Transportation-Communication Capital and Economic Growth: A VECM Analysis for Turkey

被引:10
|
作者
Eruygur, Aysegul [1 ]
Kaynak, Muhtesem [2 ]
Mert, Merter [2 ]
机构
[1] Cankaya Univ, Dept Econ, Ankara, Turkey
[2] Gazi Univ, Dept Econ, Ankara, Turkey
关键词
PRIVATE-SECTOR PERFORMANCE; INFRASTRUCTURE INVESTMENT; PUBLIC-INVESTMENT; UNITED-STATES; ACCUMULATION; OUTPUT;
D O I
10.1080/09654313.2012.650901
中图分类号
X [环境科学、安全科学];
学科分类号
08 ; 0830 ;
摘要
This paper analyses the short- and long-term relationships between the transportation-communication capital and the output for Turkey. The study applies a Cobb-Douglas production function under the assumption of constant returns to scale and employs co-integration analysis by estimating a vector error correction model (VECM). As a result of the VECM estimation, one co-integrating relationship is detected. The results based on the impulse response function analysis imply that per labour transportation-communication capital appears both to have been a crucial input in the Turkish productive process and to have had a positive crowding in effect on the per labour non-residential total capital formation. Moreover, the results support the argument that the transportation-communication capital has a lagged impact on economic growth. The long-term accumulated elasticity of output to transportation-communication capital has been found to be 0.59. The long-term accumulated marginal product was also calculated. It implies that a 1 Turkish Lira increase in per labour transportation-communication capital results in a long-term rise of 1.45 Turkish Liras in per labour output. All these findings suggest that transportation-communication capital may be a powerful tool for policy-makers to promote long-term per labour real output growth in Turkey.
引用
收藏
页码:341 / 363
页数:23
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