Framing Growth: A Comprehensive Literature Survey on Macroeconomic Policies and their Impact on Turkey's Economic Trajectory
Abstract
Purpose: This study explores the intricate interplay between macroeconomic policies and economic growth in Turkey. Through an extensive review of literature spanning theoretical and empirical domains, it establishes a foundation for empirically investigating this relationship.
Methodology: The study employs a meticulous synthesis of insights from influential works, conducting a comprehensive analysis of existing literature to uncover key patterns, trends, and debates related to macroeconomic policies and long-term growth. By integrating diverse perspectives, it crafts an empirical approach for deeper exploration.
Findings: The study yields nuanced insights into the multifaceted relationship between macroeconomic policies and Turkey's economic trajectory. While the exact impact mechanisms remain debated, the research underscores the pivotal role of policies in influencing growth outcomes. It highlights the need for structured empirical exploration to uncover intricate dynamics.
Implications: Beyond theory, the study offers practical significance by furnishing policymakers, economists, and stakeholders with insights from extensive literature and a robust empirical framework. It emphasizes the crucial role of well-informed macroeconomic policies in fostering sustainable economic growth. The structured methodology provides guidance for future research on policy-driven growth trajectories across economies.
Limitations: The study acknowledges limitations such as potential data reliance, simplification of complex dynamics, assumptions shaping literature synthesis, incomplete policy landscape reflection, challenges in establishing clear causal relationships, limited generalizability, and subjectivity in evaluating diverse literature sources. It acknowledges a focus on short-term effects, potential gaps in literature coverage, and the potential oversight of long-term implications.
Keywords
References
- Acemoglu, D, Johnson, S., Robinson, J, & Thaicharoen, Y. (2003). Institutional Causes, Macroeconomic Symptoms: Volatility, Crises and Growth. Journal of Monetary Economics, 50, pp. 49-123.
- Bruno, M., & Easterly, W. (1998). Inflation Crises and Long-Run Growth. Journal of Monetary Economics, 41, pp. 3-26.
- Collier, P., & Dollar, D. (2001). Can the World Cut Poverty in Half? How Policy Reform and Effective Aid Can Meet the International Development Goals. Development Research Group, World Bank.
- Dogruel, A. S., & Dogruel, F. (2003). Growth and Macroeconomic Stability in Turkey in Kose, A. H., Senses, F. and Yeldan, E. (Eds), Essays on Economics II: Economic Development, Crisis and Stabilization - Festschrift in Honor of Oktar Turel, Iletisim Publications, Istanbul, pp. 401-428 (in Turkish).
- Durlauf, S. N., Johnson, P. A., & Temple, J. R. W. (2004). Growth Econometrics in Aghion, P. and Durlauf, S. N., (eds.), Handbook of Economic Growth, Vol. 1A and 1B, North-Holland, Amsterdam.
- Easterly, W. (1993). How Much Do Distortions Affect Growth? Journal of Monetary Economics, 32, pp. 187-212.
- Easterly, W., & Levine, R. (2001). It’s not factor accumulation: Stylized facts and growth models. World Bank Economic Review, Vol. 15, No. 2, pp. 177-219.
- Easterly, W. (2005). National Policies and Economic Growth: A Reappraisal in Aghion, P. and Durlauf, S. N. (Eds.) Handbook of Economic Growth, Volume 1A, North-Holland, Amsterdam.
- Fischer, S. (1993). The Role of Macroeconomic Factors in Growth. Journal of Monetary Economics, 32, pp. 485-512.
- Frankel, J. A., & Romer, D. (1999). Does Trade Cause Growth? American Economic Review, 89, pp. 379-399. International Monetary Fund (2000). Policies for Faster Growth and Poverty Reduction in Sub-Saharan Africa and the Role of the IMF. Issues Brief, Washington, DC.
- Jones, C. (1995). Time Series Tests of Endogenous Growth Models. Quarterly Journal of Economics, 110(2), pp. 495-525.
- Kocherlakota, N., & K.-M. Yi (1997). Is There Endogenous Long-Run Growth? Evidence from the United States and the United Kingdom. Journal of Money, Credit and Banking, 29(2), pp. 235-262.
- Levine, R., & Renelt, D. (1992). A sensitivity analysis of cross-country growth regressions. American Economic Review, 82 (4), pp. 942–963.
- Levine, R., & Zervos, S. J. (1993). What We Have Learned About Policy and Growth from Cross-Country Regressions? American Economic Review, 83 (2), pp. 426-430.
- Pesaran, M.H., Shin, Y., & Smith, R.J. (2001) Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16, pp. 289-326.
- Pritchett, L. (2000). Understanding Patterns of Economic Growth: Searching for Hills among Plateaus, Mountains, and Plains. World Bank Economic Review, 14(2), pp. 221-250.
- Rebelo, S. (1991). Long run policy analysis and long run growth. Journal of Political Economy, 99, pp. 500–521.
- Rodrik, D. (2012). Why We Learn Nothing from Regressing Economic Growth on Policies. Seoul Journal of Economics, Vol. 25, No. 2, pp. 137-151.
- Romer, P. (1986). Increasing Returns and Long-Run Growth. Journal of Political Economy, 94, pp. 1002-1037.
- Sachs, J., & Warner, A. (1995). Economic Reform and the Process of Global Integration. Brooking Papers on Economic Activity, 1, pp. 1-95.
- Utkulu, U., & Ozdemir, D. (2004). Does Trade Liberalization Cause a Long Run Economic Growth in Turkey. Economics of Planning, 37, pp. 245-266.
- World Bank. Development Indicators, Washington D.C.
Büyümeyi Çerçevelemek: Makroekonomik Politikalar ve Türkiye'nin Ekonomik Yörüngesi Üzerindeki Etkileri Üzerine Kapsamlı Bir Literatür Araştırması
Abstract
Amaç: Bu çalışma, Türkiye'de makroekonomik politikalar ile ekonomik büyüme arasındaki karmaşık etkileşimi incelemektedir. Teorik ve ampirik alanları kapsayan kapsamlı bir literatür taraması yoluyla, bu ilişkiyi ampirik olarak araştırmak için bir temel oluşturur.
Yöntem: Çalışma, makroekonomik politikalar ve uzun vadeli büyüme ile ilgili temel kalıpları, eğilimleri ve tartışmaları ortaya çıkarmak için mevcut literatürün kapsamlı bir analizini yürüterek, etkili çalışmalardan elde edilen içgörülerin titiz bir sentezini kullanır. Farklı bakış açılarını bütünleştirerek, daha derin keşif için ampirik bir yaklaşım geliştirir.
Bulgular: Çalışma, makroekonomik politikalar ile Türkiye'nin ekonomik gidişatı arasındaki çok yönlü ilişkiye dair incelikli görüşler sunuyor. Kesin etki mekanizmaları tartışılmaya devam ederken, araştırma, politikaların büyüme sonuçlarını etkilemedeki önemli rolünün altını çiziyor. Karmaşık dinamikleri ortaya çıkarmak için yapılandırılmış ampirik keşif ihtiyacını vurgular.
Sonuç ve Katkılar: Çalışma, teorinin ötesinde, politika yapıcılara, ekonomistlere ve paydaşlara kapsamlı literatürden ve sağlam bir ampirik çerçeveden içgörü sağlayarak pratik bir önem sunuyor. Sürdürülebilir ekonomik büyümeyi teşvik etmede iyi bilgilendirilmiş makroekonomik politikaların hayati rolünü vurgulamaktadır. Yapılandırılmış metodoloji, ekonomiler genelinde politika odaklı büyüme yörüngeleri hakkında gelecekteki araştırmalar için rehberlik sağlar.
Sınırlılıklar: Çalışma, potansiyel veri bağımlılığı, karmaşık dinamiklerin basitleştirilmesi, literatür sentezini şekillendiren varsayımlar, eksik politika manzarası yansıması, açık nedensel ilişkiler kurmadaki zorluklar, sınırlı genellenebilirlik ve çeşitli literatür kaynaklarının değerlendirilmesinde öznellik gibi sınırlamaları kabul etmektedir. Kısa vadeli etkilere, literatür kapsamındaki potansiyel boşluklara ve uzun vadeli sonuçların potansiyel gözetimine odaklanmayı kabul eder.
References
- Acemoglu, D, Johnson, S., Robinson, J, & Thaicharoen, Y. (2003). Institutional Causes, Macroeconomic Symptoms: Volatility, Crises and Growth. Journal of Monetary Economics, 50, pp. 49-123.
- Bruno, M., & Easterly, W. (1998). Inflation Crises and Long-Run Growth. Journal of Monetary Economics, 41, pp. 3-26.
- Collier, P., & Dollar, D. (2001). Can the World Cut Poverty in Half? How Policy Reform and Effective Aid Can Meet the International Development Goals. Development Research Group, World Bank.
- Dogruel, A. S., & Dogruel, F. (2003). Growth and Macroeconomic Stability in Turkey in Kose, A. H., Senses, F. and Yeldan, E. (Eds), Essays on Economics II: Economic Development, Crisis and Stabilization - Festschrift in Honor of Oktar Turel, Iletisim Publications, Istanbul, pp. 401-428 (in Turkish).
- Durlauf, S. N., Johnson, P. A., & Temple, J. R. W. (2004). Growth Econometrics in Aghion, P. and Durlauf, S. N., (eds.), Handbook of Economic Growth, Vol. 1A and 1B, North-Holland, Amsterdam.
- Easterly, W. (1993). How Much Do Distortions Affect Growth? Journal of Monetary Economics, 32, pp. 187-212.
- Easterly, W., & Levine, R. (2001). It’s not factor accumulation: Stylized facts and growth models. World Bank Economic Review, Vol. 15, No. 2, pp. 177-219.
- Easterly, W. (2005). National Policies and Economic Growth: A Reappraisal in Aghion, P. and Durlauf, S. N. (Eds.) Handbook of Economic Growth, Volume 1A, North-Holland, Amsterdam.
- Fischer, S. (1993). The Role of Macroeconomic Factors in Growth. Journal of Monetary Economics, 32, pp. 485-512.
- Frankel, J. A., & Romer, D. (1999). Does Trade Cause Growth? American Economic Review, 89, pp. 379-399. International Monetary Fund (2000). Policies for Faster Growth and Poverty Reduction in Sub-Saharan Africa and the Role of the IMF. Issues Brief, Washington, DC.
- Jones, C. (1995). Time Series Tests of Endogenous Growth Models. Quarterly Journal of Economics, 110(2), pp. 495-525.
- Kocherlakota, N., & K.-M. Yi (1997). Is There Endogenous Long-Run Growth? Evidence from the United States and the United Kingdom. Journal of Money, Credit and Banking, 29(2), pp. 235-262.
- Levine, R., & Renelt, D. (1992). A sensitivity analysis of cross-country growth regressions. American Economic Review, 82 (4), pp. 942–963.
- Levine, R., & Zervos, S. J. (1993). What We Have Learned About Policy and Growth from Cross-Country Regressions? American Economic Review, 83 (2), pp. 426-430.
- Pesaran, M.H., Shin, Y., & Smith, R.J. (2001) Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16, pp. 289-326.
- Pritchett, L. (2000). Understanding Patterns of Economic Growth: Searching for Hills among Plateaus, Mountains, and Plains. World Bank Economic Review, 14(2), pp. 221-250.
- Rebelo, S. (1991). Long run policy analysis and long run growth. Journal of Political Economy, 99, pp. 500–521.
- Rodrik, D. (2012). Why We Learn Nothing from Regressing Economic Growth on Policies. Seoul Journal of Economics, Vol. 25, No. 2, pp. 137-151.
- Romer, P. (1986). Increasing Returns and Long-Run Growth. Journal of Political Economy, 94, pp. 1002-1037.
- Sachs, J., & Warner, A. (1995). Economic Reform and the Process of Global Integration. Brooking Papers on Economic Activity, 1, pp. 1-95.
- Utkulu, U., & Ozdemir, D. (2004). Does Trade Liberalization Cause a Long Run Economic Growth in Turkey. Economics of Planning, 37, pp. 245-266.
- World Bank. Development Indicators, Washington D.C.
Details
| Primary Language | English |
|---|---|
| Subjects | Macroeconomic Theory |
| Journal Section | Articles |
| Authors | |
| Publication Date | September 30, 2023 |
| Published in Issue | Year 2023 Volume: 7 Issue: 2 |
