopez, J., Mairesse, J. ve Nicoletti, G. (2010), “Do Product Market Regulations in Upstream Sectors Curb Productivity Growth? Panel Data Evidence for OECD Countries”, NBER Working Papers, No:16520.
  • Brancaccio, E., Garbellini, N. ve Giametti, R. (2018), “Structural Labour Market Reforms, GDP Growth and the Functional Distribution of Income”, Structural Change and Economic Dynamics, 44, 34-45.
  • Campos, N.F. ve Kinoshita, Y. (2008), “Foreign Direct Investment and Structural Reforms: Evidence from Eastern Europe and Latin America”, IMF Working Paper, WP/08/26.
  • Canton, E., Grilo, I., Monteagudo, J., Pierini, F. ve Turrini, A. (2014), “The Role of Structural Reform for Adjustment and Growth”, ECFIN Economic Brief, 34, 1-7.
  • Christiansen, L., Schindler, M. ve Tressel, T. (2013), “Growth and Structural Reforms: A New Assessment,” Journal of International Economics, 89, 347-356.
  • Chudik, A., Mohaddes, K., Pesaran, M.H. ve Raissi, M. (2015), “Long-Run Effects in Large Heterogenous Panel Data Models with Cross-Sectionally Correlated Errors”, Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute, Working Paper, 223.
  • Chudik, A., Mohaddes, K., Pesaran, M. ve Raissi, M. (2013), “Debt, Inflation and Growth: Robust Estimation of Long-Run Effects in Dynamic Panel Data Models”, Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute, Working Paper No. 162.
  • Chudik, A. ve Pesaran, M.H. (2015), “Common Correlated Effects Estimation of Heterogeneous Dynamic Panel Data Models with Weakly Exogenous Regressors”, Journal of Econometrics, 188(2), 393-420.
  • Ding, Y., McQuoid, A. ve Karayalcin, C. (2019), “Fiscal Decentralization, Fiscal Reform, and Economic Growth in China”, China Economic Review, 53, 152-167.
  • Egert, B. ve Gal, P. (2016), “The Quantification of Structural Reforms in OECD Countries: A New Framework”, OECD Journal: Economic Studies, 2016(1), 91-108.
  • Fatas, A. (2015), “The Agenda for Structural Reform in Europe”, Centre for Economic Policy Research, CEPR Discussion Papers, No:10723.
  • Gnangnon, S.K. (2018), “Multilateral Trade Liberalization and Economic Growth”, Journal of Economic Integration, 33(2), 1261-1301.
  • Greenaway, D., Morgan, W. ve Wright, P. (2002), “Trade Liberalisation and Growth in Developing Countries”, Journal of Development Economics, 67, 229-244.
  • Griffith, R. ve Harrison, R. (2004), “The Link between Product Market Reform and Macro-Economic Performance”, European Economy, European Commission, Economic Papers, No:209.
  • Gujarati, D.N. ve Porter, D.C. (2012), Basic Econometrics, Jakarta: Salemba Empat.
  • Hallaert, J. (2010), “Increasing the Impact of Trade Expansion on Growth: Lessons from Trade Reforms for the Design of Aid for Trade”, OECD Trade Policy Working Papers, No. 100
  • Hasan, M.A., Khan, A.H. ve Ali, S.S. (1996), “Financial Sector Reform and Its Impact on Investment and Economic Growth: An Econometric Approach”, The Pakistan Development Review, 35(4), 885-895.
  • IMF (2015), Structural Reforms and Macroeconomic Performance: Initial Considerations for the Fund, International Monetary Fund Washington, D.C.
  • IMF (2019), World Economic Outlook, Global Manufacturing Downturn, Rising Trade Barriers, Ekim.
  • IMF-MONA (2019), Monitoring of Fund Arrangements, MONA Database, https://www.imf.org/external/np/pdr/mona/index.aspx
  • Irwin, D.A. (2019), “Does Trade Reform Promote Economic Growth? A Review of Recent Evidence”, NBER Working Paper Series, No:25927.
  • Khan, M.A. ve Qayyum, A. (2006), “Trade Liberalization, Financial Sector Reforms and Growth”, MPRA, Munich Personal RePEc Archive, No:2655.
  • Kouamé W.A.K. ve Tapsoba, S.J.A. (2019), “Structural Reforms and Firms’ Productivity: Evidence from Developing Countries”, World Development, 113, 157-171.
  • Krebs, T. ve Scheffel, M. (2016), “Structural Reform in Germany”, IMF Working Paper, WP/16/96.
  • Levine R. ve Renelt, D. (1992), “A Sensitivity Analysis of Cross-country Growth Regressions”, the American Economic Review, 82(4), 942-63.
  • Lin, J.Y. ve Liu, Z. (2000), “Fiscal Decentralization and Economic Growth in China. Economic Development and Cultural Change, 49(1), 1-21.
  • Lusinyan, L. (2018), “Assessing the Impact of Structural Reforms Through a Supply-side Framework: The Case of Argentina”, IMF Working Paper, WP/18/183.
  • Marrazzo, P.M. ve Terzi, A. (2017), “Structural Reform Waves and Economic Growth”. European Central Bank, Working Paper Series. No:2111.
  • Menyah, K., Nazlioglu, S. ve Wolde-Rufael, Y. (2014), “Financial Development, Trade Openness and Economic Growth in African Countries: New Insights from a Panel Causality Approach”, Economic Modelling, 37, 386-394.
  • Nardo, M., Saisana, M., Saltelli, A., Tarantola, S., Hoffman, A. ve Giovannini, E. (2005), “Handbook on Constructing Composite Indicators: Methodology and User Guide”, OECD Statistics Working Papers, No.2005/03. Paris: OECD Publishing.
  • Ocampo, J.A. (2004), “Latin America's Growth and Equity Frustrations During Structural Reforms”, Journal of Economic Perspectives, 18(2), 67-88.
  • OECD (2008), Handbook on Constructing Composite İndicators: Methodology and User Guide, Paris: OECD Publishing, ISBN 978-92- 64-04345-9.
  • OECD (2015), Structural Reforms in Italy: Impact on Growth and Employment, Şubat.
  • OECD (2016), Overview of Structural Reforms in the Policy Areas Identified as Priorities for Growth, Economic Policy Reforms, Going for Growth Interim Report.
  • Ormaechea, S.A., Komatsuzaki, T. ve Caro, C.C. (2017), “Fiscal Reforms, Long-term Growth and Income Inequality”, IMF Working Paper, WP/17/145.
  • Ostry J.D., Prati, A. ve Spilimbergo, A. (2009), “Structural Reforms and Economic Performance in Advanced and Developing Countries”, IMF Occasional Papers, No:268.
  • Pesaran, M.H. (2007), “A Simple Panel Unit Root Test in the Presence of Cross-Section Dependence”, Journal of Applied Econometrics, 22(2), 265-312.
  • Pesaran, M.H., Smith, L.V. ve Yamagata, T. (2013), “Panel Unit Root Tests in the Presence of A Multifactor Error Structure”, Journal of Econometrics, 175(2), 94-115.
  • Pesaran, M.H., Ullah, A. ve Yamagata, T. (2008), “A Bias-Adjusted LM Test of Error Cross-Section Independence”, The Econometrics Journal, 11(1), 105-127.
  • Pesaran, M.H. ve Yamagata, T. (2008), “Testing Slope Homogeneity in Large Panels”, Journal of Econometrics, 142(1), 50-93.
  • Prati, A., Onorato, M.G. ve Papageorgiou, C. (2013), “Which Reforms Work and under what Institutional Environment? Evidence from a New Data Set on Structural Reforms”, The Review of Economics and Statistics, 95(3), 946–968.
  • Rodrik, D. (2012), “Why We Learn Nothing from Regressing Economic Growth on Policies”. Seoul Journal of Economics, 25(2), 137-151.
  • Sala-i-Martin, X.X. (1997), “I Just Ran Two Million Regressions”, The American Economic Review, 87(2), 178-yah183.
  • Salgado, R. (2002), “Impact of Structural Reforms on Productivity Growth in Industrial Countries”, IMF Working Paper, WP/02/10.
  • Salinas, G. ve Aksoy, A. (2006), “Growth before and After Trade Liberalization”, World Bank Policy Research Working Paper, No:4062.
  • Solow, R.M. (1956), “A Contribution to the Theory of Economic Growth”, The Quarterly Journal of Economics, 70(1), 65-94.
  • Staehr, K. (2003), “Reforms and Economic Growth in Transitioneconomies: Complementarity, Sequencing and Speed”, BOFIT Discussion Papers, No.1/2003.
  • Swiston, A.J. ve Barrot, L.D. (2011), “The Role of Structural Reforms in Raising Economic Growth in Central America”, IMF Working Papers, 1-20.
  • Tatoğlu, F.Y. (2013), İleri Panel Veri Analizi-Stata Uygulamalı, 2. Baskı, Beta, İstanbul. Türkiye Cumhuriyet Merkez Bankası (TCMB) (2016), Yapısal Reformlar ve Büyüme Üzerindeki Etkileri, ISBN (basılı), 978-605-4911-48-6.
  • Wacziarg, R. ve Welch, K.H. (2008), “Trade Liberalization and Growth: New Evidence, The World Bank Economic Review, 22(2), 187–231.
  • Westerlund, J. (2008), “Panel Cointegration Tests of the Fisher Effect”. Journal of Applied Econometrics, 23(2), 193-233.
  • Yu, J.S., Hassan M.K., Mamun, A. ve Hassan A. (2014), “Financial Sectors Reform and Economic Growth in Morocco: An Empirical Analysis”, Journal of Emerging Market Finance, 13(1), 69-102.
APA DAŞTAN M, YALÇINKAYA Ö, Karabulut K (2020). Yapısal Reformların EkonomikBüyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar. , 1 - 32.
Chicago DAŞTAN MUHAMMET,YALÇINKAYA Ömer,Karabulut Kerem Yapısal Reformların EkonomikBüyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar. (2020): 1 - 32.
MLA DAŞTAN MUHAMMET,YALÇINKAYA Ömer,Karabulut Kerem Yapısal Reformların EkonomikBüyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar. , 2020, ss.1 - 32.
AMA DAŞTAN M,YALÇINKAYA Ö,Karabulut K Yapısal Reformların EkonomikBüyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar. . 2020; 1 - 32.
Vancouver DAŞTAN M,YALÇINKAYA Ö,Karabulut K Yapısal Reformların EkonomikBüyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar. . 2020; 1 - 32.
IEEE DAŞTAN M,YALÇINKAYA Ö,Karabulut K "Yapısal Reformların EkonomikBüyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar." , ss.1 - 32, 2020.
ISNAD DAŞTAN, MUHAMMET vd. "Yapısal Reformların EkonomikBüyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar". (2020), 1-32.
APA DAŞTAN M, YALÇINKAYA Ö, Karabulut K (2020). Yapısal Reformların EkonomikBüyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar. Maliye Dergisi, 0(179), 1 - 32.
Chicago DAŞTAN MUHAMMET,YALÇINKAYA Ömer,Karabulut Kerem Yapısal Reformların EkonomikBüyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar. Maliye Dergisi 0, no.179 (2020): 1 - 32.
MLA DAŞTAN MUHAMMET,YALÇINKAYA Ömer,Karabulut Kerem Yapısal Reformların EkonomikBüyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar. Maliye Dergisi, vol.0, no.179, 2020, ss.1 - 32.
AMA DAŞTAN M,YALÇINKAYA Ö,Karabulut K Yapısal Reformların EkonomikBüyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar. Maliye Dergisi. 2020; 0(179): 1 - 32.
Vancouver DAŞTAN M,YALÇINKAYA Ö,Karabulut K Yapısal Reformların EkonomikBüyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar. Maliye Dergisi. 2020; 0(179): 1 - 32.
IEEE DAŞTAN M,YALÇINKAYA Ö,Karabulut K "Yapısal Reformların EkonomikBüyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar." Maliye Dergisi, 0, ss.1 - 32, 2020.
ISNAD DAŞTAN, MUHAMMET vd. "Yapısal Reformların EkonomikBüyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar". Maliye Dergisi 179 (2020), 1-32.