STRUCTURAL CHANGE AND GROWTH PROSPECTS IN THE TURKISH ECONOMY: A DEMAND-SIDE DECOMPOSITION ANALYSIS

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dc.contributor.authorNas, Şahin
dc.contributor.authorMoalla, Maya
dc.contributor.authorTuncer, İsmail
dc.contributor.otherEkonomická fakultacs
dc.date.accessioned2023-03-01T08:42:10Z
dc.date.available2023-03-01T08:42:10Z
dc.description.abstractOver the past four decades, Turkey has undertaken a wide range of reforms that aim at the liberalisation of foreign trade, relaxation of the tariff system, deregulation of the financial system, and foreign investment regulations. Significant structural change experienced in the Turkish economy pursues access to the global market. This paper presents an empirical investigation of the growth prospects in both the Turkish economy and manufacturing industry during the whole period from 1995 to 2015 and the sub-periods of 1995–2001, 2001–2008, 2008–2015 and 1995–2015. Since investigating the dynamics of economic growth from the supply-side has been well documented in the literature, this work contributes to the literature on the sources of economic growth by providing a more up-to-date analysis from a demand-side perspective in the case of the Turkish economy. We make use of Chenery’s factor decomposition method that decomposes output growth into the growth of domestic demand, import-substitution, growth of export and intermediate demand. Conclusions revealed that the total output evolution of the whole economy and the manufacturing industry was mainly responsive to final domestic demand during the whole period of 1995–2015 and the sub-periods of 1995–2001, 2002–2008 and, 2008–2015. However, the nexus between the final domestic demand and the output evolution tended to weaken during the period from 2001 to 2008, but recovery took place again in the following periods. Moreover, the output growth that stemmed from export expansion was more prevailing in the manufacturing industry. To these ends, policies aimed at increasing income, demand, product diversity and reducing poverty should be applied to encourage the deepening of domestic demand. Furthermore, selective micro policies of industrial and technological upgrading and diversification should be applied to sustain output and export growth and, create a more resilient economy to external shocks.en
dc.formattext
dc.identifier.doi10.15240/tul/001/2023-1-002
dc.identifier.eissn2336-5604
dc.identifier.issn1212-3609
dc.identifier.urihttps://dspace.tul.cz/handle/15240/167098
dc.language.isoen
dc.publisherTechnická Univerzita v Libercics
dc.publisherTechnical university of Liberec, Czech Republicen
dc.publisher.abbreviationTUL
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dc.relation.ispartofEkonomie a Managementcs
dc.relation.ispartofEconomics and Managementen
dc.relation.isrefereedtrue
dc.rightsCC BY-NC
dc.subjectgrowthen
dc.subjectChenery’s factor decompositionen
dc.subjectstructural changeen
dc.subjectTurkish economyen
dc.subjectmanufacturing industryen
dc.subject.classificationC02
dc.subject.classificationD57
dc.subject.classificationO12
dc.titleSTRUCTURAL CHANGE AND GROWTH PROSPECTS IN THE TURKISH ECONOMY: A DEMAND-SIDE DECOMPOSITION ANALYSISen
dc.typeArticleen
local.accessopen
local.citation.epage44
local.citation.spage25
local.facultyFaculty of Economics
local.filenameEM_1_2023_2
local.fulltextyes
local.relation.abbreviationE+Mcs
local.relation.abbreviationE&Men
local.relation.issue1
local.relation.volume26
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