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DOI :10.26650/ISTJECON2020-0001   IUP :10.26650/ISTJECON2020-0001    Full Text (PDF)

Crowding-Out Effect: Evidence from OECD Countries

Mehmet Emre Ünsal

The concept of the crowding-out effect, which is used to describe how an expansionary fiscal policy would reduce private investments, has become one of the major areas of research in the economy. This study aims to investigate whether or not the crowding-out effect is applicable in OECD countries. For this purpose, Panel Data Analysis was performed for the period 1995-2017. This analysis uses private investments of countries as dependent variables and, in addition to GDP and total government expenditures, it uses education, health, general public services, social protection, economic affairs, defence, public order and safety expenditures of the government as independent variables. Panel Data Analysis was performed using Huber-Eicker-White Estimator in line with the results of econometric tests required for this analysis such as stationarity, model determination, heteroscedasticity and autocorrelation. As a result, in OECD countries, while economic growth and defence expenditures of the government positively affect private investments, total government expenditures and social protection expenditures of the government have a crowding-out effect on private investments.

Keywords: Crowding-out effect, Government expenditures, Panel data analysis
JEL Classification : E62 , H30 , C33
DOI :10.26650/ISTJECON2020-0001   IUP :10.26650/ISTJECON2020-0001    Full Text (PDF)

Dışlama Etkisi: OECD Ülkelerinden Kanıtlar

Mehmet Emre Ünsal

Genişletici maliye politikasının özel yatırımları azaltacağını iddia eden dışlama etkisi görüşü ekonomide önemli araştırma alanlarından biri olmuştur. Bu çalışma, OECD ülkelerinde dışlama etkisinin geçerli olup olmadığını araştırmayı amaçlamaktadır. Bu amaçla, 1995-2017 dönemi için Panel Veri Analizi yapılmaktadır. Bu analizde, ülkelere ait özel yatırımlar bağımlı değişken olarak; GDP ve toplam hükümet harcamalarına ek olarak hükümet tarafından yapılan eğitim, sağlık, genel kamu hizmetleri, sosyal koruma, ekonomik işler, savunma, kamu düzen ve güvenlik harcamaları bağımsız değişkenler olarak kullanılmaktadır. Panel  Veri Analizi, bu analiz için gerekli olan durağanlık, model belirleme, heteroskedasite ve otokorelasyon gibi ekonometrik testlerin sonuçları doğrultusunda Huber-Eicker-White Tahmincisi ile yapılmıştır. Sonuç olarak, OECD ülkelerinde ekonomik büyüme ve hükümetin savunma harcamaları özel yatırımları pozitif etkilerken, toplam hükümet harcamaları ve hükümetin sosyal koruma harcamaları özel yatırımlar üzerinde dışlama etkisine sebep olmaktadır.

Keywords: Dışlama etkisi, Hükümet harcamaları, Panel veri analizi
JEL Classification : E62 , H30 , C33

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APA

Ünsal, M.E. (2020). Crowding-Out Effect: Evidence from OECD Countries. Istanbul Journal of Economics, 70(1), 1-16. https://doi.org/10.26650/ISTJECON2020-0001


AMA

Ünsal M E. Crowding-Out Effect: Evidence from OECD Countries. Istanbul Journal of Economics. 2020;70(1):1-16. https://doi.org/10.26650/ISTJECON2020-0001


ABNT

Ünsal, M.E. Crowding-Out Effect: Evidence from OECD Countries. Istanbul Journal of Economics, [Publisher Location], v. 70, n. 1, p. 1-16, 2020.


Chicago: Author-Date Style

Ünsal, Mehmet Emre,. 2020. “Crowding-Out Effect: Evidence from OECD Countries.” Istanbul Journal of Economics 70, no. 1: 1-16. https://doi.org/10.26650/ISTJECON2020-0001


Chicago: Humanities Style

Ünsal, Mehmet Emre,. “Crowding-Out Effect: Evidence from OECD Countries.” Istanbul Journal of Economics 70, no. 1 (Sep. 2023): 1-16. https://doi.org/10.26650/ISTJECON2020-0001


Harvard: Australian Style

Ünsal, ME 2020, 'Crowding-Out Effect: Evidence from OECD Countries', Istanbul Journal of Economics, vol. 70, no. 1, pp. 1-16, viewed 27 Sep. 2023, https://doi.org/10.26650/ISTJECON2020-0001


Harvard: Author-Date Style

Ünsal, M.E. (2020) ‘Crowding-Out Effect: Evidence from OECD Countries’, Istanbul Journal of Economics, 70(1), pp. 1-16. https://doi.org/10.26650/ISTJECON2020-0001 (27 Sep. 2023).


MLA

Ünsal, Mehmet Emre,. “Crowding-Out Effect: Evidence from OECD Countries.” Istanbul Journal of Economics, vol. 70, no. 1, 2020, pp. 1-16. [Database Container], https://doi.org/10.26650/ISTJECON2020-0001


Vancouver

Ünsal ME. Crowding-Out Effect: Evidence from OECD Countries. Istanbul Journal of Economics [Internet]. 27 Sep. 2023 [cited 27 Sep. 2023];70(1):1-16. Available from: https://doi.org/10.26650/ISTJECON2020-0001 doi: 10.26650/ISTJECON2020-0001


ISNAD

Ünsal, MehmetEmre. “Crowding-Out Effect: Evidence from OECD Countries”. Istanbul Journal of Economics 70/1 (Sep. 2023): 1-16. https://doi.org/10.26650/ISTJECON2020-0001



TIMELINE


Submitted06.02.2020
Accepted26.03.2020
Published Online30.06.2020

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