POLİTİK İSTİKRARIN/İSTİKRARSIZLIĞIN EKONOMİK BÜYÜME ÜZERİNDEKİ ETKİLERİ: DÜNYANIN EN BÜYÜK İLK YİRMİ EKONOMİSİ ÜZERİNDE BİR UYGULAMA 1996-2015
Bu çalışmada, politik istikrarın/istikrarsızlığın ekonomik büyüme üzerindeki etkileri farklı politik rejim tiplerine sahip dünyanın en büyük ilk 20 ekonomisi üzerinde 1996-2015 dönemi için panel veri analiziyle incelenmektedir. Çalışmada, ekonomik açıdan gelişmiş G-12 ve gelişmekte olan G-8 ülkeleri olarak gruplandırılan bu 20 ekonominin gelişmişlik düzeylerinin farklılaşmasında politik istikrarın/istikrarsızlığın etkilerinin değerlendirilmesi amaçlanmaktadır. Çalışma sonucunda, inceleme döneminde G-12 ve G-8 gruplarında politik istikrar/istikrarsızlık endeksinin ekonomik büyüme üzerindeki etkilerinin sırasıyla pozitif/negatif yönlü ve istatistiki açıdan anlamlı olduğu tespit edilmiştir. Bununla birlikte, çalışmada G-12 ve G-8 grubundaki ülkelerin gelişmişlik düzeylerinin farklılaşmasında fiziksel-beşeri sermaye birikiminin ve dış dünyayla bütünleşme derecelerine kıyasla politik açıdan sırasıyla istikrarlı ve istikrarsız bir yapıya sahip olmalarının nispeten daha fazla etkili olduğu belirlenmiştir.
THE EFFECTS OF POLITICAL STABILITY/UNSTABILITY ON ECONOMIC GROWTH: AN APPLICATION ON THE WORLD’S LARGEST FIRST TWENTY ECONOMIES 1996-2015
In this study, the effects of political stability/unstability on economic growth are examined by analyzing panel data for the period of 1996-2015 on the world’s largest first twenty economies which have different political regime types. In the study, it is aimed to assess the effects of political stability/instability in the differentiation of the development levels of these 20 economies, grouped as economically developed G-12 and developing G-8 countries. As a result of the study, it was determined that the effects of the political stability/instability index on economic growth in the G-12 and G-8 groups were respectively positive/negative direction and statistically significant in the review period. At the same time, it has been found that the fact that the study has respectively a stable and unstable structure in terms of politics in comparison with the accumulation of physical-human capital the degree of integration with the outside world in the differentiation of the development levels of the countries in the G-12 and G-8 groups is relatively more effective
___
- Abdiweli, M. A. (2001). Political instability, policy uncertainty, and economic growth: An empirical investigation. Atlantic Economic Journal, 29(1), 87-106.
- Aisen, A. & Veiga, F. J. (2011). How does political instability effect economic growth. International Monetary Fund, IMF Working Paper No: 12.
- Aisen, A., & Veiga, F. J. (2013). How Does political instability affect economic growth?. European Journal of Political Economy, 29, 151-167. Alesina, A.
- Rodrik, D., (1994). Distributive politics and economic growth. Quarterly
- Journal of Economics. 109(2), 465-490.
- Alesina, A., & Perotti, R. (1996). Income distribution, political stability and investment. European Economic Review. 40(6), 1203-1228.
- Alesina, A., Özler, S., Roubini, N. & Swagel, P. (1996). Political stability and economic growth, Journal of Economic Growth. 1(2), 189-211.
- Arslan, Ü. (2011). Siyasi istikrarsızlık ve ekonomik performans: Türkiye örneği. Ege Akademik Bakış, 11(1), 73-80.
- Asteriou, D., & Price, S. (2001). Political instability and economic growth: UK time series evidence. Scottish Journal of Political Economy, 48(4), 383-399.
- Barro, R. J. (1991). Economic growth in a cross section of countries. Quarterly Journal of Economics, 106 (2), 407-444.
- Barro, R. J., & Lee, J. W. (1993). Losers and winners in economic growth. The World Bank Economic Review, 7(1), 267-298.
- Barro, J. Robert, & Lee, J. W. (1994). Sources of economic growth. Canegie Rochester Conference Series on Public Policy, North-Holland, 40, 1-46.
- Bashir, M., & Xu, C. (2014). Impact of political freedom, economic freedom and political stability on economic growth. Journal of Economics and Sustainable Development, 5(22), 59-67.
- Berber, M. (2011). İktisadi büyüme ve kalkınma: büyüme teorileri ve kalkınma ekonomisi. 4. Baskı, Trabzon: Derya Kitapevi.
- Berthélemy, J. C., Kauffmann, C., Renard, L., & Wegner, L. (2002). Political instability, political regimes and economic performance in african countries. Unpublished Paper Prepared for African Development Bank, African Economic Outlook, Paris.
- Bildirici, M. (2004). Political instability and growth: an econometric analysis of Turkey, Mexico, Argentina and Brazil, 1985-2004. Applied Econometrics and International Development, 4(4), 5-26.
- Breitung, J. (2005). A parametric approach to the estimation of cointegration vectors in panel data. Econometric Reviews, 24(2), 151-173.
- Breuer, J. B., Mcnown, R. & Wallace, M. (2002). Series specific unit root tests with panel data. Oxford Bulletin of Economics and Statistics, 64(5), 527-546.
- Cangir, N. (2012). Politik istikrarsızlık ve makroekonomik performans ilişkisi: Türkiye örneği. Hacettepe Üniversitesi Sosyal Bilimler Enstitüsü, Yayınlanmamış Doktora Tezi, Ankara.
- Carmignani, F. (2003). Political instability, uncertainty and economics. Journal of Economic Surveys, 17(1), 1-54.
- Chen, B., & Feng, Y. (1996). Some political determinants of economic growth: theory and empirical implications. European Journal of Political Economy, 12, 609-627.
- Collier, P. (1999). On the economic consequences of civil war. Oxford Economic Papers, 51, 163-83.
- Devereux, M. B., & Wen, J. (1997). Political ınstability, capital taxation and growth. European Economic Review, 42, 1635- 1651.
- Easterly, W., & Levine, R. (1997). Africa’s growth tragedy: policies and ethnic divisions. The Quarterly Journal of Economics, 112(4), 1203-1250.
- Easterly, W., & Rebelo, S. (1993). Fiscal policy and economic growth. Journal of Monetary Economics, 32, 417–458.
- Easterly, W., Kremer, M., Pritchett, L., & Summers, L. H. (1993). Good policy or good luck?. Journal of Monetary Economics, 32(3), 459-483.
- Emirmahmutoğlu, F. & Köse N. (2011). Testing for granger causality in heterogeneous mixed panels. Economic Modelling, 28(3), 870-876.
- Fosu, A. K. (1992). Political instability and economic growth: Evidence from Sub-Saharan Africa. Economic Development and Cultural Change, 40(4), 829-841.
- Ghate C., Vu Le, Q., & Zak, P. J. (2003) Optimal fiscal policy in an economy facing socio- political ınstability. Review of Development Economics, 7(4), 583-598.
- Grilli, V., Masciandaro, D., & Tabellini, G. (1991). Political and monetary ınstitutions and public financial policies in the industrial countries. Economic Policy, 6(13), 341-392.
- Gurgul, H., & Lach, Ł. (2012). Political ınstability and economic growth: evidence from two decades of transition in cee. Munich Personal RePEc, MPRA Paper No: 37792, Archive Online at https://mpra.ub.uni-muenchen.de/37792/.
- Gür, T. H. & Akbulut, H. (2012). Gelişmekte olan ülkelerde politik istikrarın ekonomik büyüme üzerine etkisi. Sosyo-Ekonomi, 1, 281-300.
- Gyimah-Brempong, K., & Camacho, S. M. D. (1998). Political instability, human capital, and economic growth in Latin America. The Journal of Developing Areas, 32(4), 449-466.
- Hadri, K. (2000). Testing for stationarity in heterogeneous panels. Econometrics Journal, 3, 148-161.
- Hadri, K., & Kurozumi, E. (2012). A simple panel stationarity test in the presence of serial correlation and a common factor. Economics Letters, 115, 31-34.
- Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53-74.
- Isham, J., Kaufmann, D., & Pritchett, L. (1997). Civil liberties, democracy, and the performance of government projects. The World Bank Economic Review, 11(2), 219–42.
- Jaouadi, S., Lamia A., & Azza Z. (2014). Political instability and growth: case of the developing countries. International Journal of Social Science Research, 2(1), 19-28.
- Johansen, S. (1988). Statistical analysis of cointegration vectors. Journal of Economic Dynamics and Control, 12(2), 231-254.
- Jong-A-Pin, R. (2009). On the measurement of political instability and its ımpact on economic growth. European Journal of Political Economy, 25, 15-29.
- Kao, C. (1999). Spurious regression and residual-based tests for cointegration in panel data. Journal of Econometrics, 90(1), 1-44. Karahan, H.
- Karagöl, Erdal T. (2014). Ekonomik performansın temel taşı: siyasi istikrar.
- SETA Perspektif, 41, 1-5.
- Kaufmann, D., Kraay, A., & Mastruzzi, M. (2010). The worldwide governance indicators methodology and analytical issues. The World Bank Development Research Group Macroeconomics and Growth Team, Policy Research Working Paper No: 5430.
- Knack, S., & Keefer P. (1995). Institutions and economic performance: cross country tests using alternative institutional measures. Economics & Politics, 7(3), 207-227.
- Kormendi, Roger C., & Meguire, Philip G. (1985). Macroeconomic determinants of growth: cross-country evidence. Journal of Monetary Economics, 16(2), 141-163.
- Kök, R. & Şimşek, N. (2006, Eylül). Endüstri İçi dış ticaret, patentler ve uluslararası teknolojik yayılma. Türkiye Ekonomi Kurumu Uluslararası Ekonomi Konferansı, Ankara.
- Kök, R., İspir, M. S., & Arı, A. A. (2010). Zengin ülkelerden azgelişmiş ülkelere kaynak aktarma mekanizmasının gerekliliği ve evrensel bölüşüm parametresi üzerine bir deneme. Erişim Tarihi: 11.10.2016, http://kisi.deu.edu.tr/recep.kok/Zengin_ispir.pdf.
- Küçüker, C. (2003). Türkiye İktisat Kongresi büyüme stratejileri çalışma grubu. Discussion paper. Turkish Economic Association, No. 2003/5.
- Landau, D. (1986). Government and economic growth in the less developed countries: an empirical study for 1960-1980. Economic Development and Cultural Change, 35(1), 35-75.
- Lensink, R., Hermes, N., & Murinde, V. (2000). Capital flight and political risk. Journal of International Money and Finance, 19,73-92.
- Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108 (1), 1-24.
- Mauro, P. (1995). Corruption and growth. Quarterly Journal of Economics, 110(3), 681-712.
- Murphy, K., Sleifer, A. & Vishny, R. (1991). The allocation of talent: Implications for growth. Quarterly Journal of Economics, 106, 503-530.
- Nazlıoğlu, Ş. (2010). Makro iktisat politikalarının tarım sektörü üzerindeki etkileri: gelişmiş ve gelişmekte olan ülkeler için bir karşılaştırma. Erciyes Üniversitesi Sosyal Bilimler Enstitüsü, Yayınlanmamış Doktora Tezi, Kayseri.
- Okafor, G. (2015). The impact of political instability on the economic growth of ecowas member countries. Defence and Peace Economics, 1-22.
- Parlakyıldız, F. M. (2015). Makro ekonomik ve politik istikrarsızlığın ekonomik performans üzerine etkisi: Latin Amerika örneği. Çukurova Üniversitesi İİBF Dergisi, 19(2), 1.11.
- Pedroni, P. (1999). Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxford Bulletin of Economics and Statistics, 61(1), 653-670.
- Perotti, R. (1996). Growth, income, distribution and democracy: What the data say?. Journal of Economic Growth, 1(2), 149-187.
- 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., Ullah, A. & Yamagata, T. (2008). A bias adjusted lm test of error cross section ındependence. The Econometrics Journal, 11(1), 105-127.
- Sala-i Martin, Xavier X. (1997). I just run four million regressions. NBER Working Paper, No: 4186.
- Seonjou, K., & Meernik, J. (2005). Civil war destruction and prospects for economic growth. Journal of Politics, 67(1), 88-109.
- Şanlısoy, S. (2010). Politik istikrarsızlık-ekonomik süreç politikaları etkileşimi. Sosyoekonomi, 13(13), 192-214.
- Şanlısoy, S., & Kök, R. (2010). Politik istikrarsızlık ekonomik büyüme ilişkisi: Türkiye örneği (1987-2006). Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 25(1), 101-125.
- Tarı, R. (2010). Ekonometri. 6. Baskı. Kocaeli: Umuttepe Yayınları.
- Tatoğlu, F. Y. (2013). İleri panel veri analizi-stata uygulamalı. 2. Baskı. İstanbul: Beta Basım Yayım.
- Taylor, M. P., & Sarno, L. (1998). The behavior of real exchange rates during the post-bretton woods period. Journal of International Economics, 46(2), 281-312.
- Telatar, F. (2003). Türkiye’de politika değişkenliği ile ekonomik büyüme arasındaki nedensellik ilişkileri. İşletme ve Finans, 211, 71-91.
- Uddin, M. A., & Masih, M. (2016). War and peace: Why is political stability pivotal for economic growth of oic countries?.Munich Personal RePEc, MPRA Paper No: 71678. ArchiveOnline at https://mpra.ub.uni-muenchen.de/71678/.
- Westerlund, J. & Edgerton, D. L. (2007). A panel bootstrap cointegration test. Economics Letters, 97(3), 185-190.
- Westerlund, J. (2008). Panel cointegration tests of the fisher effect. Journal of Applied Econometrics, 23(2), 193-233.
- Younis, M., Lin, X. Xiao., Sharahili, Y., & Selvarathinam, S. (2008). Political stability and economic growth in asia. American Journal of Applied Sciences, 5(3), 203-208.