A KEYNESIAN (TOBIN'S Q) INVESTMENT FUNCTION FOR THE TURKISH PRIVATE INVESTMENT AND THE COMPLEMENTARITY OF PUBLIC AND PRIVATE CAPITALt

Authors : Metin ARSLAN

Pages : 197-208

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Publication Date : 2000-12-31

Article Type : Research Paper

Abstract :This paper has two main aims. First. it attempts to test a Keynesian (Tobin's q) investment function for the Turkish private sector within a dynamic stochastic model framework between the years 1963-85. Second it sets out to compare its results with those of-a previous Neoclassical work of a similar track, and concludes that it is the phenomenon of the composition of pubfic capita) rather than Its method of finance which explains private capital accumulation in the Turkish context.
Keywords : Public capital expenditure, private capital, fiscal poiicy, crowding out