İktisat Bölümü Yayın Koleksiyonu

Permanent URI for this collectionhttps://hdl.handle.net/20.500.12416/402

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Citation Count: Eruygur, A., Kaynak, M., Mert, M. (2012). Transportation-communication capital and economic growth: a vecm analysis for Turkey. European Planning Studies, 20(2), 341-363. http://dx.doi.org/10.1080/09654313.2012.650901
Transportation-communication capital and economic growth: a vecm analysis for Turkey
(Routledge Journals, 2012) Eruygur, Ayşegül; Kaynak, Muhteşem; Mert, Merter; 114352
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

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