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BRICS-T ÜLKELERİNDE PARA VE MALİYE POLİTİKALARININ ETKİNLİĞİ

Year 2019, Volume: 20 Issue: 3, 60 - 71, 17.12.2019

Veysel Karagöl Ali Benli

Abstract

Para ve
maliye politikalarının etkinlikleri, ekonomik konjonktürle birlikte sık sık
değişmektedir. Yaşanan son büyük kriz, geleneksel para ve maliye
politikalarının yeterli olmadıklarını ortaya koymuş ve dolayısıyla yeni
politika fikirlerini beraberinde getirmiştir. Bu çalışmada, para ve maliye
politikalarının etkinliği BRICS-T ülkeleri için araştırılmıştır. Buna göre,
para arzı ve devlet nihai tüketim harcamaları konjonktürle aynı yönlü hareket
etmektedir. Her iki ekonomi politikası ekonomik performans üzerinde etkin
olmakla birlikte, maliye politikası para politikasından nispi olarak daha üstün
gözükmektedir. Çalışmadan elde edilen diğer bir önemli bulgu ise Türkiye'nin
BRICS ülkeleri ile en azından politika etkinliği konusunda aynı özellikleri
taşıyor olmasıdır.

Keywords

Para Politikası Maliye Politikası BRICS-T

References

  • Adeniji, S., & Evans, O. (2013). Searching for the Relative Potency of Monetary and Fiscal Policies in Selected African Countries: A Panel Data Approach to St. Louis Equation. Munih Personal RePEc Archive, No. 52420, posted 23.
  • Aigheyisi, O. S. (2011). Examining the Relative Effectiveness of Monetary and Fiscal Policies in Nigeria: A Cointegration and Error Correction Approach. Electronic copt avaliable at: http://ssrn.com/abstract=1944585
  • Ajayi, S. I. (1974). An econometric case study of the relative importance of monetary and fiscal policy in Nigeria. The Bangladesh Economic Review, 2(2), 559-576.
  • Ajisafe, R. A., & Folorunso, B. A. (2002). The relative effectiveness of fiscal and monetary policy in macroeconomic management in Nigeria. The African economic and business Review, 3(1), 23-40.
  • Alavi, S. E., Moshiri, S., & Sattarifar, M. (2016). An Analysis of the Efficiency of the Monetary and Fiscal Policies in Iran Economy Using IS–MP–AS Model. Procedia Economics and Finance, 36, 522-531.
  • Ali, S., Irum, S., & Ali, A. (2008). Whether fiscal stance or monetary policy is effective for economic growth in case of South Asian Countries?. The Pakistan Development Review, 791-799.
  • Andersen, L. C., & Jordan, J. L. (1968). Monetary and fiscal actions: a test of their relative importance in economic stabilization. Federal Reserve Bank of St. Louis Review. November, 29-44.
  • Ansari, M. I. (1996). Monetary vs. fiscal policy: Some evidence from vector autoregression for India. Journal of Asian Economics, 7(4), 677-698.
  • Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The review of economic studies, 58(2), 277-297.
  • Bakare-Aremu, T.A. & Osobase, A.O. (2015). Effect of Fiscal and Monetary Policies on Industrial Sector Performance- Evidence from Nigeria. Journal of Economics and Sustainable Development, Vol6(17).
  • Blanchard, O. J., Dell'Ariccia, M. G., & Mauro, M. P. (2013). Rethinking macro policy II: getting granular. IMF Staff Dİscussion Note. SDN/13/03.
  • Blanchard, O., Dell’Ariccia, G., & Mauro, P. (2010). Rethinking macroeconomic policy. Journal of Money, Credit and Banking, 42(s1), 199-215.
  • Chowdhury, A. (1989). Monetary and Fiscal Policy as a Stabilization Tool: The Case of Korea and Turkey. Quarterly Review of Economics and Business. Vol. 29, No.1, 33-48.
  • Chowdhury, L. S., & Afzal, M. N. I. (2015). The Effectiveness of Monetary Policy and Fiscal Policy in Bangladesh. The Journal of Applied Business and Economics, 17(1), 78.
  • Cyrus, M. & Elias, K. (2014). Monetary and fiscal policy shocks and economic growth in Kenya: VAR econometric approach. Journal of World Economic Research, 3(6), 95-108.
  • Darrat, A. F., Tah, K. A., & Mbanga, C. L. (2014). The Impact of Monetary and Fiscal Policies on Real Output: A Re-examination. Business and Economics Journal, 5(2), 1.
  • Evans, O., Adeniji, S., Nwaogwugwu, I., Kelikume, I., Dakare, O., & Oke, O. (2018). The relative effect of monetary and fiscal policy on economic development in Africa: a GMM approach to the St. Louis equation. Business and Economic Quarterly, 2, 3-23.
  • Fatima, A., & Iqbal, A. (2003). The Relative Effectiveness of Monetary and Fiscal Policies: An Econometric Study. Pakistan Economic and Social Review, 93-116.
  • Fernald, J., Spiegel, M. M., & Swanson, E. (2013). Monetary and Fiscal Policy Effectiveness in China: Evidence from a FAVAR Model. Unpublished Manuscript, Federal Reserve Bank of San Francisco. 0-29.
  • Fetai, B. (2013). The effectiveness of fiscal and monetary policy during the financial crisis. Journal of Economics and Business, 16(2), 3-66.
  • Greene, W. H. (2003). Econometric analysis. Pearson Education India.
  • Halcon, N. A. C., & De Leon, L. M. T. (2004). Efficiency of Fiscal and Monetary Policies in the Philippines: the St. Louis Model Approach. Bangko Sentral Review, July, 33-44.
  • Hasan, M. A., Islam, M. A., Hasnat, M. A., & Wadud, M. A. (2016). The Relative Effectiveness of Monetary and Fiscal Policies on Economic Growth in Bangladesh. Economics, 5(1), 1-7.
  • Havi, E. D. K., & Enu, P. (2014). The Effect of Fiscal Policy and Monetary Policy on Ghana’s Economic Growth: Which Policy Is More Potent?. International Journal of Empirical Finance, 3(2), 61-75.
  • http://brics.itamaraty.gov.br/about-brics/information-about-brics, (Erişim: 17/11/2019).
  • Hussain, M. (1982). the relative effectiveness of monetary and fiscal policy: An econometric case study of Pakistan. Pakistan Economic and Social Review, 20(2), 159-181.
  • Jawadi, F., Mallick, S. K., & Sousa, R. M. (2016). Fiscal and monetary policies in the BRICS: A panel VAR approach. Economic Modelling, 58, 535-542.
  • Jawaid, S. T., Ali, N., & Qadri, F. S. (2011). Monetary-fiscal-trade policy and economic growth in Pakistan: Time series empirical investigation. International Journal of Economics and Financial Issues, Vol.1, No.3, pp.133-138.
  • Kindleberger, C.P. (1986). Keynesianism Vs. Monetarism and Other Essays in Financial History. George Allen & Unvin. London.
  • Koeing, P. (2017). BRICS – Potential and future in an emerging new world economy, (Erişim: 17/11/2019)
  • Korybko, A. (2018). BRICST: Reality or Fantasy?, (Erişim: 17/11/2019).
  • Kretzmer, P. E. (1992). Monetary Vs. Fiscal Policy: New evidence on an old debate. Economic Review, Federal Reserve Bank of Kansas City, 77(2), 21-30.
  • Makun, K. Effectiveness of Fiscal and Monetary Policies in Pacific Island Countries: A Panel study. International Journal of Aris and Commerce, Vol. 4, No.1 102-117.
  • Meltzer, A. H. (1983). On Keynes and monetarism. Carnegie Mellon University Research Showcase. London.
  • Nwaogwugwu, I., & Evans, O. (2016). A sectoral analysis of fiscal and monetary actions in Nigeria. The Journal of Developing Areas, 50(4), 211-230.
  • Okorie, D., Sylvester, M. A., & Simon-Peter, D. A. C. (2017). Relative Effectiveness of Fiscal and Monetary Policies in Nigeria. Asian Journal of Social Science Studies, Vol.2, No.1, 112-129.
  • Özer, M., & Karagöl, V. (2018). Relative effectiveness of monetary and fiscal policies on output growth in Turkey: an ARDL bounds test approach. Equilibrium. Quarterly Journal of Economics and Economic Policy, 13(3), 391–409.
  • Park, H. M. (2011). Practical guides to panel data modeling: a step-by-step analysis using stata. Public Management and Policy Analysis Program, Graduate School of International Relations, International University of Japan, 1-52.
  • Rakić, B., & Rađenović, T. (2013). The effectiveness of monetary and fiscal policy in Serbia. Industrija, 41(2), 103-122.
  • Sanni, M. R., Amusa, N. A., & Agbeyangi, B. A. (2012). Potency of Monetary and Fiscal Policy Instruments on Economic Activities of Nigeria (1960-2011). Journal of African Macroeconomic Review, 3(1), 161-176.
  • Sinai, A. (1971). Relative Effects of Monetary and Fiscal Actions, Quarterly Journal of Finance and Accounting, Autumn, Volume 10, Issue 4, pp. 26-36.
  • Şen, H., & Kaya, A. (2015). The relative effectiveness of Monetary and Fiscal Policies on growth: what does long-run SVAR model tell us?. Munih Personal RePEc Archive, No. 65903, posted 4.
  • Topcu, M., Kuloglu, A., & Lobont, O. R. (2012). Relative Efficiency Of Monetary And Fiscal Policies: The Case Of Romania. Annals-Economy Series, 1, 47-51.
  • Torres-Reyna, O. (2007). Panel data analysis fixed and random effects using Stata (v. 4.2). Data & Statistical Services, Priceton University.
  • Zarra-Nezhad, M., Motamedi, S., Hojat, A. H. M., & Anvari, E. (2015). An Investigation into the Efficiency of Monetary and Fiscal Policies in Iran Case Study: The 4th Economic Development Plan. Asian Economic and Financial Review, 5(5), 734.

EFFICIENCY OF MONETARY AND FISCAL POLICIES IN BRICS-T COUNTRIES

Year 2019, Volume: 20 Issue: 3, 60 - 71, 17.12.2019

Veysel Karagöl Ali Benli

Abstract

The efficiency of monetary and
fiscal policies changes frequently with the economic fluctuations. The last great
crisis revealed that traditional monetary and fiscal policies are not
sufficient and thereby it has brought in the new policy ideas. In this study,
the efficiency of monetary and fiscal policies has investigated for BRICS-T
countries. Accordingly, money supply and government final consumption
expenditure are pro-cyclical. Both economic policies have an impact on economic
activity, but fiscal policy appears to be relatively more effective in
comparison with monetary policy. Another significant finding obtained from this
study is that Turkey shows the same characteristics with BRICS countries, at
least in terms of policy efficiency.

Keywords

Monetary Policy Fiscal Policy BRICS-T

References

  • Adeniji, S., & Evans, O. (2013). Searching for the Relative Potency of Monetary and Fiscal Policies in Selected African Countries: A Panel Data Approach to St. Louis Equation. Munih Personal RePEc Archive, No. 52420, posted 23.
  • Aigheyisi, O. S. (2011). Examining the Relative Effectiveness of Monetary and Fiscal Policies in Nigeria: A Cointegration and Error Correction Approach. Electronic copt avaliable at: http://ssrn.com/abstract=1944585
  • Ajayi, S. I. (1974). An econometric case study of the relative importance of monetary and fiscal policy in Nigeria. The Bangladesh Economic Review, 2(2), 559-576.
  • Ajisafe, R. A., & Folorunso, B. A. (2002). The relative effectiveness of fiscal and monetary policy in macroeconomic management in Nigeria. The African economic and business Review, 3(1), 23-40.
  • Alavi, S. E., Moshiri, S., & Sattarifar, M. (2016). An Analysis of the Efficiency of the Monetary and Fiscal Policies in Iran Economy Using IS–MP–AS Model. Procedia Economics and Finance, 36, 522-531.
  • Ali, S., Irum, S., & Ali, A. (2008). Whether fiscal stance or monetary policy is effective for economic growth in case of South Asian Countries?. The Pakistan Development Review, 791-799.
  • Andersen, L. C., & Jordan, J. L. (1968). Monetary and fiscal actions: a test of their relative importance in economic stabilization. Federal Reserve Bank of St. Louis Review. November, 29-44.
  • Ansari, M. I. (1996). Monetary vs. fiscal policy: Some evidence from vector autoregression for India. Journal of Asian Economics, 7(4), 677-698.
  • Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The review of economic studies, 58(2), 277-297.
  • Bakare-Aremu, T.A. & Osobase, A.O. (2015). Effect of Fiscal and Monetary Policies on Industrial Sector Performance- Evidence from Nigeria. Journal of Economics and Sustainable Development, Vol6(17).
  • Blanchard, O. J., Dell'Ariccia, M. G., & Mauro, M. P. (2013). Rethinking macro policy II: getting granular. IMF Staff Dİscussion Note. SDN/13/03.
  • Blanchard, O., Dell’Ariccia, G., & Mauro, P. (2010). Rethinking macroeconomic policy. Journal of Money, Credit and Banking, 42(s1), 199-215.
  • Chowdhury, A. (1989). Monetary and Fiscal Policy as a Stabilization Tool: The Case of Korea and Turkey. Quarterly Review of Economics and Business. Vol. 29, No.1, 33-48.
  • Chowdhury, L. S., & Afzal, M. N. I. (2015). The Effectiveness of Monetary Policy and Fiscal Policy in Bangladesh. The Journal of Applied Business and Economics, 17(1), 78.
  • Cyrus, M. & Elias, K. (2014). Monetary and fiscal policy shocks and economic growth in Kenya: VAR econometric approach. Journal of World Economic Research, 3(6), 95-108.
  • Darrat, A. F., Tah, K. A., & Mbanga, C. L. (2014). The Impact of Monetary and Fiscal Policies on Real Output: A Re-examination. Business and Economics Journal, 5(2), 1.
  • Evans, O., Adeniji, S., Nwaogwugwu, I., Kelikume, I., Dakare, O., & Oke, O. (2018). The relative effect of monetary and fiscal policy on economic development in Africa: a GMM approach to the St. Louis equation. Business and Economic Quarterly, 2, 3-23.
  • Fatima, A., & Iqbal, A. (2003). The Relative Effectiveness of Monetary and Fiscal Policies: An Econometric Study. Pakistan Economic and Social Review, 93-116.
  • Fernald, J., Spiegel, M. M., & Swanson, E. (2013). Monetary and Fiscal Policy Effectiveness in China: Evidence from a FAVAR Model. Unpublished Manuscript, Federal Reserve Bank of San Francisco. 0-29.
  • Fetai, B. (2013). The effectiveness of fiscal and monetary policy during the financial crisis. Journal of Economics and Business, 16(2), 3-66.
  • Greene, W. H. (2003). Econometric analysis. Pearson Education India.
  • Halcon, N. A. C., & De Leon, L. M. T. (2004). Efficiency of Fiscal and Monetary Policies in the Philippines: the St. Louis Model Approach. Bangko Sentral Review, July, 33-44.
  • Hasan, M. A., Islam, M. A., Hasnat, M. A., & Wadud, M. A. (2016). The Relative Effectiveness of Monetary and Fiscal Policies on Economic Growth in Bangladesh. Economics, 5(1), 1-7.
  • Havi, E. D. K., & Enu, P. (2014). The Effect of Fiscal Policy and Monetary Policy on Ghana’s Economic Growth: Which Policy Is More Potent?. International Journal of Empirical Finance, 3(2), 61-75.
  • http://brics.itamaraty.gov.br/about-brics/information-about-brics, (Erişim: 17/11/2019).
  • Hussain, M. (1982). the relative effectiveness of monetary and fiscal policy: An econometric case study of Pakistan. Pakistan Economic and Social Review, 20(2), 159-181.
  • Jawadi, F., Mallick, S. K., & Sousa, R. M. (2016). Fiscal and monetary policies in the BRICS: A panel VAR approach. Economic Modelling, 58, 535-542.
  • Jawaid, S. T., Ali, N., & Qadri, F. S. (2011). Monetary-fiscal-trade policy and economic growth in Pakistan: Time series empirical investigation. International Journal of Economics and Financial Issues, Vol.1, No.3, pp.133-138.
  • Kindleberger, C.P. (1986). Keynesianism Vs. Monetarism and Other Essays in Financial History. George Allen & Unvin. London.
  • Koeing, P. (2017). BRICS – Potential and future in an emerging new world economy, (Erişim: 17/11/2019)
  • Korybko, A. (2018). BRICST: Reality or Fantasy?, (Erişim: 17/11/2019).
  • Kretzmer, P. E. (1992). Monetary Vs. Fiscal Policy: New evidence on an old debate. Economic Review, Federal Reserve Bank of Kansas City, 77(2), 21-30.
  • Makun, K. Effectiveness of Fiscal and Monetary Policies in Pacific Island Countries: A Panel study. International Journal of Aris and Commerce, Vol. 4, No.1 102-117.
  • Meltzer, A. H. (1983). On Keynes and monetarism. Carnegie Mellon University Research Showcase. London.
  • Nwaogwugwu, I., & Evans, O. (2016). A sectoral analysis of fiscal and monetary actions in Nigeria. The Journal of Developing Areas, 50(4), 211-230.
  • Okorie, D., Sylvester, M. A., & Simon-Peter, D. A. C. (2017). Relative Effectiveness of Fiscal and Monetary Policies in Nigeria. Asian Journal of Social Science Studies, Vol.2, No.1, 112-129.
  • Özer, M., & Karagöl, V. (2018). Relative effectiveness of monetary and fiscal policies on output growth in Turkey: an ARDL bounds test approach. Equilibrium. Quarterly Journal of Economics and Economic Policy, 13(3), 391–409.
  • Park, H. M. (2011). Practical guides to panel data modeling: a step-by-step analysis using stata. Public Management and Policy Analysis Program, Graduate School of International Relations, International University of Japan, 1-52.
  • Rakić, B., & Rađenović, T. (2013). The effectiveness of monetary and fiscal policy in Serbia. Industrija, 41(2), 103-122.
  • Sanni, M. R., Amusa, N. A., & Agbeyangi, B. A. (2012). Potency of Monetary and Fiscal Policy Instruments on Economic Activities of Nigeria (1960-2011). Journal of African Macroeconomic Review, 3(1), 161-176.
  • Sinai, A. (1971). Relative Effects of Monetary and Fiscal Actions, Quarterly Journal of Finance and Accounting, Autumn, Volume 10, Issue 4, pp. 26-36.
  • Şen, H., & Kaya, A. (2015). The relative effectiveness of Monetary and Fiscal Policies on growth: what does long-run SVAR model tell us?. Munih Personal RePEc Archive, No. 65903, posted 4.
  • Topcu, M., Kuloglu, A., & Lobont, O. R. (2012). Relative Efficiency Of Monetary And Fiscal Policies: The Case Of Romania. Annals-Economy Series, 1, 47-51.
  • Torres-Reyna, O. (2007). Panel data analysis fixed and random effects using Stata (v. 4.2). Data & Statistical Services, Priceton University.
  • Zarra-Nezhad, M., Motamedi, S., Hojat, A. H. M., & Anvari, E. (2015). An Investigation into the Efficiency of Monetary and Fiscal Policies in Iran Case Study: The 4th Economic Development Plan. Asian Economic and Financial Review, 5(5), 734.
There are 45 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Araştırma Makalesi
Authors

Veysel Karagöl 0000-0001-9939-0173

Ali Benli 0000-0003-3507-079X

Publication Date December 17, 2019
Submission Date November 21, 2019
Published in Issue Year 2019 Volume: 20 Issue: 3

Cite

APA Karagöl, V., & Benli, A. (2019). BRICS-T ÜLKELERİNDE PARA VE MALİYE POLİTİKALARININ ETKİNLİĞİ. Anadolu Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 20(3), 60-71.
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