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FELDSTEIN-HORIOKA YAKLAŞIMINA GÖRE TÜRKİYE'DE TASARRUF YATIRIMI İLİŞKİSİ VE HATA DÜZELTME ANALİZİ(962-2003)

Journal Name:

  • İstanbul Üniversitesi Maliye Araştırma Merkezi Konferansları Dergisi

Publication Year:

  • 2005
Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
In this study the relationship between saving and investment according to Feldstein-Horioka approach for Turkey is examined. In this study, comprising the period of 1962-2003, both the model used by Feldstein-Horioka, and the error correction model developed by Jansen-Schulze and Jansen was estimated. According to the results of traditional regression model it was determined that the saving- retention coefficient value is approximatelly one. This result points out that according to Feldstein-Horioka approach there is not perfect capital mobility. According to the result of estimation of error correction model there is a statistically significant short and long term relationship between saving and investment. The results of the both models are consistent and show that there is no perfect capital mobility in Turkey.
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Abstract (Original Language): 
Bu çalışmada Türkiye için Feldstein-Horioka yaklaşımına göre tasarruf yatırım ilişkisi araştırılmaktadır. 1962-2003 dönemini kapsayan çalışmada, hem Feldstein-Horioka’nın kullandığı model hem de Jansen-Schulze ve Jansen tarafından geliştirilmiş hata düzeltme modeli tahmin edilmiştir. Geleneksel regresyon modelinin sonucuna göre tasarruf tutum katsayının değerinin bire yakın olduğu saptanmıştır. Bu sonuç Feldstein-Horioka yaklaşımına göre, sermaye hareketliliğinin düşük olduğunun işaretidir. Hata düzeltme modelinin tahmin sonucuna göre tasarruf ile yatırımlar arasında istatistiksel açıdan anlamlı kısa ve uzun dönem ilişkisi tespit edilmiştir. Her iki modelin sonucu birbiri ile tutarlıdır ve Türkiye’de tam bir sermaye hareketliliğinin bahsedilemez.
FULL TEXT (PDF): 
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  • 1
107-123
  • Turkish

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