Endogenous growth theories: An empirical analysis for OECD countries

In this thesis, it was attempted to analyse the validity of endogenous growth models for OECD countries, including Turkey. To this end, first, the concept of economic growth and economic growth theories were examined in the context of economic theory. Then, within the context of endogenous growth theories, the existence of short and long-term relationships between each of the elements of endogenous growth and the process of economic growth was investigated. In this connection, a panel data set covering the period of 1995-2019 was created for the OECD countries, for which healthy data could be accessed in terms of the elements of endogenous growth. In the application part, Dumitrescu and Hurlin (2012) Granger Panel Causality test was used to test the existence of short-term relationships, and Westerlund (2007) Panel Cointegration test was used to test the existence of long-term relationships. As a result of the analyses, it was concluded that there is a short-term and long-term relationship between per capita income, which is an indicator of economic growth, and gross fixed capital formation, R&D expenditures, public expenditures and human capital, which are considered as the elements of endogenous growth, in the OECD countries for the period of 1995-2019.