Türkiye İçin Ekonomik Yapısal Reform Ölçüm Yöntemlerinin Geliştirilmesi ve Büyüme Üzerindeki Etkilerinin İncelenmesi
Year 2024,
Volume: 32 Issue: 59, 405 - 432, 31.01.2024
Ömer Yalçınkaya
,
Vedat Kaya
,
Gökhan Erkal
Abstract
Bu çalışmada, IMF-MONA (Monitoring of Fund Arrangements) programı sınıflandırmaları eşliğinde ekonomik yapısal reformların Türkiye için tanımlanması, 1990-2021 döneminde Türkiye Cumhuriyeti Cumhurbaşkanlığı Resmî Gazete arşivinden ölçümlenmesi ve ekonomik büyüme üzerindeki etkilerinin BF-ARDL modeliyle incelenmesi amaçlanmıştır. Çalışmada Cobb-Douglas üretim fonksiyonunun genişletilmesine dayanan ekonometrik modellerin çözümlenmesi sonucunda, gerçekleştirilen reformların Türkiye’nin büyümesi üzerinde finansal, mali ve reel sektörlerde pozitif/anlamlı ve ticari sektörde ise pozitif/anlamsız etkilere sahip olduğu belirlenmiştir. Bu sonuçlar, inceleme döneminde Türkiye’de gerçekleştirilen reformların büyümeyi desteklediğini göstermekte ve güçlendirilerek sürdürülebilmesinde önemli bir potansiyele sahip olduğuna işaret etmektedir.
Supporting Institution
TÜBİTAK-SOBAG
Thanks
Bu çalışma, Türkiye Bilimsel ve Teknolojik Araştırma Kurumu (TÜBİTAK) tarafından 121K526 nolu proje kapsamında desteklenmektedir.
References
- Abed, G.T. & H.R. Davoodi (2000), “Corruption, Structural Reforms, and Economic Performance in the Transition Economics”, IMF Working Paper, 00/132.
- Aksoy, T. (2019), “Structural Reforms and Growth in Developing Countries”, Journal of Economic Policy Reform, 22(4), 325-350.
- Al-Thaqeb, S.A. & B.G. Algharabali (2019), “Economic Policy Uncertainty: A Literature Review”, The Journal of Economic Asymmetries, 20, e00133.
- Anderson, D. et al. (2014), “Fiscal consolidation in the euro area: How much pain can structural reforms ease?”, Journal of Policy Modeling, 36(5), 785-799.
- Becker, R. et al. (2006), “A stationarity test in the presence of an unknown number of smooth breaks”, Journal of Time Series Analysis, 27(3), 381-409.
- Bouis, R. et al. (2012), “The Short-Term Effects of Structural Reforms”, OECD Economics Department Working Papers No: 949, 2-62.
- Brancaccio, E. et al. (2018), “Structural Labour Market Reforms, GDP Growth and the Functional Distribution of Income”, Structural Change and Economic Dynamics, 44, 34-45.
- Campos, N.F. & R. Horváth (2012), “Reform redux: Measurement, determinants and growth implications”, European Journal of Political Economy, 28(2), 227-237.
- Chinn, M. et al. (2018), “Impact of uncertainty shocks on the global economy”, Journal of International Money and Finance, 88, 209-211.
- Christiansen, L. et al. (2013), “Growth and Structural Reforms: A New Assessment”, Journal of International Economics, 89, 347-356.
- Christopoulos, D.K. & M.A. León-Ledesma (2010), “Smooth Breaks and Non-linear Mean Reversion: Post-Bretton Woods Real Exchange Rates”, Journal of International Money and Finance, 29(6), 1076-1093.
- Correa, R. (2002), “Structural Reforms and Economic Growth in Latin America: a Sensitivity Analysis”, CEPAL Review, 76, 87-104.
- Cuestas, J.C. & D. Garrant (2011), “Is Real GDP Per Capita a Stationary Process? Smooth Transitions, Nonlinear Trends and Unit Root Testing”, Empirical Economics, 41, 555-563.
- Daştan, M. vd. (2020), “Yapısal Reformların Ekonomik Büyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar”, Maliye Dergisi, 179, 1-32.
- de Almeida, L.A. & V. Balasundharam (2018), “On the impact of structural reforms on output and employment: Evidence from a cross-country firm-level analysis”, IMF, WP/18/73.
- de Haan, J. & R. Wiese (2022), “The Impact of Product and Labour Market Reform on Growth: Evidence for OECD Countries Based on Local Projections”, Journal of Applied Econometrics, 37, 746-770.
- Easterly, W. et al. (1996), “Has Latin America’s Post-Reform Growth Been Disappointing?”, The World Bank Policy Research Working Paper Series, 1708.
- Enders, W. & J. Lee (2012), “The flexible Fourier form and Dickey-Fuller type unit root tests”, Economics Letters, 117(1), 196-199.
- Escaith, H. & S. Morley (2000), The Impact of Structural Reforms on Growth in Latin America and the Caribbean: An Empirical Estimation, CEPAL Macroeconomia No: 1.
- Falcetti, E. et al. (2006), “Reforms and Growth in Transition: Re-Examining The Evidence”, Journal of Comparative Economics, 34, 421-445.
- Fischer, K. & A. Stiglbauer (2018), “Structural reforms for higher productivity and growth”, Monetary Policy and the Economy, Q2/18, 132-152.
- Greenaway, D. et al. (2002), “Trade Liberalisation and Growth in Developing Countries”, Journal of Development Economics, 67, 229-244.
- Harvey, D.I. et al. (2008), “A Powerful Test for Linearity When the Order of Integration is Unknown”, Studies in Nonlinear Dynamics and Econometrics, 12(3), 1-22.
- IMF (2015), “Structural Reforms and Macroeconomic Performance: Initial Considerations for The Fund”, International Monetary Fund Policy Papers, <http://www.imf.org>, 23.08.2022.
- IMF (2020), “World Economic Outlook: A Long and Difficult Ascent”, International Monetary Fund Policy Papers, <https://www.imf.org>, 23.08.2022.
- IMF (2023), “World Economic Outlook Update: Inflation Peaking amid Low Growth”, International Monetary Fund Policy Papers, <https://www.imf.org>, 23.08.2022.
- IMF-MONA (2022), Monitoring of Fund Arrangements (MONA) Database, <https://www.imf.org>, 23.08.2022.
- Kouamé, W.A. & S.J.A. Tapsoba (2019), “Structural reforms and firms’ productivity: evidence from developing countries”, World Development, 113, 157-171.
- Li, F. et al. (2022), “The relationship between health expenditure, CO2 emissions, and economic growth in the BRICS countries based on the Fourier ARDL model”, Environmental Science and Pollution Research, 1-20.
- Lin, J.Y. & Z. Liu (2000), “Fiscal Decentralization and Economic Growth in China”, Economic Development and Cultural Change, 49(1), 1-21.
- Loayza, N.V. et al. (2005), Regulation and macroeconomic performance, Washington, DC: World Bank.
- Lora, E. & F. Barrera (1997), “A Decade of Structural Reform in Latin America: Growth, Productivity, and Investment are not What They Used to Be”, Inter American Development Bank Office Working Paper, Green Series No: 350.
- Marrazzo, P.M. & A. Terzi (2017), “Structural reform waves and economic growth”, Europen Central Bank Working Paper, No: 2111.
- McNown, R. et al. (2018), “Bootstrapping the autoregressive distributed lag test for cointegration”, Appl. Econ., 50(13), 1509-1521.
- Nardo, M. et al. (2005), “Handbook on constructing composite indicators: Methodology and user guide”, OECD Statistics Working Papers, No. 2005/03.
- Ostry, J.D. et al. (2009), “Structural reforms and economic performance in advanced and developing countries”, IMF Occasional Paper No: 268.
- Ostry, J.D. et al. (2021), “Growth‐equity trade‐offs in structural reforms”, Scottish Journal of Political Economy, 68(2), 209-237.
- Ozgur, O. et al. (2022), “Nuclear energy consumption and CO2 emissions in India: Evidence from Fourier ARDL bounds test approach”, Nuclear Engineering and Technology, 54(5), 1657-1663.
- Perron, P. (1989), “The Great Crash, The Oil Price Shock, and The Unit Root Hypothesis”, Econometrica, 57(6), 361-1401.
- Pesaran, M.H. et al. (2001), “Bounds testing approaches to the analysis of level relationships”, Journal of Applied Econometrics, 16(3), 289-326.
- Prati, A. et al. (2013), “Which Reforms Work Under What Institutional Environment? Evidence from A New Data Set on Structural Reforms”, The Review of Economics and Statistics, 95(3), 946-968.
- Romer, P.M. (1986), “Increasing Returns and Long-Run Growth”, The Journal of Political Economy, 1994(5), 1002-1037.
- Sala-i-Martin, X.X. (1997), “I Just Ran Two Million Regressions”, The American Economic Review, 87(2), 178-183.
- Sertić, M.B. et al. (2015), “Impact of Labour Market Reforms on Economic Activity in European Union: Short Term Costs and Long Term Benefits”, Financial Theory and Practice, 39(1), 83-107.
- Solarin, S.A. (2019), “Modelling the relationship between financing by Islamic banking system and environmental quality: evidence from bootstrap autoregressive distributive lag with Fourier terms”, Qual. Quantity, 53(6), 2867-2884.
- 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 transition economies: Complementarity, sequencing and speed”, Institute for Economies in Transition BOFIT, Discussion Papers.
- Swaroop, V. (2016), “World Bank’s experience with structural reforms for growth and development”, World Bank, MFM Discussion Paper No: 11.
- Swiston, M.A. & M.L. Barrot (2011), The role of structural reforms in raising economic growth in Central America, International Monetary Fund, WP/11/248.
- TCMB (2016), “Yapısal Reformlar ve Büyüme Üzerindeki Etkileri”, Türkiye Cumhuriyet Merkez Bankası Raporları, 978-605-491.
- Yalçınkaya, Ö. et al. (2021), “The Impact of Structural Reforms on Economic Growth in Turkey: Evidence from Linear and Nonlinear ARDL Modeling”, Estudios de Economía, 48(1), 59-87.
- Yilanci, V. et al. (2020), “Are BRICS countries pollution havens? Evidence from a Bootstrap ARDL Bounds testing approach with a Fourier function”, Sustain. Cities Soc., 55, 102035.
- Yu, J.S. et al. (2014), “Financial Sectors Reform and Economic Growth in Morocco: An Empirical Analysis”, Journal of Emerging Market Finance, 13(1), 69-102.
Development of Economic Structural Reform Measurement Methods for Türkiye and Examining the Effects on Growth
Year 2024,
Volume: 32 Issue: 59, 405 - 432, 31.01.2024
Ömer Yalçınkaya
,
Vedat Kaya
,
Gökhan Erkal
Abstract
This study aims to define the economic structural reforms for Türkiye accompanied by the IMF-MONA program classifications, to measure them from the Official Gazette archive of the Presidency of the Republic of Türkiye in the period 1990-2021 and to examine their effects on economic growth with the BF-ARDL model. As a result of analysing the econometric models based on the expansion of the Cobb-Douglas production function in the study, it has been determined that the reforms carried out have positive/meaningful effects on Türkiye’s growth in the financial, fiscal and real sectors and positive/meaningless in the trade sector. These results show that the reforms carried out in Türkiye support growth and indicate that it has a significant potential to be sustained and strengthened.
References
- Abed, G.T. & H.R. Davoodi (2000), “Corruption, Structural Reforms, and Economic Performance in the Transition Economics”, IMF Working Paper, 00/132.
- Aksoy, T. (2019), “Structural Reforms and Growth in Developing Countries”, Journal of Economic Policy Reform, 22(4), 325-350.
- Al-Thaqeb, S.A. & B.G. Algharabali (2019), “Economic Policy Uncertainty: A Literature Review”, The Journal of Economic Asymmetries, 20, e00133.
- Anderson, D. et al. (2014), “Fiscal consolidation in the euro area: How much pain can structural reforms ease?”, Journal of Policy Modeling, 36(5), 785-799.
- Becker, R. et al. (2006), “A stationarity test in the presence of an unknown number of smooth breaks”, Journal of Time Series Analysis, 27(3), 381-409.
- Bouis, R. et al. (2012), “The Short-Term Effects of Structural Reforms”, OECD Economics Department Working Papers No: 949, 2-62.
- Brancaccio, E. et al. (2018), “Structural Labour Market Reforms, GDP Growth and the Functional Distribution of Income”, Structural Change and Economic Dynamics, 44, 34-45.
- Campos, N.F. & R. Horváth (2012), “Reform redux: Measurement, determinants and growth implications”, European Journal of Political Economy, 28(2), 227-237.
- Chinn, M. et al. (2018), “Impact of uncertainty shocks on the global economy”, Journal of International Money and Finance, 88, 209-211.
- Christiansen, L. et al. (2013), “Growth and Structural Reforms: A New Assessment”, Journal of International Economics, 89, 347-356.
- Christopoulos, D.K. & M.A. León-Ledesma (2010), “Smooth Breaks and Non-linear Mean Reversion: Post-Bretton Woods Real Exchange Rates”, Journal of International Money and Finance, 29(6), 1076-1093.
- Correa, R. (2002), “Structural Reforms and Economic Growth in Latin America: a Sensitivity Analysis”, CEPAL Review, 76, 87-104.
- Cuestas, J.C. & D. Garrant (2011), “Is Real GDP Per Capita a Stationary Process? Smooth Transitions, Nonlinear Trends and Unit Root Testing”, Empirical Economics, 41, 555-563.
- Daştan, M. vd. (2020), “Yapısal Reformların Ekonomik Büyüme Üzerindeki Etkileri: Geçiş Ekonomilerinden Kanıtlar”, Maliye Dergisi, 179, 1-32.
- de Almeida, L.A. & V. Balasundharam (2018), “On the impact of structural reforms on output and employment: Evidence from a cross-country firm-level analysis”, IMF, WP/18/73.
- de Haan, J. & R. Wiese (2022), “The Impact of Product and Labour Market Reform on Growth: Evidence for OECD Countries Based on Local Projections”, Journal of Applied Econometrics, 37, 746-770.
- Easterly, W. et al. (1996), “Has Latin America’s Post-Reform Growth Been Disappointing?”, The World Bank Policy Research Working Paper Series, 1708.
- Enders, W. & J. Lee (2012), “The flexible Fourier form and Dickey-Fuller type unit root tests”, Economics Letters, 117(1), 196-199.
- Escaith, H. & S. Morley (2000), The Impact of Structural Reforms on Growth in Latin America and the Caribbean: An Empirical Estimation, CEPAL Macroeconomia No: 1.
- Falcetti, E. et al. (2006), “Reforms and Growth in Transition: Re-Examining The Evidence”, Journal of Comparative Economics, 34, 421-445.
- Fischer, K. & A. Stiglbauer (2018), “Structural reforms for higher productivity and growth”, Monetary Policy and the Economy, Q2/18, 132-152.
- Greenaway, D. et al. (2002), “Trade Liberalisation and Growth in Developing Countries”, Journal of Development Economics, 67, 229-244.
- Harvey, D.I. et al. (2008), “A Powerful Test for Linearity When the Order of Integration is Unknown”, Studies in Nonlinear Dynamics and Econometrics, 12(3), 1-22.
- IMF (2015), “Structural Reforms and Macroeconomic Performance: Initial Considerations for The Fund”, International Monetary Fund Policy Papers, <http://www.imf.org>, 23.08.2022.
- IMF (2020), “World Economic Outlook: A Long and Difficult Ascent”, International Monetary Fund Policy Papers, <https://www.imf.org>, 23.08.2022.
- IMF (2023), “World Economic Outlook Update: Inflation Peaking amid Low Growth”, International Monetary Fund Policy Papers, <https://www.imf.org>, 23.08.2022.
- IMF-MONA (2022), Monitoring of Fund Arrangements (MONA) Database, <https://www.imf.org>, 23.08.2022.
- Kouamé, W.A. & S.J.A. Tapsoba (2019), “Structural reforms and firms’ productivity: evidence from developing countries”, World Development, 113, 157-171.
- Li, F. et al. (2022), “The relationship between health expenditure, CO2 emissions, and economic growth in the BRICS countries based on the Fourier ARDL model”, Environmental Science and Pollution Research, 1-20.
- Lin, J.Y. & Z. Liu (2000), “Fiscal Decentralization and Economic Growth in China”, Economic Development and Cultural Change, 49(1), 1-21.
- Loayza, N.V. et al. (2005), Regulation and macroeconomic performance, Washington, DC: World Bank.
- Lora, E. & F. Barrera (1997), “A Decade of Structural Reform in Latin America: Growth, Productivity, and Investment are not What They Used to Be”, Inter American Development Bank Office Working Paper, Green Series No: 350.
- Marrazzo, P.M. & A. Terzi (2017), “Structural reform waves and economic growth”, Europen Central Bank Working Paper, No: 2111.
- McNown, R. et al. (2018), “Bootstrapping the autoregressive distributed lag test for cointegration”, Appl. Econ., 50(13), 1509-1521.
- Nardo, M. et al. (2005), “Handbook on constructing composite indicators: Methodology and user guide”, OECD Statistics Working Papers, No. 2005/03.
- Ostry, J.D. et al. (2009), “Structural reforms and economic performance in advanced and developing countries”, IMF Occasional Paper No: 268.
- Ostry, J.D. et al. (2021), “Growth‐equity trade‐offs in structural reforms”, Scottish Journal of Political Economy, 68(2), 209-237.
- Ozgur, O. et al. (2022), “Nuclear energy consumption and CO2 emissions in India: Evidence from Fourier ARDL bounds test approach”, Nuclear Engineering and Technology, 54(5), 1657-1663.
- Perron, P. (1989), “The Great Crash, The Oil Price Shock, and The Unit Root Hypothesis”, Econometrica, 57(6), 361-1401.
- Pesaran, M.H. et al. (2001), “Bounds testing approaches to the analysis of level relationships”, Journal of Applied Econometrics, 16(3), 289-326.
- Prati, A. et al. (2013), “Which Reforms Work Under What Institutional Environment? Evidence from A New Data Set on Structural Reforms”, The Review of Economics and Statistics, 95(3), 946-968.
- Romer, P.M. (1986), “Increasing Returns and Long-Run Growth”, The Journal of Political Economy, 1994(5), 1002-1037.
- Sala-i-Martin, X.X. (1997), “I Just Ran Two Million Regressions”, The American Economic Review, 87(2), 178-183.
- Sertić, M.B. et al. (2015), “Impact of Labour Market Reforms on Economic Activity in European Union: Short Term Costs and Long Term Benefits”, Financial Theory and Practice, 39(1), 83-107.
- Solarin, S.A. (2019), “Modelling the relationship between financing by Islamic banking system and environmental quality: evidence from bootstrap autoregressive distributive lag with Fourier terms”, Qual. Quantity, 53(6), 2867-2884.
- 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 transition economies: Complementarity, sequencing and speed”, Institute for Economies in Transition BOFIT, Discussion Papers.
- Swaroop, V. (2016), “World Bank’s experience with structural reforms for growth and development”, World Bank, MFM Discussion Paper No: 11.
- Swiston, M.A. & M.L. Barrot (2011), The role of structural reforms in raising economic growth in Central America, International Monetary Fund, WP/11/248.
- TCMB (2016), “Yapısal Reformlar ve Büyüme Üzerindeki Etkileri”, Türkiye Cumhuriyet Merkez Bankası Raporları, 978-605-491.
- Yalçınkaya, Ö. et al. (2021), “The Impact of Structural Reforms on Economic Growth in Turkey: Evidence from Linear and Nonlinear ARDL Modeling”, Estudios de Economía, 48(1), 59-87.
- Yilanci, V. et al. (2020), “Are BRICS countries pollution havens? Evidence from a Bootstrap ARDL Bounds testing approach with a Fourier function”, Sustain. Cities Soc., 55, 102035.
- Yu, J.S. et al. (2014), “Financial Sectors Reform and Economic Growth in Morocco: An Empirical Analysis”, Journal of Emerging Market Finance, 13(1), 69-102.