Publication: Devlet yatırım destekleri ve kalkınma bankacılığının reel sektör üretken sabit sermaye yatırımlarıyla ilişkisi : Türkiye’de 1990-2009 döneminin bağıntısal analizi
Abstract
DEVLET YATIRIM DESTEKLERİ ve KALKINMA BANKACILIĞININ REEL SEKTÖR ÜRETKEN SABİT SERMAYE YATIRIMLARIYLA İLİŞKİSİ: TÜRKİYE’DE 1990-2009 DÖNEMİNİN BAĞINTISAL ANALİZİ Az gelişmiş ekonomilerde temel sorun reel milli gelir artışı sağlamak için üretim kapasitesinin artırılmasıdır. Üretim kapasitesinin artırılması ise ekonomik büyümenin motoru olan imalat sanayiinde üretken sabit sermaye yatırımlarındaki artışla mümkündür. Üretken sabit sermaye yatırımlarının artırılmasında devlet yatırım destekleri ve finans kesiminin üretken reel sektöre sunduğu uzun vadeli yatırım kredileri en etkili değişkenlerdir. Devlet yatırım destekleri, yatırım sürecinde edinilen üretken sabit sermaye araçlarının maliyetlerini düşürmeye yönelik kaynak transferleridir. Bankacılık kesiminin, özellikle kalkınma bankalarının, sunduğu yatırım kredileri ise, sermaye piyasalarının yetersiz olduğu gelişmekte olan ülkelerde kaynak kıtlığının aşılmasında ve reel geliri artıracak rekabet gücü yüksek yatırımların motivasyonunda öncü role sahiptir. Bu çalışmada, 1990-2009 döneminde küreselleşme olgusunun etkisiyle planlı kalkınma anlayışından uzaklaşılan Türkiye’de, ekonomik büyümenin motoru olan imalat sanayiinin gelişimi sürecinde üretken sabit sermaye yatırımları ile devlet yatırım destekleri ve kalkınma ve yatırım bankalarının sunduğu krediler arasındaki ilişki üzerinde durulmuş ve bu bağ ekonometrik bir çalışma ile test edilmiştir. Devletin yatırım desteklerinin ve kalkınma ve yatırım bankalarının yatırımların finansmanı amacıyla sundukları kredilerin üretken kesimi temsil eden özel sektör makine ve teçhizat yatırımlarındaki değişimi açıklamadığı ve uzun dönemde bu değişkenler arasında anlamlı bir ilişkinin olmadığı sonucuna varılmıştır. 1990 sonrası finansal serbestleşme ile birlikte değişen ekonomi politikaları büyümenin imalat sanayiinde üretim artışı ile sağlanmasını olanaklı kılamamıştır. malat Sanayii, Üretken Sabit Sermaye Yatırımları, Devlet Yatırım Destekleri, Kalkınma Bankacılığı ve Yatırım Kredileri.
RELATIONSHIPS OF THE GOVERNMENT INVESTMENT INCENTIVES AND DEVELOPMENT BANKING WITH REEL SECTOR PRODUCTIVE FIXED INVESTMENTS: EMPIRICAL ANALYSIS OF 1990-2009 PERIOD IN TURKEY Major issue of developing economies is the question of how to increase production capacity to push the national income upward. Enlarging the total production capacity is mainly responsive to the increase in the productive fixed investments in manufacturing industry which is considered as an engine of economic growth. Investment incentives and investment credits supplied to manufacturing industry are the major components for the encouragement of fixed investments. Investment incentives provided by governments are considered as resource transfers aiming to decrease the cost of fixed investments. Investment credits, particularly supplied by development banks, motivates high ranked competitive investments by overcoming resource shortage in developing countries. This study covers the time period of 1990-2009 that has been designed by the globalization tendencies and its consequences in Turkey. The scope of this research is the examination of improvements in the engine of economic development, manufacturing industry, via the relationships among the productive fixed investments, investment incentives and investment credits supplied by the development banks along with the support of an econometric model. In conclusion, there were no expressive mutual interaction deducted among the variables of productive fixed investments stand for machinery and tools as a dependent, government investment incentives and investment credits of development banks as independent variables. After 1990, simultaneously changing economic policies with the financial liberalization were not be able to increase economic growth by pushing the production capacity in manufacturing industry. Key Words: Manufacturing Industry, Productive Fixed Investments , Government Investment Incentives, Development Banking and Investment Credits.
RELATIONSHIPS OF THE GOVERNMENT INVESTMENT INCENTIVES AND DEVELOPMENT BANKING WITH REEL SECTOR PRODUCTIVE FIXED INVESTMENTS: EMPIRICAL ANALYSIS OF 1990-2009 PERIOD IN TURKEY Major issue of developing economies is the question of how to increase production capacity to push the national income upward. Enlarging the total production capacity is mainly responsive to the increase in the productive fixed investments in manufacturing industry which is considered as an engine of economic growth. Investment incentives and investment credits supplied to manufacturing industry are the major components for the encouragement of fixed investments. Investment incentives provided by governments are considered as resource transfers aiming to decrease the cost of fixed investments. Investment credits, particularly supplied by development banks, motivates high ranked competitive investments by overcoming resource shortage in developing countries. This study covers the time period of 1990-2009 that has been designed by the globalization tendencies and its consequences in Turkey. The scope of this research is the examination of improvements in the engine of economic development, manufacturing industry, via the relationships among the productive fixed investments, investment incentives and investment credits supplied by the development banks along with the support of an econometric model. In conclusion, there were no expressive mutual interaction deducted among the variables of productive fixed investments stand for machinery and tools as a dependent, government investment incentives and investment credits of development banks as independent variables. After 1990, simultaneously changing economic policies with the financial liberalization were not be able to increase economic growth by pushing the production capacity in manufacturing industry. Key Words: Manufacturing Industry, Productive Fixed Investments , Government Investment Incentives, Development Banking and Investment Credits.