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Budget Deficits and Democracy: The Case of Turkey

Yıl 2013, Cilt: 19 Sayı: 19, - , 01.06.2013

Hakan Hotunluoğlu Recep Tekeli

Öz

There is a vast body of literature on the political economy of budget deficits. These studies used different models to explain the political motivations behind budget deficits. There are some studies to explain the budget deficit in developed countries and assume that budget deficit is an expected outcome of fiscal policy in democratic countries. However, the studies have come to conclusion before analyzing whether the democracy affects budget deficit or not.  To our knowledge there have not been many studies to explain whether the level of a country’s democracy affects budget deficits or not. In this paper, we will show a country’s level of democracy has a positive effect on budget deficit using a single country: Turkey.

Anahtar Kelimeler

-

Kaynakça

  • Alesina, A. and R. Perotti (1996), “Budget deficits and budget institutions”, National Bureau of Economic Research Working Paper Series, No 5556.
  • Barro, Robert J. (1999), “Determinants of Democracy”, Journal of Political Economy, Vol. 107, No.6 (December), 158-183.
  • Brender, A. & A. Drazen (2005), “Political budget cycles in new versus established democracies”, Journal of Monetary Economics 52(7): 1271–1295.
  • Crain, W.M. & R.B. Ekelund Jr. (1978), “Deficits and Democracy”, Southern Economic Journal 44(4): 813-828.
  • Diokno, B.E. (2007), “Economic and Fiscal Policy Determinants of Public Deficit: The Philippines”, UP School of Economics Discussion Papers, <http://www.econ.upd.edu.ph/respub/dp/display.php?id=611>, Erişim: 28.09.2013.
  • Drazen A. & M. Eslava (2006), “Pork barrel cycles”, NBER Working Paper, 12190, National Bureau of Economic Research, Cambridge, MA.
  • Drazen, A. (2000), Political economy in macroeconomics, Princeton University Press, Princeton, New Jersey.
  • Edwards, S. & G. Tabellini (1991), “Explaining fiscal policies and inflation in developing countries”, Journal of International Money and Finance, 10, 516–548.
  • Enders, W. (1995), Applied Econometric Time Series, John Willey and Song, Inc.
  • Eslava, Marcela (2011), “The Political Economy of Fiscal Deficits: A Survey”, Journal of Economic Surveys, Vol. 25, No. 4: 645–673.
  • Feld, Lars P. & Gebhard Kirchgassner (2001), “Does direct democracy reduce public debt? Evidence from Swiss municipalities”, Public Choice 109: 347-370.
  • Gimeno, F.A. & I. Jurado (2011), “Minority governments and budget deficits: The role of the opposition”, European Journal of Political Economy, 554-565.
  • Granger, C.W.J. (1969), “Investigating Causal Relations by Econometric Models and Cross-Spectral Methods”, Econometrica, 37, 553-560.
  • Greene, W.H. (1993), Econometric Analysis, Second Edition. Prentice-Hall Publication.
  • Grilli, V. & D. Masciandaro & G. Tabellini (1991), “Political and monetary institutions and public financial policies in the industrial countries”, Economic Policy, 6, 342–392.
  • Hibbs Jr., D.A. (1977), “Political parties and macroeconomic policy”, The American Political Science Review, 71(4): 1467-1487.
  • Johansen, S. (1995), Likelihood Based Inference in Cointegrating Vector Autoregressive Models, NewYork: Oxford University Press.
  • Kadılar, C. (2000), Uygulamalı Çok Değişkenli Zaman Serileri Analizi, Büro Basımevi Ankara.
  • Klomp, Jeroen & Jakob de Haan (2013), “Do Political budget cycles really exist?”, Applied Economics, 45:3, 329-341.
  • Mink, Mark & J. de Haan (2006), “Are there political budget cycle in Euro Area”, European Union Politics, 7(2): 191-211.
  • Muller, Edward N. (1995), “Economic Determinants of Democracy”, American Sociological Review, Vol. 60, No. 6 (Dec.), 966-982.
  • Nordhaus, W. (1975), “The political business cycle”, Review of Economic Studies, 42: 169–190.
  • Perotti, R. and Y. Kontopoulos (2002), “Fragmented fiscal policy”, Journal of Public Economics, 86(2): 191-222.
  • Persson T. & G. Tabellini (2002), “Political economics and public finance?”, in A. Auerbach and M. Feldstein (eds), Handbook of Public Economics, (vol. 3). North- Holland: 1549–1659.
  • Persson, T. & G. Tabellini (1997), “Political Economics and Macroeconomics Policy”, National Bureau of Economic Research Working Paper Series, No. 6329.
  • Pinho, Maria Manuel (2004), “Political Models of Budget Deficits: a literature review”, Working papers, Investigação - Trabalhos em curso - nº 138, Março.
  • Rogoff, K. and A. Sibert (1988), “Elections and macroeconomic policy cycles”, Review of Economic Studies, 55: 1–16.
  • Roubini, N. and J. Sachs (1989a), “Political and economic determinants of budget deficits in the industrial democracies”, European Economic Review, 33: 903-938.
  • Roubini, N. (1991), “Economic and political determinants of budget deficits in developing countries”, Journal of International Money and Finance, 10, 549–572.
  • Roubini, N. & J. Sachs (1989b), “Government spending and budget deficits in the industrial countries”, Economic Policy, 4, 100–132.
  • Shi, M. & J. Svensson (2003), “Political budget cycles: a review of recent developments”, Nordic Journal of Political Economy, 29:67-76.
  • Shi, M. & J. Svensson (2006), “Political budget cycles: do they differ across countries and why?”, Journal of Public Economics, 90: 1367–1389.
  • Sims, C.A. (1980), “Macroeconomics and Reality”, Econometrica, 48, 1-49.
  • Volkerink, B. & J. de Haan (2001), “Fragmented government effects on fiscal policy”, Public Choice, 109, 221–242.
  • Woo, J. (2001), “Economic, Political and Institutional Determinants of Public Deficits”, Journal of Public Economics, 87, 387-426.
  • Woo, J. (2003), “Economic, Political and Institutional Determinants of Public Deficits”, Journal of Public Economics, 87, 387-426.

Budget Deficits and Democracy: The Case of Turkey

Yıl 2013, Cilt: 19 Sayı: 19, - , 01.06.2013

Hakan Hotunluoğlu Recep Tekeli

Öz

There is a vast body of literature on the political economy of budget deficits. These studies used different models to explain the political motivations behind budget deficits. There are some studies to explain the budget deficit in developed countries and assume that budget deficit is an expected outcome of fiscal policy in democratic countries. However, the studies have come to conclusion before analyzing whether the democracy affects budget deficit or not.  To our knowledge there have not been many studies to explain whether the level of a country’s democracy affects budget deficits or not. In this paper, we will show a country’s level of democracy has a positive effect on budget deficit using a single country: Turkey.

Anahtar Kelimeler

-

Kaynakça

  • Alesina, A. and R. Perotti (1996), “Budget deficits and budget institutions”, National Bureau of Economic Research Working Paper Series, No 5556.
  • Barro, Robert J. (1999), “Determinants of Democracy”, Journal of Political Economy, Vol. 107, No.6 (December), 158-183.
  • Brender, A. & A. Drazen (2005), “Political budget cycles in new versus established democracies”, Journal of Monetary Economics 52(7): 1271–1295.
  • Crain, W.M. & R.B. Ekelund Jr. (1978), “Deficits and Democracy”, Southern Economic Journal 44(4): 813-828.
  • Diokno, B.E. (2007), “Economic and Fiscal Policy Determinants of Public Deficit: The Philippines”, UP School of Economics Discussion Papers, <http://www.econ.upd.edu.ph/respub/dp/display.php?id=611>, Erişim: 28.09.2013.
  • Drazen A. & M. Eslava (2006), “Pork barrel cycles”, NBER Working Paper, 12190, National Bureau of Economic Research, Cambridge, MA.
  • Drazen, A. (2000), Political economy in macroeconomics, Princeton University Press, Princeton, New Jersey.
  • Edwards, S. & G. Tabellini (1991), “Explaining fiscal policies and inflation in developing countries”, Journal of International Money and Finance, 10, 516–548.
  • Enders, W. (1995), Applied Econometric Time Series, John Willey and Song, Inc.
  • Eslava, Marcela (2011), “The Political Economy of Fiscal Deficits: A Survey”, Journal of Economic Surveys, Vol. 25, No. 4: 645–673.
  • Feld, Lars P. & Gebhard Kirchgassner (2001), “Does direct democracy reduce public debt? Evidence from Swiss municipalities”, Public Choice 109: 347-370.
  • Gimeno, F.A. & I. Jurado (2011), “Minority governments and budget deficits: The role of the opposition”, European Journal of Political Economy, 554-565.
  • Granger, C.W.J. (1969), “Investigating Causal Relations by Econometric Models and Cross-Spectral Methods”, Econometrica, 37, 553-560.
  • Greene, W.H. (1993), Econometric Analysis, Second Edition. Prentice-Hall Publication.
  • Grilli, V. & D. Masciandaro & G. Tabellini (1991), “Political and monetary institutions and public financial policies in the industrial countries”, Economic Policy, 6, 342–392.
  • Hibbs Jr., D.A. (1977), “Political parties and macroeconomic policy”, The American Political Science Review, 71(4): 1467-1487.
  • Johansen, S. (1995), Likelihood Based Inference in Cointegrating Vector Autoregressive Models, NewYork: Oxford University Press.
  • Kadılar, C. (2000), Uygulamalı Çok Değişkenli Zaman Serileri Analizi, Büro Basımevi Ankara.
  • Klomp, Jeroen & Jakob de Haan (2013), “Do Political budget cycles really exist?”, Applied Economics, 45:3, 329-341.
  • Mink, Mark & J. de Haan (2006), “Are there political budget cycle in Euro Area”, European Union Politics, 7(2): 191-211.
  • Muller, Edward N. (1995), “Economic Determinants of Democracy”, American Sociological Review, Vol. 60, No. 6 (Dec.), 966-982.
  • Nordhaus, W. (1975), “The political business cycle”, Review of Economic Studies, 42: 169–190.
  • Perotti, R. and Y. Kontopoulos (2002), “Fragmented fiscal policy”, Journal of Public Economics, 86(2): 191-222.
  • Persson T. & G. Tabellini (2002), “Political economics and public finance?”, in A. Auerbach and M. Feldstein (eds), Handbook of Public Economics, (vol. 3). North- Holland: 1549–1659.
  • Persson, T. & G. Tabellini (1997), “Political Economics and Macroeconomics Policy”, National Bureau of Economic Research Working Paper Series, No. 6329.
  • Pinho, Maria Manuel (2004), “Political Models of Budget Deficits: a literature review”, Working papers, Investigação - Trabalhos em curso - nº 138, Março.
  • Rogoff, K. and A. Sibert (1988), “Elections and macroeconomic policy cycles”, Review of Economic Studies, 55: 1–16.
  • Roubini, N. and J. Sachs (1989a), “Political and economic determinants of budget deficits in the industrial democracies”, European Economic Review, 33: 903-938.
  • Roubini, N. (1991), “Economic and political determinants of budget deficits in developing countries”, Journal of International Money and Finance, 10, 549–572.
  • Roubini, N. & J. Sachs (1989b), “Government spending and budget deficits in the industrial countries”, Economic Policy, 4, 100–132.
  • Shi, M. & J. Svensson (2003), “Political budget cycles: a review of recent developments”, Nordic Journal of Political Economy, 29:67-76.
  • Shi, M. & J. Svensson (2006), “Political budget cycles: do they differ across countries and why?”, Journal of Public Economics, 90: 1367–1389.
  • Sims, C.A. (1980), “Macroeconomics and Reality”, Econometrica, 48, 1-49.
  • Volkerink, B. & J. de Haan (2001), “Fragmented government effects on fiscal policy”, Public Choice, 109, 221–242.
  • Woo, J. (2001), “Economic, Political and Institutional Determinants of Public Deficits”, Journal of Public Economics, 87, 387-426.
  • Woo, J. (2003), “Economic, Political and Institutional Determinants of Public Deficits”, Journal of Public Economics, 87, 387-426.
Toplam 36 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Makaleler
Yazarlar

Hakan Hotunluoğlu

Recep Tekeli

Yayımlanma Tarihi 1 Haziran 2013
Gönderilme Tarihi 12 Aralık 2014
Yayımlandığı Sayı Yıl 2013 Cilt: 19 Sayı: 19

Kaynak Göster

APA Hotunluoğlu, H., & Tekeli, R. (2013). Budget Deficits and Democracy: The Case of Turkey. Sosyoekonomi, 19(19). https://doi.org/10.17233/se.14549
AMA Hotunluoğlu H, Tekeli R. Budget Deficits and Democracy: The Case of Turkey. Sosyoekonomi. Nisan 2013;19(19). doi:10.17233/se.14549
Chicago Hotunluoğlu, Hakan, ve Recep Tekeli. “Budget Deficits and Democracy: The Case of Turkey”. Sosyoekonomi 19, sy. 19 (Nisan 2013). https://doi.org/10.17233/se.14549.
EndNote Hotunluoğlu H, Tekeli R (01 Nisan 2013) Budget Deficits and Democracy: The Case of Turkey. Sosyoekonomi 19 19
IEEE H. Hotunluoğlu ve R. Tekeli, “Budget Deficits and Democracy: The Case of Turkey”, Sosyoekonomi, c. 19, sy. 19, 2013, doi: 10.17233/se.14549.
ISNAD Hotunluoğlu, Hakan - Tekeli, Recep. “Budget Deficits and Democracy: The Case of Turkey”. Sosyoekonomi 19/19 (Nisan 2013). https://doi.org/10.17233/se.14549.
JAMA Hotunluoğlu H, Tekeli R. Budget Deficits and Democracy: The Case of Turkey. Sosyoekonomi. 2013;19. doi:10.17233/se.14549.
MLA Hotunluoğlu, Hakan ve Recep Tekeli. “Budget Deficits and Democracy: The Case of Turkey”. Sosyoekonomi, c. 19, sy. 19, 2013, doi:10.17233/se.14549.
Vancouver Hotunluoğlu H, Tekeli R. Budget Deficits and Democracy: The Case of Turkey. Sosyoekonomi. 2013;19(19).
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